Blackstone Minerals Limited (ASX:BSX) (“Blackstone” or the “Company”) announced the decision to spin out certain non-core gold assets into a new Initial Public Offering (“IPO”), Codrus Minerals Limited (“Codrus”). It is intended that Codrus will undertake an IPO and seek a listing on the Australian Securities Exchange (“ASX”). The Company currently plans to spin out its Record Mine Project, Silver Swan South Project, Red Gate Project, and Middle Creek Project (together, “the Projects”), via its wholly owned Australian subsidiary, Codrus (the “Proposed Transaction”). Company will not be required by ASX to convene a meeting of shareholders. Codrus intends to undertake an IPO of its securities in Second Quarter of 2021 to facilitate admission to the Official List of the ASX. It is currently anticipated that the prospectus to be lodged by Codrus in relation to the IPO will seek to raise a minimum $5,000,000. Existing Blackstone shareholders will be offered a priority allocation in the Codrus IPO pursuant to the forthcoming prospectus. The terms of the priority offer will be set out in further detail in the prospectus. Blackstone to retain approximately 50% of the equity in Codrus upon successful completion of the IPO. Blackstone shareholders will be offered a priority allocation in the Codrus IPO pursuant to the forthcoming prospectus.