Quarterly Report for the Period Ending 30 September 2024

Blackstone Minerals Limited (ASX:BSX) is pleased to present its Quarterly Report.

HIGHLIGHTS

• Blackstone completed the precursor cathode active material (“pCAM”) NCM811 (nickel-cobalt- manganese in a ratio of 8-1-1) pilot program in October 2024. This is the last stage of outstanding testwork required to finalise the definitive feasibility studies (“DFS”).
• Good progress has been made in advancing the Investment Certificate for the refinery project in Son La Province in northern Vietnam. The Son La provincial government seeks feedback from a number of key ministries on the project. The Investment Certificate is on track for approval in Q4 2024.
• The Company has agreed non-binding indicative terms with a potential Vietnamese partner, FECON Group (“FECON”). FECON has the option to acquire up to 10% in the refinery project. FECON is a leading engineering and construction group in Vietnam and can assist Blackstone considerably in advancing the studies and permitting of our projects.
• The Company is in the final stages of completing the Ta Khoa Refinery (“TKR”) DFS. Outstanding DFS activities include pCAM pilot program analysis and reporting, residue handling testwork and facility design and finalising geotechnical assessments.
• In October 2024, the Company hosted a strategic and Joint Venture (“JV”) investor tour of the Wabowden Project, Manitoba, Canada, showcasing the opportunities which exist within the region, being a long-term feedstock opportunity for the Company’s flagship project, Ta Khoa Refinery, Vietnam.
• End of quarter cash position of $1.85m.
• Listed investments of $1.13m at the end of the quarter.

PROJECT UPDATE

TA KHOA REFINERY COMPLETED pCAM PILOTING

After successful completion of both the Ta Khoa Nickel (“TKN”) and Ta Khoa Refinery (“TKR”) pilot campaigns to produce battery grade nickel and cobalt sulphates (Refer to ASX announcement 15 November 2022), Blackstone announced it completed the 12-week piloting program in early-October 2024. Blackstone will conclude the pilot program analysis and reporting within the next quarter.

The pCAM pilot program was the last stage of testwork required to allow the Company to finalise TKR DFS testwork activities. The pCAM pilot program utilised feedstock generated during the TKR pilot program to produce on-specification pCAM material in the chemistry of NCM811 to ‘typical’ lithium- ion battery standards for the EV market. The samples generated from the pCAM pilot program will now be distributed to JV partners and for marketing purposes.

In July 2024, the Company hosted a number of strategic investor and external technical personnel tours of the piloting facility to showcase the team’s capability and technical viability of the Project. The tour allowed the Company to demonstrate its commitment to developing a vertically integrated flowsheet from pit to pCAM. Within the upcoming quarter the Company will complete the pCAM pilot report to support the conclusion of the TKR DFS.

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