Management presentation

February 2019

Disclaimer - confidential

The information that appears in this presentation is confidential and may not, under any circumstances, be disclosed,reproduced or distributed, directly or indirectly, to any other person, or published, in whole or in part, for any purposewhatsoever, without the consent of Blackstone Resources Ltd., Blegistrasse 5, 6340 Baar, Switzerland ("Blackstone").

Some of this information is prospective in nature and may include forecasts or profit objectives. Such forward-lookingstatements are based on certain assumptions and analysis made by Blackstone in light of its experience and perception ofhistorical trends, current conditions and expected future developments and other factors it believes are appropriate, and aresubject to risks and uncertainties. The fact that Blackstone has a short operating history may cast doubts on the accuracy ofsuch assumptions and analysis. Given these risks, uncertainties and assumptions, readers should not place undue reliance onthese forward-looking statements. While such information is believed to be reliable for the purposes used herein, neitherBlackstone nor any of its respective directors, officers, principals, shareholders, employees, agents or affiliates assumes anyresponsibility for the accuracy of such information.

This presentation is not aimed at providing a comprehensive analysis of the financial situation, commercial standing orprospects of the company. The reader should not use it for this purpose. Further, this presentation and the information itcontains do not constitute a public offering, an offer, a solicitation or any kind of invitation to sell, subscribe or purchase anysecurities of the company, nor an application for registration of the shares of the company, in the Unites States or in anyother country. This document shall not be used as the basis for any contract, commitment or investment decision. A prospectaccording to Swiss law can be obtained from the company.

Blackstone’s business involves a number of risks. These risks should be carefully considered. The following are some of thekey risks and uncertainties but not all the key risks and uncertainties generally associated with the commodity business.However, the risks described below are not the only ones that we face. Additional risks not currently known to us or that wecurrently deem immaterial may also impair our business operations.

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Disclaimer - confidential

There is uncertainty regarding Blackstone’s ability to achieve, sustain or increase profitability; there is no assurance Blackstone willbe able to fund its operations with existing capital or indebtedness, or that it will be able to raise additional amounts to fundoperations, including through the raising of further capital, the borrowing of additional amounts or otherwise; there is uncertaintyregarding the future value, if any, of an investment in Blackstone’s securities.

Blackstone’s business and operations are subject to various regulatory and legal risks including: difficulties and uncertaintyregarding the results of government agencies or customers; the unpredictability of protection afforded by any licence rights orother mining property. Blackstone is subject to a variety of business and operational risks and uncertainties including: the cost ofany future acquisitions and the ability to integrate any acquired businesses; potential contractual disagreements and negotiationswith third parties; the ability to obtain adequate insurance against potential risks; the ability to attract and retain managementpersonnel; uncertainties associated with the timing, prospect and successful execution of the development, acquisition,exploration or exploitation of new mines and or mining rights and existing mines and or mining rights, of new customers or existingcustomers, of acceptance and demand for new commodities and existing commodities; the ability to obtain anything supplied bythird parties on satisfactory terms; the ability to develop, and ongoing reliance on, key strategic alliances, and partneringarrangements; risks relating to the uncertainty of tax rate assumptions, currency exchange rate and interest rate fluctuations; riskswith the ability to keep up with rapidly changing technology, rapidly changing commodity prices; risks associated with the ability tomeet demand and manage growth, including the ability to potentially expand to other countries anywhere in the world withnatural resources reserves and or generally into international markets; and fluctuating operating results.

Responsible for Content:Blackstone Resources LtdBlegistrasse 56340 BaarSwitzerlandRegister number: CHE-102.049.503T: +41 41 449 61 63 F: +41 41 449 61 69info@blackstoneresources.ch

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Company overview

Blackstone Resources AG is an independent metal miningcompany with a worldwide, diversified portfolio providingcashflow with refineries and income from royalties.

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Vision

Blackstone Resources AG will mainly deal with investments,development and mining of battery metals as it sees a great futurepotential.

Blackstone Resources AG will generate cash flow through it‘s owngold, silver, cobalt, molybdenum and manganese refineries.

