ANC-Presentations-Full-18-10_Neat

Brazil



A mining-friendly and emission-friendly jurisdiction




❑ Strong tenement control system, established Mining Code



❑ Government revenue generated from royalties – with predefined split between the

municipal, state and federal authorities


❑ Carajás Mining District – one of the world’s most prolific mining regions and effective

industrial zone of Brazil with extensive infrastructure



❑ Strong mining culture in State of Para established over 40 years


❑ 15% effective tax rate for first 10 years of operations (SUDAM Incentive Program)



❑ Environmental Approval Process clearly defined with Terms of Reference issued for EIA

Process



❑ Recently-created Strategic Minerals Policy to assist in approval process for strategic minerals



❑ 80% of Brazil’s power currently generated from renewable sources



Well-Established Mining Regulation and Tenement System allows Foreign Companies to

Invest in Mineral Exploration and Development Activities with Confidence

6

Brazil’s Carajás Mineral Province



A Tier-1 global mining province





























Jaguar Nickel Sulphide Project
58.9Mt at 0.96% Ni
Inc. 20.0Mt at 1.56% Ni

















The Carajás contains one of the world’s largest known

concentrations of large-tonnage world-class mineral deposits

7 7

Brazil’s Carajás Mineral Province



Outstanding infrastructure and logistics




● High-Voltage (138kV) grid power 40km line from Tucumã to site



● Brazil’s national power grid runs on +80% renewables



● Low cost, clean power – less than US$0.10/kWh


● Project located 40km north of Tucumã and Ourilândia do Norte

(pop +70,000) – mining communities with skilled workforce


● Sealed road access to Vila de Conde Free Access Port or rail to Sao

Luis



● Ideally positioned to feed the global battery supply chain






















8
Tucumã Township, Para, Brazil Vila de Conde Port, Para, Brazil

GHG Emissions – Forecast to be a Class-leader


Powered by renewables & high-grade nickel sulphides










GHG Intensity Curve – Nickel (E1 GHG Emission Metrics®)












Jaguar Nickel Sulphate Project


4.69t of CO /t of NiEq
2



















Life-of-mine CO footprint forecast to be lower than 97% of global nickel production
2

The best nickel tonnes are those with the lowest GHG Emissions and highest Operating Cash Margins
9 9

Jaguar Project – Large-tonnage high quality Resource



Low-cost open pit & underground operations





JORC Mineral Resource Estimate: 58.9Mt @ 0.96% Ni for 562,600 tonnes of contained nickel metal






● JORC MRE based on +74,000m of diamond drilling



● 80% of MRE is within 200m of surface


● +60% Resources converted to Production Target


● 7 x Diamond and 1 RC Rig presently on site


● Next JORC Resource up-grade planned for Q4 2021



Production Target Ore Ni % Ni Metal ● +75% of mill feed from open pit; LOM strip-ratio
Resource Category Mt kt
Indicated 21.4 0.88% 187.9 of 6.5:1
Inferred 23.7 0.73% 173.8
Production Target 45.0 0.80% 361.7 ● +60% of Mill Feed in Indicated Resource Category
Ore Ni Metal
Mill Feed Source Ni %
Mt kt
OP High-grade 20.4 1.02% 208.3
Underground 8.5 1.01% 85.4
Ore-sorter Product* 4.8 0.98% 47.3 Blended Mill Feed:
Total Mill Feed 33.7 1.01% 341.3 33.7Mt @ 1.01% Ni for 341,300t of contained Ni

*Ore-sorter product has been processed pre-concentrator;
Totals are rounded to reflect acceptable precision, subtotals over initial ~13-year LOM 10 10
may not reflect global totals.

Jaguar Project – Non-processing Infrastructure



Nickel sulphate plant to treat 2.7Mtpa




Targeting world’s best-practice tailings & emissions management






❑ Processing Plant Capacity – 2.7Mtpa



❑ Development Capital – US$288 million


❑ Low capital intensity – US$14,500/t

Annual Ni Prod’n



❑ After Tax Payback – 1.8 Years


❑ Integrated Waste Landform (IWL):



● Optimises use of mine waste


● Highest safety factor against

embankment failure



❑ Hydromet Process Flowsheet optimises

nickel recovery


11

Jaguar Project – Proceeding Straight to DFS



Robust project with plenty of project development & Ni price upside





Project Development Opportunities kt Nickel in Sulphate

25
22.7 22.3
21.5 21.2 21.7 21.2 21.2
Post Tax NPV 8 Refine local based 20 20.0 19.7 18.7 18.4 18.7

A$1.11 billion CAPEX & OPEX 15



with IRR of 52% estimates 10 9.5

5.6
5
Mine Schedule Process Route 0



optimisation by-product opportunities 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037


High Cash Operating Margin of US$4.27/lb Ni =
downside protection &


outstanding upside opportunity







At US$9.00/lb LOM Ni price, post tax NPV 8

A$1.62 billion with 70% IRR



12 12

Jaguar Project – Approvals & Stakeholder Engagement



Building relationships now and for the future




Environmental Approvals On-Track


● Majority of the project footprint already disturbed (pasture land)


● Lodgement of EIA/RIMA completed – August 2021


Land Access


● Secured possession of two key properties that cover an area of 1,500 hectares for

the long-term benefit of the Project.


