Quarterly Activities/Appendix 5B Cash Flow Report

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

• Blackstone announced the inclusion of Metso as the technology supplier for the precursor cathode active material (“pCAM”) into the Ta Khoa Refinery Definitive Feasibility Study (“DFS”) delivery team.
• Blackstone provided an update on the Company’s progress in strengthening government relations in Vietnam.

CORPORATE

• End of quarter cash position of $10.65m plus $2.8m received post quarter end.
• Listed investments of $11.2m at the end of quarter.
• Post quarter end on 18 July 2023, the company received $2.8m before costs from advanced funding for the company’s 2023 R&D program.

METSO JOINS TA KHOA REFINERY PROJECT TEAM

Figure 1: Metso pCAM solutions (Left: Metso OKTOP® reactors, Middle: Metso OKTOP® reactor field installation, Top Right: Metso pCAM size distribution, Bottom Right: Metso pCAM Test Facility

Metso is a known industry leader in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries, and has supported Blackstone during the Ta Khoa Project prefeasibility study with test work, pilot work at site and technology selections. Metso provides sustainable technology and equipment for the entire lithium, nickel, and cobalt production chain from the mine to battery materials and black mass recycling with project scope ranging from equipment packages to plant deliveries. For active cathode precursors manufacturing, Metso's technology offering starts from optimised raw materials selection down to precipitated metal hydroxide precursor materials. Metso’s battery material and pCAM team was established in 2019 with industry experts, researchers, and specialised engineers to develop solutions for the growing battery industry. The team is supported by its own pCAM testing facilities. More information can be found on Metso’s website at Battery minerals - Metso.

In addition to technical support, Metso brings a suite of bespoke and high value technology to the pCAM facility design, such as the modular OKTOP® reactors (with industrial references for scaling-up pCAM precipitation processes), Larox® filtration technologies and Courier® HX continuous product quality analyser equipment to enable precision control and real time optimisation. Metso has shown that precursors precipitated with OKTOP® reactor technology are proven to meet the required chemical and physical properties for high performance cathode active material.

BLACKSTONE STRENGTHENS GOVERNMENT RELATIONS IN VIETNAM

Son La Delegation visits Blackstone in Perth

Blackstone was honoured to host a senior delegation visit from Son La Province in northern Vietnam in late April. The visit was organised and funded by the Vietnamese Ministry of Foreign Affairs. The Son La Officials delegation included Dang Ngoc Hau (Son La Peoples Party Committee Vice Chairman & Chairman of Son La / Blackstone Minerals Working Group), Phung Kim Son (Son La Department of Natural Resources & Energy – Director) and Cam Duy Hieu (Son La Peoples Party Committee – Economic Department – Head of Department).

Blackstone was pleased to have Ms Thanh Ha Nguyen, the Consul General of Vietnam (Western Australia), and Mr Albert Purnomo, previous Global Engagement Manager, Austrade also attend the visit.

The objective of the visit was to further strengthen the relationship between Blackstone’s management team and the Son La Government and to introduce them to Australia’s highest standard of mining safety & environmental performance, and to update the delegation on progress Blackstone has made with the piloting work and the Definitive Feasibility Study.

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