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#Bull Case
Added 6 months ago

High cost operating leverage nickel story. CAPEX for restart would be low. Seems to be doing well finding a bulk nickel deposit next door to the previously exploited vein deposit. JV to explore higher value add operations to feed into regional EV supply chain. Nickel market still looks short so expect prices are likely to go up more than go down from here.

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#Bull Case
Added 5 months ago

Disclaimer: I'm new at this, just looking at quarterlies, news, and market caps for now. I don't dabble in technical analysis, I'm just throwing down what I see. I hold BSX and there is a summary (tl;dr) at the bottom.


From the quarterly report dated 31/01/2020.

Sect 1;

exploration & evaluation: 1.2m spend,

staff, admin, corporate costs: 687,000 spend.

Sect 3;

Looks like minor cash raising, issuance of some shares occured which resulted in $165,000. Not horrible.

Sect 4;

$2.835m in the bank.

Sect 9;

Estimated $1.5m expenditure next quarter. $1.050m is to be spent on exploration and evaluation, while staff, admin, and corporate costs are expected to decrese, (staff est. 13k decrese, corporate est. 224k decrease). Looks like they could have found deficiencies in their admin & corporate costs to slash.


From the Appendix 3B dated 11/10/2019.

Sect 8;

Current number of shares is 191,731,467. This isn't too bad, the price shouldn't be that volatile. At this number of shares and the current share price of 0.17c, this gives a market cap of 32,594,349 million. Pretty good value, lower market cap stocks find it easier to become a "multi-bagger".


Other Information;


2 Dec 2019

Blackstone signs an alliance with Korea's largest electric vehicle battery cathode producer. - My notes follow;

  • Blackstone state that a memorandum of understanding (MOU) was signed between Blackstone Minerals Ltd & Ecopro BM Co Ltd,
  • The MOU is non-binding,
  • The MOU outlines an alliance/partnership to develop a downstream processing facility relating to Blackstone's Ta Khoa Nickel Project (Northern Vietnam).

18 Dec 2019

Blackstone discovers King Cobra Nickel Sulfide Zone at Ta Khoa Nickel Project - My notes follow;

  • Report states semi-massive sulfide veins were found,
  • BP19-07 strikes at 310m, not very economical but the results are good with a 64.4m width at .52% nickel, and 15.6m width at 1.08% nickel.
  • BP19-11 strikes at 109.4m for a 51.5m width at .5% nickel with .22% other minerals (Pt, Pd, Au) scattered throughout,
  • BP19-11 also strikes at 116m for a 8m width at 1.09% nickel with .66% other minerals (Pt, Pd, Au).
  • BP19-14 strikes at 215m for a 106m width at .45% nickel with .20% other minerals as mentioned above,
  • BP19-14 strikes at 237.1m for a 20.2m width at .61% nickel and .44% other minerals,
  • BP19-23 strikes at 173m for a 51m width at .71% nickel and .43% other minerals,
  • BP19-23 also strikes at 188.3m for a 15.7m width with 1.48% nickel and 1.14% other minerals.
  • BP19-14 strikes at 
  • Pt = Platinum (currently $975.5 USD / tonne), Pd = Palladium (currently $2,714.00 USD / tonne and at an all time high!), Au = Gold (currently $1,643.45 USD / tonne and close to an all time high!), Ni = Nickel (currently $12,454.00 USD / tonne),
  • These drill results are very promissing, especially if the nickel price takes off,
  • Nickel is used in batteries and as alloys mostly, electric cars are a future we're heading towards, electric cars require batteries. Lithium prices have taken off recently too, as has Palladium (used in catalytic converters, electronics, and used for hydrogenation and dehydrogenation reactions),
  • The third highest nickel strikes in the Ta Khoa project area, after Suoi Phang & Ban Mong within a nearby mining tenement area (located near Hanoi).

20 Jan 2020

Blackstone intersects 60m @1.3% nickel from 32m in King Cobra discovery drill hole. - My notes follows;

  • The report title is exciting because of the depth, width, and grade of nickel, however there is more to this story,
  • BP19-03 - 56.5m depth, 45.5m interval, 1.2% nickel,
  • BP19-06 - 101m depth, 27.7m interval, .88% nickel, and 108.5m depth, 13.5m interval, 1.12% nickel,
  • I could keep going but honestly the majority of the 12 holes have strikes within reasonable surface distance, acceptable intervals, and really good grades of Nickel, with 3 holes also having really good grades of other minerals.

Jan 2020

Corporate presentation - My notes follows;

  • Essentially a great presentation that summarises my notes above. One thing to note is that the company is moving forward, spending close to 2x - 3x the amount used on staffing and corporate costs for exploration and drilling. It seems like the company isn't self serving, but investing in future discovery,
  • The next steps will be investigating the possibility of opening the Ban Phuc concentrator via a scoping study,
  • The study will include an assessment of the possibility to produce a downstream nickel and cobalt processing infrastructure to supply the growing lithium ion battery industry throughout Asia.


Summary (TL;DR) - Ramblings of a madman. I looked into the business fundamentals and it all looks great. Rising nickel prices and success of the feasability studies into starting the Ban Phuc plant / development of processing infrastructure in Vietnam will be the catalyst for this low cap mining venture to explode. They already have the results, and the drive to go big. Financials look great and I think this one could easily go 2x - 3x within the next quarter or two.

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