Highlights

  • Blackstone Minerals (ASX:BSX) is advancing a pre-feasibility study for the large Mankayan copper-gold project in the Philippines.
  • Mankayan hosts a JORC 2012 resource of 793 million tonnes at 0.65% copper equivalent.
  • Metallurgical testing, resource evaluation and potential Mining methods form key parts of the current study programme.
  • Permitting, drilling access and completion of the FY2027 pre-feasibility study remain important areas to monitor.

Blackstone Minerals (ASX:BSX) spent several years known primarily as a Vietnamese nickel developer, but its centre of gravity has shifted. The flagship is now Mankayan, a copper-gold project in the Philippines carrying a JORC resource of 793 million tonnes at 0.65% copper equivalent. A pre-feasibility study commenced in June 2026, with four consulting groups engaged across mining, metallurgy, infrastructure and resource evaluation. With A$13.8 million of cash at 30 June 2026, near-term attention is centred on study progress and project execution.

Recent Development

The June 2026 quarterly, lodged in late July 2026, set out the progress of pre-feasibility work. Mining Plus has shortlisted three mining methods, with attention on extracting a high-grade core of 170 million tonnes at 0.93% copper equivalent from within the broader resource. Metallurgical testing was under way, with results expected in September 2026.

Community and government engagement continued through the quarter, though the company noted formal drilling discussions remained ongoing. In Vietnam, the Ban Phuc mine licence extension was awaiting a deputy minister's signature.

Company Overview

Blackstone Minerals (ASX:BSX) operates Mankayan through affiliate Crescent Mining and Development Corporation and describes it as the fourth-largest undeveloped copper project in the Philippines. The JORC 2012 resource, estimated as at 30 September 2020, totals 793 million tonnes at 0.65% copper equivalent for 2.8 million tonnes of copper, 9.7 million ounces of gold and 20.4 million ounces of silver. An Indicated component of 638 million tonnes at 0.68% copper equivalent forms the study base.

Ta Khoa in Vietnam, covering nickel and a proposed refinery, and Gold Bridge in Canada complete the portfolio.

Recent Developments

In early June 2026, Blackstone named its pre-feasibility study team. Lycopodium (APAC) takes responsibility for metallurgy, process plant design and overall study management; Mining Plus covers mining, ore reserves, geotechnical and hydrological work; GHD handles infrastructure, tailings storage and socio-environmental studies; and Derisk Geomining Consultants is updating the mineral resource estimate.

Crescent Mining retains responsibility for health and safety, permitting, owner's costs, legal matters and tenement management. Executive chairman Geoff Gilmour said the appointments followed a detailed evaluation process. Drilling is also intended to form part of the study programme.

Financial and Operational Position

Cash stood at A$13.8 million at 30 June 2026, down from A$14.6 million three months earlier, with a further A$651,000 held in listed investments. Net spending for the quarter was about A$0.8 million.

The Appendix 5B breakdown shows exploration outflows of A$454,000, staff costs of A$89,000, administration and corporate costs of A$405,000 and related-party payments of A$86,000. Blackstone reported approximately 17 quarters of funding available at the current rate and said it continues to review corporate overheads. Vietnamese operations carried zero Holding Costs during the quarter.

What Investors May Watch Next

Metallurgical testwork results were expected in September 2026, making them an important near-term project marker. The pre-feasibility study is scheduled for completion in FY2027, with drilling included in the programme.

In Vietnam, the Ban Phuc licence extension signature and Investment policy applications covering the nickel project and proposed refinery remain dependent on external approval processes.

Risks

The Mankayan resource dates from 2020 and is being re-estimated, meaning reported figures may change. A pre-feasibility study remains an early stage of project engineering and does not by itself establish economic viability.

Permitting and drilling access in the Philippines depend on community and government processes that remain under discussion. Copper and gold prices can also materially affect project economics. Vietnamese approvals have been pending for some time, while Gold Bridge saw no activity during the quarter.

Key Takeaways

Blackstone Minerals (ASX:BSX) heads into the next stage of Mankayan's development with a funded balance sheet, a defined study programme and a large copper-gold resource.

The key question is whether metallurgical work, resource evaluation and engineering studies can establish a credible development pathway. The FY2027 pre-feasibility study should provide greater clarity on mining methods, processing assumptions, project Economics and the potential value of the underlying resource.