Blackstone Minerals (ASX:BSX) has cleared a regulatory hurdle at its flagship Mankayan Copper-Gold Project following the lifting of a local cease and desist order.
The resolution, achieved after months of intensive consultation between Blackstone’s affiliate, Crescent Mining & Development, and Indigenous community groups alongside regional government bodies, paves the way for an immediate restart of drilling operations.
The development triggered a sharp market response, with the company’s share price surging over 60% in early trading.
The lifting of the order allows the company to resume a critical pre-feasibility study programme designed to de-risk one of the largest undeveloped copper assets in the Philippines.
Blackstone plans to deploy rigs for a 10-hole drilling campaign, targeting depths of up to 1,000m.
The technical work focuses on testing extensions of high-grade mineralised zones and collecting geotechnical data to refine the project’s 3D models.
Management is currently evaluating engineering proposals for various PFS workstreams, while metallurgical testing remains ongoing with results anticipated by mid-2026.
With a massive JORC-compliant resource of 793 million tonnes at 0.65% copper equivalent, Mankayan holds approximately 2.8 million tonnes of copper and nearly 10 million ounces of gold.
Executive Chair Geoff Gilmour emphasised that the decision creates a "clear pathway" for development, noting the project’s international scale and importance to the global copper pipeline.
At the time of reporting, Blackstone Minerals’ share price was $0.057.