Strategic Update: COB to Progress Cobalt-Nickel Refinery Project in 2024

The Refinery is a proposed large-scale, cobalt-nickel operation representing Australia’s first cobalt refinery that will produce high-quality, battery-grade cobalt sulphate that is intended for IRA-compliant markets. It will be among the first large Allied Nation investments in cobalt refining for decades. The Refinery is expected to establish COB as an early entrant into the emerging midstream segment of the Allied Battery Supply Chain.

The Refinery:

Stage 1 targets processing third-party feedstock with a capacity of 3,000 tpa cobalt sulphate and 1,000 tpa nickel sulphate. Stage 2 offers optionality for the inclusion of feedstock from the Broken Hill Cobalt Project (BHCP). The Study presents 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. On a 100% owned basis.

Other Strategic Updates:

We are engaged with a potential partner that owns a suitable property in the Kwinana district and expect to commence refinery construction next year. The potential partner is further determining an appropriate level of equity ownership in the Cobalt-Nickel Refinery via a funding contribution. COB will likely not own 100% of the project as a result of the partners' ownership. These negotiations are ongoing.

The advancement of the Cobalt-Nickel Refinery significantly de-risks the downstream portion of the BHCP. BHCP Feasibility Studies are progressing, focussing on finalising/optimising capital and operating estimates, with the Feasibility Study now likely to be delivered in April 2024.

Cobalt in Waste Streams Projects are progressing with our recent update regarding Flin Flon Mine test work, whilst other targets are being pursued in Queensland and the EU.


Joel Crane
Investor Relations / Commercial Manager