COB - Quarterly Activities Report September 2025

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. The WA Department of Water and Environmental Regulation granted a ‘Works Approval’ license for the refinery, and the Company completed production of cobalt sulphate to the specifications outlined by our project partner Iwatani Corporation. The activities are now focused on securing binding offtake agreements which, in turn, unlock project financing.

Key highlights from the Quarter include:

Kwinana Cobalt Refinery

  • Works Approval granted

Broken Hill Cobalt Project

  • Major Project Status extension

Broken Hill Technology Centre

  • Battery Black Mass Under Evaluation as Feedstock
  • Cobalt Sulphate Produced to Specification
  • Completion of 100-hour Solvent Extraction Pilot
  • Senator Ayres visit to BHTC
  • Project with the Sustainable Minerals Institute from the University of Queensland and ARC Training Centre in Critical Resources

Halls Creek Project

  • Engineering review targets major uplift

Commodity trends

  • DRC government replaces cobalt export ban with new quota system
  • New Critical Minerals Framework Targets Investment-Ready Processing Projects

Corporate matters

  • Capital raising
  • Investor and marketing presentations
  • Expenditure
  • Operational review

Contact

Joel Crane
Investor Relations/Commercial Manager
joel.crane@cobaltblueholdings.com

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