Blackstone Minerals

Primary Ticker: ASX: BSX, OTCQB: BLSTF, FRA: B9S
Stage of Development: Development, Exploration
Primary Minerals: Cobalt, Copper, Gold, Nickel
Country / Region: Philippines
Market Cap: 24m
Website: Blackstone Minerals

Blackstone Minerals (ASX:BSX) is positioning itself as a major copper-gold developer in Southeast Asia following its transformational merger with IDM International, acquiring the world-class Mankayan Copper-Gold Project in the Philippines. One of Asia’s largest undeveloped porphyry systems, Mankayan significantly enhances Blackstone’s scale and strategic value, complementing its Ta Khoa nickel-cobalt project in Vietnam.

Led by a proven team with deep expertise in Southeast Asia and underground bulk mining, Blackstone is advancing a clear development strategy aimed at unlocking district-scale growth, with multiple value catalysts anticipated in 2H CY25.

Cash: AUD $1.76m + Listed investments of $491k (30 April 2025) Debt: NIL

Major shareholders:
IDM Minority SH – 19%
Bezant Resources – 12%
Nanjia / Civetta – 10%
Deutsche Balaton – 6%
Management ownership – 24%

Management Profile

Scott Williamson – Managing Director

Mining Engineer with a Commerce degree from the West Australian School of Mines and Curtin University, over 20 years experience in technical and corporate roles in the mining and finance sectors.

What is your rationale for taking part in 121 Mining Investment?

Attending 121 Mining provides us with the opportunity to update the investor and analyst community and broaden our investor base.

What recent news would you like to highlight to investors attending?

30/04/2025 IDM and Blackstone Confirm Rich Copper-Gold Zone at Mankayan
02/04/2025 Blackstone Unlocks High Grade Copper-Gold at Mankayan
04/03/2025 Visible Gold Discovered Above High Grade Cu-Au Porphyry
05/02/2025 Blackstone Merger to Acquire World Class Copper Gold Project

What do you think makes your company such a compelling investment?

Tier-1 Copper-Gold Asset with High-Grade Core
• Mankayan holds 9.7Moz Au, 2.8Mt Cu, and 20.4Moz Ag in a JORC resource of 793Mt @ 0.65% CuEq, including A high-grade core of 170Mt @ 0.93% CuEq offers near-term development optionality and robust margins.
• Drill hits confirming outstanding scale and continuity – 911m @ 1.00% CuEq from 156m (incl. 253m @ 1.43% CuEq), 1,119m @ 0.86% CuEq from 230m (incl. 352m @ 1.15% CuEq).
• Orebody remains open at depth and along strike.

Ring of Fire Location with Regional Upside
• Located on the same tectonic belt as Grasberg, Escondida, and Cadia, Mankayan is surrounded by 12+ porphyry targets within a 10km radius – underexplored and ripe for discovery.
• Just 2.5km away lies the FSE porphyry which contains 20Moz Au and 4.5Mt Cu (891.7Mt @ 0.7g/t Au & 0.5% Cu), Mankayan offers strategic upside via potential district-scale development and infrastructure sharing.

Staged Development with Tier-1 Economics
• Two development scenarios: (i) LHOS to block cave (ii) block cave – both cases deliver compelling economics;
• NPVs range for both cases is A$2.2B – A$3.8B, IRRs of 20 – 49%, and AISC of ~US$1.5/lb CuEq (with credits)

What are the top 3 key investor takeaways?

Recent drilling with assays pending and significant opportunities for further exploration success

Strategically located 2.5km along strike of the Lepanto gold mine and Far Southeast (FSE) project