• Re-evaluation of Kwinana Cobalt Refinery project parameters with improved financial metrics
• Evaluation of battery black mass as a strategic feedstock for the refinery
• Contribution to CSIRO battery materials research projects

Cobalt Blue Holdings Limited (ASX: COB) provided its quarterly activities report, outlining key developments across its portfolio. The primary focus remains on completing the final steps to progress the Kwinana Cobalt Refinery (KCR) toward construction. During the quarter, the company undertook a re-evaluation of KCR project parameters, responding to structural shifts in global markets. This resulted in an uplift in estimated base case (Stage 1) financial metrics, including a higher NPV8 (post-tax) of A$155 million and an increased IRR (post-tax) of 32%. The company also commenced the application process for KCR to be recognized as a strategic project under the EU Critical Raw Materials Act. At the Broken Hill Technology Centre, Cobalt Blue continued systematic testwork on battery black mass to evaluate its potential as a feedstock for KCR. This initiative aims to boost operational flexibility and consolidate KCR as a gateway for both mined and recycled Australian cobalt units. Additionally, the company commenced a collaboration with CSIRO to support the development of battery cathode materials. Elsewhere, work on the Halls Creek Project focused on advancing flowsheet optimization and evaluating the potential recovery of silver. The report also provided an overview of the evolving cobalt market dynamics, including the impact of the Democratic Republic of Congo's export quotas and the strategic importance of cobalt for the energy transition and supply chain security.

Cobalt Blue remains focused on completing the final steps required to progress the Kwinana Cobalt Refinery toward construction, while also advancing complementary initiatives such as the evaluation of battery black mass as a strategic feedstock and collaboration with CSIRO on battery materials research.