Blackstone Secures Option to Acquire Major Nickel Asset
Blackstone Secures Option to Acquire Major Nickel Asset
HIGHLIGHTS
亮點
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.
Blackstone undertaking an accelerated non-renounceable pro rata entitlement offer to raise up to approximately A$10.2 million.
Proceeds to support Wabowden option opportunity, complete the Definitive Feasibility Study ("DFS") for Blackstone's Ta Khoa Refinery and progress Blackstone's strategic partnerships process.
黑石集團已執行一項期權協議，收購位於加拿大曼尼托巴省世界一流的湯普森鎳帶的Wabowden硫化鎳項目100％的股權。
鑑於龐大的資源基礎、完善的基礎設施、低成本的水力發電以及與黑石集團在曼尼托巴省的其他戰略鎳礦權益的協同效應，黑石集團的機會很有吸引力。
Wabowden與黑石集團的專業知識和綜合鎳礦戰略非常吻合。
2.3億噸的大規模資源基礎，含鎳量爲0.56％，含鎳量爲130萬噸 1，具有巨大的增長潛力。
包括維護良好的Bucko礦山和保留關鍵運營許可證的加工設施。
收購Wabowden將爲黑石集團提供重要的選擇餘地，並且可以消除黑石集團幾十年來爲填充其塔霍亞煉油廠而獲得第三方原料的需求。
能夠受益於曼尼托巴省的關鍵礦產戰略和美國的通貨膨脹降低法案（“IRA”）。
12個月的戰略選擇，可支付110萬加元的現金。
期權期使黑石集團能夠優化各種開發和融資途徑，包括合資夥伴關係、政府融資、特許權使用費、債務和股權機會。
每磅鎳的有效總收購成本僅爲0.03澳元，這爲重新估值提供了重要的價值機會。
黑石集團承諾加速提出不可放棄的按比例分配提議，籌集高達約1,020萬澳元的資金。
所得款項用於支持瓦博登的期權機會，完成黑石集團塔霍亞煉油廠的最終可行性研究（“DFS”），並推進黑石集團的戰略合作進程。
For a video summary of the announcement head to the Blackstone Investor Hub by clicking here.
要查看公告的視頻摘要，請點擊此處前往黑石集團投資者中心。
Figure 1: Wabowden Project - Bucko Mine and Processing Facility
圖 1：Wabowden 項目——Bucko 礦山和加工設施
Blackstone Minerals' Managing Director, Scott Williamson, commented:
黑石礦業董事總經理斯科特·威廉姆森評論說：
"Wabowden is one of the most advanced nickel sulphide projects in North America today and is highly complementary to our plans for the Ta Khoa Refinery in Vietnam, making it a transformative and compelling growth opportunity for Blackstone.
“Wabowden是當今北美最先進的硫化鎳項目之一，它與我們在越南建塔霍亞煉油廠的計劃高度互補，使其成爲黑石集團具有變革性和引人注目的增長機會。
With a resource of 1.3 million tonnes of contained nickel, Wabowden would substantially increase our global mineral resource and could secure all the feed required for the Ta Khoa Refinery, removing our dependency on sourcing third-party feedstock. It could also establish a key central point of operations in Manitoba for Blackstone to potentially consolidate its existing nickel interests in Manitoba, as well as other nickel assets in the region.
瓦博登擁有130萬噸的含鎳資源，將大幅增加我們的全球礦產資源，並可以確保塔霍亞煉油廠所需的所有原料，從而消除我們對採購第三方原料的依賴。它還可能在曼尼托巴省建立一個重要的運營中心，使黑石集團有可能鞏固其在曼尼托巴省的現有鎳礦權益以及該地區的其他鎳資產。
In addition, it's location in the tier-one jurisdiction of Manitoba, with access to 100% renewable power, aligns with our goals to produce Green Nickel, meaning that Wabowden ticks all the boxes that are important to our goals and the project would be complementary to the strategy we are executing. Wabowden's location in Manitoba also could secure a nickel feedstock that is compliant with the United States' Inflation Reduction Act, which is also attractive as demand for battery-grade nickel continues to increase.
此外，它位於曼尼托巴省的一級司法管轄區，可獲得100％的可再生能源，這符合我們生產綠色鎳的目標，這意味着Wabowden符合所有對我們的目標至關重要的方框，該項目將補充我們正在執行的戰略。瓦博登在曼尼托巴省的辦公地點還可以確保鎳原料符合美國《降低通貨膨脹法》，隨着對電池級鎳的需求持續增加，該法案也具有吸引力。
Blackstone's strategy is to progress a much larger scale operation better suited to the large-scale resource and by changing mining methods and leverage existing infrastructure develop a potentially globally significant nickel mine, capable of completely filling the nickel concentrate requirements at Ta Khoa.
黑石集團的戰略是推進更適合大規模資源的更大規模的業務，通過改變採礦方法和利用現有基礎設施，開發一個具有潛在全球重要意義的鎳礦，能夠完全滿足塔霍亞的鎳精礦需求。
We are also delighted by the attractive acquisition option structure and terms we have secured which provides Blackstone considerable operational leverage and value.
我們還對我們獲得的有吸引力的收購期權結構和條款感到高興，這爲黑石集團提供了可觀的運營槓桿作用和價值。
Securing long term low carbon IRA compliant nickel feed for the Ta Khoa Refinery has been a key question from potential JV Partners. This option agreement provides greater certainty over the nickel feed sourcing strategy for Ta Khoa, which is an important factor in the selection of a JV Partner, and the Company will provide an update on this soon."
確保塔霍亞煉油廠長期符合低碳IRA標準的鎳原料一直是潛在合資合作伙伴提出的一個關鍵問題。該期權協議爲Ta Khoa的鎳原料採購策略提供了更大的確定性，這是選擇合資合作伙伴的重要因素，該公司將很快就此提供最新信息。”
Perth, Australia--(Newsfile Corp. - December 5, 2023) - Blackstone Minerals Limited (ASX: BSX) ("Blackstone" or the "Company") is pleased to announce it has entered into an option agreement with CaNickel Mining Limited (TSXV: CML) ("CaNickel") where Blackstone will have a 12-month period and exclusive right to acquire the Wabowden nickel project in Manitoba, Canada ("Wabowden").
澳大利亞珀斯--（新聞文件公司-2023 年 12 月 5 日）- 黑石礦業有限公司 澳大利亞證券交易所股票代碼：BSX）（“黑石集團” 或 “公司”）欣然宣佈，它已與Canickel Mining Limited（多倫多證券交易所股票代碼：CML）（“CaniCkel”）簽訂了期權協議，根據該協議，黑石集團將擁有收購加拿大曼尼托巴省瓦博登鎳礦項目（“Wabowden”）的12個月期限和專有權。
Blackstone has existing nickel interests and experience in Manitoba via its strategic investments in Corazon (ASX: CZN) ("Corazon" or "Lynn Lake nickel-copper project") and Flying Nickel (TSX: FLYN) ("Flying Nickel" or "Minago nickel project").
黑石集團通過對Corazon (ASX: CZN)（“Corazon” 或 “林恩湖鎳銅項目”）和Flying Nickel（多倫多證券交易所股票代碼：FLYN）（“飛鎳業” 或 “米納戈鎳礦項目”）的戰略投資，在曼尼托巴省擁有現有的鎳業權益和經驗。
Under the option agreement Blackstone has agreed to make a cash payment of C$1.1 million ("option payment"). Upon exercise of the option and satisfaction of associated closing conditions, Blackstone will acquire 100% of Wabowden by making up to four staged payments as outlined below:
根據期權協議，黑石集團同意支付110萬加元的現金（“期權付款”）。在行使期權並滿足相關成交條件後，黑石集團將通過最多四次分期付款收購Wabowden的100％股份，如下所示：
- Cash payment of C$20 million (less the option payment) and C$10 million in Blackstone shares upon closing, with the number of shares calculated based on 10 day volume-weighted average price ("VWAP") on exercise of the option and execution of the asset purchase agreement;
- C$10 million cash to be paid 18 months following the closing date;
- C$15 million in cash payable upon Wabowden achieving fully permitted status; and
- C$25 million in cash payable upon Wabowden achieving commercial production.
- 收盤時現金支付2,000萬加元（減去期權支付）和1000萬加元的黑石集團股票，股票數量根據行使期權和執行資產購買協議的10天成交量加權平均價格（“VWAP”）計算；
- 1000萬加元現金將在截止日期後的18個月內支付；
- Wabowden獲得完全許可身份後應支付的1500萬加元現金；以及
- Wabowden實現商業化生產後，將支付2500萬加元的現金。
The option period provides Blackstone time to further evaluate and consider various development options for Wabowden. In addition, the option period provides Blackstone the ability to optimise funding to complete the acquisition, including joint venture partnerships, government funding as well as strategic royalty, debt and equity funding alternatives.
