Ann: Thackaringa JV - Stage One Completed, page-2

Thackaringa JV – Stage One Completed

KEY POINTS:
Cobalt Blue is pleased to announce it has retained the Stage 1 percentage share (51% beneficial ownership) under its Thackaringa Joint Venture Agreement with Broken Hill Prospecting Ltd

(ASX:BPL). Cobalt Blue’s Chairman, Rob Biancardi said: “ COB is delighted to have achieved our Stage One milestone. We look forward to working with our JV partner, Broken Hill Prospecting, in progressing the world class Thackaringa Cobalt Project.”


Thackaringa JV Background Broken Hill Prospecting Limited and Cobalt Blue Holdings Limited have entered into a farm-in joint venture agreement in respect of the Thackaringa Project to finance and undertake exploration of the Thackaringa Project. Until Cobalt Blue’s farm-in obligations have been satisfied, its interest in the tenements located at the Thackaringa Project is beneficial. Under the terms of the farm-in joint venture agreement, Cobalt Blue’s beneficial interest in the Thackaringa Project will be increased in tranches on satisfaction of certain exploration and development milestones. When Cobalt Blue has completed its farm-in obligations, it will become the registered holder of the Thackaringa Project tenements. Broken Hill Prospecting remains the registered holder of the Thackaringa Project tenements until the farm-in is complete Thackaringa Cobalt Project – Current Status: EL 6622 – 51% beneficial interest Cobalt Blue Holdings Limited EL 8143 – 51% beneficial interest Cobalt Blue Holdings Limited ML 86 – 51% beneficial interest Cobalt Blue Holdings Limited ML 87 – 51% beneficial interest Cobalt Blue Holdings Limited