Blackstone Minerals has raised $22.6 million through a heavily oversubscribed placement led by Macquarie Bank, fueling a major drilling program at its Mankayan Copper-Gold Project in the Philippines. The capital raise follows a transformative merger and signals strong institutional confidence in the company’s growth strategy.
- Placement of 289.8 million shares at $0.078 each, a 14.3% discount to last close
- Macquarie Bank commits $5 million as cornerstone investor
- Funds to support 50,000m diamond drilling and extensive exploration at Mankayan
- Additional $2 million Share Purchase Plan offered to eligible shareholders
- Board restructure includes long-term incentive options for key executives
Capital Raising to Drive Exploration Momentum
Blackstone Minerals Limited has successfully secured firm commitments to raise $22.6 million through a single tranche placement of nearly 290 million shares at an issue price of $0.078 per share. This capital raise comes on the heels of Blackstone’s recent merger with IDM International Limited, which brought the world-class Mankayan Copper-Gold Project in the northern Philippines into its portfolio.
The placement was oversubscribed and attracted strong support from both Australian and international institutional investors, with Macquarie Bank stepping in as the cornerstone investor with a $5 million commitment. Macquarie’s longstanding presence in the Philippines and experience in early-stage mining projects adds a layer of credibility and strategic partnership to Blackstone’s ambitions.
Funding an Aggressive Exploration Program
The funds raised will primarily finance an aggressive 50,000-meter diamond drilling program aimed at expanding the high-grade copper-gold porphyry system at Mankayan. Alongside drilling, the capital will support geophysical surveys, metallurgical and geotechnical studies, and general working capital needs. This comprehensive approach underscores Blackstone’s commitment to unlocking the full potential of one of Asia’s largest undeveloped porphyry systems.
In addition to the placement, Blackstone is offering a $2 million Share Purchase Plan (SPP) to eligible existing shareholders at the same discounted price, providing an opportunity for retail investors to participate in the company’s growth story.
Strategic Corporate Developments
The capital raise coincides with a board restructure, including the appointment of Geoff Gilmour as a Non-Executive Director. The company has also proposed a long-term incentive plan involving options for key executives, including Managing Director Scott Williamson and other senior board members. These incentives are designed to align management’s interests with shareholder value creation over the coming years.
Blackstone’s leadership expressed confidence in the project’s potential and the strong investor appetite, highlighting the strategic timing amid a historically tight copper market and record gold prices. The company is poised to commence drilling imminently, with market watchers keenly awaiting exploration results that could validate the asset’s world-class status.
Looking Ahead
With the capital raising complete and drilling rigs ready to turn, Blackstone Minerals is entering a pivotal phase. The success of the Mankayan project could significantly enhance the company’s profile as a major copper-gold developer in Southeast Asia, complementing its existing nickel-cobalt assets in Vietnam. Investors will be watching closely as assay results and further exploration data emerge in the second half of 2025.
Bottom Line?
Blackstone’s $22.6 million raise sets the stage for a defining exploration campaign that could reshape its growth trajectory.
Questions in the middle?
- How will the upcoming drilling results impact Blackstone’s valuation and project timeline?
- What are the potential risks associated with exploration in the Philippines’ regulatory environment?
- How might the board incentive plan influence management’s strategic decisions moving forward?