期權期爲黑石集團提供了進一步評估和考慮Wabowden的各種開發選擇的時間。此外，期權期使黑石集團能夠優化融資以完成收購，包括合資夥伴關係、政府融資以及戰略特許權使用費、債務和股權融資替代方案。
Blackstone may exercise the option at anytime during the 12-month period.
黑石集團可以在12個月內隨時行使期權。
Figure 2: Wabowden Project Location and Blackstone's Strategic Investments in Manitoba
圖 2：瓦博登項目位置和黑石集團在曼尼托巴省的戰略投資
Wabowden Project Overview
Wabowden 項目概述
Wabowden is favourably located in the centre of the world class Thompson Nickel Belt, which covers more than 300km of strike and has produced more than 2.5 million tonnes of nickel, making it the fifth largest nickel sulphide camp in the world. Locally the project is situated around the town of Wabowden in Manitoba, 106km SSW of Thompson and 650km N of Winnipeg.
瓦博登地理位置優越，位於世界一流的湯普森鎳礦帶的中心，該礦帶的走向長度超過300公里，已生產了超過250萬噸的鎳，使其成爲世界第五大硫化鎳礦產地。在當地，該項目位於曼尼托巴省的瓦博登鎮周圍，湯普森西南方向106公里處，溫尼伯以北650公里處。
Wabowden comprises five deposits (Bucko, Bowden, M11A, Apex and Halfway Lake) and has a combined total resource base of 230Mt at 0.56% nickel for 1.3Mt2 of contained nickel. All deposits are open at depth, with the Thompson nickel mine, located 100km to the north-east, demonstrating the potential for mineralisation to extend beyond 1,500m.
Wabowden包括五個礦牀（Bucko、Bowden、M11A、Apex和Halfway Lake），總資源基礎爲2.3萬噸，鎳含量爲0.56％，含鎳量爲130萬噸2 所含的鎳。所有礦牀都在深處開放，湯普森鎳礦位於東北100公里處，這表明礦化有可能延伸到1500米以上。
Bucko is both the most advanced and the highest-grade deposit at Wabowden and was developed as a small scale, high grade underground mining operation. The Bucko mine and processing facility commenced production in 2009 with concentrate shipped to Glencore's Sudbury, Ontario smelter under an off-take agreement which remains in place. Bucko produced 3.3kt of nickel over a four-year period before being placed on care and maintenance in 2012.
Bucko 既是瓦博登最先進的礦牀，也是最高品位的礦牀，是作爲小規模、高品位的地下采礦作業開發的。Bucko礦山和加工設施於2009年開始生產，根據一份仍然有效的承購協議，濃縮液被運往嘉能可位於安大略省薩德伯裏的冶煉廠。Bucko在四年內生產了330萬噸鎳，然後在2012年接受了保養和維護。
Since 2012, the focus at Wabowden has been carrying out minimal exploration work and undertaking care and maintenance to safeguard assets.
自2012年以來，Wabowden的工作重點一直是進行最少的勘探工作，並進行保養和維護以保護資產。
Figure 3: Wabowden Nickel Project Resource Plan View
圖 3：Wabowden 鎳礦項目資源計劃視圖
Figure 4: Thompson Nickel Belt in Manitoba, Canada
圖 4：加拿大曼尼托巴省湯普森鎳帶
Blackstone Development Strategy
黑石集團發展戰略
Blackstone has identified that the Wabowden Project is well suited to being re-developed as a large-scale, low cost, bulk mining operation underpinned by the large-scale Bowden and Bucko deposits.
黑石集團已經確定，瓦博登項目非常適合作爲大規模、低成本的批量採礦業務進行重新開發，並由大規模的鮑登和巴科礦牀提供支持。
The Bowden deposit has a strike length of 2.4 km, up to 300m thick, 600m deep and is open in all directions. Bowden has an average of ~1,000 tonnes of nickel per vertical metre. The previously mined Bucko deposit has a strike length of 600m, up to 100m thick, 900m deep and is open at depth with an average of ~600 tonnes of nickel per vertical metre. The extensive strike and width of the Bowden and Bucko orebodies make them highly amenable to large-scale, low cost, bulk mining methods which were not considered by previous operators.
鮑登礦牀的走向長度爲2.4千米，厚度可達300米，深600米，並且向四面八方開放。鮑登平均每垂直米有大約 1,000 噸鎳。之前開採的Bucko礦牀的走向長度爲600米，厚度可達100米，深度爲900米，深度開放，平均每垂直米約有600噸鎳。Bowden和Bucko礦體的開採範圍廣，寬度大，因此非常適於採用以前的運營商未考慮的大規模、低成本的批量採礦方法。
Figure 5: Long section showing deposits at the Wabowden Project
圖 5：顯示瓦博登項目礦牀的長截面
Blackstone considers that large scale development of Wabowden has significant economic and strategic benefits with the potential to fill Blackstone's Ta Khoa Refinery, removing dependence on third-party feed sources. Supply to Ta Khoa has already been discussed with Glencore, who have been receptive to the proposal. The dependence on third-party feed sources to fill the Ta Khoa Refinery has been a significant issue raised by potential joint venture partners and financiers. The Wabowden Project can satisfy joint venture partner requirements for long term nickel feed security without the need for third-party feed sources to fill the Ta Khoa Refinery.
黑石集團認爲，瓦博登的大規模開發具有顯著的經濟和戰略利益，有可能填滿黑石集團的塔霍亞煉油廠，從而消除對第三方原料來源的依賴。已經與嘉能可討論了向塔霍亞供應的問題，嘉能可已接受該提議。依賴第三方原料來填充塔霍亞煉油廠一直是潛在的合資夥伴和金融家提出的一個重大問題。Wabowden項目可以滿足合資夥伴對長期鎳原料安全的要求，而無需第三方原料源來填充塔霍亞煉油廠。
Blackstone's initial production scenarios have demonstrated that Wabowden production has the potential to solely fill the Ta Khoa Refinery while also having complementary metallurgical characteristics to blend with Ta Khoa concentrate. In addition, the Wabowden Project presents as a strong standalone operation, which can generate a high-quality nickel concentrate for the conventional LME market, and as such Wabowden is complemented by the Ta Khoa Refinery rather than being dependent upon it.
黑石集團的初始生產情景表明，瓦博登的產量有可能僅填補塔霍亞煉油廠，同時還具有與塔霍亞精礦混合的互補冶金特性。此外，瓦博登項目是一個強大的獨立運營，可以爲傳統的倫敦金屬交易所市場生產高質量的鎳精礦，因此，Wabowden得到了塔霍亞煉油廠的補充，而不是依賴它。
Figure 6: Wabowden Project and Ta Khoa Integration Concept 3456
圖 6：Wabowden 項目和 Ta Khoa 整合概念 3456
Blackstone also considers that Wabowden could become the central hub and key platform to consolidate ownership in the Manitoba province, building on its existing investments in Corazon (ASX: CZN) and Flying Nickel (TSX: FLYN) with potential to deliver 30+ years of nickel supply (refer Figure 6).
黑石集團還認爲，瓦博登可能成爲鞏固曼尼托巴省所有權的中心樞紐和關鍵平台，其在Corazon (ASX: CZN) 和Flying Nickel (TSX: FLYN) 的現有投資基礎上，有可能提供30多年的鎳供應（參見圖6）。
Low Cost, Renewable Power
低成本、可再生能源
Wabowden is favourably connected to the Manitoba Hydropower network, which also supplies power to parts of the USA. Power costs are typically US$0.025 to US$0.035/kWh, which is one of the lowest cost power supplies in the world and provides a significant cost advantage for Wabowden and is consistent with Blackstone's strategy to deliver low-cost Green Nickel concentrates for the Ta Khoa Refinery.
瓦博登與曼尼託巴水電網絡的連接良好，該網絡還爲美國部分地區提供電力。電力成本通常爲0.025美元至0.035美元/千瓦時，這是世界上成本最低的電源之一，爲瓦博登提供了顯著的成本優勢，也符合黑石集團爲塔霍亞煉油廠提供低成本綠鎳精礦的戰略。
Supportive Government Policies
政府支持政策
Wabowden is well positioned to benefit from supportive government policies including the Manitoba Critical Minerals Strategy, the Canadian Critical Minerals Infrastructure Fund, the US Inflation Reduction Act and the US Defense Production Act.
瓦博登完全有能力受益於政府的支持性政策，包括曼尼托巴省關鍵礦產戰略、加拿大關鍵礦產基礎設施基金、美國降低通貨膨脹法案和美國國防生產法。
The Manitoba Critical Minerals Strategy is intended to coordinate the work of government, indigenous people, local communities, and the private sector to capitalise on the province's strategic advantages.
