Media, page-2700

Blackstone Minerals Funding Update

During the period, the Company provided an update on its funding strategy and corporate activities:

1. Strategic Advisory Engagement
As a result of the near completion of the definitive feasibility study (“DFS”) and ongoing significant
interest by third parties in the Ta Khoa Project, the Company has engaged leading international
investment bank, Jefferies, and specialist independent global mining finance advisor, CF&Co, to
evaluate the Company’s funding options for the Ta Khoa Project, including potential JV and
strategic investor interest in the Company.

2. Ta Khoa Refinery Definitive Feasibility Study
Engineering activities for the Ta Khoa Refinery plant and non-process infrastructure have been
completed. Final aspects of the study to be completed include geotechnical surveying, residue storage
design and minor testwork requirements. Blackstone will use this time to complete a value-add study to
identify additional areas to improve project value.

3. Ta Khoa Project Permitting
Considerable progress has been made with the revision of the Investment Policy dossier. The Company
has been focussed on the:
• Preparation of dossier for Investment Policy for submission in February 2024;
• Land rights access; and
• Environmental Baseline Studies and reporting.

4. Cost Cutting Initiatives
In light of the current market conditions and nickel prices, Blackstone has taken considered cost cutting
measures in order to preserve the cash position and limit shareholder dilution, until completion of the
ongoing JV and strategic investor process. The Board and Executive Management of Blackstone have
agreed to accept 50% of their salary as equity, with Senior Management in Vietnam also volunteering to
accept a percentage of their salary as equity, all back dated to 4 January 2024.

We better accumulate here before managemente gets they shares at 6.1c? Like last consultants

I wonder how far is the JV partners from making an annoucment... nickel prices have recovered... only BSX trading at 52wlow.