Social Programs Underway



● Public/Private Partnership with Sao Felix municipality to upgrade roads


● Social programs with local communities, focus on health and water quality


● Set to contribute over R$2.0 billion (+US$400 million) in taxes and government
royalties – 65% of royalties goes to local municipalities




Health & Safety and our COVID-19 Response



● 100-person site exploration camp operational to mitigate risk of COVID-19
transmission – closely supporting local health services
13

Jaguar Project – Resource Growth and Upside



65km of development & growth drilling for 2021




Onça Deposits Resource Development & Growth

20km of in-fill and extensional drilling

15km of step-out drilling

5km of geotechnical & metallurgical drilling





























Jaguar Deposits
+3.0km




Greenfields Growth Drilling
25km RC drill program underway

14 14

Jaguar Project – Resource Growth and Upside



There are very deep plumbing systems in the Carajás





World-class Carajás IOCG deposits

are associated with regional-scale
mineralizing structures.




Salobo (Cu-Au), mineralisation to
depths of +1,500m

and remains open at depth!




• Jaguar mineralisation is associated

with the Canaã fault that is the
source of the Sossego (Cu-Au),

mineralisation to depths of +700m



• Oz Minerals starting its first

underground operation in the
> 1.0% Cu
0.4 - 1.0% Cu
Carajás (Pedra Branca Cu-Au Mine)


• AngloGold Ashanti mining at

+1,500m in Brazil (1.5Mtpa)

15 15

Jaguar Project – Resource Growth and Upside



Jaguar South – open at depth below current UG stope limits






















300m 300m


















Untested Untested






JAG-DD-20-151 – 17.6m at 4.86% Ni

from 208m, UG stopes are limited by
within 56.1m @ 2.05% Ni current base of drilling
16 16

Jaguar Project – Resource Growth and Upside



Jaguar South – New EM Plates below deepest drilling








• EM Conductor plates are
powerful targeting tool

for semi-massive and
massive sulphides at
Jaguar and the Carajás

region generally



• Late-time (Ch20+)
conductor plates now
extend 270m below

deepest drilling at Jaguar
South



• Deeper drilling at Jaguar
South and other deposit

areas already underway
testing newly identified

conductor plates






17 17

Jaguar Project – Resource Growth and Upside



Jaguar Central & Onça Preta – deep plumbing, open and untested





JAG-DD-20-104 – 195.3m to 207.4m down-hole
12.1m at 5.38% Ni, within 30.8m @ 3.30% Ni










250m 300m



















Untested Untested










DHEM to drive more deep
massive sulphide discoveries

18 18

Jaguar Project – Resource Growth and Upside



The Tigre Prospect – the next cat off the rank?


Exploration Pipeline




Tigre



Leão



Dente de Sabre


Twister



Roquefera



Puma Contact


Fliperama



Jaguar Central Sul



● Maiden greenfields RC drilling at Tigre intersected significant percentages of sulphide Onça Preta SE
mineralisation of up to 10m over a strike length of at least 700m
Jaguar NE Extension
● On-site scans of the RC chips and drill core with a hand-held XRF have confirmed high nickel

grades in the Tigre sulphide mineralisation Filhote (PGEs)
19 19

Jaguar Project Targeted Development Timeline
















Q3/2023 – Formal Decision to Mine









Q4/2022 – Definitive Feasibility Study








Q4/2021 & Q2/2022 – MRE Resource Upgrades







Q3/2021 – Lodge Key Environmental Licence






Q1/2021– MRE Upgrade & Scoping Study Results






20 20

Corporate Summary






Capital Structure October 2021

Shares on Issue 358.2m


Unlisted Options 12.0m


Top 20 Holders 62.5%

Market Capitalisation ($0.97) A$347m


Cash – 30 June 2021 A$20.4m

Other Significant Assets Jambreiro Iron Ore Project


Substantial Shareholders

Sprott Inc. 9.6%

McCusker Holdings Pty Ltd 7.9%
Harmanis Holdings 5.2%

Dundee Corporation 5.1%

Board and Management 4.5%
Broker Research Analyst

Argonaut George Ross

Sprott Brock Salier

Euroz Hartleys Jon Bishop

Canaccord Genuity Paul Howard

21 21 21

Centaurus



Key investment takeaways





● Nickel focus – sustainable nickel sulphide asset leveraged to strong long-term Class-1 nickel market outlook


● Extremely low carbon footprint – estimated to be lower than 97% of global nickel production


● Favourable infrastructure-rich project location – the world-class Carajás Mineral Province



● Globally Significant Maiden JORC Resource – 58.9Mt at 0.96% Ni for 562,600 tonnes of contained nickel


● Project Scope currently shows Mill Feed of 33.7Mt @ 1.01% Ni for 341,300t of nickel to produce +20ktpa of

nickel in sulphate and a MSP over initial mine life of 13 years


● Low capital intensity, low operating costs and strong cash flow generation (A$252 million per annum LOM)



● Strong returns: Post‐tax NPV of ~A$1.11 billion (US$831 million) with a post-tax IRR of ~52% @ US$7.50/lb
8

● Outstanding growth potential – deposits open at depth and along strike with further drilling underway;

multiple greenfields prospects with walk-up drill targets (65km of drilling in 2021)


● The right team and well funded for exploration & feasibility study work – ~$20 million (EOQ - June 2021)



Centaurus represents a rare opportunity to invest in a rapidly unfolding high-grade nickel sulphide

growth story in Brazil, at the perfect time in the nickel market cycle.


