BSX 0.00% 4.5¢ blackstone minerals limited

Key points:1/ SS recovered only 108kt Ni, wasbased on ONLY:a/...

  1. 60 Posts.
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    Key points:

    1/ SS recovered only 108kt Ni, wasbased on ONLY:

    a/ Ban Phuc DSS, drilling cutoff July.

    b/ treated through new 4 or 6mtpa new mill.Plus d/stream.

    2/ But intention is coming PFS [Q12021?] will:

    a/ ADD post July Ban Phuc, ie ongoingKing Cobra

    b/ ADD: part of 3 more satellite orebodies[adding MSV and some extra DSS?] esp. ongoing Ban Chang, also Ta Cuong, and BanKhoa / King Snake.

    c/ ADD restarted existing 450ktpa mill,to treat higher grade MSV from BC etc,

    PLUS the 4 or 6mtps new mill for DSS,

    Thus major change in planned prodnconfiguration, run TWO mills.

    d/ hence also add Cu and Co credits.Maybe PGE later.

    So PFS will be major revamp, and will „recover“a lot more than 108kt Ni.

    3/ Hence resources are coming for

    a/ extra King Cobra [ie revised B Phucresources];

    b/ additional 3 satellite orebodies, ie allfor inclusion in PFS.

    Being satellite deposits the bar for achievingeconomic resources is lower than otherwise.

    4/ Exploration. Total targets are approx.25 plus whatever new ones are found.

    Intention is to drilltest [at least broadly] ALL these targets in next 12-18mos.

    Not least to make sure initial mines are right ones.

    5/ Vietnam, good jurisdictiony ANDspecific big opportunity feeding in country battery plant etc

    6/ Importance of offtaker Ecopro support,also re debt finance. Also E do not have exclusivity on offtake.

    7/ Given EV demand outlook BSX can look to sellevery lb of Ni they find, by extending life and increasing scale.


 
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