KEY POINTSa COB is developing the first Cobalt Sulphate Refinery...

KEY POINTSa COB is developing the first Cobalt Sulphate Refinery (Refinery Project) in Australia. Recent milestones achieved:a Large-scale feedstock samples sourced from third parties have been processeda Potential offtake partners have begun to assess larger-scale sulphate samples produced from these sourcesa Detailed engineering design has commenced a Permitting on target for submission mid-2024a Workstreams are on track for a Q3 2024 decision to proceed to construction.a COB and Iwatani Australia will jointly market the Refinery Project at the upcoming annual Cobalt Institute Conference (13–14 May 2024).a COB is targeting both the US Inflation Reduction Act (IRA) andEU Critical Raw Materials Act (CRMA) compliance for its products. We believe that the timing of the Refinery Project is ideal as US/ EU market demand will hit an inflection point in the coming years.a COB published a Cobalt-Nickel Refinery Study presenting a compelling evaluation of a refining business that is expected to generate stable margins throughout the highs and lows of the cobalt price cycle.1Joe Kaderavek, CEO Cobalt Blue commented “Refinery Project development is progressing well, and we remain on pace to see construction commence by the end of this year. There is significant interest from WA State and Australian Commonwealth governments, along with international commercial parties in the emergence of a new midstream critical mineral capacity in Australia for the global battery supply chain.” QUOTE Positive progress continues IMO