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A notice from Broken Hill Prospecting Limited (ASX: BPL) has been received by Cobalt Blue Holdings Limited (ASX:COB). The notice indicates that BPL will seek relief from a court seeking to invalidate the resolutions voted upon at the Thackaringa Joint Venture (TJV) Management Committee on 16 November 2018 meeting unless COB provides an undertaking at the adjourned meeting of that day that it is not to enforce or act upon any of the resolutions put to the vote. Relating to a revision and amendment to the 2018/2019 Drilling Campaign one of the resolutions which BPL seeks to invalidate which was initially approved on 28 August 2018 by BPL and COB.
COB issued a Billing Statement to BPL requiring it to contribute $1,499,783.50 on 16 November 2018 as the TJV is no longer operating under the Earning Period provisions of the Joint Venture agreement, associated with the drilling campaign currently under way at Thackaringa which.
Within the scope of the TJV Agreement, COB sees no reason to cease TJV activities. To strongly defend its rights and rejects any unnecessary delays to current work programs as the 70% equity owner of the Thackaringa Cobalt Project, the company is preparing.
The company has delivered (+31%) 72Mt Total Resource @ 852ppm Co containing 61,500t cobalt, with 12,500m drilling campaign completed. The company has achieved deep results including a 96% cobalt recovery from concentrate to battery ready cobalt sulphate and 92% cobalt recovery via simple 1mm crush/gravity separation/float circuit. Its partnership with world class investment house and battery producer LGI to provide capital and technical assistance. Showcasing the world class Thackaringa Cobalt Project, the company has strong technical baseline.
Cobalt Blue Holdings Limited (ASX:COB) is trading at a market price of $0.220 with a daily price change of 2.326% or $0.005, the stock price is very near to its 52-week low. Overall in the past one month the stock has witnessed a 2.38% performance change.
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