Blackstone Minerals Ltd · ASX:BSX
Blackstone Minerals — RIU Explorers Conference 2022
25 slides from Blackstone Minerals's conference presentation, Feb 15, 2022
Slide 1: BSX Investor Presentation
BSX INVESTOR PRESENTATION RIU Explorers Conference, February 2022 ASX:BSX 1
Slide 2: Cautionary & Forward Looking Statement
CAUTIONARY & FORWARD LOOKING STATEMENT The PFS referred to in this Presentation is the study of the potential viability of the Ta Khoa Refinery Project. It has been undertaken to understand the technical and economic viability of the TKR. The Company has concluded that it has a reasonable basis for
Slide 3: Blackstone Minerals - Corporate Snapshot
BLACKSTONE MINERALS - CORPORATE SNAPSHOT BLACKSTONE MINERALS LIMITED BOARD OF DIRECTORS ASX Code BSX Scott Williamson Hamish Halliday Dr Frank Bierlein Alison Gaines Hoirim Jung OTCQX Code BLSTF Shares on Issue 449.6m Last Share Price (11 February 2o22) A$0.615 Market Capitalisation A$277m Cash as a
Slide 4: Investment Summary
INVESTMENT SUMMARY Vertically integrated business model • Developing an integrated upstream (mining) and downstream (refining) battery metals processing business in Vietnam that produces NCM Precursor products for Asia’s growing Lithium-ion battery industry Globally relevant nickel sulfide mineral r
Slide 5: Blackstone Integrated Business Model
BLACKSTONE INTEGRATED BUSINESS MODEL Blackstone Upstream Business Blackstone Downstream Business Targeting South – East Asian Ore → Concentrate Concentrate → MHP → Precursor NCM Lithium-ion battery and EV market Base Case Ta Khoa Refinery can X% supply enough nickel to produce between ~0.50 – 0.75mi
Slide 6: Accelerating Macroeconomic Environment
ACCELERATING MACROECONOMIC ENVIRONMENT Nickel Demand by Market Annualised Growth Global EV sales Tonnes Nickel (2022-2030) 6,000,000 25% 5,000,000 20% 4,000,000 15% 3,000,000 10% 2,000,000 5% 1,000,000 0 0% 2022 2023 2024 2025 2026 2027 2028 2029 2030 Stainless Steel Battery Other Stainless Steel -
Slide 7: Ta Khoa Nickel Project (TKNP)
TA KHOA NICKEL PROJECT (TKNP) 130 Mt at 0.37% Ni for 485kt of Nickel (0.44% NiEQ for 571kt Nickel Equivalent) ▪ Ban Phuc Mineral Resource Upgrade: ▪ 123 Mt at 0.37% Ni for 452kt of nickel (or 0.43% NiEQ for 523kt NiEQ) ▪ Ban Phuc Disseminated Sulfide (DSS) deposit to provide base load supply to an 8
Slide 8: Ta Khoa Nickel Project Mineral Resource Growth Summary
TA KHOA NICKEL PROJECT (TKNP) MINERAL RESOURCE GROWTH SUMMARY ▪ Ban Phuc update: ▪ 12 months drilling and metallurgical testing led to a significant increase in resource confidence and contained metal resources – due to potential recoveries at lower grades. Base load for PFS ▪ Maiden Resources: ▪ Th
Slide 9: Timeline
TIMELINE UPSTREAM – TA KHOA NICKEL PROJECT TA KHOA NICKEL PROJECT Resource Infill drilling primarily at King Snake, Ban Chang at Ban Khoa + Definition additional drilling to acquire met test work sample Drilling Definitive Feasibility Study including metallurgical test work Permits & Approvals Mine
Slide 10: Ban Phuc (DSS)
BAN PHUC (DSS) BASE LOAD FEED • 123Mt at 0.37% Ni for 452kt of Nickel (or 0.43% NiEQ for 523kt NiEQ) o Increased from 58.7Mt at 0.48% Ni for 280kt of Nickel (June 2020) • The Ban Phuc Mineral Resource is reported using a 0.25% Ni cut-off grade for the sulfide component and 0.3% Ni cut-off grade for
Slide 11: Ban Chang & King Snake (MSVs)
BAN CHANG & KING SNAKE (MSVs) SUPPLEMENTARY NICKEL FEED • Ban Chang of 0.70Mt at 1.2% Ni (2.0% NiEQ) and King Snake of 0.43Mt at 1.3% Ni (2.4% NiEQ) o Both MSV resources are reported using a 0.7% Ni cut-off grade o Additional test work underway to assess potential metallurgical improvements by blend
Slide 12: Ban Khoa (DSS)
BAN KHOA (DSS) ONGOING RESOURCE DEFINITON DRILLING Potential to be included in the Definitive Feasibility Studies • Inferred Mineral Resource at Ban Khoa (DSS) of 6.2Mt @ 0.31% Ni o Ban Khoa has potential to increase operational flexibility due to the mineralisation containing high sulfur content o
Slide 13: District Scale Nickel Sulfide Opportunity – Chim Van
DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY – CHIM VAN BLACKSTONE TO WORK WITH VIETNAMESE GOVT TO IDENTIFY NEW OPPORTUNITIES Blackstone Minerals to jointly explore with the General Department of Geology & Minerals of Vietnam (GDGMV), initially conducting new geophysics exploration to advance the Chim
Slide 14: Ta Khoa Refinery
TA KHOA REFINERY BLACKSTONE HAS RECEIVED STRONG PROVINCIAL GOVERNMENT SUPPORT Each of the proposed locations in the map below were qualitatively judged against key factors including provincial level support, residue disposal, tax incentives, logistics, renewable power supply, power cost and connecti
Slide 15: Ta Khoa Refinery - Downstream Refinery Process Flow Diagram
TA KHOA REFINERY DOWNSTREAM REFINERY PROCESS FLOW DIAGRAM Conversion of nickel concentrate into a MHP chemical, and thereafter to Precursor NCM uses established and well understood technology. Flash Steam Concentrate Transport Repulp & Pre-leach POX Autoclave Flash Vessel Residue Filtration Concentr
Slide 16: Pilot Plant Testwork
PILOT PLANT TESTWORK STATUS UPDATE DELIVERABLE / OBJECTIVE Pilot Plant Phase 1 Pilot Plant Phase 2 Batch testwork commenced Engineering partners engaged Procurement commenced for Pilot Campaign Engineering complete June 22 Completion of Batch Test Work April 22 Permits obtained & construction in pro
Slide 17: Versatile Business Model
VERSATILE BUSINESS MODEL FLOWSHEET IS AMENABLE TO A RANGE OF INTERMEDIATE AND BATTERY GRADE PRODUCTS The TKR design will enable the production of multiple products, including NCM 811 which attracts a strong premium to metal prices. Illustration of Nickel Product Payability vs Metal Spot Price Blacks
Slide 18: NCM811 Precursor Price Forecast
NCM811 PRECURSOR PRICE FORECAST THE TKR PFS ASSUMES AN NCM811 PRECURSOR PREMIUM of 20% The realised NCM811 Precursor Price in the TKR PFS modelling is below currently observable on the spot market. NCM811 premium over metal prices Item Nickel Cobalt Manganese NCM811 NCM811 NCM811 NCM811 Metal Metal
Slide 19: Downstream Pre-Feasibility Study Highlights
DOWNSTREAM PRE-FEASIBILITY STUDY HIGHLIGHTS 28 Ni Nickel 43.5ktpa 85.6ktpa US$451m Globally significant refined Production of premium Average annual operating annual nickel output NCM811 Precursor for the cash flow Li-ion battery industry US$2.01bn Post-tax IRR of 67% Low Capital Intensity Superior
Slide 20: Next 12 Months for Blackstone
NEXT 12 MONTHS FOR BLACKSTONE Integrated Ta Khoa Refine and increase accuracy of Determine Optimal Project Valuation project parameters Financing Structure Ta Khoa Project Final Upstream PFS Definitive Investment Feasibility Decision Studies Finalise Pilot Plant Testing Review of Refinery MHP/ NCM81
Slide 21: Appendices
APPENDICES Suite 3, Level 3, 24 Outram Street, West Perth, WA, 6005 T: +61 8 9425 5217 | F: +61 8 6500 9982 E: admin@blackstoneminerals.com.au | www.blackstoneminerals.com.au 21
Slide 22: Appendix 1 - Blackstone Board
APPENDIX 1 - BLACKSTONE BOARD BEST IN CLASS LEADERSHIP WITH A PROVEN TRACK RECORD OF CORPORATE SUCCESS Dr Frank Bierlein Scott Williamson Hamish Halliday Alison Gaines Hoirim Jung Non-Executive Director Managing Director Non-Executive Chairman Non-Executive Director Non-Executive Director Geologist
Slide 23: Appendix 2 - Management Team
APPENDIX 2 - MANAGEMENT TEAM DRIVING THE DEVELOPMENT OF TA KHOA AS A MINE-TO-MARKET NICKEL BUSINESS Jamie Byrde Steve Ennor CFO & Company Secretary GM Project Development Ta Khoa Project Chartered Accountant with more than 16 years’ experience in accounting, company Metallurgist with 30 years of exp
Slide 24: Appendix 3 - Ta Khoa Mineral Resource (JORC Code 2012)
APPENDIX 3 - TA KHOA MINERAL RESOURCE (JORC CODE 2012) Indicated Resources Inferred Resources MINING CENTRE Ni NiEQ Cu Co Au Pd Pt Ni NiEq Cu Co Au Pd Pt Ni NiEq Cu Co Au Pd Pt Ni NiEQ Cu Co Au Pd Pt Mt % % % % g/t g/t g/t kt kt kt kt kOz kOz kOz Mt % % % % g/t g/t g/t kt kt kt kt kOz kOz kOz Ban Ph
Slide 25: Competent Person Statements
COMPETENT PERSON STATEMENTS Exploration Results: The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled by Mr. Chris Ramsay, Manager of Resource Geology for the Company and a Member of The Australasian Institute of Mining and Met