Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to announce it has received firm commitments to raise up to a total of $55M (before costs), through a placement of 94,827,587 fully paid ordinary shares ("Shares") at an issue price of $0.58 per Share (the "Placement").

The Placement was heavily oversubscribed and backed by some of the world's leading investment managers. Shaw & Partners Limited, Evolution Capital & PAC Partners acted as Joint Lead Managers to the Placement.

The issue price of $0.58 represents a 5.1% discount to the 10-trading day volume weighted average market price ("VWAP") of the Shares prior to 27 October 2021.

The Company will also offer to eligible existing shareholders the opportunity to participate in a Share Purchase Plan at the same issue price per Share of $0.58 ("SPP"). The Company intends to raise a maximum of $5M under the SPP through an issue of 8,620,690 Shares. Shares issued under the Placement and SPP will rank equally with existing Shares on issue.

Funds raised from the Placement and SPP (together the "CapitalRaising") will be applied primarily towards the construction and commissioning of Pilot Plant Phase 2 in Vietnam. Funds from the Capital Raising will also be used to complete feasibility studies, advance exploration within the Ta Khoa district and regional opportunities such as Chim Van, execute strategic investments and for general working capital purposes.

Scott Williamson, Blackstone's Managing Director, said:

"The Company is delighted to have attracted high quality Australian and International investmentmanagerstoitsregister.Blackstone'sverticallyintegratednickelsulfideproject inVietnamisararegrowthopportunitythatreceivedoverwhelminginterestduringthebook building process. In the coming months the Company will deliver updated and maiden resourcesforitskeydevelopmenttargetsatTaKhoa.Thesetargetsarethebasisofthesoon tobecompletedPre-FeasibilityStudyfortheUpstreamBusinessUnit."

"The successful completion of the Capital Raising provides shareholders with the highest leverageandexposuretofuturevalueaccretiveevents.TheCompanyiswellcapitalisedto independently de-risk the Ta Khoa Project and thereby organically elevate its status as a supplierofchoiceintolithium-ionbatteryandelectricvehiclesupplychains.Blackstoneis cognisant of its first mover advantage and the current injection of capital catalyses the Company's development pathway which in turn will ensure strategic competitiveness. Blackstoneisonanacceleratedpathwaytowardscompletingfeasibilitystudies,progressing pilotplanttestingandadvancingpartnershipnegotiations."

Read the full ASX release here.


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