Blackstone Minerals Ltd (ASX:BSX, OTCQX:BLSTF) has boosted its finances to the tune of A$2.8 million after receiving an advance for expenditure incurred in FY 2023 on research & development (R&D) activities.
The advance has come from an R&D lending fund backed by Asymmetric Innovation Finance and Fiftyone Capital and offsets Blackstone’s 2023 refundable tax offset for R&D expenditure.
This advanced payment of A$2.8 million reflects the significant investment by Blackstone to develop the Ta Khoa Refinery process and the company’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (pCAM).
To complete refinery DFS
Blackstone’s managing director Scott Williamson said: “The additional funding allows Blackstone to complete the Ta Khoa Refinery DFS over the coming months and we welcome the support from the team at Asymmetric and Fiftyone Capital.”
The majority of Blackstone’s investment was directed to process development and piloting programs in Australia with the company to repay the advance following lodgement of an R&D claim under the Australian Government’s R&D Tax Incentive Program.
Ta Khoa studies
This advance payment follows the company receiving a A$3.8 million R&D refund from the Australian Tax Office (ATO) in March 2023, in recognition of technical advancements it made during the last financial year.
Blackstone continues to progress pre-development studies relating to the Ta Khoa Nickel Project in Vietnam and these incorporate a downstream refinery.
READ: Blackstone Minerals taps Metso as pCAM technology suppler for Ta Khoa Refinery DFS
Last month the company engaged Metso as technology supplier for pCAM equipment and testing, which is being carried out as part of a definitive feasibility study (DFS) for the refinery project.
Metso is designing the pCAM plant alongside BSX’s process engineering partner Wood Plc, providing what the company describes as “invaluable experience and engineering technical support”.
Metso will also conduct independent test work on the pCAM generated in Blackstone’s ALS Pilot Program, validating whether the nickel and cobalt sulphates produced are suitable for battery production.
At the time, Williamson said: “Securing another world leader to the Ta Khoa Project is yet another jigsaw piece in the battery value chain puzzle.
“Blackstone continues to look forward to project success as it marches towards developing the greenest and most resilient nickel business in the world.”