The Promissory Note was issued to ARR in January 2020 as part of Cobalt Blue’s acquisition of ARR’s interest in the Broken Hill Cobalt Project (BHCP). That acquisition took Cobalt Blue to 100% ownership and legal title in the Project.
With this final payment, COB has fully discharged its obligations, and the BHCP tenement package is now completely unencumbered.
The BHCP hosts a globally significant JORC-compliant Mineral Resource of 126.5 Mt at 867 ppm CoEq (690 ppm cobalt, 7.5% sulphur, 134 ppm nickel containing 87 kt cobalt, 9,510 kt sulphur and 17 kt nickel. This large-scale resource underpins the Project’s potential to become a strategic supplier of cobalt, a critical mineral essential to the energy transition, defense, and advanced technologies.
This milestone comes as the cobalt market enters the early stages of a structural shift, with prices showing signs of strengthening in recent weeks.
CEO Dr. Andrew Tong said: “We thank ARR for their support since 2017 on the Broken Hill Cobalt Project. We look forward to advancing the project as the cobalt market continues to adapt to the improving market conditions.”
COB Commercial Manager Joel Crane spoke to Proactive about this important milestone. He also provided an update on current cobalt market conditions and next steps for the company. Link to article here.