Blackstone Minerals Limited has completed its second Digbee ESGTM assessment to support the development of the Ta Khoa Project in northern Vietnam. Blackstone announced that the overall score for the assessment was BBB. This is an improvement from an overarching score of BB in 2021.

The assessment emphasises that clear improvements at all levels of the Company have been made since the inaugural submission in December 2021, showing that Blackstone holds sustainability as a core value within the organisation. Design changes such as the change in location for the Refinery for the Nickel Project show that sustainability is included alongside financial and technical decision making. Key areas for attention, where the issues raised have been resolved or significant progress is being made include: · A lifecycle assessment (LCA) was conducted by a third-party consultant (Minviro), enabling the Company to plan for what the operation will look like once constructed, and therefore adapt any design aspects prior to construction.

· Evidence of plans to further reduce emissions was provided in this years' submission. These included the potential to make use of hydroelectric power and hydrogen power, together with the option to produce cobalt sulphate rather than cobalt hydroxide, thereby reducing the carbon footprint per 1kg of product by 0.7kg. The location of the TKR was moved during 2022 as a result of ongoing engagement with the Son La Province People's Committee and after further technical and financial assessment.

The new location boasts strong support at both government and district levels, a reduced need for resettlement, lower impact of noise on people, superior residue storage facility placement and better logistics regarding the option for river transport when compared to the previous potential location of the refinery. Stakeholder engagement on ESG issues has improved through the establishment of an Audit, Risk and ESG Committee to support the Board's understanding of sustainability concerns of shareholders. In Third Quarter 2022 a Representative Office was established in Vietnam and led by the in country General Director for the Ta Khoa Refinery Project.

Review of anti-corruption and bribery procedures was undertaken during 2022. This resulted in an update of the Whistleblower Policy and the introduction of the Whispli platform, which provides an avenue for employees to anonymously report issues. A detailed in-country process has been established for permitting for each project.

This is supported by the multi-party working group established in June 2022, comprising representatives with an interest in the permitting process and outcomes. It is also supported by the Permitting Committee who have the mandate to monitor progress of the permits. Progress is reported to the Board every quarter.