• COB is shifting the focus of the Broken Hill Technology Centre (BHTC) to assess the viability of processing battery black mass as a feedstock for the Kwinana Cobalt Refinery (KCR)
• COB has successfully tested samples of battery black mass and received a non-binding Letter of Intent from Hartree Partners for the potential purchase of cobalt metal
• The project will help deliver Australia's Circular Economy Framework and advance Australia's battery recycling capability

Cobalt Blue Holdings Limited (ASX: COB) has announced that it is shifting the focus of the Broken Hill Technology Centre (BHTC) to assess the viability of processing battery black mass as a domestic feedstock source for the Kwinana Cobalt Refinery (KCR). This initiative contributes to de-risking KCR while potentially creating modest near-term revenue opportunities from BHTC operations. Following the signing of a non-binding MOU with Ecobatt in December 2024, COB has successfully tested samples of battery black mass during 2025 for the extraction of cobalt, nickel and manganese. COB has also received a non-binding Letter of Intent from Hartree Partners, LP signalling market demand for cobalt metal from BHTC's recycled feedstock. The project will help deliver Australia's Circular Economy Framework, advance Australia's battery recycling capability, and help embed Australia's role in supporting the critical minerals supply chain interests of its international partners. BHTC is well-positioned for upgrading to treat black mass, with robust infrastructure already in place. COB has tested a range of black mass samples and validated the technical capability to extract cobalt, nickel and manganese. In addition to validating black mass as a feedstock for KCR, COB also intends to evaluate the treatment of battery black mass to produce cobalt metal, nickel hydroxide, and manganese sulphate at BHTC, which may create a pathway to future product sales and modest near-term revenue generation.

COB's Kwinana Cobalt Refinery (KCR) targets an initial production capacity of approximately 3,000 tonnes (Co contained) of cobalt sulphate and metal.

COB intends to focus efforts at BHTC on evaluating if battery black mass material can be used as a feedstock for KCR, with the target to scale up from successful bench tests to a fully continuous circuit capable of producing cobalt metal, nickel hydroxide, and manganese sulphate. If successful, these initiatives may create a pathway to future product sales from BHTC and modest near-term revenue generation.