Highlights

  • Blackstone Minerals shares surged 74.29% to AUD 0.061 on 14 April 2026 following a project update.
  • Cease and Desist Order at the Mankayan Copper-Gold Project has been lifted, allowing exploration to resume.
  • Pre-Feasibility Study drilling program set to commence in the near term.
  • Large-scale mineral resource underpins project development potential.
  • Ongoing engagement with communities and government supported the positive outcome.
  • Multiple technical workstreams progressing, including metallurgical testing and geophysical surveys

Blackstone Minerals Ltd (ASX:BSX) shares surged 74.29% to AUD 0.061 during the morning session on 14 April 2026, as investors responded to a significant operational update from its Mankayan Copper-Gold Project in the Philippines. Despite today’s sharp rally, the stock remains down approximately 1.67% over the past year, highlighting a turnaround in sentiment following recent developments.

The strong price reaction follows confirmation that a previously imposed Cease and Desist Order at the Mankayan Project has been lifted, clearing the way for exploration activities to resume and marking a key milestone for the company.

Key Regulatory Hurdle Removed at Mankayan

Blackstone Minerals announced that the Cease and Desist Order issued by the Municipal Mayor of Mankayan has now been lifted. The order had previously halted exploration activities being conducted by the company’s affiliate, Crescent Mining & Development Corporation (CMDC).

The lifting of this restriction enables Blackstone to recommence on-ground activities at the Mankayan Copper-Gold Project, which is a central asset in the company’s portfolio.

According to the update, CMDC has worked closely with a broad range of stakeholders since November 2025, including local community groups, indigenous communities, and both Regional and National Government bodies. This collaborative engagement has ultimately led to the resolution of the issue and the removal of the restriction.

The company indicated that it will continue maintaining active communication with these stakeholders as it progresses the project, with a focus on responsible and efficient development.

Drilling Activities to Support Pre-Feasibility Study

With the regulatory hurdle now cleared, Blackstone is preparing to advance its Pre-Feasibility Study (PFS) at the Mankayan Project. Drilling activities are expected to commence in the near future as part of this next phase.

The planned drilling program will include up to 10 holes, each ranging between approximately 800 metres and 1,000 metres in depth. These drilling activities are intended to support several key objectives, including:

  • Testing potential extensions of high-grade mineralisation zones
  • Enhancing understanding of steeply dipping mineralised veins
  • Collecting additional geotechnical data
  • Providing samples for ongoing metallurgical testing

This drilling campaign represents a critical step in advancing the project towards development, as it aims to refine geological understanding and support technical studies.

Large-Scale Resource Base Supports Development Potential

The Mankayan Copper-Gold Project is supported by a substantial Mineral Resource estimate under the JORC 2012 framework.

The project hosts a total Mineral Resource of 793 million tonnes at 0.65% copper equivalent (CuEq), which includes:

  • 2.8 million tonnes of copper
  • 9.7 million ounces of gold
  • 20.4 million ounces of silver

Within this, the Indicated Resource stands at 638 million tonnes at 0.68% CuEq, containing:

  • 2.3 million tonnes of copper
  • 8.2 million ounces of gold
  • 18 million ounces of silver

This resource base provides a strong foundation for ongoing development studies and positions the Mankayan Project as one of the largest undeveloped copper projects in the Philippines, with international scale and relevance.

Progress Across Technical Workstreams

In parallel with drilling preparations, Blackstone Minerals is advancing several technical workstreams as part of the broader Pre-Feasibility Study process.

The company reported strong interest from consulting and engineering groups across various aspects of the PFS. The next phase will involve evaluating proposals and awarding contracts to selected groups to progress the study.

Metallurgical test work has also been underway over the past three months, being conducted with the Pitch Black Group. Results from this testing are expected by mid-calendar year 2026, which will provide further insights into processing characteristics.

Additional activities supporting the PFS include:

  • Deployment of modern LiDAR surveys to update three-dimensional geological models
  • UAV-based geophysical surveys aimed at refining exploration targets

These initiatives are designed to strengthen the technical understanding of the project and enhance its development pathway.

Management Commentary on Project Progress

Blackstone Minerals’ Executive Chairman, Geoff Gilmour, acknowledged the collective efforts that contributed to the lifting of the Cease and Desist Order.

He highlighted the role of company staff, community members, and government bodies in achieving the outcome, noting that constructive engagement was key to resolving the issue.

With the restriction now removed, management sees a clear pathway forward for advancing the Mankayan Project. The company also emphasised the scale and importance of the project, indicating that its development carries significance at both a national and international level.

Investor Takeaway

Blackstone Minerals’ latest update marks a significant turning point for the Mankayan Project, with the removal of a key regulatory barrier enabling exploration to resume.

The planned commencement of drilling, alongside ongoing technical studies and stakeholder engagement, signals renewed momentum in progressing the project toward development.

Today’s strong share price rally reflects investor response to this improved outlook, particularly given the scale of the resource and the importance of the project within the company’s portfolio.

While the stock remains slightly lower over the past year, the latest developments suggest a shift in sentiment as the company moves forward with its Pre-Feasibility Study and associated activities.