Blackstone to Commence Ta Khoa Refinery Piloting

Feed Stocks Delivered and Ready for Piloting

Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to inform investors that key nickel and cobalt feed stocks for the Ta Khoa Refinery Piloting Program have been delivered to the ALS Metallurgical Laboratory in Balcatta Western Australia, and the contractor is in final preparation to commence piloting in April.

Key piloting preparation activities recently completed include:

• Safe completion of 541m of underground development for the ongoing bulk sample project delivering 2,088t of disseminated sulfide (DSS) sample to the mill for processing
• Successful restart and operation of the Ban Phuc nickel concentrator, and processing of 1,400t of DSS sample ore (refer Figure 1)
• Delivery of 24.5t of samples to ALS Laboratories including:
  • 7.5t of Ban Phuc sulfide flotation product
  • 10t of sulfide flotation products from Trafigura
  • 6t of sulfide flotation products from other third-party sources
  • It of Cobalt Hydroxide (from Trafigura) as low-cost alternative to battery grade cobalt sulfate
• Fabrication and installation of the Ta Khoa Upstream Pilot plant at Ban Phuc.

Scott Williamson, Blackstone's Managing Director, said:

"The Ban Phuc mining, processing and maintenance teams have worked tirelessly to refurbish and recommission the Ban Phuc nickel concentrator. Blackstone is excited to commence the Ta Khoa piloting program with ALS, as we continue to de-risk the project.

"Blackstone is committed to sustainable mining and its development plans to recommence full commercial scale operations in Vietnam. As we progress further into pilot plant testing and feasibility studies, we will continue to advance our engagement and collaboration with potential partners and customers for our vertically integrated development strategy."

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