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Blackstone Minerals
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— Copmany Overview
About Blackstone Minerals (ASX:BSX)
Blackstone Minerals is an Australian exploration and development company focused the ASEAN region. The company’s flagship project has been the Ta Khoa Nickel-Copper-PGE Project in northern Vietnam, but it has been pivoting to the Mankayan Copper-Gold Project in the Philippines. Blackstone’s projects tap into the growing global demand for metals needed in clean energy technologies, aiming to deliver shareholder value through resource growth and advancement towards production. In particular Mankayan is a porphyry copper-gold deposit – porphyry tend to be the world’s largest source of copper. BSX claims that the project is one of the largest high-grade undeveloped copper-gold porphyry projects globally.
Blackstone's Company History
Founded in 2016 and listed on the ASX in early 2017, Blackstone Minerals first focused on gold and nickel projects in WA that were eventually spun off. In 2019, it bought the Ta Khoa Project in Vietnam, inspired by the surge in demand for nickel and cobalt due to EVs. Ta Khoa had been an operating mine from 2013 to 2016 but was placed into care and maintenance due to low nickel prices, as well as depletion of the only then known ore reserve. BSX built up an ore reserve and planned a comprehensive upstream and downstream nickel operation to serve local industrial and export partners. In 2025, amidst regulatory delays with Ta Khoa, the company pivoted to Mankayan, acquiring the Fillipino company that was the owner of the project.
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— Forward View
Future Outlook of Blackstone Minerals (ASX: BSX)
Blackstone Minerals outlook hinges on the successful development of Mankayan. It is one of the largest high-grade undeveloped copper-gold porphyry projects globally. Copper will be the most important commodity of the 21st century, needed in many industrial applications. Yet there’ll be a deficit of 10Mt by 2035 and so there’s a need for more mines to enter production. The risks are commodity prices, a potential failure in exploration and sovereign risk. Although the Phillippines is a jurisdiction where gold miners operate and has proven to be safe from a regulatory perspective, it is still unknown by investors and isn’t as well trusted as jurisdictions like Australia and Canada.
— Our Assessment
Is BSX a Good Stock to Buy?
Considering Blackstone Minerals as an investment requires remembering that it is a junior resource stock. And so its fate will hinge on commodity prices and its exploration success or failure. There is high return potential, but it comes with a high risk and the odds are stacked against it. Monitoring upcoming drilling results, project studies, and global nickel-cobalt market trends will be crucial in assessing its investment case over time.
— Our Stock Analysis
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— Faq
Frequently Asked Questions
What is the current focus of Blackstone Minerals?
Blackstone Minerals is primarily focused on advancing the Mankayan Copper-Gold project in the Philippines.
Does BSX pay dividends?
Currently, Blackstone Minerals does not pay dividends, as profits are reinvested into project development and exploration.
What are the main risks of investing in BSX?
Key risks include commodity price volatility, project development delays, and geopolitical factors affecting operations in Southeast Asia.
Is Blackstone Minerals positioned well for the EV battery metals demand?
Yes, BSX’s focus on nickel and cobalt, critical battery metals, aligns well with growing EV and energy storage market demand.
Is Blackstone Minerals a good long-term investment?
Blackstone Minerals suits investors with a high risk tolerance who are comfortable with junior resource exposure. Its fate will hinge on commodity prices and exploration success or failure at the Mankayan Copper-Gold Project in the Philippines. There is meaningful return potential if exploration delivers, but equally a real possibility of capital loss if results disappoint or funding conditions tighten. Patience and active monitoring of drilling results and commodity prices are essential.
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