Cobalt Refinery Project Update

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

In response to evolving market conditions, we have refined several key project parameters—most notably our feedstock sources, product mix (cobalt sulphate + cobalt metal), and underlying economic assumptions.

These revisions have delivered a substantial improvement in the Project’s base-case (Stage 1) financial outcomes:

• NPV8 (post tax): increased from A$90m to A$155m

• IRR (post tax): increased from 23% to 32%

• Total free cashflow: increased from A$367m to A$503m

We also provide a detailed analysis of cobalt market dynamics, highlighting a materially improved operating environment for refining.