Strategic Investment Sees Blackstone Gain Exposure to Large Canadian Nickel Sulfide Project

Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to announce it has made a strategic investment in Flying Nickel Mining Corp (Flying Nickel), a subsidiary of Vancouver based Silver Elephant Mining Corp. (TSX: ELEF, OTCQX SILEF) in Canada.

Flying Nickel intends to list on the TSX Ventures Exchange (TSX-V) in early 2022 with its core asset: The Minago Nickel Sulfide Project located southwest of Thompson in Manitoba, Canada (refer Figure 1). Minago is an advanced stage development asset with district scale exploration potential and excellent access to infrastructure including renewable hydro- power. Blackstone's initial investment of C$2.98m will earn a 6.85% interest in the common equity of Flying Nickel (Equity Investment).

Blackstone and Flying Nickel have also entered a Memorandum of Understanding that will see collaboration on the production of upstream and downstream nickel and cobalt concentrates and chemical products, potential offtake and / or joint ventures to meet demand from the growing electric vehicle battery industry (MoU). The Equity Investment and MoU together represent the "Flying Nickel Transaction."

Highlights of the Flying Nickel Transaction Include:

• Minago is a large undeveloped disseminated nickel sulfide asset poised to benefit and attract significant investment from the structural shift in nickel supply and demand driven by the growth of electric vehicle adoption

• Minago has a NI 43-101 compliant Measured & Indicated resource of 44.23Mt @ 0.74% Ni for 721.6MlbsNi, and Inferred resource of 19.55Mt @ 0.74% Ni for 318.9 MlbsNi(refer Table 1)1

• Prior metallurgical test work by SGS has demonstrated that Minago is able to produce one-of the highest nickel concentrate grades in the world (>20%) using conventional technology2

• Blackstone and Flying Nickel will form a Steering Committee which will include an ongoing assessment of opportunities to enter into supply, offtake and financing arrangements relating to upstream and downstream nickel and cobalt products produced at Minago

• The MoU includes a legally binding anti-dilutionary clause ensuring Blackstone is able to maintain its equity interest at the time of each potential fundraising event performed by Flying Nickel

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