Quarterly Activities/Appendix 5B Cash Flow Report

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”), Yulho Co. Ltd (“Yulho”) and EN Plus Co. Ltd (“EN Plus”) (together, “the Parties”), have signed a non-binding Memorandum of Understanding (“MOU”) to explore one or more strategic Joint Ventures (“JV”).

HIGHLIGHTS

• In January 2024, Blackstone entered into a Memorandum of Understanding with Yulho Co. Ltd and EN Plus Co. Ltd to explore one or more strategic joint ventures,
• In February, His Excellency, Mr Andrew Goledzinowski, Australian Ambassador to Vietnam visited Son La Province in northern Vietnam, where Blackstone’s vertically integrated mining and refining projects are located. The Ambassador met with Son La Provincial Peoples Committee and toured the Company’s projects, the visit highlights the key role the Ta Khoa project plays in the global transition to net zero,
• Blackstone provided an update on its funding strategy and corporate activities in February, the primary focus being on project permitting, finalising the Ta Khoa Refinery definitive feasibility study and the joint venture partner search,
• In March, Blackstone provided an update to its refinery byproduct offtake strategy, signing a non- binding Memorandum of Understanding with three Vietnamese companies to sell Ta Khoa Refinery byproducts, being manganese sulphate (or epsomite) and sodium sulphate.

CORPORATE

• End of quarter cash position of $4.18m,
• Post quarter end received $0.9m from the sale of 25 million shares in Codrus Minerals Ltd,
• $2m received from the sale of shareholding in NiCo Resources Ltd,
• Listed investments of $1.6m at the end of the quarter,
• Completion of the retail component of the Non-Renounceable Entitlement Offer launched on 5th December 2023, raising an additional $323k before costs,
• Research and Development rebate of $4.25m received during the quarter, and the repayment of the $2.8m advance received in July 2023 to Asymmetric Innovation Finance.

Blackstone, Yulho and EN Plus Sign Memorandum of Understanding to Develop a Global Nickel Business

The MOU aims to establish a collaboration across the businesses including EN Plus and Yulho who are in JV on the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.

Figure 1: Scott Williamson, Managing Director, Mr Yongin Choi, EN Plus CEO and Dr. Hyunkuk JE, Yulho Vice President

The Parties will investigate the feasibility of establishing a strategic partnership, focusing on the following project specifics:

1. Yulho, via the creation of a joint venture in Tanzania, will engage in nickel mining, primarily to supply concentrate to Blackstone's facilities in Vietnam.

2. Blackstone's Vietnamese refining facility will be tasked with producing NCM811 precursor.

Yulho Overview

Yulho is a company that specialises in providing comprehensive IT infrastructure solutions encompassing servers, storage, networking, virtualization, and cloud computing. It was acquired by EN Plus in December 2023. Yulho will be the holding company for EN Plus’s mining and battery materials businesses which currently include the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.

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