• Kwinana Cobalt Refinery granted Works Approval, progressing towards Final Investment Decision
• Halls Creek Project review identifies value engineering opportunities to enhance economics
• Broken Hill Technology Centre advancing R&D on battery black mass processing and cobalt sulphate production

Cobalt Blue Holdings Limited (COB.ASX) has reported on its activities for the September 2025 quarter, highlighting key achievements and progress across its portfolio of critical minerals projects. The company's flagship Kwinana Cobalt Refinery (KCR) project took a major step forward with the granting of a Works Approval from the Western Australian Department of Water and Environmental Regulation. This marks an important condition precedent towards a Final Investment Decision for the refinery. COB also continued to progress offtake agreements and financing options for the KCR. At the Broken Hill Cobalt Project (BHCP), the company received a three-year extension of Major Project Status from the Australian government, recognizing the strategic importance of the project. Optimization work on the BHCP's kiln circuit targeting reduced operating and capital costs was successful, producing pyrrhotite and high-purity crystalline sulphur. The Broken Hill Technology Centre (BHTC) remained a hub of innovation, with research into processing battery black mass as a potential feedstock and the successful production of cobalt sulphate to specification. The BHTC also hosted a visit from the Minister for Industry and Innovation, Senator Tim Ayres. Turning to the Halls Creek Project, COB's engineering review identified multiple value-enhancing opportunities, including the potential for silver and cobalt revenue streams, a strategic hub concept to expand scale, and an active exploration pipeline. The quarter also saw significant developments in the global cobalt market, with the Democratic Republic of Congo replacing its export ban with a new quota system that is expected to constrain supply and support higher prices. The new Australia-US Critical Minerals Framework was also announced, which aims to fast-track critical minerals project development through coordinated investment and policy support.

Cobalt Blue is focused on advancing its key projects, including securing binding offtake agreements and project financing for the Kwinana Cobalt Refinery, further optimizing the Broken Hill Cobalt Project, and unlocking additional value from the Halls Creek Project through engineering studies and exploration. The company is well-positioned to capitalize on the evolving critical minerals landscape, particularly the constrained cobalt supply outlook.