Quarterly Report for the Period Ending 31 December 2023

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) entered into an option agreement with CaNickel Mining Limited (TSX.V:CML) (“CaNickel”) where Blackstone will have an exclusive right to acquire the Wabowden nickel project in Manitoba, Canada (“Wabowden”) within a 12-month period.

HIGHLIGHTS

• Blackstone executed an option agreement to acquire 100% of the Wabowden nickel sulphide project located in the world-class Thompson Nickel Belt in Manitoba, Canada, giving the Company the opportunity to remove its need to secure third-party feed to fill its Ta Khoa Refinery in northern Vietnam,
• An update was provided on the Company's Joint Venture Process with significant interest received following the execution of the Wabowden nickel project option agreement,
• Blackstone entered into a Memorandum of Understanding with Limes Renewables Energy S.r.l. to investigate the opportunity for the supply of renewable wind energy to the Company’s Ta Khoa Project via a direct power purchase agreement,
• Blackstone entered into a Memorandum of Understanding with Cavico Laos Mining to collaborate on the supply of nickel products for the Company’s Ta Khoa Refinery,
• The company entered a three-way Memorandum of Understanding with Phu Minh Vina Environment and Viet Trung Refractory Material Construction for research opportunities to repurpose and trade waste material (or residue) from the Ta Khoa Refinery into construction material products,
• Blackstone launched InvestorHub, a dedicated platform for investors to learn more about Blackstone and our latest activities.

• End of quarter cash position of $3.3m,
• Listed investments of $7.1m at the end of the quarter,
• $1.1m raised from the At-the-Market Subscription facility with Acuity Capital in October 2023.
• An Accelerated Non-Renounceable Entitlement Offer was launched on 5 of December 2023 with the Institutional component of the offer raising $3m completed on 7 December 2023.

BLACKSTONE SECURES OPTION TO ACQUIRE MAJOR NICKEL ASSET

Figure 1: Wabowden Project – Bucko Mine and Processing Facility

This option agreement adds onto Blackstone’s existing nickel interests and experience in Manitoba via its strategic investments in Corazon (ASX:CZN) (“Corazon” or “Lynn Lake nickel-copper project”) and Flying Nickel (TSXV:FLYN) (“Flying Nickel” or “Minago nickel project”).

The option period provides Blackstone time to further evaluate and consider various development options for Wabowden. In addition, the option period provides Blackstone the ability to optimise funding to complete the acquisition, including joint venture partnerships, government funding as well as strategic royalty, debt and equity funding alternatives.

Blackstone may exercise the option at anytime during the 12-month period.

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