Ann: First Cobalt Proposed MergeCo Presentation, page-10

That's one hell of a transaction @shades2

Hi @Ashentegra

I don't know a great deal about cobalt production however recently the price and the demand has tweaked my interest. I am here to learn, and share what I have figured out. If you could help me along that would be great!

The 6,588 tonnes of crushed stockpile is for the mill which is the process prior to the refinery that upgrades it to a pure form of cobalt. - I have been told that the mill could be used to bring the grade in the below piles up to 6% and then be sold.

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I am still trying to identify what kind of pricing might be achieved from 6% cobalt concentrate.

Currently lithium concentrate is achieving around AU$1200 per tonne, however the pricing difference between Cobalt and Lithium is phenomenal with Cobalt from my reckoning at a multiple of 3. - Maybe each tonne could be worth about AU$3000?

And that's forgetting the silver.... The stockpile contains an average grade of 761 grams per tonne of silver. I see that as a great start if they are capable to separating the two?

Don't get me wrong, I too can see there is a bit of work ahead of them, but I couldn't overlook the ability to produce sooner and capitalize on the current demand for cobalt rather than waiting 5 years.

Also the combination of Silver and Cobalt is a real differentiating factor that separates this company from other cobalt plays on the ASX.

I have reached out to both Cobalt One and First Cobalt and understand that they are already receiving enquiries from potential customers which may also encourage development along.