• Re-evaluated project parameters for Kwinana Cobalt Refinery, revising feedstock sourcing and diversifying cobalt products
• Uplift in base case (Stage 1) financial metrics: NPV8 increased from A$90m to A$155m, IRR increased from 23% to 32%, total free cashflow increased from A$367m to A$503m
• Strong progress towards Final Investment Decision with key permits secured, feedstock agreement locked in, and customer qualification underway

Cobalt Blue Holdings Limited has re-evaluated project parameters for the Kwinana Cobalt Refinery (KCR), revising feedstock sourcing, diversifying the cobalt products, and refreshing underlying economic assumptions. These revisions have resulted in an uplift in base case (Stage 1) financial metrics, with the NPV8 (post tax) increasing from A$90m to A$155m, the IRR (post tax) increasing from 23% to 32%, and the total free cashflow increasing from A$367m to A$503m. Strong progress has been made towards a Final Investment Decision with key permits secured, a feedstock agreement locked in, and customer qualification underway throughout 2025. The remaining steps include finalising offtake agreements and completing the project funding package. The initial production configuration has been revised to target approximately 2,000 t Co (contained) as cobalt sulphate crystals and 1,000 t Co (contained) as alloy-grade metal, reflecting feedback from prospective offtakers and increasing interest from US-based customers and global trading houses seeking cobalt metal for industrial and strategic applications. Cobalt products pricing (2025) have rebounded by 90%-300% across key products following a structural shift in market dynamics, a materially improved environment for cobalt refining.

The updated financial metrics for the base case (Stage 1) scenario include a total cobalt revenue of A$4,157m, a total EBITDA of A$658m, and a total operating cash flow of A$503m. The net present value (8% discount rate, post tax) is A$155m, and the internal rate of return (post tax) is 32%. The total capital payback period is 3.8 years.