Quarterly Activities/Appendix 5B Cash Flow Report

Here’s a summary of the Blackstone Minerals' Quarterly Report for the period ending 30 June 2024:

1. pCAM NCM811 Pilot Program: The Company began its pilot program for precursor cathode active material NCM811 (nickel-cobalt-manganese in an 8-1-1 ratio) in May 2024. The program is the last stage of outstanding testwork required to finalise the definitive feasibility studies.

2. Ta Khoa Refinery Definitive Feasibility Study: The Company is in the final stages of the definitive feasibility study for the Ta Khoa Refinery. Remaining tasks include:

• Completing the pCAM piloting program.

• Conducting residue handling testwork.

• Finalising facility design and geotechnical assessments. The DFS is expected to be released within the calendar year 2024 (CY24).

3. Engagement with Son La Provincial Government: The Company is actively engaging with the Son La Provincial Government regarding the Refinery Investment Policy application. Progress has been made in drafting the Ta Khoa Nickel Investment Policy Application document.

4. Financial Position: At the end of the quarter, the Company had a cash position of $4.16 million, bolstered by approximately $1 million received from a research and development advance funding agreement. The Company’s listed investments totaled $1.6 million at the end of the quarter.