Cobalt Blue Holdings Limited (ASX: $COB) Quarterly Activities Report

Cobalt Blue Holdings Limited (ASX: $COB) has made significant progress in its refinery development program, focusing on commercial feedstock testwork and receiving support from the Western Australian (WA) government. The company's ASX code is COB, and it operates with a market capitalization of $42m. During the quarter, the company continued testing third-party feedstock at its Technology Development Centre, achieving up to 95-97% cobalt extraction. Additionally, the WA Premier expressed support for the proposed cobalt-nickel refinery, which aligns with the state's Battery and Critical Minerals Strategy and the Diversify WA Economic Development Framework.

Executive Commentary

The testing of third-party feedstock and the achievement of high cobalt extraction rates are significant milestones for our refinery development program. The support from the WA Premier further strengthens our position and is expected to streamline project approvals and financing negotiations. We are committed to progressing the commercial feedstock testwork and refinery development to contribute to establishing Western Australia as a national battery material production hub. Our partnership with Iwatani Corporation for the Broken Hill Cobalt Project also marks a significant step towards creating a top-10 global cobalt refinery, aligning both projects for integrated production.

Summary

Cobalt Blue Holdings Limited (ASX: $COB) has made substantial advancements in its refinery development program, with a focus on commercial feedstock testwork and receiving support from the WA government. The company aims to continue process optimization and scale-up activities to achieve commercial throughputs and increase overall metal extraction. The proposed cobalt-nickel refinery location at the Doral Fused Materials site in WA offers strategic advantages, including access to power, utilities, and infrastructure. Additionally, the partnership with Iwatani Corporation for the Broken Hill Cobalt Project is expected to contribute to the creation of a top-10 global cobalt refinery. Cobalt Blue also seeks to leverage its patented flowsheet for the extraction of sulphur and battery metals from mine waste, aligning with global trends and favorable policy settings for emerging critical minerals processors. The company remains optimistic about the tightening cobalt market and aims to continue its operations and meet its business objectives.