Blackstone Minerals Limited announce it has entered a memorandum of understanding (MOU) with Korea's largest electric vehicle (EV) battery cathode manufacturer, Ecopro BM Co Limited (Ecopro BM). The non-binding MOU outlines an alliance structure whereby Ecopro BM and Blackstone will work in partnership to develop a downstream processing facility in association with Blackstone's Ta Khoa Nickel Project in northern Vietnam. Terms of the MOU include: Blackstone wishes to engage a development partner to provide funding to commercialise the Ta Khoa Nickel Project; Ecopro BM has indicated its willingness to enter into an alliance with Blackstone with a view to formalising a Joint Venture on the downstream processing infrastructure project in association with Blackstone's Ta Khoa Nickel Project, Vietnam; The intention of the MOU is for the parties to enter into an alliance to form a Joint Venture with the intention to develop a suitable nickel, cobalt or other battery mineral product for lithium-ion battery manufacturing. Blackstone aims to deliver a maiden resource on the disseminated sulfide (DSS) at Ban Phuc over the coming months and investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both massive sulfide veins (MSV) and DSS deposits. Blackstone has commenced a scoping study on the downstream processing facility at Ta Khoa. The scoping study will provide detail for potential joint venture partners to formalize a binding agreement. Blackstone has commenced metallurgical testing on the Ban Phuc DSS orebody with an aim to
develop a flow sheet for a product suitable for the lithium ion battery industry. In addition, Blackstone will investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia's growing lithium ion battery industry. The Ta Khoa Nickel Project in Vietnam includes an existing modern nickel mine which has been under care and maintenance since 2016 due to falling nickel prices. Existing infrastructure includes an internationally designed 450ktpa processing plant.