Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Spotlight on IndiaWe take this opportunity to highlight the “cobalt potential” of the Indian market.The Indian Government is implementing policy reforms to accelerate new low carbon sectors such as renewable energy, energy storage and electric mobility. These reforms include production linked incentives for multiple sectors such as advanced chemistry cell battery storage for electric vehicles. The current target is to have 30% of vehicles powered by electricity by 2030. The International Energy Agency (IEA) forecasts India to develop 50 Gigawatt hours (GWh) of cell manufacturing capacity by 2025, however by 2030, total demand for lithium-ion batteries will reach about 492 GWh, representing a >50% annual growth later this decade.Demand will be driven by grid scale storage and EVs, which together are expected to account for ~98% of overall battery storage. As a result, India plans to establish significant downstream capacity for EVs and lithium-ion batteries. The figures below highlight the cobalt demand growth over the 2025–2030 period under three scenarios as defined by Australian Trade and Investment Commission; namely conservative, base and optimistic scenarios. QUOTE
Positive quarterly activity report provides focus on COB’s aims for future development. The Indian market is enormous , the appointment of NGG Newland Global Group to foster trade with India set up some time ago is due to pay dividends IMO.