馬尼托巴省關鍵礦產戰略旨在協調政府、土著人民、當地社區和私營部門的工作，以利用該省的戰略優勢。
The Canadian Critical Minerals Infrastructure Fund will make C$1.5 billion available to support clean energy and transportation infrastructure projects, and an additional C$1.5 billion available through the Strategic Innovation Fund to support advanced manufacturing, processing, and recycling.
加拿大關鍵礦產基礎設施基金將提供15億加元用於支持清潔能源和交通基礎設施項目，並通過戰略創新基金額外提供15億加元，用於支持先進製造、加工和回收利用。
The US Inflation Reduction Act, is designed to promote clean energy and support a US transition away from fossil fuels, including for transportation and to increase US processing rates of key battery materials and critical minerals.
美國降低通貨膨脹法案旨在促進清潔能源，支持美國向包括運輸在內的化石燃料過渡，並提高美國對關鍵電池材料和關鍵礦物的加工率。
In addition, the US last year announced US$250 million in Defense Production Act funding for US and Canadian companies to mine and process critical minerals for electric vehicle and stationary storage batteries.
此外，美國去年宣佈在《國防生產法》中爲美國和加拿大公司提供2.5億美元的資金，用於開採和加工用於電動汽車和固定式蓄電池的關鍵礦物。
Permitting
允許
Wabowden has a positive permitting situation and a straightforward re-permitting pathway. An existing Manitoba Environment Act License, issued in September 2011, requires the submission and approval of a Notice of Alteration to restore and upgrade the Bucko mine. Once a Notice of Alteration has been issued for the Bucko mine, then applications for other permits and licenses can be submitted for specific Bucko revitalisation-related activities such as mine dewatering and underground rehabilitation, petroleum storage, and hazardous waste management. The only federal permit or approval required is related to the storage and management of explosives.
Wabowden的許可狀況良好，再許可途徑也很簡單。現有的曼尼托巴省環境法許可證於 2011 年 9 月頒發，要求提交併批准變更通知才能修復和升級 Bucko 礦。Bucko礦發佈變更通知後，可以爲與Bucko振興相關的特定活動（例如礦山脫水和地下修復、石油儲存和危險廢物管理）提交其他許可證和許可證的申請。唯一需要的聯邦許可證或批准與爆炸物的儲存和管理有關。
Figure 7: Bucko Nickel Deposit Cross Section 7
圖 7：Bucko 鎳礦牀橫截面 7
Next Steps
後續步驟
Blackstone intends to use the 12-month option period to continue to evaluate and optimise the acquisition and development of Wabowden. Key activities will include:
黑石集團打算利用12個月的期權期繼續評估和優化對Wabowden的收購和開發。主要活動將包括：
- Development of JORC resources for key deposits, including addition of all available drilling data;
- Completion of preliminary / scoping level mining studies to identify possible operating scenarios;
- Progressing of negotiations with Glencore with respect to the off-take and other historical agreements;
- Engagement with the Manitoban government organisations and local Wabowden community; and
- Progressing Blackstone's strategic partnership process for its Ta Khoa Refinery as well as other strategic financing alternatives.
- 爲關鍵礦牀開發JORC資源，包括增加所有可用的鑽探數據；
- 完成初步/範圍層面的採礦研究，以確定可能的運營情景；
- 與嘉能可就承購協議和其他歷史協議進行的談判取得進展；
- 與馬尼托巴省政府組織和當地 Wabowden 社區的互動；以及
- 推進黑石集團對其塔霍亞煉油廠的戰略合作進程以及其他戰略融資方案。
Equity Raising Overview
股權籌集概述
Blackstone is pleased to announce that it is undertaking an accelerated non-renounceable pro rata entitlement offer of new fully paid ordinary shares in the Company ("Shares") on the basis of four (4) new Shares ("New Shares") for every thirteen (13) existing Shares held, to raise up to approximately A$10.2 million (before costs) ("Entitlement Offer").
Blackstone欣然宣佈，它將以每持有十三（13）股現有股份獲發四（4）股新股（“新股”）爲基礎，對公司新的全額支付的普通股（“股份”）進行加速不可放棄的按比例發行，籌集最多約1,020萬澳元（不計成本）（“權益要約”）。
The Entitlement Offer will comprise the issue of up to approximately 145,750,433 New Shares at an offer price of A$0.07 per New Share ("Offer Price"), which represents a:
授權要約將包括以每股新股0.07澳元（“發售價”）發行最多約145,750,433股新股，這意味着：
- 19.5% discount to the last traded price of A$0.087 on 30 November 2023;
- 20.9% discount to the 5-day volume weighted average price of Shares of A$0.0885 up to and including 30 November 2023; and
- 15.7% discount to the theoretical ex-rights price ("TERP") 8 of A$0.0832 per Share.
- 較2023年11月30日最後交易價格0.087澳元折扣19.5％；
- 截至2023年11月30日（含當天），股票的5天成交量加權平均價格爲0.0885澳元，折扣20.9％；以及
- 與理論除權價格（“TERP”）相比有15.7％的折扣 8 每股0.0832澳元。
The Entitlement Offer comprises:
權益優惠包括：
an accelerated institutional component open to eligible institutional shareholders in Australia, New Zealand, Singapore, the United Kingdom, Germany, Hong Kong or Canada (British Columbia, Ontario and Quebec provinces only), to be conducted from Tuesday, 5 December 2023 to Wednesday, 6 December 2023 ("Institutional Entitlement Offer"); and
a retail component open to eligible retail shareholders in Australia or New Zealand anticipated to be conducted from Tuesday, 12 December 2023 to Thursday, 21 December 2023 (unless extended) ("Retail Entitlement Offer").
向澳大利亞、新西蘭、新加坡、英國、德國、香港或加拿大（僅限不列顛哥倫比亞省、安大略省和魁北克省）的合格機構股東開放的加速機構組成部分，將於2023年12月5日星期二至2023年12月6日星期三進行（“機構授權優惠”）；以及
向澳大利亞或新西蘭符合條件的散戶股東開放的零售部分預計將於2023年12月12日星期二至2023年12月21日星期四（除非延期）（“零售權益優惠”）進行。
The offer ratio and Offer Price for New Shares under the Retail Entitlement Offer are the same as for the Institutional Entitlement Offer.
零售權益要約下新股的發售比率和發售價與機構配股要約相同。
Funds raised from the Entitlement Offer will primarily be used to fund the Wabowden option opportunity, complete the DFS for Blackstone's Ta Khoa Nickel and Refinery Project and progress Blackstone's strategic partnerships process and general working capital.
從授權優惠中籌集的資金將主要用於爲Wabowden期權機會提供資金，完成黑石集團塔霍亞鎳業和煉油廠項目的DFS，以及推進黑石集團的戰略合作流程和一般營運資金。
Details of Entitlement Offer
權益優惠詳情
Under the Entitlement Offer, eligible shareholders are invited to subscribe for four (4) New Shares for every thirteen (13) existing Shares held.
根據權益要約，邀請符合條件的股東每持有十三（13）股現有股份認購四（4）股新股。
The right to subscribe for New Shares under the Entitlement Offer will be non-renounceable (meaning the Entitlements to New Shares will not be tradable on ASX or otherwise able to be sold or transferred). If you do not take up your Entitlement in full, you will not receive any value in respect of that part of the Entitlement you do not take up.
根據授權要約認購新股的權利將不可放棄（這意味着新股的權利不能在澳大利亞證券交易所交易或以其他方式出售或轉讓）。如果您沒有全額使用您的權利，則您將無法獲得與您未佔用的權利部分有關的任何價值。
All New Shares issued under the Entitlement Offer will rank equally with the existing Shares on issue. The Company will apply for quotation of the New Shares issued under the Entitlement Offer.
根據授權要約發行的所有新股將與已發行的現有股票排名相同。本公司將申請對根據權益要約發行的新股進行報價。
Directors of the Company Hamish Halliday and Scott Willamson, currently intend to participate in the Entitlement Offer to the extent of $50,000 and $100,000 of their respective entitlement.
公司董事哈米什·哈利迪和斯科特·威拉姆森目前打算以各自應享權利的5萬美元和10萬美元參與權益。
Canaccord Genuity (Australia) Limited and Argonaut Securities Pty Limited have been appointed as joint lead managers and bookrunners to the Entitlement Offer (the "Joint Lead Managers").
Canaccord Genuity（澳大利亞）有限公司和Argonaut Securities Pty Limited已被任命爲授權要約的聯席牽頭經辦人和賬簿管理人（“聯席牽頭經辦人”）。
Further details of the terms and conditions of the Entitlement Offer are detailed in the Prospectus (defined below) released on the ASX platform today and the accompanying Appendix 3B to this announcement.
