Ann: Blackstone Minerals Investor Presentation - Scoping Study, page-9

Team- some notes. and answers to a bunch of questions. Apologies just typing as i was going.


Build a JV company with Ecorpro- JV will be established post PFS as PFS is when project signficantly de-risked
Our Nickel sulfate cost $3.50/lbs concentrate Vs current nickel price $7/lbs- so even though we are developing into a precursor, the concentrate Vs concentrate vs our peers $3.50/lbs for concentrate for comparative purposes- very competitive vs our peers. But we refine and process into a premium product NCM which sells at a premium but also then has a higher cost as we have to add cobalt and manganese reagents.Higher input cost but then we trade at a much better premium/payability.

$8/lb nickel price in line with most peers as per slideshow - range $6.90-$9.35/lbs

Scott will get the existing capex turning early- reduce capex costs, get cashflow sooner, and use to partly fund capex

Shared capex for 150ml downstream facility- likely 75ml/75ml with ecopro

If they continue to hit massive targets might make sense to delay PFS slightly- this would be driven by discoveries that massively positively change the economics of the project

Have been delays in the labs- assays in perth, logistics issues etc, market wide

Ban Phuc disseminated- believe just the start of what will be a world class nickel sulphide district. 2 rigs ban phuc, 4 other rigs on site and more arriving.

2 x Geophysics crews working every day of the week looking for more sulphide bodies to test.

Using most powerful EM transmitter on market being used to find massive sulphides- 20km of strike. Next 18 months major geophysical program planned. 500m of strike extent a week. 20km of strike = over a year to test. second piece of gear to speed it up. over next 6-12 months good portion of that will be drilled. So much upside.

Unlock district very cheaply.