Ann: CEO Letter to Shareholders - Cobalt Blue Strategy, page-6

my biggest takeaway from this is that according to figure 5 they'll build a refinery first in kwinana to process third party feedstock, to be delivered by 2025, and BHCP to come online and feed the refinery in 2026 in two stages. stage 3 / waste streams is blue sky (or wishful thinking) for future expansion. however i was confused by the statement that the two stages are on different timelines - my interpretation is that depending on how offtake/funding goes if BHCP is online faster they will feed the refinery from there rather than third party feedstock.

also, if they are going to source international feedstock material, i wonder how this impacts the 'ethicalness' of their cobalt?