22 22

Jaguar: Accelerating towards the

world’s next “green” nickel project








Australian Nickel Conference │ October 2021

Darren Gordon, Managing Director
Contact us
[email protected]

(+61) 8 6424 8420
Follow our communications:

: Centaurus Metals
: @CentaurusMetals









23

Centaurus



March 2021 JORC MRE & May 2021 Production Target





Resource Tonnes Grade Contained Metal kt Material Resource Ore Ni Metal
Deposit Mining Method Ni %
Category Mt Ni % Cu % Co ppm Ni Cu Co Type Category Mt kt
IND 7.4 1.19 0.06 239 87.4 4.2 1.8 Open Pit High-grade IND 12.8 1.09% 140.2
Jaguar South INF 11.3 0.83 0.04 184 93.9 4.3 2.1 >0.6% Ni INF 7.6 0.90% 68.1
Total 18.7 0.97 0.05 206 181.3 8.6 3.9 Mill Feed 20.4 1.02% 208.3
IND 8.4 0.99 0.06 267 83.1 5.2 2.2 Low-grade IND 7.2 0.42% 30.2
Jaguar Central INF 1.8 1.06 0.06 269 19.3 1.1 0.5 0.3-0.6% Ni INF 9.0 0.42% 37.8
Total 10.2 1.00 0.06 268 102.4 6.3 2.7 Total 16.2 0.42% 68.0
IND 2.3 1.08 0.14 349 24.5 3.2 0.8
IND 20.0 0.85% 170.4
Jaguar North INF 1.0 1.12 0.28 353 11.4 2.8 0.4
INF 16.6 0.64% 105.9
Total 3.3 1.09 0.18 350 35.9 6.0 1.2
Open Pit Production Target Total 36.6 0.76% 276.3
Jaguar Central North INF / Total 5.8 0.80 0.05 210 46.7 3.0 1.2
Underground IND 1.4 1.30% 17.6
Jaguar Northeast INF / Total 8.3 0.78 0.09 253 64.9 7.3 2.1 INF 7.1 0.96% 67.9
Jaguar West INF / Total 5.7 0.80 0.04 150 45.2 2.1 0.9 Underground Production Target Mill Feed 8.5 1.01% 85.4
INF 18.0 1.08 0.07 266 195.0 12.6 4.8 IND 21.4 0.88% 187.9
Jaguar Deposits IND 34.0 0.83 0.06 209 281.3 20.8 7.1 INF 23.7 0.73% 173.8
Total 52.0 0.92 0.06 229 476.3 33.4 11.9 Total Production Target Total 45.0 0.80% 361.7
INF 2.1 1.47 0.11 762 30.9 2.3 1.6
Onça Preta IND 1.6 1.71 0.05 236 27.0 0.8 0.4 Ore-sorter Product* Mill Feed 4.8 0.98% 47.3
Total 3.7 1.58 0.08 536 57.8 3.1 2.0 LOM Mill Feed Total 33.7 1.01% 341.3
Onça Rosa INF / Total 3.2 0.88 0.06 251 28.5 1.8 0.8
*Ore-sorter product has been processed pre-concentrator
IND 20.1 1.12 0.07 318 225.8 14.9 6.4
Jaguar MRE Total INF 38.8 0.87 0.06 214 336.8 23.4 8.3
Grand Total 58.9 0.96 0.07 249 562.6 38.3 14.7

* Within 200m of surface cut-off grade 0.3% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflectacceptable precision,
subtotals may not reflect global totals.

24 24

BSX INVESTOR PRESENTATION


Paydirt Nickel Conference


October 2021




ASX:BSX 1

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 economicviability of the TKR.
The Company has concluded that it has a reasonable basis for providing the forward looking statements included in this announcement. The reasons for this conclusion are outlined throughout this announcement. However, the
assumptions and results of the PFS set out above and elsewhere in this announcement (“PFS Parameters”) have been developed through feasibility work completed to the level of AACE/AusIMM Class 4 (+/-25% accuracy) and the use
of macroeconomic assumptions. For the avoidance of doubt, investors are advised that the PFS Parameters do not constitute a production forecast or a target in relation any mineral resources associated with wit the Company. The
Company wishes to expressly clarify that the PFS Parameters are based on the expected grade of nickel, cobalt and copper that is reliant upon 3PF for which there is currently no supply agreement. The PFS Parameters have been
disclosed by Blackstone to provide investors with an intended scale and nature of the Project.

