HIGHLIGHTS

Blackstone has executed an option agreement to acquire 100% of the Wabowden nickel sulphide project located in the world-class Thompson Nickel Belt in Manitoba, Canada.

Attractive opportunity for Blackstone given large scale resource base, established infrastructure, low-cost hydro power and synergies with Blackstone's other strategic nickel interests in Manitoba.

Wabowden is well matched to Blackstone's expertise and integrated nickel strategy.

Large scale resource base of 230Mt at 0.56% nickel for 1.3Mt of contained nickel 1, with significant growth potential.

Includes the well-maintained Bucko mine and processing facility which retains key operating permits.

The acquisition of Wabowden would provide Blackstone significant optionality and can remove Blackstone's need to secure third-party feed to fill its Ta Khoa Refinery for multiple decades.

Ability to benefit from Manitoba's Critical Minerals Strategy and USA's Inflation Reduction Act ("IRA").

Strategic 12-month option for cash payment of C$1.1 million.

Option period provides Blackstone the ability to optimise various development and funding pathways including joint venture partnerships, government funding, royalty, debt and equity opportunities.

Effective total acquisition cost of only A$0.03 per pound of nickel provides significant value opportunity for a re-rate in value. see & read more on
https://www.newsfilecorp.com/release/189986/Blackstone-Secures-Option-to-Acquire-Major-Nickel-Asset