Highlights

  • Blackstone Minerals is advancing a revised Ta Khoa Refinery DFS flowsheet incorporating pressure oxidation and solvent extraction.
  • The Ta Khoa project includes the past-producing Ban Phuc mine and a 450,000-tonne-per-annum processing facility in northern Vietnam.
  • Blackstone narrowed its half-year net loss to A$3.63 million in FY26, down from A$10.93 million in the prior period.
  • The company also holds the Mankayan copper-gold porphyry exploration option in the Philippines and the Wabowden nickel project in Canada.

A modular flowsheet. A narrowed loss. And strategic engagement with Asian battery manufacturers. Blackstone Minerals (ASX:BSX) continued de-risking the Ta Khoa Nickel Project in northern Vietnam throughout 2026, advancing a revised Definitive Feasibility Study incorporating pressure oxidation and solvent extraction circuits designed to convert nickel-copper sulphide concentrates into high-purity precursor cathode active materials for the global lithium-ion battery supply chain.

Corporate Profile and Ta Khoa Asset

Blackstone Minerals Limited is an Australian mineral development company listed on the ASX, headquartered in West Perth. Its long-term vision centres on building an integrated upstream and downstream nickel-copper-cobalt-PGE business in Vietnam.

The cornerstone asset is the Ta Khoa Nickel Project, located approximately 160 kilometres west of Hanoi in Son La Province, northern Vietnam. It encompasses the past-producing Ban Phuc nickel mine alongside a modern 450,000-tonne-per-annum processing facility previously operated under international standards. The project's strategic differentiation lies in its downstream integration ambition — converting sulphide concentrates into precursor cathode active materials rather than selling low-margin bulk concentrates.

Nickel, Copper, and the Downstream Integration Strategy

Nickel, copper, cobalt, platinum group elements, and gold form the commodity suite underpinning Blackstone's corporate valuation. Nickel and cobalt are critical for high-nickel cathode chemistries used in long-range electric vehicles and grid energy storage.

Blackstone's revised Ta Khoa Refinery flowsheet incorporates an advanced pressure oxidation and solvent extraction circuit capable of processing diverse nickel sulphide concentrates from regional third-party sources alongside Ban Phuc ore. This modular design significantly lowers initial capital intensity while maintaining competitive cash cost projections, differentiating Ta Khoa from conventional bulk concentrate producers.

DFS Progress and Strategic Partnerships

Throughout 2026, Blackstone concentrated technical efforts on refining the Ta Khoa Refinery Definitive Feasibility Study flowsheet. The revised engineering design maintains competitive C1 cash cost projections while lowering phase capital intensity through modular construction.

Strategic partnerships remain central to commercialisation. The company engaged with Asian battery manufacturers, industrial conglomerates, and European automotive groups seeking non-Russian, ESG-compliant nickel feed. Blackstone also holds a 100%-owned Wabowden Nickel Project in Manitoba, Canada, and an exploration option over the Mankayan Copper-Gold Porphyry Project in the Philippines, providing multi-commodity leverage.

Financial Performance and Market Context

Shares in Blackstone Minerals traded at approximately A$0.038 as of early October 2026, with a market capitalisation of approximately A$65.4 million and a 52-week trading range of A$0.030 to A$0.080.

Blackstone narrowed its half-year net loss to A$3.63 million in FY26, compared to A$10.93 million in the prior comparative period, reflecting a disciplined operational cash outflow profile supported by targeted exploration R&D tax incentives and active joint venture dialogues.

Future Growth Catalysts and Material Risks

Key catalysts include delivery of the updated Ta Khoa Refinery Definitive Feasibility Study, execution of commercial off-take agreements with battery manufacturers, and progress at Mankayan and Wabowden.

Development of the downstream refinery requires substantial project debt and equity financing, dependent on recovery in nickel prices. Cross-border infrastructure execution in Southeast Asia, Vietnamese environmental permitting, and foreign exchange exposure between the Australian dollar, US dollar, and Vietnamese dong represent additional material risks.