The PFS referred to in this announcement has been undertaken to assess the technical and financial viability of the Project. Further evaluation work, including a Definitive Feasibility Study (“DFS”) is required before the Company will
be in a position to provide any assurance of an economic development case. The PFS is based on material assumptions set out in Section 1.13 of the Executive Summary in this announcement. These include assumptions about the
availability of funding and the pricing received for the Ta Khoa Refinery Project products. While the Company consider all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be
correct or that the range of outcomes indicated by this PFS will be achieved. To achieve the outcomes in this PFS, the pre-production capital (including contingency) of US$491m, additional capital for pre-commitment activities such as
a DFS , pilotplantdevelopment and workingcapital is likely to be required.

Investors should note that there is no certainty that the Company will be able to raise this amount of funding required when needed. It is also possible that such funding will only be available via equity funding which may have a
dilutive effect on the Company’s share value. The Company may also pursue other strategies in order to realise the value of the Ta Khoa Refinery Project, such as a sale, partial sale orjoint venture of the Ta Khoa Refinery Project. If this
occurs, this could materially reduce the Company’s proportionate share of ownership of the Ta Khoa Refinery Project. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on
the results of the PFS.

This report contains certain forward-looking statements. The words "expect", "forecast", "should", "projected", "could", "may", "predict", "plan", “will” and other similar expressions are intended to identify forward looking
statements. Indications of, and guidance on, future earnings, cash flow costs and financial position and performance are also forward-looking statements. Forward looking statements, opinions and estimates included in this
announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward
looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results or trends
to differmaterially. These variations, if materially adverse, may affect the timingor the feasibility of the developmentof the Ta Khoa Nickel Project.

The project development schedule assumes the completion for the Downstream Business Unit of a Definitive Feasibility Study (DFS) by mid-2022. A PFS & DFS for the Upstream Business Unit is assumed to be completed in 2021 and
2022 respectively. Development approvals and investment permits will be sought from the relevant Vietnamese authorities concurrent to studies being completed. Delays in any one of these key activities could result in a delay to the
commencement of construction (planned for early 2023). This could lead on to a delay to first production, currently planned for 2024. It is expected that the Company’s stakeholder and community engagement programs will reduce
the risk of project delays. Pleasenote these dates are indicative only.

The JORC-compliant Mineral Resource estimate forms the basis for the Scoping Study in the market announcement dated 14 October 2020. Over the life of mine considered in the Scoping Study, 83% of the processed Mineral Resource
originates from Indicated Mineral Resources and 17% from Inferred Mineral Resources; 76% of the processed Mineral Resource during the payback period will be from Indicated Mineral Resources. The viability of the development
scenario envisaged in the Scoping Study therefore does not depend on Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further
exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Mineral Resources are not the determining factors in project viability. Please refer to the
Cautionary Statement in the Scoping Study market announcementdated 14 October 2020.



2

INVESTMENT THESIS





Exposure to rapidly intensifying green electrification Cathode Production Capacity* (kt) vs Nickel Demand (kt)
movement
- 1,000 2,000 3,000
▪ Blackstone provides excellent exposure to the growing
electric vehicle andLi-ion battery thematic

▪ Once in a generation opportunity to position for the Cathode Capacity 688 472 524 1,177
movement towards high nickel content cathodes needed for
the EV revolution

District scale nickel sulfide opportunity, significant existing
infrastructure and competitive operatingadvantages

Nickel Demand - 2021 292
▪ Flagship Ta Khoa mine in Northern Vietnam has up to 25
massive sulfide vein (MSV) and disseminated sulfide (DSS)
targets


▪ Attractive product pricing, low-risk investment jurisdiction,
abundant access to renewable hydro power and competitive Total Potential Nickel
labor costs Demand 1,496


Scalable and modular, globally relevant downstream refinery
Forecast Cathode Production - 2021
▪ Blackstone’s intention is to collaborate with Tier 1 partners Idle Existing Capacity
to unlock the value of its expanded downstream refinery In Construction
strategy, initially in Vietnam with future potential to enact a In Planning
global strategy
Source: Benchmark Minerals Intelligence
*Cathodes with nickel-based chemistries as of September 2021

3

GLOBAL CLASS I NICKEL PRODUCERS


FUTURE DEMAND FOR CLASS I NICKEL TO BE DRIVEN BY RAPID GROWTH IN THE LI-ION
BATTERY INDUSTRY


Increasing Nickel Demand from Li-ion batteries
250 Majority of current Class I nickel 1,600 Source: Benchmark Mineral Intelligence
demand is driven by non-battery
applications, i.e. stainless steel,
1,400
alloy steel and plating
200
1,200
Major global class I nickel producers
NI (KT) PER ANNUM 150 emerging NI (KT) 1,000
Class I nickel shortage


