The 2025 financial year was a transformative period for Cobalt Blue. The Company remained firmly focused on advancing the Kwinana Cobalt Refinery toward a final investment decision, making significant progress and achieving a series of key milestones that bring the project closer to realisation.
Substantial progress was also achieved in the processing of recycled battery black mass. This initiative delivers dual benefits: producing critical minerals from secondary sources and establishing a pathway to secure locally sourced feedstock. In doing so, Cobalt Blue is contributing to the development of Australia’s battery recycling industry and supporting the growth of the circular economy.
The offtake market also evolved significantly during the year, with increased interest from industrial and defence sectors in alloy-grade cobalt metal products. At the Broken Hill Technology Centre, Cobalt Blue successfully produced cobalt metal from a variety of feedstocks, further underpinning these emerging market opportunities.
Complementing all of this, the acquisition of the Halls Creek copper-zinc-silver project in Western Australia has provided strategic optionality in commodities beyond cobalt.