Blackstone Minerals Advances Ta Khoa Refinery Project with pCAM Pilot Program
BLACKSTONE MINERALS LIMITED (BSX) Share Update July 2024 Wednesday 31st
Blackstone Minerals Advances Ta Khoa Refinery Project with pCAM Pilot Program
Blackstone Minerals Limited (ASX: BSX) has announced significant advancements in its Ta Khoa Refinery project, including the commencement of a precursor cathode active material (pCAM) pilot program and the final stages of its definitive feasibility studies (DFS).
Instant Summary:
- Commencement of pCAM NCM811 pilot program in May 2024.
- Final stages of completing Ta Khoa Refinery DFS.
- Engagement with Son La Provincial Government on TKR Investment Policy application.
- End of quarter cash position of $4.16 million.
- Listed investments valued at $1.6 million at the end of the quarter.
Project Update
Blackstone Minerals has made significant strides in its Ta Khoa Refinery project. The company commenced the precursor cathode active material (pCAM) NCM811 pilot program in May 2024. This program is the final stage of testwork required to finalize the definitive feasibility studies (DFS) for the Ta Khoa Refinery.
The pCAM pilot program will utilize feedstock generated during the Ta Khoa Refinery pilot program to produce on-specification pCAM material in the chemistry of NCM811, meeting typical lithium-ion battery standards for the electric vehicle (EV) market. The program will run for 12 weeks, focusing on delivering on-specification pCAM samples for distribution to joint venture partners and for marketing purposes.
Residue Repurposing Studies
During the period, Blackstone worked with its TKR residue repurposing technical partners to define future testwork and research scope. The company successfully transported residue to Vietnam for further testwork and achieved 'non-hazardous' waste classification to Vietnamese standards. Additionally, Blackstone progressed the design of the Construction Aggregate Storage Facility and integrated residue repurposing within the DFS flowsheet.
DFS Activities
The company remains focused on finalizing the remaining outstanding study activities for its flagship project, Ta Khoa Refinery. These activities include the pCAM piloting program, residue handling testwork, Construction Aggregate Storage Facility design, and finalizing geotechnical assessments. Completion of these activities will allow for the release of the DFS within CY24.
Corporate Updates
Blackstone reported an end-of-quarter cash position of $4.16 million, following the receipt of approximately $1 million from a research and development advance funding agreement. The company also announced that it received A$0.9 million from the sale of 25 million Codrus Minerals Limited (ASX: CDR) shares, retaining 10 million shares in Codrus.
Additionally, Blackstone received A$1 million as an advance from a research and development lending fund backed by Asymmetric Innovation Finance and Fiftyone Capital. The company has also extended the expiry date of its At-the-Market Subscription Agreement with Acuity Capital to 31 July 2029.
The advancements in the Ta Khoa Refinery project, particularly the commencement of the pCAM pilot program, are likely to have a positive impact on Blackstone Minerals' stock. The successful completion of the DFS and the engagement with the Son La Provincial Government on the TKR Investment Policy application further strengthen the company's position. The financial updates, including the cash position and investments, provide a solid foundation for future developments.
Investor Reaction:
Analysts are likely to view the commencement of the pCAM pilot program and the progress in the DFS activities positively. The engagement with the Son La Provincial Government and the financial updates are also expected to boost investor confidence. However, the market will be closely watching the final results of the DFS and the company's ability to meet its project timelines.
Conclusion:
Investors should stay updated on the progress of the Ta Khoa Refinery project and the final results of the DFS. Blackstone Minerals' strategic advancements and financial stability make it a company to watch in the coming months. Investors are encouraged to monitor the company's announcements and consider the potential long-term impacts on their portfolios.