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An attractive investment vehicle in terms of liquidityand market capitalization

• Presently undervalued shares as per estimate of EBITDAPotential

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The future is electric

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Demand for battery metals

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Businessmodel

• Blackstone Resources intends to extend and expand its investment holdings intothe acquisition of mining rights, concessions, licenses and mining technologies.

• Blackstone Resources will grow its already existing holdings in mineral deposits bythe acquisition of further licenses.

• Blackstone Resources is seeking special opportunities to purchase commodityassets. To achieve an outperforming capital growth for its shareholders there areno geographical limits.

• Blackstone Resources is doing their own research and development of batterytechnology.

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Profile

1. Strong financial means• a combination of substantial cash flow from production

in Peru and Canada and royalty payments fromMongolia, Colombia and Norway

• no present commitments in exploration

2. An attractive combination of developed assets• Operated gold producing assets and long-term visibility

(Peru)• Operated manganese producing assets and long-term

visibility (Colombia)• Operated gold, silver, cobalt and lithium producing

assets and long-term visibility to come (Canada)• Various royalty agreements or joint ventures to come

with major players from the mining industry

3. An attractive investment vehicle in terms of liquidity andmarket capitalization• Presently undervalued shares as per estimate of EBITDA

Potential and according the industry comparables• Interesting 4.25 % convertible bond• Placement of shares up to 2.7 Mio.

EBITDA Potential

Company overview

Group Reserves

Molybdenum29%

Copper1%

Manganese16%

Gold…

Others5%

Cobalt6%

in %

0 1000 2000 3000 4000

Canada

Colombia

Mongolia

Norway

Peru

In mn CHF

EBITDA potential and future share price

The EBITDA potential as per previous page is based on knownproven and inferred tonnage and actual prices. Much more isexpected after additional research and drilling. Therefore theEBITDA potential for the next 10 years of the assets of BlackstoneResources AG can be conservatively estimated at CHF 7,9 bio.

At todays discounted value, this relates to a total valuation for thecompany between CHF 2.9 bio and CHF 4.6 bio.

This relates to a price between CHF 61.- and CHF 97.- per Share.

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Key dates

01/2014: Launch of Mining Business.

07/2014: Capital increase.

08/2014: Purchase of the participation Peru, Colombia.

09/2014: Purchase of the Mongolia licenses.

2015: Private share placement of CHF 2,5 Mio.

04/2016: Development of Mongolia licenses with Magnet

resonance method.

06/2016: Purchase of 45 license areas in Norway for gold, rare earth etc.

09/2016: Receipt of research report of Mongolia for our drilling

program in 2017.

10/2016: Acquisition of a minority of shares for a refinery in Canada.

11/2016: Negotiations for joint ventures with various companies.

01/2017: Completion of private placement of CHF 0,5 Mio.

02/2017: Multi Minerals signed a contract with an investor for

CHF 1.5 Mio.

08/2017: Blackstone Resources Management AG was founded

for the management of the group.

Company overview

09/2017: Blackstone held it‘s AGM on 22.09.2017 with a presence of

95.1% of all votes.

11/2017: Cobalt Trading International Limited in Hong Kong was

established as a 100% subsidiary of Blackstone Resources AG

11/2017: The Board of Directors welcomes Mr. Peter-Mark Vogel

as Blackstone’s new Chief Financial Officer (CFO)

06/2018: Blackstone held it’s AGM on 29.06.2018 for

the business year ended 2017.

07/2018: Listing at SIX Swiss Exchange.

08/2018: Opening Tradig desk by A. Viscuso, Chief Trading Officer.

10/2018: Research started on new battery technology.

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Management

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Blackstone Resources AG, Switzerland, Board of Directors

Ulrich Ernstlic. oec. publ.President of the board

MBA, Univ. Zürich, 40 years of mining experience, president since 1995, various management positions in publiccompanies, president and CEO of a Swiss property company, management and financial consultant.

Ronald GröflinMember of the board

MBA, Jacksonville University in Florida. Co-founder of "Smart2Move“. Senior Investment Advisor positions with numeroustop banks. Mr. Gröflin is a member of the Swiss National Golf Team.

