Blackstone Minerals Limited provided an update on its metallurgical test work programme that has validated the process for the Ta Khoa Refinery Project ("TKR") through production of battery grade nickel and cobalt sulphates, and successful processing of third-party cobalt supply. In August 2022, Blackstone announced the completion of batch test work and commissioning of piloting equipment as part of the Definitive Feasibility Study ("DFS") test work program being conducted by ALS metallurgical laboratories. Since this announcement, Blackstone is pleased to share the following update: Validation of TKR process: Continuous operation of the pressure oxidation process consisting of Ban Phuc Nickel Mine and third-party concentrate (known as TKR feed blend").

Over 7,200 kg of feed has been processed over a piloting run time of 730 hours during the campaign. In addition, the mixed hydroxide precipitate re-leach process has been piloted with third-party MHP (with a piloting run time of 635 hours) to produce battery grade nickel and cobalt sulphates suitable for battery precursor cathode active material ("pCAM") as verified by ALS. Production of MHP: Production of MHP has been completed using the TKR feed blend with over 2,200 kg produced.

Production has met specifications required to achieve battery grade nickel and cobalt sulphates. In the coming month, the MHP produced from the TKR feed blend will be processed to complete the pilot campaign. Distribution of battery grade sulphates: Battery grade nickel and cobalt sulphates have been committed to potential partners for pCAM processing and performance testing.

This marks an important partnership development milestone. Third party cobalt supply processed: Successfully processed over 70kg of third-party hydroxides within feed blend demonstrating suitability of low emission and low-cost cobalt sources to the TKR process.