• Cobalt Blue has paid the final $1.0 million instalment (plus interest) on a promissory note held by American Rare Earths
• This fully discharges Cobalt Blue's obligations and the Broken Hill Cobalt Project is now unencumbered
• The Broken Hill Cobalt Project is one of the world's largest undeveloped cobalt resources

Cobalt Blue Holdings Limited (COB) is pleased to announce that it has paid the final instalment of $1.0 million (plus accrued interest of $42,246.58) due under the Promissory Note held by American Rare Earths Limited (ARR). COB confirms that it has now discharged all of its obligations in respect of the Promissory Note, and that the tenement package for the Broken Hill Cobalt Project ('BHCP' or the 'Project') is unencumbered. The Promissory Note was issued to ARR in January 2020 as part of Cobalt Blue's acquisition of ARR's interest in the BHCP, taking COB to 100% ownership and legal title in the Project. The BHCP is located 25 kilometres southwest of Broken Hill, in far western New South Wales, and represents one of the world's largest undeveloped cobalt resources outside of Africa. The Project is supported by a robust tenure position and hosts a globally significant JORC-compliant Mineral Resource of 126.5 Mt at 867 ppm CoEq (690 ppm cobalt, 7.5% sulphur, 134 ppm nickel). COB's patented process is the first to unlock cobalt from pyrite at scale, and a Demonstration Plant was successfully operated in 2023 to validate the commercial potential of the flowsheet.

The repayment of the promissory note removes the last encumbrance on the Broken Hill Cobalt Project, allowing COB to fully focus on advancing this globally significant cobalt resource as the cobalt market continues to adapt to improving market conditions.