Blackstone Minerals : Ta Khoa Mineral Resource Increases 73% to 485kt of Nickel

Figure 1. Ban Phuc DSS Resource Block Model Oblique View

23 December 2021

Ta Khoa Mineral Resource Update

			Ta Khoa Mineral Resource Increases 73% to 485kt of Nickel
	• Ban Phuc Mineral Resource Upgrade:
only	o	123 Mt at 0.37% Ni for 452kt of nickel (or 0.43% NiEQ1 for 523kt NiEQ)
o	102 Mt at 0.38% Ni (0.44% NiEQ) is in the Indicated category and 21Mt 0.33% Ni (0.37% NiEQ) is in the
	Inferred category

• 1. Ban Phuc Disseminated Sulfide (DSS) deposit (refer Figure 1) to provide base load supply to an 8Mtpa use concentrator being examined in the Upstream Pre-feasibility Study (PFS) to be completed early in 2022
• Maiden Inferred Resources for Ban Chang, King Snake and Ban Khoa:
• 1. Ban Chang Massive Sulfide Vein (MSV) Inferred resource of 0.70 Mt at 1.2% Ni (2.0% NiEQ) King Snake MSV Inferred resource of 0.43 Mt at 1.3% Ni (2.4% NiEQ)
     Ban Khoa DSS Inferred resource of 6.2 Mt at 0.31% Ni (0.39% NiEQ)
• Ta Khoa Total Combined Mineral Resource of 130 Mt at 0.37% Ni for 485kt of nickel (0.44% NiEQ foroo

571kt Nickel Equivalent)

personalForScott Williamson, Blackstone's Managing Director, said: "An aggressive drill out over the past twelve months has culminated into a global Ta Khoa Mineral Resource of enviable scale and increased confidence. Our Mineral Resource is an early indication of the potential of the Ta Khoa nickel sulfide district, with further aggressive testing already ongoing. Ban Phuc, our large bulk tonnage disseminated sulfide deposit, will underpin base load feed to a large concentrator that is being examined in our upstream Pre-feasibilityStudy. Ban Chang and King Snake are the first of many high-grademassive sulfide opportunities and the Company continues to work diligently to increase surety of nickel supply for our downstream refinery in Vietnam, with exploration and resource delineation at Ta Khoa being a core part of our strategy."

1 NiEQ Nickel Equivalent - the recovered value of additional metals on a nickel content basis added to the nickel content.

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Table 1. Ta Khoa Mineral Resource (JORC Code 2012), 30 October 2021

