Excellent Recoveries of Palladium, Platinum and Rhodium fromDownstream Processing Test Work

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased to announce that preliminary hydrometallurgical test work completed by Simulus Engineers on PreFeasibility Study (PFS) Pressure Oxidation (POX) residues has demonstrated excellent recoveries of Platinum Group Elements (PGEs) including palladium, platinum and rhodium using a conventional flowsheet (refer Table 1 and Figure 1).

• Concentrate residue samples have been tested and determined to be amenable to chlorination leaching, which adds further value to Blackstone's Downstream Business Unit (DBU).

• The PGE grades quoted below in Table 1 are difficult to recover in a conventional pyrometallurgical process. The Blackstone DBU hydrometallurgical process enables economic PGE recovery from concentrates with PGE concentrations below typical payability limits, due to low losses in the POX process.

• The positive results indicate the potential for the economic recovery of PGEs. Test work is ongoing to further optimise these results, and in parallel, studies are continuing with the aim to incorporate the PGE recovery circuit into the DBU PreFeasibility Study.

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