Blackstone Minerals (ASX:BSX) clears regulatory hurdle at Mankayan as PFS drilling set to resume

Blackstone Minerals has announced that the Cease and Desist Order issued by the Municipal Mayor of Mankayan has been lifted, allowing exploration activities to resume at the Mankayan Copper-Gold Project in the Philippines.

This order had previously halted exploration efforts by Blackstone’s affiliate, Crescent Mining & Development Corporation (CMDC), but with its removal, Blackstone is now set to resume drilling activities in support of the Pre-Feasibility Study (PFS), advancing the project towards development.

Highlights:

• The Cease and Desist Order issued in November 2025 has been lifted, allowing exploration activities to resume.
• Drilling to commence soon, with up to 10 holes planned, each between 800m and 1,000m in length.
• The Mankayan Project hosts a substantial JORC 2012 Mineral Resource of 793Mt at 0.65% CuEq, containing 2.8Mt Cu, 9.7Moz Au, and 20.4Moz Ag.
• The project is the fourth largest undeveloped copper project in the Philippines, with a strong foundation for further development studies.
• The PFS will focus on testing high-grade zone extensions, improving the understanding of steeply-dipping mineralised veins, and obtaining geotechnical data.

The Mankayan Copper-Gold Project, located in the Philippines, has a JORC 2012 Mineral Resource of 793Mt at 0.65% CuEq.

With an Indicated Resource of 638Mt at 0.68% CuEq, containing 2.3Mt of copper, 8.2Moz of gold, and 18Moz of silver, the project is one of the largest copper-gold assets in the region.

The lifting of the Cease and Desist Order allows Blackstone to continue its exploration activities and advance the project towards the next phase of development.

Blackstone’s focus will now shift to progressing the PFS, which includes drilling to test extensions to the high-grade zones, improve the understanding of the mineralised veins, and gather additional geotechnical data to support the study.

Blackstone Minerals’ Executive Chairman, Geoff Gilmour, commented,

“On behalf of Blackstone and CMDC, I would like to thank all our staff, community members, and Regional and National Government departments for their constructive engagement and actions in achieving the lifting of the Order. With this behind us, there is a clear pathway forward to advance the Mankayan Project for the benefit of all stakeholders. A project of Mankayan’s size and international importance cannot be underestimated, and I look forward to updating shareholders and stakeholders as the Pre-Feasibility Study work and associated drilling activities progresses.”

The resumption of drilling activities is expected to support ongoing metallurgical testing and further enhance the understanding of the project’s mineral potential, while geophysical surveys, including UAV and LiDAR surveys, will be conducted to improve 3D modelling of the resource.

The Mankayan Copper-Gold Project is progressing through a critical phase with the lifting of the Cease and Desist Order and the upcoming PFS drilling campaign.

Blackstone’s focus on responsible development, in collaboration with local stakeholders and government bodies, ensures that the project moves forward in a sustainable manner.

With an established resource base and significant development potential, Mankayan is well-positioned for future growth as Blackstone works towards a decision to mine.