今天在澳大利亞證券交易所平台上發佈的招股說明書（定義見下文）以及本公告隨附的附錄3B中詳細介紹了授權要約的條款和條件。
Institutional Entitlement Offer
機構權益優惠
Institutional shareholders with a registered address in Australia, New Zealand, Singapore, Germany, the United Kingdom, Hong Kong or Canada (British Columbia, Ontario and Quebec provinces only) ("Eligible Institutional Shareholders") will be invited to participate in the Institutional Entitlement Offer on the terms and conditions set out in the Prospectus (defined below).
註冊地址位於澳大利亞、新西蘭、新加坡、德國、英國、香港或加拿大（僅限不列顛哥倫比亞省、安大略省和魁北克省）（“合格機構股東”）的機構股東（“合格機構股東”）將被邀請根據招股說明書（定義見下文）中規定的條款和條件參與機構授權優惠。
The Institutional Entitlement Offer opens at 9.00am (AWST) on Tuesday, 5 December 2023 and will close at 5:00pm (AWST) on Wednesday, 6 December 2023.
機構授權優惠將於2023年12月5日星期二上午9點（澳大利亞標準時間）開始，並將於2023年12月6日星期三下午5點（澳大利亞標準時間）結束。
Eligible Institutional Shareholders can choose to take up all, or part or none of their Entitlement under the Institutional Entitlement Offer.
符合條件的機構股東可以選擇根據機構權益優惠獲得其全部權益、部分權益或不承擔任何權益。
Eligible Institutional Shareholders may also apply for New Shares in addition to their Entitlement at the Offer Price, to the extent there is any shortfall under the Institutional Entitlement Offer. The remaining shortfall will be allotted to certain other institutional investors under a bookbuild process to be managed by the Joint Lead Managers and will be offered on the same terms and conditions as the Institutional Entitlement Offer.
如果機構權益要約存在缺口，符合條件的機構股東除了以要約價獲得的權利外，還可以申請新股。剩餘的缺口將通過賬簿建設流程分配給某些其他機構投資者，由聯席牽頭經辦人管理，並將按照與機構授權要約相同的條款和條件發行。
The Company's Shares will remain in a trading halt pending completion of the Institutional Entitlement Offer. It is expected that the trading halt will end at market open on Thursday, 7 December 2023.
在機構授權要約完成之前，該公司的股票將暫停交易。預計交易暫停將在2023年12月7日星期四的市場開盤時結束。
Retail Entitlement Offer
零售權益優惠
Retail shareholders with a registered address in Australia or New Zealand as at 5.00pm (AWST) on Thursday, 7 December 2023 ("Record Date") ("Eligible Retail Shareholders") will be invited to participate in the Retail Entitlement Offer on the same terms as the Institutional Entitlement Offer.
截至2023年12月7日星期四下午5點（AWST），註冊地址在澳大利亞或新西蘭的散戶股東（“記錄日期”）（“合格散戶股東”）將被邀請以與機構權益優惠相同的條件參與零售權益優惠。
Shareholders who are not Eligible Retail Shareholders are not eligible to participate in the Retail Entitlement Offer ("Ineligible Retail Shareholders").
非合格散戶股東的股東沒有資格參與零售權益優惠（“不合格散戶股東”）。
The Retail Entitlement Offer is expected to open at 9.00am (AWST) on Tuesday, 12 December 2023 and close at 5.00pm (AWST) on Thursday, 21 December 2023.
零售授權優惠預計將於2023年12月12日星期二上午9點（澳大利亞標準時間）開放，並於2023年12月21日星期四下午5點（澳大利亞標準時間）結束。
Eligible Retail Shareholders can choose to take up all, or part or none of their Entitlement under the Retail Entitlement Offer.
符合條件的散戶股東可以選擇根據零售權益優惠購買其全部權益、部分權益或不享有任何權益。
The Retail Entitlement Offer will be made under the transaction specific prospectus lodged with ASIC and the ASX on Tuesday, 5 December 2023 ("Prospectus"). The Prospectus will be dispatched to Eligible Retail Shareholders, together with a personalised entitlement and acceptance form on Tuesday, 12 December 2023.
零售權益要約將根據2023年12月5日星期二向澳大利亞證券投資委員會和澳大利亞證券交易所提交的特定交易招股說明書（“招股說明書”）提出。招股說明書將於2023年12月12日星期二連同個性化的權利和接受表一起發送給符合條件的散戶股東。
Eligible Retail Shareholders may also apply for New Shares in addition to their Entitlement at the Offer Price, to the extent there is any shortfall under the Retail Entitlement Offer and will be offered on the same terms and conditions as the Retail Entitlement Offer.
符合條件的散戶股東除了以要約價獲得的權利外，還可以申請新股，前提是零售權益優惠存在缺口，並且將按照與零售權益優惠相同的條款和條件發行。
Use of Funds
資金的使用
Funds received from the entitlement offer will be primarily utilised towards:
從權益優惠中獲得的資金將主要用於：
- Wabowden Option Payment;
- Further studies on Wabowden;
- Completion of DFS for Ta Khoa Refinery;
- Completion of Blackstone strategic partnership process;
- Exploration activities; and
- General working capital (including costs of the entitlement offer).
- Wabowden 期權付款；
- 對瓦博登的進一步研究；
- 塔霍亞煉油廠的DFS完成；
- 完成黑石集團的戰略合作進程；
- 勘探活動；以及
- 一般營運資金（包括應享待遇的成本）。
Indicative Timetable
指示性時間表
| Event | Date |
| Trading halt | Friday, 1 December 2023 |
| Announcement of the Entitlement Offer Lodgement of Appendix 3B with ASX Lodgement of Prospectus with ASIC and ASX |
Prior to noon Sydney time, Tuesday 5 December 2023 |
| Institutional Entitlement Offer opens | Tuesday 5 December 2023 |
| Institutional Entitlement Offer closes | 9am AWST Wednesday, 6 December 2023 |
| Announce results of Institutional Entitlement Offer and recommencement of trading | Before market open Thursday, 7 December 2023 |
| Record Date for Retail Entitlement Offer | 5pm AWST Thursday, 7 December 2023 |
| Prospectus and Entitlement and Acceptance Form despatched to Eligible Retail Shareholders | Tuesday, 12 December 2023 |
| Retail Entitlement Offer opens | Tuesday, 12 December 2023 |
| Settlement of New Shares issued under the Institutional Entitlement Offer | Tuesday, 12 December 2023 |
| Issue of New Shares under Institutional Entitlement Offer | Before noon Sydney time Wednesday, 13 December 2023 |
| Commencement of trading of New Shares issued under the Institutional Entitlement Offer | Thursday, 14 December 2023 |
| Last day to extend Retail Entitlement Offer closing date | Prior to noon Sydney time Monday, 18 December 2023 |
| Retail Entitlement Offer closes | Thursday, 21 December 2023 |
| Announce results of Retail Entitlement Offer | Friday, 22 December 2023 |
| Settlement of New Shares issued under the Retail Entitlement Offer | Wednesday, 27 December 2023 |
| Issue of New Shares under Retail Entitlement Offer | Wednesday, 27 December 2023 |
| 事件 | 日期 |
| 交易暫停 | 2023 年 12 月 1 日，星期五 |
| 權利優惠的公告 向澳大利亞證券交易所提交附錄3B 向澳大利亞證券投資委員會和澳大利亞證券交易所提交招股說明書 |
在悉尼時間中午之前， 2023 年 12 月 5 日星期二 |
| 機構權益優惠開啓 | 2023 年 12 月 5 日星期二 |
| 機構權益優惠已結束 | 澳大利亞東部標準時間 2023 年 12 月 6 日星期三上午 9 點 |
| 公佈機構授權報價結果並重新開始交易 | 市場開盤前 2023 年 12 月 7 日，星期四 |
| 零售權益優惠的記錄日期 | 澳大利亞東部標準時間 2023 年 12 月 7 日星期四下午 5 點 |
| 向符合條件的散戶股東發送了招股說明書以及權利和接受表 | 2023 年 12 月 12 日，星期二 |
| 零售權益優惠開啓 | 2023 年 12 月 12 日，星期二 |
| 根據機構授權要約發行的新股的結算 | 2023 年 12 月 12 日，星期二 |
| 根據機構授權要約發行新股 | 悉尼時間中午之前 2023 年 12 月 13 日，星期三 |
| 根據機構授權要約發行的新股開始交易 | 2023 年 12 月 14 日，星期四 |
| 延長零售權益優惠截止日期的最後一天 | 悉尼時間中午之前 2023 年 12 月 18 日星期一 |
| 零售權益優惠已結束 | 2023 年 12 月 21 日，星期四 |
| 公佈零售權益優惠的結果 | 2023 年 12 月 22 日，星期五 |
| 根據零售權益要約發行的新股的結算 | 2023 年 12 月 27 日，星期三 |
| 根據零售授權要約發行新股 | 2023 年 12 月 27 日，星期三 |
Note: This timetable is indicative only and subject to change. The Company reserves the right to amend the timetable for the Entitlement Offer without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. In particular, the Company reserves the right to extend the closing date of the Entitlement Offer at any time, to accept late applications under the Entitlement Offer (either generally or in particular cases) and to withdraw the Entitlement Offer without prior notice. Any extension of the Closing Date will have a consequential effect on the issue date of New Securities under the Entitlement Offer. The commencement of quotation of New Shares is subject to confirmation from ASX.
