Blackstone Minerals Limited announced that the results from an independent Life Cycle Assessment conducted by LCA Practitioners Minviro underpin vision to develop low CO2 emission nickel sulphide project to supply into the growing lithium-ion battery industry. The results support ongoing partnership and funding efforts by validating the Ta Khoa Project (TKP) design as the route with the lowest life cycle CO2 emissions compared to emerging and existing NCM811 precursor cathode active material production routes. The Ta Khoa LCA study confirmed a result of 9.8 kg CO2 eq.

per kg pCAM from the Company's TKP in Vietnam, which is substantially lower than existing production pathways in terms of Global Warming Potential (GWP), with known opportunities to reduce even further to 6.3kg CO2 eq. per kg pCAM. As part of the accreditation process, the LCA was subject to a third party review by a panel of three industry experts.

Chaired by Dr. Viktor Kouloumpis, the panel included a representative from the Nickel Institute´s Public Policy team and an independent nickel metallurgical consultant. While the Base Case GWP result of 9.8 kg CO2 eq. per kg pCAM is an excellent result, Blackstone is targeting zero emissions, and is evaluating the following options to further reduce the Ta Khoa GWP.

While Blackstone has access to low CO2 impact hydropower produced in Vietnam, the LCA process and global carbon accounting standards will not recognise this until Blackstone secures a Power Purchase Agreement (PPA) with a power supplier. Blackstone is currently working to secure a PPA for hydropower which will then credit Blackstone with a 2.4 kg CO2 eq. per kg pCAM reduction in GWP.

Cobalt Sulphate supply contributes 1.3kg CO2 eq. per kg pCAM and Blackstone is seeking other Cobalt Sulphate from alternative lower GWP suppliers. Much of the GWP associated with the cobalt sulphate feedstock is attributed to the sulphate refining stages.

Blackstone is looking to secure a lower quality cobalt hydroxide product which will then be refined in the TKR. This could yield a reduction in GWP of 0.7 kg CO2 eq. per kg pCAM.

Blackstone continues to explore the option of producing TKR's oxygen via electrolysis of water. This process would yield a green hydrogen by-product with the potential to reduce the GWP of 0.4 kg CO2 eq. per kg pCAM.

Other potential reduction measures under analysis but that are yet to be quantified include: Preference for low carbon footprint third party concentrate supply; Carbon mineralisation of dry stacked tailings; TKR direct CO2 emissions capture (potential for up to 1kg CO2 eq. per kg pCAM reduction); Further electrification of mining, concentrating and refining processes; Low carbon ammonium nitrate supply; and Carbon off-set projects. Blackstone chose GWP as the primary focus of the LCA as this is the common standard to compare environmental impact.

The results of the study will be used to inform environmentally informed decision making in design, construction, inputs and processes.