800
100
600


400
50
200

0
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030



Sources for Global Class I Nickel Producers

Nornickel Q4 & 2020 Report https://www.nornickel.com/upload/iblock/eee/NORNICKEL_PRODUCTION_RESULTS_FOR_FY2020_full.pdf
Vale Q4 Report http://www.vale.com/EN/investors/information-market/quarterly-results/QuarterlyResultsDocs/20210203%20PREREPORT%204T20_i.pdf
Jinchuan 镍行业深度报告 https://pdf.dfcfw.com/pdf/H3_AP202009301418401737_1.pdf?1601483998000.pdf
Glencore Full Year 2020 Production Report https://www.glencore.com/dam/jcr:9a549d01-c619-4e0d-b043-403a417bd79b/GLEN_2020-Q4_ProductionReport.pdf
BHP Half Year and Quarterly Reports https://www.bhp.com/investor-centre/financial-results-and-operational-reviews/
Sumitomo Integrated 2020 Report https://www.smm.co.jp/E/ir/library/annual/pdf/2020_All_EN.pdf
Sherrit 2020 Production Result and 2021 Guidance https://www.sherritt.com/English/Investor-Relations/News-Releases/News-Release-Details/2021/Sherritt-Announces-2020-Production-Results-and-Guidance-for-2021/default.aspx
4
Terrafame Full Year 2020 Results https://www.terrafame.com/news-from-the-mine/news/2021/02/terrafames-net-sales-in-2020-were-eur-338.3-million-ebitda-for-q4-was-17.1-of-net-sales.html

NCM MARKET


BY 2030, NCM IS EXPECTED TO DOMINATE OTHER NICKEL RICH CHEMISTRIES INCLUDING NCA AND LMNO

Within the NCM chemistry class, NCM811 Precursor is expected to gain the largest market share




▪ Blackstone began its life as an explorer when the predominant
2030 Snapshot – Adoption of Nickel Rich Battery Chemistries NCM battery chemistry had ratio of nickel , cobalt and manganese
Source: Benchmark Mineral Intelligence
of 1:1:1
▪ The last few years have seen rapid advancement towards higher

nickel content cathodes, with NCM811 expected to be the
dominant battery chemistry



Forecast Nickel Demand by NCM Chemistry
1,400
Source: Benchmark Mineral Intelligence
1,200


1,000

800
NI (KT) 600



400

200


NCA NCM LMNO 0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

NCM 111 NCM 523 NCM 622 NCM 811
5

BLACKSTONE TA KHOA PROJECT


THE TA KHOA MINE & DOWNSTREAM REFINERY IS LOCATED IN THE HEART OF


A MAJOR LITHIUM-ION BATTERY HUB



Ta Khoa Mine
(Nickel-PGE-Copper-Cobalt)
▪ 34.8km2 of tenements with multiple Ni

PGE (Cu Co) prospects, a well
maintained 450ktpa mill, concentrator
and mine facilities built to international
standards in 2013 for US$136m
▪ Upstream PFS due later in 2021 to
consider expanded concentrator (4-
6Mtpa)


Ta Khoa Refinery
(NCM Precursor)
▪ Blackstone is inviting JV partners to
complete studies and construct a
downstream processing facility in
Vietnam


~Base case refined
nickel output of
~40ktpa, with future

potential for expansion



6

WHAT DO WE MEAN BY GREEN NICKEL™?






Pressure

Renewable Oxidation
Power Leach

Flowsheet




Vertically
Integrated Fossil Fuel

Value Chain Replacement












Green Corporate
Sulfide commitment

Nickel
Nickel™ to ESG











7

BLACKSTONE MINERALS - CORPORATE SNAPSHOT






BLACKSTONE MINERALS LIMITED BOARD OF DIRECTORS


ASX Code BSX
Scott Williamson Hamish Halliday Andrew Radonjic Alison Gaines Hoirim Jung
OTCQX Code BLSTF

Shares on Issue 341.2m


Last Share Price (30 September 2021) A$0.465

Market Capitalisation A$159m
Managing Non-Executive Non-Executive Non-Executive Non-Executive
Director Chairman Director Director Director
Cash at 30 September 21 ~A$13m

Options 12m
ANALYST COVERAGE 7.0 0.60
3-month Avg Daily Vol. (shares) 1.0m 6.0 0.50

5.0
0.40
KEY SHAREHOLDERS 4.0
0.30
Deutsche Balaton 17% 3.0
0.20
2.0
EcoPro 12%
1.0 0.10
Fidelity 6% 0.0 0.00


Board & Management 12%
Volume (m) Share Price - A$ (RHS)



8

BLACKSTONE BUSINESS MODEL


INTEGRATED UPSTREAM & DOWNSTREAM BUSINESS UNITS








Blackstone – Listed Co



100% 100%



1. Upstream
Downstream 2. Downstream
Business Unit
Partner(s) Business Unit
(UBU)
(DBU)
Future Asset
Investments
90%
Future Alliances



Alliance 1 Alliance 2 Alliance 3 Alliance 4

Ta Khoa - Vietnam




NCM precursor production










9

PFS DEVELOPMENT STRATEGY


INTEGRATION OF NICKEL SUPPLY CHAINS






Mine

Ore → Concentrate
Ta Khoa Nickel-Cu-PGE Project Third party concentrate M&A / Upstream JV Partners