注意： 此時間表僅供參考，可能會有變化。公司保留修改授權報價時間表的權利，恕不另行通知，但須遵守《公司法》、《澳大利亞證券交易所上市規則》和其他適用法律。特別是，公司保留隨時延長權利優惠的截止日期、接受權利優惠下的逾期申請（一般或特定情況）以及在不事先通知的情況下撤回權利優惠的權利。截止日期的任何延期都將對授權要約下新證券的發行日期產生相應影響。新股的開始報價有待澳大利亞證券交易所的確認。
Eligible retail shareholders should consider the Prospectus in full before deciding whether to apply for new shares under the retail entitlement offer pursuant to the Prospectus and will need to complete the personalised entitlement and acceptance form that will accompany the Prospectus.
符合條件的散戶股東在決定是否根據招股說明書根據零售權益要約申請新股之前，應全面考慮招股說明書，並需要填寫招股說明書隨附的個性化權利和接受表。
For more information, please contact,
欲了解更多信息，請聯繫，
Scott Williamson
Managing Director
+61 8 9425 5217
scott@blackstoneminerals.com.au
斯科特·威廉姆森
董事總經理
+61 8 9425 5217
scott@blackstoneminerals.com.au
Andrew Strickland
Executive
+61 8 9425 5217
astrickland@blackstoneminerals.com.au
安德魯·斯特里克蘭
行政管理人員
+61 8 9425 5217
astrickland@blackstoneminerals.com.au
Investors are also encouraged to join and engage through the Blackstone Minerals Investor Hub, post questions and feedback through the Q&A function accompanying each piece of content, and engage directly with the Blackstone team.
還鼓勵投資者加入黑石礦業投資者中心並參與其中，通過每篇內容附帶的問答功能發佈問題和反饋，並直接與黑石集團團隊互動。
How to join the Blackstone Minerals InvestorHub
如何加入黑石礦業 InvestorHub
- Head to our Investor Hub or scan the QR code with your smart device
- 前往我們的投資者中心或使用您的智能設備掃描二維碼
- Follow the prompts to sign up for an Investor Hub Account
- 按照提示註冊投資者中心賬戶
- Complete your account profile and link your shareholdings if you are a current shareholder.
- 如果您是現任股東，請填寫您的賬戶資料並關聯您的股權。
QR code
二維碼
About Blackstone
關於黑石集團
Blackstone Minerals Ltd (ASX: BSX) (OTCQX: BLSTF) (FSE: B9S) is focused on building an integrated battery metals processing business in Vietnam that produces Nickel:Cobalt:Manganese precursor products for Asia's growing lithium-ion battery industry.
黑石礦業有限公司 (ASX: BSX) (OTCQX: BLSTF) (FSE: B9S) 專注於在越南建立綜合電池金屬加工業務，爲亞洲不斷增長的鋰離子電池行業生產鎳:鈷:錳前體產品。
Blackstone will produce the lowest emission precursor as verified by Minviro and the Nickel Institute (refer ASX announcement 15 September 2022).
經Minviro和鎳業研究所驗證，黑石集團將生產排放量最低的前體（參見澳大利亞證券交易所2022年9月15日的公告）。
The existing business has a modern nickel mine built to Australian standards, which successfully operated as a mechanised underground nickel mine from 2013 to 2016. This will be complemented by a larger concentrator, refinery and precursor facility to support integrated production in-country.
現有企業擁有一座按照澳大利亞標準建造的現代化鎳礦，該礦在2013年至2016年期間作爲機械化地下鎳礦成功運營。這將輔之以更大的濃縮廠、煉油廠和前體設施，以支持國內綜合生產。
To unlock the flowsheet, the Company is focused on a partnership model and is collaborating with groups who are committed to sustainable mining, minimising the carbon footprint and implementing a vertically integrated supply chain.
爲了解鎖流程，該公司專注於合作模式，並正在與致力於可持續採礦、最大限度地減少碳足跡和實施垂直整合供應鏈的團體合作。
The Company's development strategy is underpinned by the ability to secure nickel concentrate and Ta Khoa is emerging as a nickel sulphide district with several exploration targets yet to be tested.
該公司的發展戰略以保護鎳精礦的能力爲基礎，塔霍亞正在崛起爲硫化鎳區，有幾個勘探目標尚待測試。
Figure 8: Ta Khoa Project Location
圖 8：Ta Khoa 項目地點
Figure 9: Blackstone Minerals Business Structure Schematic
圖 9：黑石礦業業務結構示意圖
DISCLAIMERS
免責聲明
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.
本公告已準備在澳大利亞發佈，不得向美國電訊社發佈或在美國發行。本公告不構成在美國或任何其他司法管轄區出售證券的要約或購買要約的邀請。本公告中描述的任何證券過去和將來都不會根據1933年的《美國證券法》進行註冊，除非交易不受美國證券法和適用的美國州證券法的註冊要求或約束，否則不得在美國發行或出售。
COMPETENT PERSON STATEMENT -
FOREIGN RESOURCE ESTIMATES AND EXPLORATION RESULTS
合格人員聲明-
國外資源估算和勘探結果
The Exploration Results, and information in this report provided under Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Wabowden Project. The information that relate to a Foreign Mineral Resource, is based on, and fairly represent information compiled from the foreign reports and technical filings, by Dr Stuart Owen. Dr Owen is a full-time employee of Blackstone Minerals and is a member of the Australasian Institute of Geoscientists. Dr Owen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results and Mineral Resources, and Ore Reserves. Dr Owen consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
勘探結果以及本報告中根據上市規則第5.12.2至5.12.7條提供的信息準確地代表了瓦博登項目的可用數據和研究。與以下內容相關的信息 外國礦產資源，基於斯圖爾特·歐文博士從外國報告和技術文件中彙編的信息，並公平地代表了這些信息。歐文博士是黑石礦業的全職員工，也是澳大利亞地球科學家協會的成員。根據2012年版《澳大利亞勘探結果和礦產資源及礦石儲量報告守則》的規定，歐文博士在礦化類型和所考慮的礦牀類型以及爲獲得合格人員資格而開展的活動方面擁有足夠的經驗。歐文博士同意根據報告出現的形式和背景將這些事項納入報告。
Dr Owen does hold securities in the Company.
歐文博士確實持有該公司的證券。
The Company confirms that it is not aware of any information or data that materially affects the information included in this document. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements and regulatory filings made by current and previous operators of the project.
公司確認，它不知道有任何信息或數據會對本文件中包含的信息產生重大影響。公司確認，主管人員陳述調查結果的形式和背景與該項目現任和前任運營商最初提交的市場公告和監管文件相比沒有實質性修改。
The Mineral Resource Estimate is a 'Foreign Resource Estimate' and has been prepared in accordance with the Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code 2012, and is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012.
礦產資源估算是 “國外資源估算”，是根據加拿大國家儀器43-101編制的。合格人員沒有做足夠的工作，無法根據2012年JORC準則將外國估算值歸類爲礦產資源，並且不確定進一步的評估和勘探是否會根據2012年JORC準則得出應報告的估算值。
Important supporting and disclosure information is included below.
重要的支持和披露信息包含在下面。
The Mineral Resource Estimate for the Ta Khoa Project referred to in this announcement and set out in the table below was first reported in its ASX release dated 23 December 2021, titled " Ta Khoa Mineral Resource Update". Blackstone confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
本公告中提及並列於下表的塔科亞項目礦產資源估算是在澳大利亞證券交易所2021年12月23日發佈的題爲 “塔科亞礦產資源更新” 的新聞稿中首次公佈的。黑石集團證實，它不知道有任何新的信息或數據會對最初公告中包含的信息產生重大影響，並且支持最初公告中估算值的所有重要假設和技術參數繼續適用，沒有發生重大變化。公司確認，主管人員陳述調查結果的形式和背景與最初的市場公告相比沒有實質性修改。
APPENDIX A: WABOWDEN PROJECT RESOURCES
附錄 A: WABOWDEN 項目資源
Wabowden Mineral Resource Summary
Wabowden 礦產資源摘要
Figure 10: Wabowden Project Mineral Resource Estimate at various cut-off grades (NI 43-101 Compliant) 9
圖 10：瓦博登項目不同臨界等級的礦產資源估算（符合 NI 43-101 標準） 9
APPENDIX B: WABOWDEN PROJECT
附錄 B: WABOWDEN 項目
THE OPTION TO ACQUIRE A MATERIAL MINING PROJECT INCLUDING A FOREIGN
RESOURCE ESTIMATE - IMPORTANT DISCLOSURE INFORMATION:
收購包括外國礦業在內的物資開採項目的選擇權
資源估算-重要的披露信息：
ASX Listing Rule 5.12
澳大利亞證券交易所上市規則 5.12
Wabowden Nickel Project - Foreign Resource Estimate
Wabowden 鎳礦項目——國外資源估算
Under the definition in the defined terms of the ASX Listing Rules Chapter 19, the Wabowden Nickel project mineral resources are classified as a Foreign Resource Estimate. Additional information is presented in the table below.
