• Binding agreement with Vietnam's Xuan Loc Tho Co. Ltd. to jointly develop the Ta Khoa Nickel Project and Ta Khoa Refinery
• Four-stage transaction to restructure and fund the Ta Khoa Nickel Project, with XLT earning up to 80% interest
• New joint venture to own and develop the Ta Khoa Refinery, with XLT holding 65% and Blackstone 35%

Blackstone Minerals Limited ('Blackstone' or 'the Company') has announced a binding strategic agreement with Vietnam's Xuan Loc Tho Co. Ltd. ('XLT') to jointly develop the Ta Khoa Nickel Project ('TKN') and Ta Khoa Refinery ('TKR') in northern Vietnam. This partnership will significantly reduce the Company's holding costs in Vietnam, whilst Blackstone maintains a strategic position and potential upside leverage to nickel and the Li-ion battery metals market. The agreement outlines a four-stage process for XLT to earn into the Ta Khoa Nickel Project, with XLT ultimately holding up to 80% interest. A new joint venture company will be established to own and develop the Ta Khoa Refinery, with XLT holding 65% and Blackstone 35% ownership. XLT will fund 100% of the activities required to secure the necessary Vietnamese government approvals for the refinery. Blackstone has also established an Engineering & Geological Consulting company in Vietnam to support the development of the Ta Khoa Project and assist with future business development in the region. The partnership with XLT, a prominent local partner with significant experience in Vietnam's industrial sector, is expected to accelerate the advancement of both the upstream nickel mine and downstream refinery.

The partnership with XLT is expected to significantly reduce Blackstone's holding costs in Vietnam while maintaining the Company's strategic position and potential upside leverage to nickel and battery metals. The agreement allows Blackstone to allocate more resources to advancing its world-class Mankayan Copper-Gold Project in the Philippines.