Dr. Patrick StachDr. iur. HSGMember of the board

Dr. iur at HSG St. Gallen, 30 years of experience in law, member of the board since 2018, advising and ligitating in his ownlaw company among others in trade and commercial law and acts as a notary public

Blackstone Resources AG, Switzerland, General Management

Ulrich Ernstlic. oec. publ., CEO

MBA, Univ. Zürich, 40 years of mining experience, president since 1995, various management positions in publiccompanies, president and CEO of a Swiss property company, management and financial consultant.

Peter-Mark Vogellic. oec. publ., CFO

MBA Univ. Chicago, MBA Univ. Zürich, completed CFA-Program, regulatory/risk management for Merrill Lynch CapitalMarkets, senior research analyst at HSBC Guyerzeller Bank and Soc. Generale, senior financial analyst at Sal. OppenheimBank, founding partner, CFO, treasurer and corporate secretary at MNP Petroleum Corp.

Antonio ViscusoCTO

Chief Trading Officer, graduated from Commercial Business School in Geneva, 30 years of experience in metal trading,worked for Glencore Inernational, MB Barter & Trading, Mineco and Vitrade.

Paul Schlatterlic. oec., CDO

MBA, Univ. Gabriela Mistral, Santiago, HSG St. Gallen, environment consultant HSG & EMPA. Several years of experience in exploration, evaluation and exploitation mining projects , strategy and corporate finance. Active member of the Peruvian Institute of Mining Engineers.

Michael HingstDipl. Kfm., COO

MBA, Univ. Hamburg, 30 years of experience in mining and comercial activities, CEO of Goldmining Projects Beteiligungs-AG since 2009, various management positions, financial, administrative and marketing consultancy in various companies.

Ingo MeyerCTO

metal specialist, 30 years of experience in mining and commercial activities, COO and CTO of Goldmining Projects Beteiligungs-AG since 2009, various management positions and marketing cunsultancy in various companies.

Management

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Helmut BornhalmInvestor Relations

Degree of financial and stocks advisor (DTV), 30 years of experience in marketing and communication, variousmanagement positions in Switzerland.

Ronald GröflinInvestment Advisor

MBA, Jacksonville University in Florida. Co-founder of "Smart2Move“. Senior Investment Advisor positions with numeroustop banks. Mr. Gröflin is a member of the Swiss National Golf Team.

James EagleCommunications Director

15 years of experience working in the finance industry in London, Geneva and Zurich, with extensive experience in investment communications. Previously an associate director of Bank Vontobel. Holds a B.S.C Economic from University ofBath.

Troi Gobi LLC, Mongolia, General Management

Byambaa Munkhbaatar President and CEO of Troi Gobi since 2007, expert in developping mines and resources in Mongolia, other managementpositions in developping construction and oil tank services.

Badrabat ShasnaabadraaCTO

MBA of Science, 30 years of experience in mining and commercial managament, former government official, holdingvarious management and consultancy positions

Batjargal ShasnaabadraaCOO

BBA (Business Administrator), international trade and marketing, university of mongolia, 14 years of experience in miningbusiness, marketing and mining service companies, sales and business manager.

Multi Minerals, Peru/Colombia, General Management

Hectro Wilfredo Quispe Manager of Peru Operation, various former positions in mining companies.

BS Canada Ltd, Switzerland

Blackstone Resources AG During the start-up phase managed by Blackstone Resources AG, Switzerland

BS Norway Ltd, BVI

Blackstone Resources AG During the start-up phase managed by Blackstone Resources AG, Switzerland

Blackstone Resources Chile spA

Paul Schlatter Manager of Chile Operation.

Advisory Board

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Advisory Board

Ulrich Ernst Pres. of the Advisory Board, MBA, Univ. Zürich, 40 years of mining experience, president since 1995, various managementpositions in public companies, president and CEO of a Swiss property company, management and financial consultant.