根據澳大利亞證券交易所上市規則第19章的定義條款，Wabowden Nickel項目的礦產資源被歸類爲國外資源估算。其他信息見下表。
| Listing Rule | ASX Explanation | Commentary |
| 5.12.1 | The source and date of the historical estimates or foreign estimates | The company has reviewed several periodic iterations of technical reports made available by the holder of the project (these public reports are specifically defined under TSX listing rules as "Technical Reports", of which the form and format is prescribed under TSX listing rules and are referred to as "NI43-101" reports). The consecutive reports represent a series of updates of the statutory technical documentation filings required under Canadian disclosure rules. Such consecutive or subsequent updates can be triggered by changes, such as to economic considerations or mining strategies - and therefore resulting in the revision of a Technical Report - often without changes to the underlying resource data or estimates. In the case of the Foreign Resource Estimates being disclosed in this report - the underlying resource estimations have been adjusted or modified in minor ways throughout the series of revised Technical Reports. Throughout the consecutive revisions of the technical reports the variations in the mineral resource estimates relate mainly to reporting the resource estimates at variable (lower or higher) resource cut-off grades - related to the variation in the prevailing modifying factors at the time of the update for example. When the company evaluated the resource reporting sensitivity tables in each report (resources reported at variable cut-off grades) - only minor variations were encountered. All reports reviewed were prepared and published under the relevant Canadian resource estimation guidelines and reported under the Canadian National Instrument "NI43-101" reporting code. The source documents for the optioned 'Foreign Resource Estimates' including the tabled resource sensitivities are as follows:
|
| 上市規則 | 澳大利亞證券交易所解釋 | 評論 |
| 5.12.1 | 歷史估計值或外國估計值的來源和日期 | 該公司已經審查了項目持有人提供的多次定期技術報告（根據多倫多證券交易所上市規則，這些公開報告被明確定義爲 “技術報告”，其形式和格式由多倫多證券交易所上市規則規定，被稱爲 “NI43-101報告”）。 連續的報告代表了加拿大披露規則要求的法定技術文件申報的一系列更新。此類連續或隨後的更新可能是由經濟考慮因素或採礦策略等變化觸發的，因此會導致修訂 技術報告 -通常不更改基礎資源數據或估計。 就本報告中披露的外國資源估算而言，在整個修訂報告中，基礎資源估算值均略有調整或修改 技術報告。在技術報告的連續修訂過程中，礦產資源估算值的變化主要與報告可變（較低或更高）資源截止等級的資源估算值有關，例如與更新時主要修改係數的變化有關。 當公司評估每份報告中的資源報告靈敏度表（按可變的截止等級報告的資源）時，只遇到了微小的差異。 所審查的所有報告均根據相關的加拿大資源估算指南編寫和發佈，並根據加拿大國家儀器 “NI43-101” 報告守則進行報告。 包括所列資源敏感度在內的可選 “國外資源估算” 的來源文件如下：
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| 5.12.2 | Whether the historical estimates or foreign estimates use categories of mineralisation other than those defined in Appendix 5A (JORC Code) and if so, an explanation of the differences | The Foreign Resource Estimates have been prepared in accordance with the Canadian National Instrument 43-101 ('NI 43-101'). The Foreign Resource Estimates contain categories of the Canadian guidelines that include 'Measured', 'Indicated' and 'Inferred': The use of the 'Measured' and 'Indicated' categories under the Canadian is consistent with the terminology and use of the 'Measured', and 'Indicated' categories under the JORC Code (2012 Edition). The use of the 'Inferred' category in Canadian reporting appears less restricted than may be used under JORC guidelines and reporting and as such, the Inferred' category resource volumes reported under JORC disclosure may be less than presented in Canadian reports. |
| 5.12S.3 | The relevance and materiality of the historical estimates or foreign estimates to the entity | The resources being optioned and described in the Foreign Resource Estimate Technical Reports are substantial in size, may be of significant value and are a material mining project acquisition to the company should the option be executed. |
| 5.12.4 | The reliability of the historical estimates or foreign estimates, including by reference to any data in Table 1 of Appendix 5A (JORC Code) which are relevant to understanding the reliability of the historical estimates or foreign estimates | The Foreign Resource Estimates reported in the NI43-101 technical reports are considered reliable by the company in the form and context of which that the resources have been prepared and presented in the available technical reports. The Competent Person confirms that the estimates have been prepared and reported in accordance with the Canadian NI43-101. The Competent Person has not done sufficient work to confirm that the resource can be adequately reported later under JORC reporting guidelines. Subsequent work by the company may result in variations to the mineral resources. |
| 5.12.5 | To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical or foreign estimates | More than 260,000 meters of drilling from 964 drill holes has been completed at the project and contributed to the resource estimate (for detail refer to the table included below in the Exploration Results section). Data from assay QAQC programs from 2004 have been reported in the available technical report. It is not known if assays results from programs prior to 2004 included QAQC programs. Block model estimate grade interpolations were carried out using inverse distance weighting methods. Bulk density regressions have been developed from laboratory data and applied to the block model. Measured block classification criteria applies - a 20m search radius, min-2/max-12 samples and 2 samples per drill hole. (Indicated 35m, Inferred 200m (same sample requirements)). Resources are not constrained or limited by considerations such as 'reasonable prospects of eventual economic extraction' or any other technical or practical constraints. Following the acquisition of the project - work carried out such mining or resource evaluations may result in variations to the mineral resource estimates. |
| 5.12.6 | Any more recent estimates or data relevant to the reported mineralisation available to the entity | The company is not aware of any data, information or reports on mineralisation that have been prepared subsequent to the information already provided to the company that may impact mineral resources. The technical reports available include information that states the magnitude of the mineral resources at different cut-off grades. The company has re-created these cut-off grade sensitivity tables from the block models, within an acceptable level or reconciliation, which are the basis of the resource tonnages and grades discussed in this report. The lower cut-off-grade reporting limits presented in the technical reports (such as >0.2% Ni or >0.6% Ni for example), vary throughout the historic reporting documentation provided by the current operator - according to deposit, and can be different from the limits that the Company has used. Comparisons have shown that the block model reports generated by the company at the same grade limits are comparable to the reported resources listed by the operator - for example at the 'Bowden Lake' deposit - the company has reported resources at a 0.2% cut-off of 134.5Mt @ 0.51% Ni which is equivalent