Indicated Resources

Inferred Resources

MINING CENTRE		Ni	NiEQ		Cu	Co	Au	Pd	Pt	Ni	NiEq	Cu	Co	Au	Pd	Pt		Ni	NiEq	Cu	Co	Au	Pd	Pt	Ni	NiEQ	Cu	Co	Au	Pd	Pt
only		Mt	%	%		%	%	g/t	g/t	g/t	kt	kt	kt	kt	kOz	kOz	kOz	Mt	%	%	%	%	g/t	g/t	g/t	kt	kt	kt	kt	kOz	kOz	kOz
Ban Phuc(DSS)
	Oxide	4	0.54	0.64	0.07	0.01	0.02	0.07	0.07	23	27	3.1	0.5	2.9	10	9.3	8	0.36	0.41	0.02	0.01	0.01	0.03	0.03	28	31	1.6	0.7	2.4	8.2	8.5
Transitional	6	0.47	0.55	0.05	0.01	0.02	0.06	0.06	29	34	3.3	0.7	3.5	13	12	4	0.34	0.39	0.02	0.01	0.01	0.03	0.03	13	15	0.6	0.3	1.2	3.9	4.1
	Fresh	91	0.36	0.42	0.02	0.01	0.01	0.05	0.04	331	384	21	9.2	36	137	124	10	0.29	0.33	0.01	0.01	0.01	0.02	0.02	28	32	0.6	0.8	2.2	6.2	6.9
Ban Phuc total	102	0.38	0.44	0.03	0.01	0.01	0.05	0.04	383	445	27	10	42	159	145	21	0.33	0.37	0.01	0.01	0.01	0.03	0.03	69	78	2.8	1.9	5.9	18.3	19
Ban Khoa(DSS)
	Oxide	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.2	0.33	0.41	0.05	0.01	0.01	0.06	0.06	0.8	1.0	0.1	0.0	0.1	0.4	0.4
Transitional	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.1	0.33	0.40	0.05	0.01	0.01	0.04	0.04	0.3	0.4	0.0	0.0	0.0	0.1	0.1
	Fresh	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	5.9	0.31	0.38	0.05	0.01	0.01	0.04	0.04	19	23	2.8	0.8	2.0	7.8	7.8
Ban Kh	a total	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	6.2	0.31	0.39	0.05	0.01	0.01	0.04	0.04	20	24	2.9	0.8	2.1	8.4	8.4
Sub-total - DSS	102	0.38	0.44	0.03	0.01	0.01	0.05	0.04	383	445	27	10	42	159	145	27	0.32	0.37	0.02	0.01	0.01	0.03	0.03	88	101	5.7	2.7	8.0	27	28
Ban Chang(MSV)
use	Oxide	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.01	0.88	1.46	0.55	0.05	0.05	0.22	0.20	0.1	0.2	0.1	0.0	0.0	0.1	0.1
Transitional	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.91	1.51	0.54	0.06	0.05	0.25	0.23	0.4	0.6	0.2	0.0	0.1	0.3	0.3
	Fresh	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.6	1.20	2.00	0.73	0.07	0.05	0.36	0.30	7.8	13	4.8	0.5	1.1	7.5	6.2
Ban Chang total	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.70	1.18	1.96	0.72	0.07	0.05	0.35	0.29	8.3	14	5.1	0.5	1.2	8.0	6.6
King Snake(MSV)
	Oxide	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.002	1.00	1.72	0.51	0.04	0.16	0.46	0.70	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Transitional	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.01	1.05	1.92	0.64	0.04	0.12	0.60	0.98	0.1	0.3	0.1	0.0	0.1	0.3	0.4
	Fresh	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.4	1.30	2.40	0.82	0.05	0.14	0.74	1.28	5.3	9.8	3.4	0.2	1.8	9.7	16.8
King Snake total	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	0.43	1.29	2.38	0.82	0.05	0.14	0.73	1.27	5.5	10.1	3.5	0.2	1.9	10.0	17.3
Subtotal - MSV	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	1.1	1.22	2.12	0.76	0.06	0.08	0.49	0.66	14	24	8.5	0.7	3	18	24
personalr
Ta Khoa Total	102	0.38	0.44	0.03	0.01	0.01	0.05	0.04	383	445	27	10	42	159	145	28	0.36	0.44	0.05	0.01	0.01	0.05	0.06	102	126	14	3	11	45	52
	Notes:
		1.	Some numerical differences may occur due to rounding
		2.	The resource reporting lower cut-off grades have changed from the previous 2020 Mineral Resource:
			a.	Cut-off grade reporting lower limit:
					i.	DSS: Ban Phuc, Oxide & Transitional = 0.30% Ni, Fresh = 0.25% Ni - previously reported at 0.30% Ni for all material types
					ii.	MSV: Ban Chang & King Snake = 0.70% Ni - MSV's not previously reported by Blackstone Minerals
		3.	Nickel Equivalent calculations are:
			a.	Ban Phuc Ni Eq (%) = Ni (%) + 0.270 x Cu (%) + 2.76 x Co (%) + 0.336 x Pd (g/t) + 0.139 x Pt (g/t) + 0.190 x Au (g/t)
			b.	Ban Khoa Ni Eq (%) = Ni (%) + 0.517 x Cu (%) + 1.95 x Co (%) + 0.314 x Pd (g/t) + 0.129 x Pt (g/t) + 0.244 x Au (g/t)
			c.	Ban Chang & King Snake Ni Eq (%) = Ni (%) + 0.617 x Cu (%) + 2.24 x Co (%) + 0.331 x Pd (g/t) + 0.165 x Pt (g/t) + 0.252 x Au (g/t)
		4.	The Ban Phuc Mineral Resource Update includes all available drill holes drilled up to and including BP21-41 (Completed June 2021)
		5.	The Ban Khoa Mineral Resource Update includes all available drill holes drilled up to and including BK21-13 (Completed May 2021) - drilling and testing is ongoing at the prospect (at Dec 2021)
		6.	The King Snake Mineral Resource includes drill holes drilled up to and including KS21-26 (Completed June 2021) - drilling and testing is ongoing at the prospect (at Dec 2021)
		7.	The Ban Chang Mineral Resource includes drill holes drilled up to and including BC21-34 (Completed June 2021) - drilling and testing is ongoing at the prospect (at Dec 2021)
		8.	The effective date of the Mineral Resource reported is 30th of October 2021, (the approximate cut-off date of the information included in the Mineral Resource), however no new data for the DSS deposits was
			collected after June 2021. Drilling has been continuous at Ban Chang and King Snake for all of 2021.
		9.	The Ta Khoa mineral concessions are held by Ban Phuc Nickel Mine LLC, Vietnam (BPNM). Blackstone Minerals owns 90% of BPNM. Resources are presented on a 100 % basis.
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23 December 2021

