Why did Blackstone Minerals (ASX:BSX) shares surge recently?

Blackstone Minerals shares jumped over 60% following news that a local cease and desist order at its Mankayan copper-gold project in the Philippines was lifted.

What was the cause of the cease and desist order at the Mankayan Project?

The order was issued by the local Municipal Mayor, halting operations until concerns were addressed.

How does this news change the investment thesis for Blackstone Minerals (ASX:BSX)?

The lifting of the order significantly de-risks the Mankayan project by removing a major bureaucratic roadblock and establishing a "clear pathway" for development.

What are the immediate operational plans for Blackstone Minerals at Mankayan?

Blackstone intends to launch a 10-hole drilling campaign with targets reaching depths of 800 to 1,000 metres. This programme focuses on testing high-grade zone extensions, gathering geotechnical data, and extracting material for metallurgical testing to support the ongoing pre-feasibility study.

What is the scale of the mineral resource at the Mankayan Project?

Mankayan is one of the largest undeveloped copper-gold deposits in the Philippines, hosting a JORC-compliant resource of 793 million tonnes at 0.65% copper equivalent.

When can investors expect the next major data catalysts for BSX?

Key results from metallurgical test work conducted by the Pitch Black Group are expected by mid-2026. Additionally, shareholders should watch for the awarding of engineering study packages and updates from the upcoming 10-hole drilling programme as the pre-feasibility study progresses.

What are the primary risks for Blackstone Minerals (ASX:BSX) now?

While the legal order is lifted, the project remains in the pre-feasibility stage, meaning it faces typical mining risks including funding requirements, metallurgical complexities, and long-term commodity price volatility.

How does Blackstone Minerals compare to other copper developers in the region?

Management ranks Mankayan as the fourth-largest undeveloped copper project in the Philippines by tonnage, describing it as a deposit of international scale.

Blackstone Minerals shares surge as Mankayan drilling restarts

Written by Isaac FrancisPublished Apr. 14 2026Last Updated Apr. 14 2026

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.