Chemical Refinery


Concentrate → MHP → PrecursorNCM



Downstream JV Partners Scalable Refinery


Cathode Plant ▪ The BSX development strategy is supported using third party feed (3PF) to
supplement nickel concentrate supply from the Ta Khoa Nickel Project, and
Ni Co Prec. NCM to improve the overall operational flexibility of the Ta Khoa Refinery (TKR).
+ → Cathode ▪
Mn Li Lithium Funding for the TKR is expected from multiple sources, including but not
limited to Joint Venture (JV) partners, investment loans, equity and offtake
prepayment.
▪ The Base Case feed profile is based on treating 400ktpa of nickel


Gigafactories concentrates which is the most achievable development scenario
▪ The TKR is scalable and Blackstone would be able to upgrade its operations
Cathode
from 400ktpa to 800ktpa depending on the ability to secure 3PF and market
+ → BatteryCell conditions (i.e., consumer demand for NCM811 Precursor)
Anode 10

TIMELINE


UPSTREAM BUSINESS MILESTONES


Blackstone continues to aggressively drill several high confidence exploration targets within the Ta Khoa district.










Restart
MSV & DSS Mining &
DFS Commercial
Resource PFS Existing

Delineation Concentrator Production




















2021 H1 - 2021 H2 2022 2023 2024








11

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –


TA KHOA PROJECT



AGGRESSIVE EXPLORATION TARGETING HIGH GRADE MSV & DSS


MINE LIFE EXTENSIONS



▪ District scale Nickel PGE (Cu Co) green nickel™ sulfide project

▪ Limited regional exploration

▪ Target identification and prioritisation within a 5km of existing Ban

Phuc 450ktpa concentrator
▪ Modern geophysical methods
▪ Blackstone has defined a maiden resource for the Ban Phuc DSS
deposit, a bulk open pit mining proposition
▪ A number of advanced stage MSV targets and several large bulk-

tonnage DSS prospects

▪ Ban Chang (MSV) infill drilling for resource estimation is at an advanced
stage
▪ King Snake (MSV) proceeding to infill drill program after highly successful
Electromagnetic (EM) targeting phase
▪ Ban Khoa (DSS) maiden Blackstone drill program complete highlighting
another bulk tonnage open pit opportunity
▪ Ta Cuong (MSV) target continues to be drilled to test strike and depth

extensions





12

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –



BAN PHUC DISSEMINATED (DSS) OPEN PIT OREBODY


A resource update for the Ban Phuc DSS orebody is due in Q4 and will underpin the upcoming Upstream PFS




































Blackstone discovered the King Cobra shallow, high grade zone within the Ban Phuc DSS
Ban Phuc Cu Co Pd Pt S Ni Cu Co Pd Pt
Maiden Mt Ni (%)
Resource (%) (%) (g/t) (g/t) (%) (t) (t) (t) (oz) (oz)
Indicated 44 0.52 0.06 0.01 0.11 0.09 0.45 230,000 27,000 5,800 160,000 130,000
Resources

Inferred 14 0.35 0.01 0.01 0.03 0.03 0.13 51,000 1,600 1,100 12,000 15,000
Resources
13

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –



BAN KHOA DISSEMINATED (DSS) OPEN PIT OREBODY


Ban Khoa is bulk tonnage open pit opportunity that has potential to extend mine life and complement mining at the near by Ban Phuc DSS deposit


















































14

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –


MAIDEN RESOURCE AT BAN CHANG (MSV) EXPECTED IN 2021 Q4


Ban Chang is Blackstone’s most advanced MSV underground mining target









































MSV hosted within

a broader

disseminated halo


15

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –



MAIDEN RESOURCE AT KING SNAKE (MSV) EXPECTED IN 2021 Q4


Surface EM targeting has accurately guided the down plunge drilling of hundreds of meters from the historic surfaces showing


















































16

DISTRICT SCALE NICKEL SULFIDE OPPORTUNITY –


TA KHOA PROJECT



EXPLORATION PIPELINE









Suoi Chanh
CONCEPTUAL Nam Noi
Queen Snake
TARGETS
PRODUCTION Suoi Phuc
Co Muong
READY
Phai Han
Suoi Lap
Suoi Hao





Ban Phuc Suoi Phang
COMMITTED
Resource: DRILL TARGET
44.3Mt @ 0.52% Ni RESOURCE
Ban Chang* TESTING Suoi Tao
DELINEATION

King Snake* Ban Mong



Ta Cuong*

17
*Drill rig active Ban Khoa

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 Van target. Chim Van is a major regional opportunity outside of and adjacent to the current
Ta Khoa tenement holdings.














