Introduction

Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to present a Mineral Resource update for its 90% owned Ta Khoa Nickel Project (TKNP) in northern Vietnam (referFigure 2). The global Ta Khoa resource estimate is comprised of the Ban Phuc and Ban Khoa DSS deposits (refer toFigure 3 andTable 1); and the Ban Chang and King Snake MSV (referFigure 3 andTable 1).

Figure 2. Ta Khoa Nickel - Copper - PGE Project Location

Blackstone Minerals has conducted significant exploration and development programs since acquiring the TKNP in late 2019. Programs include extensive geochemical, geophysical, drilling, mapping, analytical testing, resource evaluations, petrographic and mineralogical analysis at the main development projects and a series of greenfield exploration prospects.

Blackstone's TKNP and Ta Khoa Refinery (TKR) form two major cogs in Blackstone's vertically integrated development strategy to produce Nickel-Cobalt-Manganese (NCM) 811 precursor for the growing lithium-ion battery industry. The strategy is underpinned by Blackstone's ability to secure nickel concentrate and Ta Khoa is emerging as a nickel sulfide district of enviable scale with several exploration targets yet to be tested. The updated TKNP Mineral Resource presented in this report demonstrates a clear means of secure nickel concentrate supply.

In July 2021 the Company completed a technically and economically robust PFS for the TKR. The PFS was based on treating 400ktpa of nickel concentrate, supplied from the TKNP as well as third party concentrate. Blackstone plans to provide at least half of the TKR feed concentrate from TKNP, with mill feed sourced from Ban Phuc, Ban Chang, King Snake and potentially other targets as drilling continues.

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23 December 2021

Highlights from the TKNP Mineral Resource update include:

Update of the Ban Phuc Mineral Resource:

1. 123Mt at 0.37% Ni for 452kt of Nickel (or 0.43% NiEQ for 523kt NiEQ)

• Increased from 58.7Mt at 0.48% Ni for 280kt of Nickel (June 2020)

1. 102Mt at 0.38% Ni (0.44% NiEQ) is in the Indicated category and 21Mt at 0.33% Ni (0.37% NiEQ) is in the Inferred category
2. • The Ban Phuc Mineral Resource is reported using a 0.25% Ni cut-off grade for the sulfide component and 0.3% Ni cut-off grade for the oxide and transitional component (previously 0.30% Ni universally)
   • Updated Resource expected to underpin higher throughputs, with a large 8 Mtpa concentrator now being adopted as the base case in the Company's upcoming TKNP PFS
   • Shape and width of mineralised domains and the continuity of mineralisation are driving low strip ratios for the final Ban Phuc PFS pit design

Maiden Inferred Resources for:

Ban Khoa DSS of 6.2 Mt at 0.31% Ni:

