Quarterly Activities and Cash Flow Report For The Period Ending 31 December 2022

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to present its Quarterly Report and Cash Flow Report.

HIGHLIGHTS

Ta Khoa Project – Mining and Refinery Project

Blackstone announced the completion of the Ta Khoa Refinery piloting programme at ALS Metallurgy in Western Australia. The pilot program successfully developed a scaled version of the Ta Khoa Refinery, processing concentrate to battery grade nickel and cobalt sulphates. The pilot program achieved:

• Validation of the refinery process;
  
• Production of mixed hydroxide precipitate (MHP);
• Distribution of battery grade nickel and cobalt sulphates;
• Processing of third-party MHP and cobalt supply.

Exploration

Ta Khoa Nickel Project, Vietnam:

• Results from the most recent round of infill drilling at King Snake and Ban Chang were received.
  
• Resource definition drilling at King Snake massive sulphide vein deposit confirmed continuity and high grades (up to 4.3% Ni and 18.2 g/t PGE1).
  
• Strong nickel and copper drill results returned from the Suoi Phang massive sulphide vein target;
  • 2.95m @ 2.42% Ni, 0.52% Cu, 0.06% Co & 0.05g/t PGE from 37.05m.
    
• Vietnam team ramping up regional greenfields exploration.

Twilight Nickel-Copper Project, Canada:

• Ground electro-magnetic (FLTEM) surveys conducted during the quarter. Program targeting potential Ni-Cu-Co sulfides.

Corporate

• Cash position of $18.2m and listed investments of $15.7m at the end of the quarter.
• Research and Development rebate of $3.7m submitted in December 2022.

Sustainability Report

Blackstone released its FY2022 Sustainability Report. The report supports the Company’s commitment to transparency in the business and the development of an industry leading, low CO2 emission Green Nickel™ sulphide project in Vietnam to supply into the growing Lithium-ion battery industry.

Highlights of the report included:

• Results of a Life Cycle Assessment that confirmed the Ta Khoa Project as the lowest Global Warming Potential (9.8 kg CO2 eq. per kg Nickel:Cobalt:Manganese 811) compared to existing producers of NCM911 precursor;
  
• Undertaking a Greenhouse Gas Emissions Assessment to advance the understanding of Blackstone’s baseline emissions prior to project development and enabling the Company to address climate related risks and identify reduction opportunities;
• Establishing a structured Remuneration Framework with an equity incentive plan to reward, incentivise, attract, and retain high calibre people to the business;
• Introducing a personal Health and Safety pre-start program (Take-5) with the help of the workforce; and
• Building a Communities and Social Performance team to support the Company’s commitment to Community Development and Engagement.

Board and Governance Update

Blackstone announced the strengthening of its Board of Directors with the appointment of Dan Lougher, a qualified mining engineer with over 40 years of experience in all aspects of resource and mining project exploration, feasibility, development and operations and a significant corporate network in the financial and mining community, as Non-Executive Director on 26 October 2022. Following this appointment, Mr Hoirim Jung resigned from his position as Non-Executive Director with effect from 24 November 2022.

In addition, on 24 November 2022, the Board reviewed the structure of Committees with the following changes:

• Newly formed Technical Committee to oversee the company’s Ta Khoa Project’s development, chaired by Dan Lougher;
  
• Alison Gaines appointed as the Independent Nomination Committee Chair; and
• Frank Bierlein joined the Audit, Risk, and ESG Committee, the People, Remuneration, Culture and Diversity Committee and the Technical Committee.

Research and Development Rebate

During the period, an application for a $3.7 million research and development rebate was completed for submission to the Australian Tax Office in recognition of flowsheet technology developed in FY2021/2022. Blackstone will update the market upon receipt of the research and development rebate.

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