18

TA KHOA REFINERY FEED SOURCES


BLACKSTONE IS CONFIDENT IT WILL BE ABLE TO FILL THE BASE CASE 400KTPA

TA KHOA REFINERY






Ta Khoa DSS Trafigura

& others


• Ban Phuc ~ 200ktpa Feed: Top up
*As per Oct 2020 Scoping Study


• Ban Khoa









Ta Khoa MSV’s Third Party Feed




Excluded from PFS study, but future
▪ New partnerships / JV’s
update to include: ▪ New sources to market
▪ King Snake Ta Khoa Refinery Feed, ▪ Too low grade for smelters

▪ Ban Chang 400ktpa @ 11.5% Ni ▪ Issues with deleterious
▪ Ta Cuong
elements
▪ + Others as identified


19

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 margins drive US$491m project capital
Post-tax NPV based on a
strong returns on invested paid back in 1.5 yrs
10 year life-of-operation
capital

20

TA KHOA REFINERY LOCATION STUDY


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 connection & availability of water and labour



A trade-off study was completed to assess the optimal
location for the Ta Khoa Refinery



All analysis to date indicates that the TKR should be
located either in Son La or Phu Tho provinces.



Significant corporate tax incentives are available to the
Ta Khoa Refinery

Years of Operation % Corporate Tax Rate

0-4 % 0%
5-13 % 5%

14-15 % 10%
>15 % 20%



Blackstone is focused on being part of a fully integrated
EV supply chain in Vietnam


Map illustrating the different locations assessed as part of the PFS study




21

VERSATILE BUSINESS MODEL


FLOWSHEET IS AMENABLE TO A RANGE OF INTERMEDIATE AND BATTERY GRADE PRODUCTS


The PFS refinery design will enable the production of multiple products, including NCM 811 which attracts a strong premium tometal prices.






Illustration of Nickel Product Payability vs Metal Spot Price
Blackstone will be able to process and upgrade a number of
150% products, including nickel concentrate and mixed
hydroxide precipitate (MHP)
140%

130%

120%

110%
Hydrometallurgical downstream process enables Blackstone
100% to accept low-cost nickel concentrates undesirable to the
traditional pyrometallurgical downstream process route
90%


80%
70%
Blackstone will be able to blend different feedstocks to
60%
Nickel MHP Nickel Metal Nickel Sulfate NCM 811 optimise operational and cost performances, and capture
Concentrate Precursor
significant premiums on the sale of NCM precursor products


Source: SMM (Shanghai Metals Market), Benchmark Mineral Intelligence





22

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
Concentrate Loader
Stockpile Leach Residue



Copper
Oxygen Plant Solvent Extaction Copper Electrowinning Copper Cathode



Limestone Magnesia Lime Condensate
Acid Supply Recycle



Neutralisation Recycle MHP Stage 1 MHP Stage 2 Recycle
Two-stage to POX to POX Kieserite
MHP Re-leach Crystalliser
Cobalt & Magnesium
Solvent Extraction MHP Stockpile
Kieserite Dryer Kieserite
By-product

Reagents NCM
(CoSO₄, MnSO₄, NCM Filter
NaOH, NH₃) Precipitation
Recycle to POX NaOH NCM
Weak Acid Recycle Recycle Bipolar Membrane NCM Dryer Product
Electrodialysis
23

DOWNSTREAM PFS ECONOMIC OUTCOMES


BASE CASE TA KHOA REFINERY GENERATES A POST-TAX NPV OF US$2.01bn


The Ta Khoa Refinery valuation applies a conservative NCM811 Precursor price below current observable spot market rates. The economics of
the Ta Khoa Refinery has low sensitivity to capital costs, with upfront project capital estimated to be repaid in 1.5 years from first production.




Life-of-Operation Economics Unit Base Case Post-tax NPV Sensitivity Analysis (US$m)
Revenue - Sale of NCM811 Precursor US$m 14,032
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
NCM811 Precursor Price (avg realised) US$/t NCM811 16,397
NCM Premium (0% - 40%)


C1 Cash Costs US$/t NCM811 11,125 Ni in Concentrate Payability (+/- 10% abs)
All-in Sustaining Costs US$/t NCM811 11,423
Ni in Concentrate Grade (+/-2.5% abs.)
All-in Cost US$/t NCM811 11,997
Cobalt & Manganese Sulfate Purchase Price (+/-20%)


Real Post-tax Discount Rate (6%-10%)
Avg Annual Operating Cash Flow US$mpa 451
Operating Cash Flow US$m 4,512 Nickel Metal Price (+ / - 20%)

Net Cash Flow (Pre-tax) US$m 3,766
Ni Recovery (-5% / +2.5% abs)
Net Cash Flow (Post-tax) US$m 3,646
Capex (+/-20%)

Other Operating costs *
Post-tax NPV (8% real) US$m 2,007

IRR (Post-tax) % 67%

Capital Payback Period - from first production years 1.5 Note: The Other Operating Cost sensitivity analysis applies a +/- 20% adjustment to reagents, power, labour,
site G&A, residue storage, maintenance and logistic costs.
24

NCM811 PRECURSOR PRICE FORECAST


THE PFS ASSUMES AN NCM811 PRECURSOR PREMIUM of 20%


The realised NCM811 Precursor Price in the PFS modelling is below currently observable on the spot market.