1. Ban Khoa has potential to increase operational flexibility due to the mineralisation containing high sulfur content (the confidence classification for Ban Khoa resource is Inferred)

1. The Ban Khoa Mineral Resource is reported using a 0.25% Ni cut-off grade for the sulfide

component and 0.3% Ni for the oxide and transitional

1. Preliminary mining studies have indicated there is the potential for an open pit mine

1. There is significant ongoing drilling underway at the Ban Khoa DSS deposits. Resources will be updated once all information is finalised

Ban Chang of 0.70Mt at 1.2% Ni (2.0% NiEQ) and King Snake of 0.43Mt at 1.3% Ni (2.4% NiEQ)

1. Higher grade MSV resources are intended to be developed as underground mines and will provide supplementary feed to the large 8 Mtpa concentrator which is the focus of the

upcoming TKNP PFS

1. Both MSV resources are reported using a 0.7% Ni cut-off grade

1. Additional test work is being performed to confirm metallurgical recovery of blended Ta Khoa ore, comprising predominantly Ban Phuc DSS deposit and smaller quantities of the Ban Khoa DSS resource along with the MSV resources

1. In addition to primary nickel content, the Ban Chang and King Snake deposits feature strong copper, cobalt, gold, palladium, and platinum by-product credits

1. There is significant ongoing drilling underway at Ban Chang and King Snake MSV deposits. Resources will be updated once all information is finalised

Overview of Ta Khoa Geology

The Ta Khoa Project is in a magmatic Nickel - Copper - PGE sulfide district associated with the Song Da Rift, a major crustal suture zone, and the Emeishan Large Igneous Province that extends for 1,000 km from northern Vietnam into southern China and hosts several Ni-Copper-PGE deposits.

The licenses are located within the Ta Khoa anti-form which is a domal feature within the Song Da Rift Zone. The core of the anti-form is dominated by gneisses and schists of the Devonian Nam Sap Formation, which is mantled by calcareous schists and marbles of the Ban Phuc beds. The Ban Phuc beds form the wall-rock host of the Ban Phuc and Ban Khoa DSS deposits and the Ban Chang and King Snake MSV deposits. The unit is favourable host horizon for many of the mafic and ultramafic intrusions and dykes mapped on the dome.

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23 December 2021

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Figure 3. Ta Khoa Nickel-Copper-PGE1 District (1 Platinum (Pt) + Palladium (Pd) + Gold (Au))

Two main types of Nickel-Copper-PGE sulfide deposits are recognised within the Ta Khoa district:

1. Disseminated Sulfide deposits within large ultramafic intrusions, of which the Ban Phuc ultramafic intrusion is the best known and hosts the Ban Phuc DSS deposit and the similar Ban Khoa DSS deposit
2. Massive sulfide veins within or locally related to narrow ultramafic dykes or locally within sedimentary wall rocks. At Ban Chang for example, zones of disseminated, semi-massive and stringer sulfides are associated with massive to semi-massive sulfide veins

Ta Khoa Mineral Resource - Summary

Blackstone engaged Optiro Pty Ltd ("Optiro"), a renowned independent consultant group to prepare mineral resource estimates for the four deposits of the TKNP reported in this announcement. The Resources have been reported in accordance with the JORC Code (2012) and are effective as of the 30th of October 2021 (refer Table 1). Drilling activities were ongoing at all prospects at the time of reporting. Incoming information was closed off for the MSV prospects in October 2021 and in June 2021 for the DSS deposits.

The announcement includes the first estimates carried out and reported for the Ban Khoa, Ban

Chang and King Snake deposits, and an updated estimate for the Company's flagship Ban Phuc DSS

deposit (previous Ban Phuc resource statement - refer ASX announcement 14 October 2020).

The resource estimates are based on information taken from extensive new core drilling carried out over the last two years by Blackstone and some historic information acquired with the project. Details regarding the information supporting the resources reported, including quality control and quality assurance and estimation techniques, is provided in the Resource Estimate Technical Overview section of this report.

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