the 2012 Technical Report - (134.5Mt @ 0.51%Ni). Greater than 90% of the estimated material tonnes reported by the company reconcile with sensitivity reports in the project owner documents. Special note: Grade control drilling conducted during operations: Over 22,000 m of drilling was conducted from underground locations during the period of underground operations at Bucko (2008-2010). This type of information is used primarily to prepare short-term mine production forecasts and monthly production planning mine designs during mining operations. Mineral resource modelling using this information is generally focused on short and near-term mine production areas only and the information was not used to update the project scale mineral resource model. Following the cessation of operations in 2012 CaNickel published a technical report update which was focused around the area of the recent underground mine (only incorporating the 22,000 meters of new drilling), and did not include an update of the project scale resource estimate. At that time market conditions and invested capital, in the form of the 0.365Mtpa process facility and the underground mine development, dictated the prevailing economic cut-off grade which in-turn constrained the modelling to the ore reserve area only, and the project scale resource estimate was not updated. A comparison between the mineral estimate reports from 2009 and 2012 at the previous mine cut-off grade of 1% shows that after 447,522 t's of mining depletion, the 2009 resource differs by only 0.238 Mt (>1%Ni) or 2% higher on a tonnage basis, which is 0.1% of the global mineral resource (at >0.2% Ni cut-off). The Company has disclosed the 2009 Mineral Resource report information because the 2009 report and model relates to the entire project whereas the 2012 report is focused in the main underground mining area and cannot be used to evaluate the project scale mineral resource. |
| 5.12.7 | The evaluation and/or exploration work that needs to be completed to verify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code) | Key work proposed to enable the foreign estimate to comply with the JORC Code (2012 Edition) may include:
|
| 5.12.8 | The proposed timing of any evaluation and/or exploration work that the entity intends to undertake and a comment on how the entity intends to fund that work | Initial validation of existing data and records, and the development of a database will be initiated in the first year of ownership. Interpretation, modelling and updated resource estimates may take place in the first year of ownership and are likely to be carried out on specific prospects according to potential development priorities. The company does not foresee the requirement to update all mineral resources until economic evaluations and development planning strategies are developed. The company will fund any work from working capital and new investor funds. |
| 5.12.9 | A cautionary statement proximate to, and with equal prominence as, the reported historical estimates or foreign estimates stating that:
|
Please refer to statements on Pages 1,4,7 and 14 in this report for Cautionary Statements regarding the reporting of foreign Resource Estimates. |
| 5.12.10 | A statement by a named competent person or persons that the information in the market announcement provided under rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The statement must include the information referred to in rule 5.22(b) and (c). | Please refer to statements on Pages 1,4,7 and 14 in this report for Cautionary Statements regarding the reporting of foreign Resource Estimates. |
| 5.12.2 | 歷史估計值或國外估計值是否使用附錄5A（JORC Code）中定義的礦化類別以外的礦化類別，如果是，請解釋差異 | 外國資源估算是根據加拿大國家儀器43-101（'NI 43-101'）編制的。 國外資源估算包含加拿大指導方針的類別，包括 “測量”、“指示” 和 “推斷”： 加拿大對 “測量” 和 “指示” 類別的使用與 JORC 準則（2012 年版）中 “測量” 和 “指示” 類別的術語和用法一致。在加拿大報告中使用 “推斷” 類別的限制似乎沒有JORC指南和報告中可能使用的限制，因此，根據JORC披露報告的 “推斷” 類別資源量可能低於加拿大報告中列出的數量。 |
| 5.12S.3 | 歷史估計或外國估計與實體的相關性和重要性 | 國外資源估算中可供選擇和描述的資源 技術報告 體積很大， 可能具有重要價值 並且是一個 物資開採項目收購 如果該期權被執行，則交給公司。 |
| 5.12.4 | 歷史估計值或外國估計值的可靠性，包括參考附錄5A（JORC代碼）表1中與理解歷史估計值或外國估計的可靠性有關的任何數據 | 該公司認爲 NI43-101 技術報告中報告的國外資源估算是可靠的，其形式和背景是，這些資源是在現有技術報告中編制和列報的。 主管人員確認估算值是根據加拿大 NI43-101 編制和報告的。 主管人員沒有做足夠的工作來確認以後可以根據JORC報告準則充分報告該資源。該公司隨後的工作可能會導致礦產資源的變化。 |
| 5.12.5 | 在已知範圍內，提供歷史估計數或國外估計數所依據的工作計劃摘要，以及用於編制歷史或國外估計數的關鍵假設、採礦和加工參數和方法的摘要 | 該項目已經在964個鑽孔中完成了超過26萬米的鑽探，這爲資源估算做出了貢獻（詳情請參閱下文 “勘探結果” 部分中的表格）。 現有的技術報告中報告了來自2004年測定QAQC計劃的數據。目前尚不清楚2004年之前項目的化驗結果是否包括QAQC項目。 區塊模型估計等級插值是使用反距離加權方法進行的。體積密度回歸是根據實驗室數據開發出來的，並應用於區塊模型。 適用測得的區塊分類標準——搜索半徑爲 20 米，最小爲 2/max-12 個樣本，每個鑽孔有 2 個樣本。（表示 35 米，推斷出 200 米（樣本要求相同））。 資源不受諸如 “最終經濟開採的合理前景” 或任何其他技術或實際限制因素的限制或限制。 收購項目後，此類採礦或資源評估工作可能會導致礦產資源估算值的變化。 |
| 5.12.6 | 該實體獲得的與所報告的礦化相關的任何最新估計值或數據 | 該公司不知道在已經向該公司提供的信息之後準備的任何可能影響礦產資源的數據、信息或報告。 現有的技術報告包括說明不同截止等級的礦產資源規模的信息。該公司根據區塊模型在可接受的水平或對賬範圍內重新創建了這些截止品位靈敏度表，這些表是本報告中討論的資源噸位和等級的基礎。 技術報告中列出的較低臨界等級報告限額（例如 > 0.2% Ni 或 > 0.6% Ni）在當前運營商提供的歷史報告文件中因存款而異，可能與公司使用的限額不同。 比較表明，該公司在相同等級限制下生成的區塊模型報告與運營商列出的報告資源相當，例如，在 “鮑登湖” 礦牀中，該公司報告的資源截止值爲1.345萬噸 @ 0.51% 鎳，相當於2012年的技術報告（1.345萬噸 @ 0.51% 鎳）。 在公司報告的估計物料噸數中，有90％以上與項目所有者文件中的敏感度報告一致。 特別說明：作業期間進行的坡度控制鑽探： 在 Bucko 的地下作業期間（2008-2010 年），從地下地點進行了超過 22,000 米的鑽探。此類信息主要用於在採礦作業期間編制短期礦山產量預測和每月生產計劃礦山設計。使用這些信息的礦產資源建模通常僅側重於短期和短期的礦山生產區域，該信息不用於更新項目規模的礦產資源模型。 2012年停止運營後，Canickel發佈了一份最新的技術報告，該報告側重於最近的地下礦山區域（僅包括22,000米的新鑽探），沒有包括項目規模資源估算的最新情況。當時的市場狀況和投資資本，例如3.65萬噸/年的加工設施和地下礦山開發，決定了當前的經濟截止品位，這反過來又限制了僅限於礦石儲備區的建模，並且項目規模的資源估算沒有更新。 將2009年和2012年的礦產估算報告進行比較，前一礦山截止品位爲1％，結果顯示，在447,522噸的採礦枯竭之後，2009年的資源僅相差0.238萬噸（鎳含量> 1％），按噸位計算，高出2％，佔全球礦產資源的0.1％（鎳截止量大於0.2％）。 該公司之所以披露2009年的礦產資源報告信息，是因爲2009年的報告和模型涉及整個項目，而2012年的報告則側重於主要的地下采礦區，不能用來評估項目規模的礦產資源。 |
| 5.12.7 | 根據附錄 5A（JORC Code），爲驗證礦產資源或礦石儲量的歷史估計值或外國估算值而需要完成的評估和/或勘探工作 | 爲使外國估算符合《JORC守則》（2012年版）而提議的關鍵工作可能包括：
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| 5.12.8 | 該實體打算進行的任何評估和（或）勘探工作的擬議時間安排，以及對該實體打算如何爲這項工作提供資金的評論 | 現有數據和記錄的初步驗證以及數據庫的開發將在擁有所有權的第一年啓動。 解釋、建模和更新的資源估算可能在所有權的第一年進行，並可能根據潛在的發展優先事項對具體前景進行。該公司預計，在制定經濟評估和發展規劃戰略之前，不會要求更新所有礦產資源。 該公司將從營運資金和新的投資者資金中爲任何工作提供資金。 |
| 5.12.9 | 與所報告的歷史估計或外國估計相近且具有同等重要性的警告聲明，指出：
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有關報告外國資源估算的警示聲明，請參閱本報告第1、4、7和14頁的聲明。 |
| 5.12.10 | 指定的一名或多名合格人員聲明，根據規則5.12.2至5.12.7提供的市場公告中提供的信息準確代表了材料開採項目的可用數據和研究。聲明必須包括第5.22 (b) 和 (c) 條所述的信息。 | 有關報告外國資源估算的警示聲明，請參閱本報告第1、4、7和14頁的聲明。 |
APPENDIX C: EXPLORATION RESULTS
附錄 C: 勘探結果
THE OPTION TO AQUIRE A MATERIAL MINING PROJECT INCLUDING EXPLORATION RESULTS - IMPORTANT DISCLOSURE INFORMATION:
收購包括勘探結果在內的材料採礦項目的選擇權——重要的披露信息：
Wabowden Nickel Project - Exploration Results
Wabowden 鎳礦項目-勘探結果
Under the definition in the defined terms of the ASX Listing Rules Chapter 19, previous operators of the Wabowden Nickel project have conducted extensive exploration programs over several decades which have culminated in the supporting data and information for the Foreign Mineral Resource estimate discussed in this report.
根據澳大利亞證券交易所上市規則第19章的明確條款，Wabowden Nickel項目的前運營商在過去幾十年中進行了廣泛的勘探計劃，最終爲該項目提供了支持數據和信息 外國礦產資源 本報告中討論的估計。
In this report the Foreign Resource Estimate is the material aspect of the option.
