In April 2022, COB was awarded a Critical Minerals Accelerator Initiative (CMAI) grant by the Australian Government. The grant totals A$15 million and is payable over time – with instalments made through to March 2025. On 20 June 2024, COB received its latest CMAI grant instalment of A$3.0 million taking total funds received to date of A$13.5 million. These funds bring COB’s total cash and equivalents on hand to over A$9m as at 24 June 2024.
In November 2023, COB published the Cobalt-Nickel Refinery Study detailing a large-scale cobalt-nickel operation, presenting a compelling evaluation of a cobalt and nickel refining business that is expected to generate stable margins throughout the highs and lows of the cobalt price cycle. We continue to progress the development of the Refinery and workstreams are on track for a decision in 2H 2024 to proceed to construction. This announcement provides an update to our Milestones and Indicative Timetable.