Cobalt Blue (ASX:COB) Diversifies Portfolio with Halls Creek Move, Progresses Refinery Project – asx 200 Update

Highlights

• Cobalt Blue Holdings Ltd (ASX:COB) advanced engineering at its Kwinana Cobalt Refinery, nearing a key project milestone.

• The company expanded into copper and zinc through an earn-in agreement for the Halls Creek Project in Western Australia.

• A corporate restructuring, rebranding, and cost control initiative marked a shift in strategic direction.

Cobalt Blue Holdings Ltd (ASX:COB), operating within the battery materials sector and part of the broader asx 200 landscape, reported developments across its refinery and exploration activities during the recent quarter. The company advanced its flagship Kwinana Cobalt Refinery and formalised diversification into copper, zinc, lead, silver, and gold through a new project acquisition in Western Australia.

Kwinana Refinery Engineering Milestones and Strategic Agreements

The company made significant progress on engineering efforts at the Kwinana Cobalt Refinery site, continuing negotiations for offtake linked to cobalt sulphate and metal output. A regulatory modification to an existing works approval remains in review, while funding dialogue advanced with multiple financial institutions.

Following the end of the reporting quarter, a binding agreement was signed with Iwatani Australia to support the project’s timeline, aiming for completion of preparatory activities ahead of a formal investment decision. The agreement outlines the development roadmap, including delivery of qualification samples, securing customer agreements, and arranging financial backing.

Expansion into Polymetallic Resources through Halls Creek Project

Cobalt Blue entered into an earn-in agreement with AuKing Mining Ltd to secure majority interest in the Halls Creek Project, located in Western Australia. This asset introduces new commodities to the company’s portfolio, including copper and zinc, alongside lead, silver, and gold.

A scoping study launched in March will assess both open pit and underground development options. The site benefits from significant historical investment, which supports current development efforts.

This diversification initiative follows recent shifts in the cobalt supply chain, particularly disruptions due to export restrictions from the Democratic Republic of Congo, which impacted global pricing. The company also acknowledged rising demand in the electric vehicle sector during the period.

Progress at Broken Hill and Structural Shifts in Project Planning

In parallel, Cobalt Blue commenced planning for remediation works at the Broken Hill Cobalt Project. These activities focus on revitalising legacy infrastructure and are scheduled for execution later in the calendar year. The company aims to align environmental and operational objectives as it repositions its asset base.

Corporate Realignment, Leadership Transition, and New Identity

A significant leadership change was implemented during the quarter. Joe Kaderavek transitioned into the role of deputy chair, while Andrew Tong took over as chief executive officer. Kelvin Bramley joined the executive team as chief financial officer and company secretary earlier in the period.

To reflect a broader commodity focus, Cobalt Blue will seek shareholder approval for a name change to Core Blue Minerals Ltd. This branding shift corresponds with expanded exploration and development activities across multiple metals.

Funding Activities, Reorganisation Measures, and New Subsidiary

The company undertook an entitlement issue and implemented cost control measures, including organisational restructuring and temporary salary adjustments. These initiatives aim to align ongoing costs with future development plans.

Government support was received under a critical minerals program, and an advance was secured against an expected research and development tax refund. Cobalt Blue also established a new subsidiary, Halls Creek Project Pty Ltd, to manage its interest in the newly acquired asset. No additional tenement acquisitions or disposals were recorded beyond those tied to the earn-in agreement.