Blackstone Minerals Unlocks Mankayan Copper-Gold Potential with SPP and Strategic Backing
How Blackstone Plans to Use the Funds Raised Through Placement and SPP
Blackstone Minerals Limited has announced that proceeds from its recent A$22.6 million Placement and up to A$2 million Share Purchase Plan (SPP) will support the next phase of development at its flagship Mankayan Copper-Gold Project in the Philippines—one of Southeast Asia’s most promising undeveloped copper-gold systems.
Planned Use of Funds
According to the company’s announcement, capital will be allocated to:
- 50,000m Drilling Program – Launching in July with two rigs, expected to deliver consistent news flow.
- Geophysics and Field Work – Including IP surveys, magnetics, and exploration follow-up.
- Metallurgical and Geotechnical Work – Key to development strategy and feasibility.
- Working Capital and Offer Costs – Supporting ongoing corporate and operational activities.
Mankayan: A Tier-1 Copper-Gold Asset with Global Significance
Blackstone reports that Mankayan is among the largest undeveloped porphyry systems globally:
- JORC Resource: 793Mt @ 0.65% CuEq 9.7Moz gold, 2.8Mt copper, 20.4Moz silver
- High-Grade Core: 170Mt @ 0.93% CuEq, potentially enabling early-stage development
- Mining Lease: Granted through to 2046
Strategic Location: Proximity to Major Discoveries
The Mankayan project is situated on the same tectonic belt as tier-1 discoveries like Grasberg (Indonesia), Escondida (Chile), and Cadia (Australia). Additional highlights:
- Surrounded by 12+ porphyry targets within a 10km radius
- Adjacent to the FSE porphyry (891.7Mt @ 0.7g/t Au & 0.5% Cu)
- Strong upside from district-scale development and infrastructure sharing
Operating in a Proven Mining Jurisdiction
The Philippines is recognised for its long history of successful mining operations:
- Notable operations include B2Gold and OceanaGold
- 25-year Mineral Production Sharing Agreement (MPSA) renewed in March 2022
- Blackstone, through its merger with IDM International, holds an established social licence to operate
Global Demand Drivers for Copper and Gold
Copper: Supply Crunch Meets Rising Demand
Copper is positioned for sustained long-term growth due to:
- Historically low global inventories
- Underinvestment in new supply and project delays
- Demand from electrification, data centres, and green infrastructure
- Goldman Sachs’ outlook: copper could surpass US$15,000/tonne
Gold: The Hedge of Choice
Forecasts remain bullish due to:
- Ongoing central bank buying
- Geopolitical instability and inflation concerns
- Weak USD boosting demand
- Goldman Sachs predicts: gold could rise to US$3,700/oz by end of 2025
Leadership with Deep Sector Experience
Scott Williamson – Managing Director
With 20+ years of industry experience, Scott Williamson is a:
- Qualified First Class Mine Manager (WA)
- Experienced in capital markets and business development
- Director at Leeuwin Metals and Corazon Mining
Board and Management
- Proven track record in Southeast Asian operations and bulk underground mining
- Directors are financially aligned with shareholders through direct investments
About Blackstone Minerals (ASX: BSX)
Following its merger with IDM International, Blackstone Minerals is emerging as a major copper-gold developer in Southeast Asia. The transformational acquisition of the Mankayan Project complements its Ta Khoa Project in Vietnam.
Frequently Asked Questions (FAQ)
Who can participate in the Share Purchase Plan (SPP)?
Only existing eligible shareholders of Blackstone Minerals (ASX: BSX) who were registered as of the record date stated in the SPP documentation are eligible to participate. The offer allows them to subscribe for up to A$30,000 worth of shares without incurring brokerage fees. For full eligibility criteria, refer to the official SPP announcement.
What is the offer price of the SPP shares?
Shares offered under the SPP are priced at A$0.078 per share, which is the same price as shares issued to institutional investors during the recent A$22.6 million placement.
What will the funds from the SPP and Placement be used for?
Proceeds will support growth initiatives at the Mankayan Copper-Gold Project, including:
- A 50,000m drilling program starting in July
- Geophysical surveys and field exploration
- Metallurgical and geotechnical studies
- General working capital and offer-related costs
Why is the Mankayan Project considered Tier-1?
Mankayan is a globally significant undeveloped copper-gold project with:
- A JORC resource of 793Mt @ 0.65% CuEq
- A high-grade core of 170Mt @ 0.93% CuEq
- A granted mining lease through 2046
- Located in the same tectonic belt as Grasberg and Escondida
It also benefits from proximity to 12+ additional porphyry targets, suggesting strong district-scale potential.
What makes the Philippines a favourable mining jurisdiction?
The Philippines is home to globally recognised mining operations like B2Gold and OceanaGold. It offers:
- A long history of successful mine development
- Supportive mining laws and regulatory frameworks
- Local partnerships and renewed 25-year mining licences for foreign JV partners
Is Blackstone a new player in Southeast Asia?
No. Blackstone has a proven track record in the region, with the Ta Khoa nickel-cobalt project in Vietnam already in its portfolio. The recent merger with IDM International has further deepened its footprint in Asia through the Mankayan Project.
What is driving investor interest in copper and gold right now?
- Copper: Demand is accelerating due to electrification, AI infrastructure, and supply shortfalls. Goldman Sachs forecasts copper prices could exceed US$15,000/tonne.
- Gold: Driven by central bank buying, inflation fears, and a weakening USD. Analysts predict prices could rise to US$3,700/oz by 2025.
Who leads the company?
Managing Director Scott Williamson is a qualified Mining Engineer with over two decades of experience across technical, operational, and capital markets roles. He is supported by a board and leadership team with deep mining expertise and direct investment in the Company.
Cheers,
Stevo – Armchair Banker MAppFin, AdvDipFP, ADA
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