Dr. Patrick Stach Dr. iur at HSG St. Gallen, 30 years of experience in law, member of the board since 2018, advising and ligitating in his own lawcompany among others in trade and commercial law and acts as a notary public

Jason Bontempo Chartered Accountant with Ernst & Young, Investment Banker in Australia and UK, specialized in Asset sales and listings, currently is Director of First Cobalt, Cobalt One, Orca Energy Ltd, Berkut Mining Ltd

Trent Mell Mining executive and capital markets professional with extensive international transactional experience, worked for globalproducers and junior miners, held management positions at Peartree Securities, Falco Resources, Aurico Gold Inc., North American Palladium Ltd., Michelin North America and several others, has several title such as B.A., B.C.L., LL.B and MBA,currently President and CEO of First Cobalt Corporation

Edwin Leo Staehli Bachelor in Business Economy, consulting and management on important projects, reorganisation, turnaround and strategyconcepts, currently CEO/COO at Businessexpert

Andy Wells BSc, CEng, ARSM, FIMMM, graduate of the Royal School of Mines (Mineral Technology), Chartered Engineer and Fellow of the Institute of Materials, Minerals and Mining, Principal Metallurgist and Director of Mackay & Schnellmann Limited, currently is Partner of Saint Barbara LLP

David Duckworth Graduation of Liverpool University (Geology and Chemistry) and Leicester University (Mineral Exploration and Mining Geology),Member of the Institute of Materials, Minerals and Mining and Registered with the Engineering Council as a Chartered Engineer, Editor of the Copper Long Term Outlook study and regular contributor to CRU’s monthly, quarterly and annual market studies for copper mining, smelting and refining, currently at Saint Barbara LLP

Eric Peugeot Mr. Peugeot is currently President of Peugeot Belgium, Peugeot Netherlands and Peugeot Portugal. He has held several positions in marketing over the years for the Peugeot Group SA, in France and abroad.He has been a Board Member of THEOLIA since 2006 and became Chairman in 2008 then Chairman and CEO in 2010.

Head Office

Licenses• Gold

Production• Start: 06.18• 1-7 kg/d AU

Resources• 500’000 oz.

Licenses• Gold• Rare Earth

Ongoing exploration

Resources• 9 Mio. oz. Au• 354 mn t Rare

Earth

Assets

COLOMBIA

Licenses• Manganese

Production• Start: 9.19• 1 - 3’000 t/d

Resources• 7,1 mn t MnO2

MONGOLIA

Licenses• Molybdenum• Gold

Ongoing exploration

Resources• 0.5 mn tonnes

NORWAY

PERU

CANADA

Production• Start: 06.19• Cobalt• Silver

Resources• Ongoing

Exploration withDrilling Programm of20’000 m

SWITZERLAND

Status: 02.2019

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Milestones – timeline of major steps

The major steps for the future:

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2019 Various mergers and acquistions planned

01/19 Research started on new battery technology

06/19 Start building the second refinery in Peru

06/19 Start production Cobalt in Canada

09/19 Start production in the manganese mine in Colombia

• Blackstone Resources AG has decided to start a research and development programme on new battery

technology.

• The objective is to develop small and flat batteries for the mobile phone and laptop market. This technology

would also have further potential applications across the broader battery market. A whole variety of tech metals

will be tested. Any technological improvements in battery technology during the life of the project would also be

incorporated.

• The company intends to deliver its own tech metals from its own resources and processing facilities. A special

production technique will be developed to use these tech metals for battery production at a later stage.

• Blackstone Resources believes that automated production processes could also save up to 70% of the actual

manufacturing costs. Part of the research and development programme would be dedicated to maximising the

efficiency of the production line.

• Once fully operational, the company will start either its own production plants or it will partner up with other

battery manufactures worldwide and receive a royalty stream.

• This battery market has the potential to be a multi-billion-dollar market.

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Research on battery technology

Production assets

Blackstone Resources takes advantage of two diversifiedsources of cashflow in Peru and Canada and royalty earningassets worldwide. The reserves are well balanced in terms oftype of metals and in terms of countries.

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Exploration assets

Blackstone Resources keeps its exploration expenses to theminimum. The remaining works are linked to the legalcommitments. Blackstone‘s technical team works to thedefinition of a future drilling program in designing the bestprospects to be drilled and developping remaining licenses.

