Blackstone Minerals (ASX:BSX) secures $22.6 million to unlock Mankayan’s world class potential

Blackstone Minerals has taken a decisive step forward with a $22.6 million placement to fund an extensive drilling and exploration program at its flagship Mankayan Copper Gold Project in the northern Philippines.

Backed by institutional demand and cornerstone support from Macquarie Bank, the company is now positioned to unlock what is considered one of the world’s largest undeveloped high grade porphyry systems.

In this Q&A, Managing Director Scott Williamson responds to five key investor questions, outlining how the funds will be used, what sets Mankayan apart, and what investors can expect in the second half of 2025.

What does the $22.6 million placement mean for the Mankayan Project and how will the funds be used?

This capital raise is a major milestone for Blackstone and sets the foundation for everything we want to achieve at Mankayan.

With $22.6 million secured from a combination of local and global institutions, we now have the funding required to launch an aggressive exploration and technical program.

“This capital raise is a pivotal moment for Blackstone. It gives us the financial firepower to fully execute the next phase of growth at Mankayan.”

The funds will support 50,000 metres of diamond drilling aimed at extending known mineralisation across this globally significant copper gold porphyry system.

We are also investing in geophysics, including induced polarisation surveys and magnetics, along with metallurgical and geotechnical studies.

This is about more than just exploration, it is about building the technical and development case for a project that could have long term strategic importance.

Why is Macquarie Bank’s involvement so important?

Macquarie Bank’s $5 million cornerstone investment is a strong endorsement of our strategy and the quality of the Mankayan asset.

Their involvement is particularly meaningful given their long term experience in early stage resource investments and their 20 year track record operating in the Philippines.

“Having Macquarie Bank step in as cornerstone investor is a major endorsement of the Mankayan Project.”

Their backing validates our belief that Mankayan stands out in terms of scale, grade, and jurisdictional quality.

Macquarie understands the value of working closely with stakeholders on the ground, and that approach aligns well with how we are developing this project.

We are excited to have them on the register and look forward to the value their partnership brings.

What makes the Mankayan Copper Gold Project so attractive compared to other undeveloped porphyry projects?

Mankayan is in a class of its own when it comes to undeveloped porphyry systems and it is located in a well known mineral district just 2.5 kilometres from the operating Lepanto gold mine and the Far Southeast project.

It has over 56,000 metres of historical drilling and remains open to the north, south and at depth.

The scale of mineralisation is exceptional, with high grade copper and gold intercepts over several hundred metres.

“Mankayan is quite simply one of the most compelling copper gold porphyry opportunities out there today.”

What also sets it apart is the optionality, the project has a high grade core that supports a lower capital intensity development path, but also lends itself to a large scale bulk mining scenario over time.

We are not locked into a single approach and that flexibility gives us a real strategic advantage as we continue to de risk the project.

What are the next key milestones investors should watch for in the second half of 2025?

The second half of 2025 is shaping up to be very active for Blackstone, with funding now secured, we are ready to begin drilling and have a 50,000 metre program designed to test the full potential of Mankayan.

Investors can expect strong newsflow from drill results and technical updates, as we target the extensions of known mineralisation and begin evaluating development options in more detail.

“The second half of 2025 is going to be an incredibly active period for us. With funding now secured, the first order of business is to get the rigs on the ground and start drilling.”

Beyond drilling, we are conducting metallurgical test work to optimise processing pathways, completing geotechnical assessments to support mining studies, and expanding our geophysical coverage.

All of this is designed to feed into a robust development plan, supported by strong copper and gold market fundamentals.

How does the company plan to involve retail shareholders through the Share Purchase Plan (SPP)?

We value the support of our retail shareholders and want to make sure they have the same opportunity to participate in the company’s growth as institutions.

That is why we launched a $2 million Share Purchase Plan at the same price as the placement, giving eligible shareholders the chance to subscribe for up to $30,000 in new shares.

The SPP opens on 9 July and closes on 23 July and we have reserved the right to scale back or accept oversubscriptions depending on demand.

It is a fair and inclusive offer, and we encourage shareholders to read the offer document and consider the opportunity if it aligns with their investment objectives.

Positioned for a Strong Second Half

With funding secured, rigs ready, and a globally significant copper gold system in hand, Blackstone Minerals is entering a critical growth phase.

Mankayan offers a rare combination of scale, grade, development optionality and strategic location within one of Asia’s most productive mineral belts.

As Scott Williamson and the team begin the 50,000 metre drilling campaign and push forward with technical studies, shareholders can expect consistent news flow and value creation through the second half of 2025 and beyond.

The company remains focused on responsible development and delivering long term upside in a tightening copper market and a high gold price environment.

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