在本報告中，國外資源估算是該選項的實質方面。
The inclusion of previous exploration results (in the form of an indicative cross-section -Figure 7), are presented directly from information sourced from the previous owners. The data has not been verified however the information was originally prepared under Canadian guidelines and has previously been presented publicly in various forms. The disclosure of the exploration results included in this report is addressed below in reference only to listing rule 5.7, and the ASX guidelines 'ASX Mining Reporting Rules for Mining Entities', and full JORC disclosure for exploration results is not provided.
包括先前的勘探結果（以指示性橫截面的形式——圖 7）， 直接從以前的所有者那裏獲得的信息中提供。數據尚未得到驗證，但是該信息最初是根據加拿大的指導方針編制的，此前曾以各種形式公開發布。本報告所列勘探結果的披露將在下文中述及 僅提及上市規則 5.7，澳大利亞證券交易所指南 “礦業實體澳大利亞證券交易所礦業報告規則”，也沒有提供JORC對勘探結果的完整披露。
The Exploration Results included in this report (refer Figure 7 cross section above):
本報告中包含的勘探結果（參見圖 7） 橫截面上圖）：
- Have been extracted from reports and data received from the former owner.
- Refer to the reports noted above, adjacent to note 5.12.1.
- Were collected and managed under Canadian industry guidelines by qualified professionals and reported under Canadian reporting standards (periods of exploration are noted below)
- Blackstone views the exploration results for the project and including the minor inclusion in this report as reliable in the form and context presented and for the purposes for which that the results were sought.
- Summary of the work programs carried out at the project:
- 已從前所有者那裏收到的報告和數據中提取。
- 參見上文註釋旁邊的報告 5.12.1。
- 由合格的專業人員根據加拿大行業指南進行收集和管理，並根據加拿大報告標準進行報告（勘探期見下文）
- Blackstone認爲，從所提出的形式和背景以及尋求結果的目的來看，該項目的勘探結果以及本報告中包含的少量內容是可靠的。
- 該項目執行的工作計劃摘要：
| Summary of Drilling at Bucko Lake & Satellite Deposits since 1960s | ||||
| Company Name | Year | Property | Metres Drilled | # of holes |
| Falconbridge/Nuinsco/Crowflight | 1962-2008 | Bucko Lake | 101,174 | 340 |
| CaNickel/Crowflight | 2009-2012 | Bucko Lake | 42,471 | 285 |
| CaNickel | 2013 | Bucko Lake | 8,683 | 17 |
| Subtotal Bucko | 152,328 | 642 | ||
| Falconbridge/Crowflight | 2007-2008 | Halfway Lake | 23,671 | 82 |
| Falconbridge/Crowflight/CaNickel | 1960-2012 | M11A | 34,900 | 132 |
| Crowflight | 2007-2008 | Apex | 5,134 | 17 |
| Falconbridge/Crowflight/CaNickel | 1963-2012 | Bowden Lake | 40,200 | 91 |
| Subtotal Satellites | 110,675 | 322 | ||
| Grand Total | 263,003 | 964 | ||
| 1960 年代以來在巴科湖和衛星礦牀鑽探的摘要 | ||||
| 公司名 | 年 | 財產 | 鑽孔米 | 洞數 |
| 獵鷹橋/Nuinsco/Crowflight | 1962-2008 | 布科湖 | 101,174 | 340 |
| Canickel/CrowFligh | 2009-2012 | 布科湖 | 42,471 | 285 |
| Canickel | 2013 | 布科湖 | 8,683 | 17 |
| 小計 Bucko | 152,328 | 642 | ||
| 獵鷹橋/Crowflight | 2007-2008 | 半路湖 | 23,671 | 82 |
| 獵鷹橋/Crowflight/Canickel | 1960-2012 | M11A | 34,900 | 132 |
| 鴉飛 | 2007-2008 | Apex | 5,134 | 17 |
| 獵鷹橋/Crowflight/Canickel | 1963-2012 | 鮑登湖 | 40,200 | 91 |
| 衛星小計 | 110,675 | 322 | ||
| 總計 | 263,003 | 964 | ||
*Source - October 2012 NI43-101 Technical Report - APEX Geoscience drill hole compilation and historical drill data
*來源-2012 年 10 月 NI43-101 技術報告-APEX 地球科學鑽孔彙編和歷史鑽探數據
- No significant exploration activities including drilling has been conducted at the project from 2012.
- Disclosure of the exploration results subsequent to this report - the exploration data, information and results are to be evaluated by the company and will be reported under JORC reporting guidelines as appropriate and at a later date.
- The focus of work in the near future will include the evaluation of the project in terms of potential mining activities. As such, the evaluation of exploration results will not form a key aspect of the company's efforts in the short term. The company plans to evaluate the potential to grow the projects resource inventory which will involve the evaluation of existing exploration results and such activities will be reported according to JORC guidelines as required.
- 自2012年以來，該項目沒有進行任何包括鑽探在內的重大勘探活動。
- 披露勘探結果 在本報告之後 -勘探數據、信息和結果將由公司進行評估，並將在適當的日後根據JORC報告準則進行報告。
- 不久的將來的工作重點將包括從潛在採礦活動的角度對該項目進行評估。因此，對勘探結果的評估在短期內不會成爲公司努力的關鍵方面。該公司計劃評估增加項目資源庫存的可能性，這將涉及對現有勘探結果的評估，並將根據JORC的要求報告此類活動。
1 The Mineral Resource Estimate is a Foreign Resource Estimate and has been prepared in accordance with the Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code 2012, and is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012.
2 The Mineral Resource Estimate is a Foreign Resource Estimate and has been prepared in accordance with the Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code 2012, and is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012.
3 ASX Announcement, 3 Mar 2022, "Strategic Investment in Corazon Adds to Manitoba Footprint"
4 Company Website - Accessed 9 September 2023 "Minago-Nickel",
5 ASX Announcement 28 Feb 2022, "Blackstone Completes PFS at Ta Khoa Nickel Project"
6 ASX Announcement 23 Dec 2021, "Ta Khoa Mineral Resource Increases 73% to 485kt of Nickel"
7 The Exploration Results have been extracted from data and reports prepared in accordance with the Canadian National Instrument 43-101. A competent person has not done sufficient work to the verify the Exploration Results and present in accordance with the JORC Code 2012, and it is uncertain whether further evaluation of the data and information will result in the exploration results being reportable under the JORC Code 2012. In relation to the Exploration Results, nothing has come to Blackstone's attention to question accuracy or reliability of results and that the company has not independently validated the results.
8 TERP is the theoretical ex-rights price at which New Shares should trade immediately after the ex-date for the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which New Shares trade immediately after the ex-date for the Entitlement Offer will depend on many factors and may not equal TERP.
9 The Mineral Resource Estimates discussed this report are 'Foreign Resource Estimates' and have been prepared in accordance with the Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimates as a mineral resource in accordance with the JORC Code 2012, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012.
1 礦產資源估算是國外資源估算，是根據加拿大國家儀器43-101編制的。合格人員沒有做足夠的工作，無法根據2012年JORC準則將外國估算值歸類爲礦產資源，並且不確定進一步的評估和勘探是否會根據2012年JORC準則得出應報告的估算值。
2 礦產資源估算是國外資源估算，是根據加拿大國家儀器43-101編制的。合格人員沒有做足夠的工作，無法根據2012年JORC準則將外國估算值歸類爲礦產資源，並且不確定進一步的評估和勘探是否會根據2012年JORC準則得出應報告的估算值。
3 澳大利亞證券交易所公告，2022年3月3日，“對Corazon的戰略投資擴大了曼尼託巴的影響力”
4 公司網站-2023 年 9 月 9 日訪問 “Minago-Nickel”，
5 澳大利亞證券交易所2022年2月28日公告，“黑石集團完成塔霍亞鎳業項目的PFS”
6 澳大利亞證券交易所2021年12月23日公告，“塔霍亞礦產資源增長73％，達到485萬噸”
7 勘探結果是從根據加拿大國家儀器43-101編制的數據和報告中提取的。合格人員沒有做足夠的工作來覈實勘探結果並按照2012年JORC準則提交勘探結果，目前尚不確定對數據和信息的進一步評估是否會導致根據2012年JORC準則報告勘探結果。關於勘探結果，黑石集團沒有注意到任何質疑結果的準確性或可靠性，該公司也沒有獨立驗證結果。
8 TERP是指在授權要約的除息日之後，新股應立即交易的理論除權價格。TERP僅是理論計算，在權益要約的除息日之後，新股的實際交易價格將取決於許多因素，可能不等於TERP。
9 本報告討論的礦產資源估算是 “國外資源估算”，是根據加拿大國家儀器43-101編制的。根據2012年《JORC守則》，合格人員沒有做足夠的工作來將外國估算值歸類爲礦產資源，目前尚不確定進一步的評估和勘探是否會得出根據2012年JORC準則報告的估算值。
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