pCAM specification for Cobalt Sulphate Confirmed

We are pleased to report strong progress on the Kwinana Cobalt Refinery and supporting programs at the Broken Hill Technology Centre (BHTC).

It was another busy quarter, rounding out what has been a year of sustained progress for Cobalt Blue. While our primary focus remains on completing the final steps required to progress the Kwinana Cobalt Refinery toward construction, we are equally encouraged by the range of complementary initiatives advanced during the period.

CEO Dr Andrew Tong presented at the Emerging Growth Conference, a US investor-focused event

Gold, copper and even by-product silver dominated commodity headlines this year as strong fundamentals pushed each to record highs. Meanwhile, cobalt has quietly delivered the most impressive performance of all. The benchmark European metal price is up 120% year-to-date, rising from historically depressed levels and outperforming several higher-profile assets.

Andrew provided Small Caps with a detailed update on the Kwinana Cobalt Refinery (KCR) and the pivot to battery black mass recycling at the Broken Hill Technology Centre (BHTC).

We are pleased to announce COB received firm commitments to raise $5.3 million through a placement led by international and domestic institutional investors.

Andrew talked with Proactive about the upgraded economics at the Kwinana Cobalt Refinery as well as the changes follow a significant rebound in global cobalt prices, which have more than doubled in 2025.

Andrew talked with Proactive about the upgraded economics at the Kwinana Cobalt Refinery as well as the changes follow a significant rebound in global cobalt prices, which have more than doubled in 2025.

We are pleased to share an update on the Kwinana Cobalt Refinery, which highlights a significant uplift in the Project’s financial metrics.

COB is shifting the focus of the Broken Hill Technology Centre (BHTC) to assess the viability of processing battery black mass as a domestic feedstock source for the Kwinana Cobalt Refinery (KCR).

Chairman’s address, the CEO’s presentation and the results of the Meeting

Andrew Tong presented at the Noosa Mining Investor Conference on 12 November, outlining the latest developments for the Kwinana Cobalt Refinery and sharing broader updates on Cobalt Blue’s project pipeline and business strategy.

The market has changed. There is now strong and sustained interest across the country for the development of critical minerals mining and processing projects. Over the last quarter, the Company has continued to make strong progress towards delivering on the strategy of building Australia’s first cobalt refinery.

CEO Dr Andrew Tong and Investor Relations & Commercial Manager Joel Crane hosted a live webinar to discuss the current challenges and emerging solutions in the cobalt market, Cobalt Blue’s role in addressing these issues, and to provide updates on the Kwinana Cobalt Refinery and other key business developments.

CEO Dr Andrew Tong provides Proactive with a strategy and cobalt market update.

The Australian and US Governments have signed a framework agreement to support the supply of raw and processed critical minerals. The agreement seeks to accelerate project development through co-ordinated investment and a range of economic and industry policy tools.

CEO Dr Andrew Tong presented COB's innovative approach to solvent extraction at the International Solvent Extraction Conference (ISEC 2025) in Melbourne recently.

After almost 10 years as Chairman of Cobalt Blue, Mr Rob Biancardi has advised the Board of his intention to retire at the conclusion of the upcoming 2025 Annual General Meeting.

CEO Dr Andrew Tong presented at a roundtable attended by senior representatives from Japan’s Ministry of Economy, Trade and Industry (METI) and the Japan Organization for Metals and Energy Security (JOGMEC), along with officials from Australian Federal Mining Minister Madeleine King’s office, major Japanese trading houses, and other Australian critical minerals companies.

We are pleased to advise that we have paid the final instalment of $1.0 million (plus accrued interest of $42,246.58) due under the Promissory Note held by American Rare Earths Limited (ARR).