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Exploration and assets Mongolia

Drill tower Troi Gobi 1 Drill tower Troi Gobi 2

Drill core and results Oiltank storage Troi Gobi

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Exploration and assets Norway

Oslo Norwegian Fjord

Mining of iron in Norway Mining of rare earth in Norway

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Exploration and assets Colombia

Drilling Multi Minerals 1 Drill Core of Multi Minerals 2

Excavation of manganese ore High grade manganese MnO2

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Future Mongolia projects: oil, gas and bitumen/asphalt

Resources of oil, gas and asphalt Open pit of 1 bio ton asphalt/bitumen

Pumpstation with tank Oil from test drilling from 130 m depth

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Environmental and social compatiblility

We respect and enforce socially acceptable contacts with the indigenous population by supporting local social projects. Blackstone Resourcesis committed to making a positive impact in the communities where we work. We recognize that our role in social responsibility extends to allaspects of our activities including health, safety, environment and social. We will understand and integrate social factors into our decision-making process at all stages of our activities - from exploration and operations through to closure and reclamation. We have supported andfinanced communities, schools and individuals with computers, books and help to implement communal infrastructure.

By using the stated regenerative energies, emissionsare cut up to 80 % and savings of up to 40 % can beachieved in the cost of energy from fossil fuels.

• planned use of wind-turbines

• planned use of photovoltaic

• efficient use of free energy

• considerate use of natural resources, increaseddemand will be met by increased efforts

• no quicksilver is used for the production of ingots;All other chemicals used for the production willdecompose in sludge holding tanks upon contactwith oxygen

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Financials

Blackstone Resources has a solid balance sheet and no majordebt reimbursement in the short term.

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Future fundraising in CHF

.Key financials in CHF

Financials

Year Natur of transactionGross amount

raised (CHF)

2018 4.25% convertible bond, 5 year, american system. up to 100’000’000

Financial IndicatorsCHF in millions

2016audited

2017audited

Net profit -0.6 3.8

Net increase in cash 0.7 3.5

Investments 49.4 63.9

Equity 22.0 35.5

Net increase in equity/profit 2.9 13.4

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Our metals

Gold Copper Silver

Manganese Cobalt Molybdenum

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Raw Material Prices

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Conclusion

Blackstone Resources takes advantage, in such a low priceenvironment, of a well-balanced balance sheet and a diversifiedproducing asset base.

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In the current environment Blackstone Resources looks robust andhas the following key success factors:

• Participating in metal industry consolidation

• Taking advantage of acquisition opportunities

• Low commodity prices open doors to opportunities

• Cashflow to come, which will finance future growth

• No major dept repayment in the short term

• Great potential of our shares at the SIX stock exchange

.

Conclusion

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Analyst comment on Blackstone:

„Personally, I think you have put together a very interesting portfolioof assets. Differentiating yourselves from the AIM natural resourcespack is near-term cash flow. I have been thinking for some time thata diversified natural resource play with cash flow potential andexploration upside would be an interesting idea at this juncture. Thecobalt exposure is, of course, highly topical and potentially lucrative.This should be of great interest to potential investors.”

Peter J DupontAnalyst at Allenby Capital Limited, London

Conclusion

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Contact

Headoffice Switzerland

Blackstone Resources AGBlegistrasse 56340 BaarSwitzerland

P +41 41 449 61 63F +41 41 449 61 69info@blackstoneresources.chwww.blackstoneresources.ch

Office Mongolia

Blackstone Resources1st khoroo Grand Office CenterRoom 32Sukhbaatar District, Khan Uul,Ulaan BaatarMongolia

Office Peru

Blackstone ResourcesOffice 309Jiron Cailloma 124Lima 15001Peru

Contact: Investor Relations: ir@blackstoneresources.ch, Phone: +41 41 449 61 63

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Office Chile

Blackstone ResourcesCerro el Plomo 5855406 las CondesSantiago de ChileChile

Other Offices

- Oslo, Norway- Tortola, BVI- Bogota, Colombia- Cobalt, Canada- Erfurt, Germany