Cobalt Blue Holdings Limited (CBBHF) Cobalt Nickel Refinery Project Update

Progress continues on Cobalt Blue Holdings Limited's (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) proposed Cobalt Nickel Refinery.

Further to the release of the Refinery Study (27 Nov 2023):

- Two bulk samples (up to 5 tonnes each) of third-party feedstock have now been received at the Broken Hill Demonstration Plant and are undergoing evaluation. The testing of these samples will form the basis of commercial feedstock for the Refinery.

- Initial 50-100 kg feedstock test work has delivered:

o Up to 95-97% metal recoveries

o Key observed reagent consumptions inline with Study estimates, noting that reagents contribute ~50% of total cash costs:

o Acid consumption for hydroxide feed of ~3.5 tonne of H2SO4 per tonne of cobalt

o Oxygen consumption for the sulphide feed of ~1 tonne of oxygen per tonne of cobalt.

o COB will begin submission of battery grade cobalt sulphate samples to interested offtake parties shortly, effectively commencing the pre-qualification process for the Refinery.

- Testwork results de-risk major refinery cost assumptions.

- The Premier of Western Australia, Roger Cook MLA, has now provided a Letter of Support for the COB/Iwatani Cobalt-Nickel Refinery Project. The Refinery is closely aligned with Western Australia's Battery and Critical Minerals Strategy and will further establish the State as a national battery material production hub.

Joe Kaderavek (CEO, Cobalt Blue) commented "We are thrilled to receive this support for our Cobalt-Nickel Refinery Project from the Premier of Western Australia. Having government support and strong testwork results de-risks the Cobalt Nickel Refinery project".

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Joe Kaderavek
Chief Executive Officer
info@cobaltblueholdings.com
P: (02) 8287 0660

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