Key highlights

  • Blackstone Minerals shares were down 8.33% at $0.022 during the 10 November 2026 trading session.
  • The Mankayan Project hosts a Mineral Resource of 793Mt at 0.65% CuEq.
  • The company reported an end-of-quarter cash position of $12.2 million.

Blackstone Minerals Ltd (ASX:BSX) fell 8.33% to $0.022 during the 10 November 2026 trading session. The S&P/ASX 200 was higher by 1.34%, or 121.20 points, at 9,150.90 over the same session. Blackstone is an exploration and development company whose main asset is the Mankayan Copper-Gold-Silver Project in the Philippines, held through an affiliate. Its latest update was a Quarterly Report and Appendix 5B for the September 2026 quarter, released on 30 October 2026.

Pre-feasibility study progress

The company said pre-feasibility study activities progressed during the quarter after key consultants and engineering groups were appointed in June 2026. Completion of the study is scheduled within FY27.

Metallurgical test work was paused after the quarter because it is not on the critical path.

Resource and corporate position

The Mankayan Project hosts a JORC 2012 Mineral Resource of 793Mt at 0.65% CuEq, containing 2.8Mt of copper, 9.7Moz of gold and 20.4Moz of silver. The indicated portion stands at 638Mt.

Net cash spent during the quarter was $1.6 million, the end-of-quarter cash position was $12.2 million, and listed investments were about $700,000.

Sector context

Large undeveloped copper-gold projects in the Philippines draw interest from investors looking for development-stage exposure, but progress depends on studies, funding and approvals. Investors in the sector often focus on study timing and the Economics that emerge. At around two cents, Blackstone trades in Penny Stock territory, and the broader market was higher during the session.

Risks

The pre-feasibility study has yet to be completed, and its economic outcomes are not known. Study assumptions around metal prices, costs and recoveries could change the project's outlook.

Operating in the Philippines involves regulatory and community considerations, and the company is engaging with local groups and government bodies during the study.

What to watch ahead

Investors will be looking for the completion of the pre-feasibility study within FY27, the restart of metallurgical testing and any updates on drilling to support the study.

Final Word

Blackstone's Trading session fall came after a quarter of pre-feasibility study progress and a steady cash position. The completed study will be the next major milestone for the Mankayan project.