Blackstone Minerals Limited

BSXASX·$0.03·$46.8M cap

Copperalso:GoldMulti-CommodityOptionality ScaleResource Definition · Stage 2 of 8Cease and Desist Order over the Mankayan Copper-Gold Project (issued by the Municipal Mayor of Mankayan, Nov 2025) lifted, clearing the Pre-Feasibility Study drilling program of up to 10 holes (800-1,000 m each) to commence; PFS consulting and engineering contracts still to be awarded — Apr 2026Mankayan Copper-Gold Project, Northern Luzon, Philippines Map

Website Blackstone_BSX

Blackstone Minerals' primary commodity focus has shifted to copper: the Mankayan Copper-Gold Project in Northern Luzon, Philippines is now explicitly the company's flagship asset, with gold as a secondary commodity. The Ta Khoa Nickel Project in Vietnam, previously the company's primary asset, is now a minority/carried interest and no longer the flagship. Mankayan has faced real permitting/regulatory risk this year, including a cease-and-desist history, reflected in the jurisdiction score. Cash of AUD $15.03 million is an aggregator-sourced figure, not independently cross-verified against a primary ASX filing; debt of AUD $99,563 is immaterial.

Notable vs. Peers

Jurisdiction risk score of 2/10 is meaningfully riskier than the peer average of 7.7/10.
Financials score of 10/10 is stronger than the peer average of 6.2/10.

Lifecycle Milestones

Grassroots

Resource Def.Current5 months here · typ. 12-24 mo

PEA

PFS

Feasibility

PermittingApproaching

ConstructionSweet Spot

Production

Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.

Combined resource

—

No project has a disclosed resource figure yet

IRR

Not combined

IRR is not additive across independent projects -- see each project's own tab for its figure

Excluded from the totals above: Ta Khoa Nickel Project (Ban Phuc), Son La Province, northern Vietnam (20% -- A JUDGMENT CALL BETWEEN CONFLICTING PRIMARY DISCLOSURES, NOT A CLEAN SOURCED FACT. Read this before using the number. STRUCTURE (confirmed verbatim from the 27 Aug 2025 ASX release 'Blackstone Secures JV Partner and Funding for Ta Khoa Nickel Project'): Blackstone does not hold Ta Khoa directly -- it holds equity in BAN PHUC NICKEL MINES (BPNM), the project vehicle. The binding agreement with Vietnamese conglomerate Xuan Loc Tho (XLT) is a FOUR-stage transaction: Stage 1, AMR Nickel loan conversion lifts Blackstone from 90% to 99.64% of BPNM (note Blackstone never held 100%); Stage 2, Blackstone transfers 55% to XLT and XLT free-carries Blackstone through to the award of a construction licence; Stage 3, once XLT buys minority partner Coxama's residual 0.36%, Blackstone transfers a further 10%, leaving XLT ~65% and Blackstone ~35%; Stage 4, a further 15% passes to XLT AT BLACKSTONE'S ELECTION (not XLT's) either by XLT committing to develop at a minimum 1.5 Mtpa feed capacity and free-carrying Blackstone to production, or by XLT paying Blackstone US$10 million with Blackstone then funding its share of construction. Residual 20%, which Blackstone may keep for profit-sharing or convert into a royalty on future nickel production. The ladder is therefore 90 -> 99.64 -> ~44.64 -> ~35 -> 20; the end state is 20%, NOT the 30% that an earlier two-stage reading of this deal produced, and NOT 45%. CONFLICT: Blackstone's 30 Apr 2026 Quarterly Activities Report states in its narrative that 'Blackstone retains a free 20% carried interest in the Ta Khao Nickel project' (sic), while the Appendix A tenement table in that same document -- and in the 30 Jul 2026 quarterly -- still shows BSX Group Equity Interest in Ta Khoa as 90% at both the beginning and end of quarter. WHY 20% WAS CHOSEN: it is the only percentage Blackstone has stated about its own Ta Khoa interest in 2026, it is present tense ('retains'), the wording 'free ... 20% carried interest' matches Stage 4 Method 1's end state exactly, and the 30 Jul 2026 quarterly's report of 'a zero holding cost outcome for Vietnam' only makes sense if the free-carry is already operative. The 90% tenement-table entries are read as the stale pre-transaction figure carried forward, which is a common lag in Appendix A equity columns. UNCONFIRMED: no announcement located confirms which stages have legally completed, whether Stage 4 has actually been elected, or whether the deconsolidation of the Vietnamese subsidiaries flagged in the FY2025 annual report has occurred. If it emerges that only Stages 1-2 completed, the correct figure is ~44.64%; if Stage 3 but not Stage 4, ~35%. RE-VERIFY against the Dec 2025 quarterly, the Dec 2025 half-year report or a 2026 investor presentation before using this figure in any attributable-resource or valuation calculation. SEPARATELY: the Ta Khoa REFINERY is a different asset in a different vehicle with a different split -- a new JV company owned 65% XLT / 35% Blackstone -- and is deliberately NOT covered by this row's name or this percentage. It needs its own Project row if its economics are ever populated.)

How this is calculated

10/10

Weak track recordStrong track record

How this is calculated

10/10

Thin runwayWell-capitalized

How this is calculated

2/10

High riskLow risk

How this is calculated

9.9/10

Weaker depositStronger deposit

How this is calculated

8/10

Weaker profileStronger profile

Price Chart

Aug 12, 2025 – Sep 4, 2026

Stage changeNews

$0.03

+68%from low-45.3%from high

$0.02$0.06

$46.8M

Far belowFar above

$41.1M median

Price (USD - Local)

$0.03 - AUD 0.05

Cash Position (USD)

$10.5M

Far belowFar above

$9.2M median

Debt (USD)

$69.5K

Far aboveFar below

$0 median

$36.4M

Far belowFar above

$34.7M median

1.7B

Far aboveFar below

169M median

Jurisdiction

Philippines

9,700,000 oz

Far belowFar above

11M median

$3.75/oz

Far aboveFar below

$3.19/oz median

Cut-off: Mankayan (Philippines) global: 0.25% CuEq; Mankayan high-grade core: 0.8% cutoff. Ta Khoa Ni-Cu-PGE (Vietnam): 0.7% Ni (nickel-dominant, not a copper cutoff).