70% NCM811 premium over metal prices
Item Nickel Cobalt Manganese NCM811 NCM811 NCM811 NCM811
Metal Metal Metal Precursor Precursor Precursor Precursor
Forecast Forecast Forecast Price Based Premium Price Spot Price
60%
(50.8%) (6.4%) (6.0%) on Metal (b) Forecast
Inputs (a)

50% Source: BMI BMI SMM BSX analysis a*(1+b) SMM
of SMM
40% CY2024 16,000 58,387 2,696 12,020 20% 14,425 19,559

CY2025 16,400 67,145 2,696 12,783 20% 15,339 19,559
30% CY2026 17,300 72,011 2,696 13,551 20% 16,261 19,559

CY2027 17,800 75,904 2,696 14,053 20% 16,864 19,559
20% CY2028 18,300 77,850 2,696 14,432 20% 17,318 19,559

CY2029 18,500 75,033 2,696 14,354 20% 17,224 19,559
10%
CY2030 18,800 61,227 2,696 13,625 20% 16,350 19,559
LT 18,800 58,577 2,696 13,456 20% 16,147 19,559
0%
Note: Prices quoted intableabovearedenominatedin US$

Note: Benchmark Mineral Intelligence did not provide forecast information for nickel metal prices beyond CY2030,as such BSX has
Source: BSX analysis ofSMMdata carriedforward theCY2030estimateas the Long Term (LT) priceapplied in theeconomicmodelling.

Note: Limited relevant forecast data is available for manganese metal,as such BSX applied observable market rates for the life-of-
operations as evidenced fromShanghaiMetalMarkets (SMM) at thetimeof thecompletionoftheTa Khoa Refinery PFS.
25

BASE CASE SENSITIVITY ANALYSIS


THE TA KHOA REFINERY IS A CYCLE PROOF ASSET



The table below is a two-way sensitivity analysis for the post-tax valuation of the Ta Khoa Refinery assuming a range of NCM811 Precursor
Premium and concentrate payability.



▪ The Ta Khoa Refinery is a margin-based business with


Realised NCM Precursor Price (US$/ t NCM 811) lower leverage to nickel metal prices as compared to a
Post-tax NPV (US$m) mining operation.
Premium 0% 10% 20% 30% 40%
Sensitivity Analysis ▪ In general, a movement in nickel metal prices affects the
two biggest drivers of value for the TKR in the same
13,664 15,030 16,397 17,763 19,129
direction.
▪ For example, an increase in nickel metal prices will typically lead to
-10% 1,141 1,804 2,468 3,131 3,795
an increase in NCM811 precursor price as well as an increase in the
cost of purchasing nickel concentrates
-5% 910 1,574 2,237 2,901 3,564
▪
Movement in Ni Concentrate Post-tax NPV Spot Case valuation of US$3.51bn
8
0% 680 1,343 2,007 2,670 3,334 (refer ASX announcement 26 July 2021 – Blackstone Delivers
Payability (Net of Penalties) %
Exceptional PFS Results)
▪
+5% 449 1,113 1,777 2,440 3,104 Current premium is ~40%

+10% 219 883 1,546 2,210 2,873









26

TIMELINE


DOWNSTREAM BUSINESS MILESTONES


Over the next 12 months Blackstone will increase confidence in the Ta Khoa Refinery by progressing a DFS and proceeding to builda
pilot plant in Northern Vietnam. Blackstone is inviting interested parties to collaborate during this phase.












Detailed NCM
DFS & FID,
PFS Pilot Plant Offtake, JVs Engineering & Construction Precursor

a Design Production



















2021 H1 2021 H2 - 2022 H1 2022 H2 2023 2024








27

COMPETENT PERSON STATEMENT






The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Andrew Radonjic, a Non-Executive Director and Technical Consultant of the
company, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’.

Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Mineral Resource Estimation was conducted by BM Geological Services (BMGS) under the supervision of Andrew Bewsher, a director of BMGS and Member of the Australian Institute of Geoscientists with
over 21 years of experience in the mining and exploration industry in Australia and Vietnam in a multitude of commodities including nickel, copper and precious metals. Mr Bewsher consents to the inclusion of the
Mineral Resource Estimate in this report on that information in the form and context in which it appears.

Information in this Presentation relating to processing metallurgy is based on technical data compiled and reviewed by Tony Tang, a full-time employee of the company. Tony Tang is a Fellow of the Australasian
Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the metallurgical test-work discussed in this piece of news and the activity which he is undertaking to qualify as a Competent
Person under the 2012 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Tony Tang consents to the inclusion of the technical data in the form and
context inwhich it appears.

No New Information or Data


The Company confirms that it is not aware of any new information or data that materially affects the information including in the original market announcements above, and in the case of estimates of Mineral
Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms
that the form and context in which the Competent Persons' finding are presented have not been materially modified from the original market announcements.

















31



Paydirt Nickel Conference




Victor Rajasooriar

Managing Director & CEO
5 October 2021

Thanks Paydirt











































2