Blackstone Minerals Resumes Mankayan Exploration and Initiates Pre-Feasibility Study

Regulatory Clearance Unlocks Mankayan Exploration

Blackstone Minerals (ASX:BSX) has overcome a significant obstacle with the lifting of a Cease and Desist Order previously issued by the Municipal Mayor of Mankayan, Philippines. This development, announced shortly after the quarter ended, allows exploration activities to recommence at the Mankayan Copper-Gold Project, one of the largest undeveloped copper-gold deposits in the country. The order had halted operations since late 2025, but sustained engagement by Blackstone’s affiliate, Crescent Mining & Development Corporation, with indigenous groups and government bodies has now paved the way for renewed fieldwork.

The Mankayan Project boasts a substantial JORC 2012 Mineral Resource of 793 million tonnes at 0.65% copper equivalent, containing 2.8 million tonnes of copper, 9.7 million ounces of gold, and 20.4 million ounces of silver. This positions Mankayan as the fourth largest undeveloped copper project in the Philippines, underscoring its international significance. With the order lifted, Blackstone is poised to accelerate development efforts, including the initiation of a Pre-Feasibility Study (PFS) focused on delineating high-grade zones and improving geological understanding.

Pre-Feasibility Study and Drilling Plans

The PFS marks a critical step in advancing Mankayan towards potential production. Blackstone plans to drill up to 10 holes, each between 800 and 1,000 metres, targeting extensions of the project’s steeply dipping mineralised veins and gathering geotechnical data. These efforts will also support ongoing metallurgical test work conducted in collaboration with the Pitch Black Group, with results expected by mid-2026.

Complementing the drilling, the company is deploying modern LiDAR technology and UAV geophysical surveys to refine 3D geological models and identify further exploration targets. These activities build on the company’s previous Mankayan drilling campaign plans, demonstrating a methodical approach to unlocking value from the resource.

Corporate Strengthening and Financial Position

In a strategic move to bolster its leadership, Blackstone appointed Mark Williams to its board as a Non-Executive Director. Williams brings over three decades of mining experience, including a decade leading Red 5 Limited, where he managed a successful operational turnaround of a Philippine gold asset and oversaw the company’s growth from a $40 million market cap to $1.5 billion. His expertise in both Australian and Philippine mining operations is expected to provide valuable guidance as Blackstone advances Mankayan.

Financially, Blackstone ended the quarter with $14.6 million in cash and cash equivalents, down slightly from $15.3 million at the end of 2025. The company spent $416,000 on exploration activities during the quarter and raised $844,000 through option exercises, reflecting ongoing investor support. Meanwhile, related party payments, including directors’ fees and a former managing director’s termination payment, totalled $403,000. The company continues to review corporate overheads to maintain capital discipline.

Progress at Ta Khoa Nickel and Other Assets

Beyond the Philippines, Blackstone’s Ta Khoa Nickel Project in Vietnam is moving forward with the Ban Phuc Nickel Mine license extension endorsed by the Son La Provincial Government. The application is now with the Ministry of Natural Resources and Energy for final approval, anticipated in the second quarter of 2026. The project benefits from a joint venture with Xuan Loc Tho, which is developing an adjacent Industrial Cluster intended to host the Ta Khoa Refinery, promising regulatory and logistical advantages.

While no activity was reported at the Gold Bridge Project in Canada during the quarter, the company’s focus remains on advancing its flagship assets. Blackstone’s ability to navigate regulatory challenges and strengthen its leadership team will be critical as it seeks to unlock value from these geographically diverse projects.