BLACKSTONE MINERALS LIMITED — Capital/Financing Update 2021

May 13, 2021

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14 May 2021

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Codrus Minerals Limited IPO Open

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Blackstone Minerals Limited (“ Blackstone ”, “ Company ”) is pleased to advise the Priority Offer to Blackstone shareholders under the Codrus Minerals Limited (“ CDR ”) IPO is now open following conclusion of the exposure period. Eligible Blackstone shareholders at the record date of 6 May 2021 (resident in Australia or New Zealand) will be entitled to subscribe for up to 500,000 CDR shares in the IPO under the Priority Offer (“ BSX Offer ”).

The BSX Offer is being made under the Prospectus which CDR lodged with ASIC on 5 May 2021 (the “ Prospectus” ) to raise a minimum of $5 million.

In order to participate in the BSX Offer under the Prospectus, shareholders should follow the instructions on the priority application form attached to the Prospectus and note the BSX Offer closing date (currently 27 May 2021) may be closed early at the election of the CDR Directors.

Where to find details of CDR and your priority shareholder offer.

Before deciding to invest in CDR, investors should read the entire Prospectus and consider the risks of the BSX Offer. You can visit CDR’s website www.codrusminerals.com.au to download a copy of the Prospectus.

The BSX Offer opened on the 13[th] of May 2021 and you can make a priority application online https://investor.automic.com.au/#/ipo/codrusmineralspriority.

A personalised application form will be sent to each eligible Blackstone shareholder and a copy of this letter follows this announcement.

Please refer to the Prospectus for the allocation policy relating to the BSX Offer.

Public Offer

Members of the public may apply under the Public Offer component of the CDR IPO by completing an application form available (attached to the Prospectus) or via the Automic Website at https://investor.automic.com.au/#/ipo/codrusminerals or at www.codrusminerals.com.au.

You can also call the Share Registry on 1300 288 664 (within Australia), +61 2 9698 5414 (outside Australia) or email corporate.actions@automic.com.au for information regarding the BSX Offer.

Authorised on behalf of the Board of Blackstone Minerals Limited

Ends.

Scott Williamson

Managing Director

14 May 2021

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This announcement is not intended to be an offer for subscription, invitation, recommendation or sale with respect to any shares in any jurisdiction. The proposed offering of shares by Codrus Minerals Limited (“Codrus”) is made under the Prospectus prepared in accordance with the Corporations Act 2001 (Cth) and lodged with the Australian Securities and Investments Commission (“ASIC”) on 5 May 2021 (‘the Prospectus”). You should carefully consider the Prospectus before deciding whether to acquire Shares in Codrus. Any person wishing to subscribe for Shares in Codrus will need to complete an application form (for either the Priority Offer or the General Offer to the public) that will be in or will accompany the Prospectus. Recipients of this letter should make their own independent assessment of the information contained in the Prospectus and/or seek their own independent professional advice in relation to the Prospectus and/or any action taken on the basis of this letter or the Prospectus.

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