Ta Khoa Mineral Resource Update

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to present a Mineral Resource update for its 90% owned Ta Khoa Nickel Project (TKNP) in northern Vietnam (refer Figure 2). The global Ta Khoa resource estimate is comprised of the Ban Phuc and Ban Khoa DSS deposits (refer to Figure 3 and Table 1); and the Ban Chang and King Snake MSV (refer Figure 3 and Table 1).

Blackstone Minerals has conducted significant exploration and development programs since acquiring the TKNP in late 2019. Programs include extensive geochemical, geophysical, drilling, mapping, analytical testing, resource evaluations, petrographic and mineralogical analysis at the main development projects and a series of greenfield exploration prospects.

Blackstone’s TKNP and Ta Khoa Refinery (TKR) form two major cogs in Blackstone’s vertically integrated development strategy to produce Nickel-Cobalt-Manganese (NCM) 811 precursor for the growing lithium-ion battery industry. The strategy is underpinned by Blackstone’s ability to secure nickel concentrate and Ta Khoa is emerging as a nickel sulfide district of enviable scale with several exploration targets yet to be tested. The updated TKNP Mineral Resource presented in this report demonstrates a clear means of secure nickel concentrate supply.

In July 2021 the Company completed a technically and economically robust PFS for the TKR. The PFS was based on treating 400ktpa of nickel concentrate, supplied from the TKNP as well as third party concentrate. Blackstone plans to provide at least half of the TKR feed concentrate from TKNP, with mill feed sourced from Ban Phuc, Ban Chang, King Snake and potentially other targets as drilling continues.

Highlights from the TKNP Mineral Resource update include:

• Update of the Ban Phuc Mineral Resource:
  • 123Mt at 0.37% Ni for 452kt of Nickel (or 0.43% NiEQ for 523kt NiEQ) - Increased from 58.7Mt at 0.48% Ni for 280kt of Nickel (June 2020)
  • 102Mt at 0.38% Ni (0.44% NiEQ) is in the Indicated category and 21Mt at 0.33% Ni (0.37% NiEQ) is in the Inferred category
    • The Ban Phuc Mineral Resource is reported using a 0.25% Ni cut-off grade for the sulfide component and 0.3% Ni cut-off grade for the oxide and transitional component (previously 0.30% Ni universally)
    • Updated Resource expected to underpin higher throughputs, with a large 8 Mtpa concentrator now being adopted as the base case in the Company’s upcoming TKNP PFS
    • Shape and width of mineralised domains and the continuity of mineralisation are driving low strip ratios for the final Ban Phuc PFS pit design

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