Ann: Kwinana Refinery Update & Black Mass Agreement, page-2

KEY POINTS
a During 2024. Cobalt Blue completed successful testwork on
two key sources of feedstock. Recently, several new sources
of potential feedstock have been identified with similar levels of
success.
a The Kwinana Cobalt Refinery (KCR) engineering program is nearing
completion in preparation for a project financing decision in 2025.
a The primary operating permit for KCR has been submitted to the
Western Australia Department of Water and Environmental Regulation.
a Cobalt Blue and Ecobatt have entered into a Memorandum of
Understanding (MOU) to evaluate the feasibility of treating blackmass from battery recycling (a mix of crushed metals produced
from shredded battery scrap) within Australia.