Cobalt Blue Holdings Limited (ASX: $COB) Market Update

Cobalt Blue Holdings Limited (ASX: $COB) has received a A$3.0 million instalment from the Australian Government Critical Minerals Accelerator Initiative (CMAI) Grant, bringing the total cash and equivalents on hand to over A$9m. The company also provided an update on the progress of the Cobalt-Nickel Refinery, with major milestones expected to be delivered in the second half of 2024, followed by construction in 2025 and first operations in 2026.

Executive Commentary on CMAI Grant and Refinery Update

The receipt of the A$3.0 million CMAI grant instalment is a significant milestone for Cobalt Blue Holdings Limited. This grant, awarded by the Australian Government, supports our strategic early and mid-stage projects, helping to overcome technical and market barriers. The additional funds bring our total cash and equivalents on hand to over A$9m, providing a strong financial foundation as we progress towards the development of the Cobalt-Nickel Refinery. We are on track to deliver major milestones in the coming years, with the refinery expected to commence operations in 2026, marking a significant step in diversifying global cobalt processing.

Summary of CMAI Grant Instalment and Refinery Update

Cobalt Blue Holdings Limited (ASX: $COB) has received a A$3.0 million instalment from the Australian Government Critical Minerals Accelerator Initiative (CMAI) Grant, bringing the total cash and equivalents on hand to over A$9m. The company continues to progress the development of the Cobalt-Nickel Refinery, with major milestones expected in the second half of 2024, followed by construction in 2025 and first operations in 2026. The receipt of the grant instalment and the progress of the refinery demonstrate COB's commitment to advancing green energy technology and its position in the critical minerals market. Looking ahead, the company aims to continue engaging with potential offtake partners and suppliers, further de-risking future operations and enhancing flexibility in feedstock sourcing and offtake partnerships.