Community Opposition Forces Blackstone Minerals to Cease Mankayan Activities

Exploration Halted Amid Local Opposition

Blackstone Minerals Limited (ASX, BSX) has encountered a significant operational challenge at its flagship Mankayan Copper-Gold Project in the Philippines. The Mayor of Mankayan issued a Cease & Desist order (CDO) during the December 2025 quarter, effectively halting all exploration activities until further notice. This move follows mixed community sentiment, with some local groups opposing exploration while others support the project’s potential economic benefits.

The company is actively engaging with multiple Philippine government agencies, including the Anti-Red Tape Authority and the Mines and Geosciences Bureau, as well as the National Commission on Indigenous Peoples (NCIP) and local stakeholders, to resolve the situation. Blackstone’s approach emphasises constructive dialogue and due process, aiming to lift the CDO and resume exploration in a manner respectful of community concerns.

Securing Key Approvals and Strengthening Community Ties

Despite the exploration pause, Blackstone achieved important milestones during the quarter. The NCIP granted its Certificate of Precondition, confirming that Free, Prior, and Informed Consent (FPIC) has been obtained from the Mankayan Indigenous People. This formalises a Memorandum of Agreement signed in December 2024 and marks a historic first for Blackstone and its partner Crescent Mining & Development Corp (CMDC), which is the only mining company in the region to secure such Indigenous consent.

Additionally, the Philippine Mines and Geosciences Bureau approved a two-year extension of the project’s work program under the existing Mineral Production Sharing Agreement (MPSA), and certified the renewal of the MPSA for another 25 years until 2046. Blackstone also signed a Community Access Agreement with the Maggangan village, reinforcing its commitment to ensuring local communities benefit from the project’s development.

In a further demonstration of long-term commitment, Blackstone has initiated relocating CMDC’s Registered Office to Mankayan, a move welcomed by the municipal government and residents alike.

Corporate Changes and Financial Position

The quarter saw significant changes to Blackstone’s leadership. Mr Geoff Gillmour was appointed Executive Chairman, replacing Mr Hamish Halliday who resigned as Chairman. Messrs Oliver Cairns and Greg Cunnold joined as Non-Executive Directors, while Scott Williamson stepped down as Managing Director. The company also appointed James Bahen as Company Secretary, following the resignations of the previous joint Company Secretaries and CFO.

Financially, Blackstone ended the quarter with a robust cash position of $15.3 million. Exploration expenditure for the period was $581,000, focused on ongoing activities at the Mankayan Copper-Gold and Ta Khoa Nickel-Copper-PGE projects. The company also undertook a review of corporate overheads to ensure prudent capital management amid the current operational challenges.

Progress in Vietnam and Canada

Outside the Philippines, Blackstone’s joint venture in Vietnam made progress on permitting and licensing. The BPNM underground mining license expired during the quarter, but the JV submitted renewal documents which have been accepted, with a five-year extension expected in early 2026. The Ta Khoa Refinery investment dossier was revised and is under positive review by provincial authorities, targeting approval in Q1 2026. Meanwhile, the Gold Bridge project in British Columbia, Canada, saw no activity during the quarter.