In the quarter just gone, Cobalt Blue Holdings Ltd worked on its refining and exploration portfolio, with a focus on its flagship Kwinana Cobalt Refinery (KCR).
The is also laid plans to strategically diversify through the Halls Creek Project and by executing key corporate and funding initiatives.
Kwinana Cobalt Refinery progresses toward FID
Engineering works at the proposed Kwinana Cobalt Refinery reached 80% completion during the quarter, with COB continuing offtake negotiations for cobalt sulphate and metal.
The modification to an existing works approval remains under assessment, while financing discussions have moved forward with export credit agencies, banks and investors.
Post-quarter, a binding pre-final investment decision (FID) consortium deed was executed with Iwatani Australia.
The agreement sets out conditions for progressing the project toward FID by 31 December 2025, including finalising project agreements, customer qualification samples and financing commitments.
Strategic diversification
COB entered into an earn-in agreement with AuKing Mining Ltd to acquire up to 75% of the Halls Creek Project, a polymetallic deposit in Western Australia.
The project adds copper, zinc, lead, silver and gold to COB’s battery materials portfolio, enhancing resilience against cobalt market volatility.
Initial resource estimates include 89,000 tonnes copper, 69,000 tonnes lead, 326,000 tonnes zinc, 9.2 million ounces silver and 45,000 ounces gold.
A scoping study, initiated in March, is due mid-2025 and will examine open pit and underground development options, supported by more than A$20 million in historical investment.
COB reported structural changes in the cobalt market following a February export ban from the Democratic Republic of Congo, which drove cobalt prices higher by up to 120% over the quarter.
Meanwhile, global electric vehicle (EV) sales rose 29% year-on-year in the first quarter, led by strong demand in Europe and North America.
At the Broken Hill Cobalt Project, COB began planning for remediation works on previously developed mine infrastructure, with activities scheduled to commence in the second or third quarter of 2025.
Corporate restructure, rebrand and cost control
There were also leadership changes during the quarter, with Joe Kaderavek transitioning to deputy chair and Andrew Tong appointed CEO at the start of May.
Kelvin Bramley joined as chief financial officer and company secretary from February.
COB will seek shareholder approval to rebrand as Core Blue Minerals Ltd to reflect its expanded commodity exposure beyond cobalt.
During the quarter, the company raised A$0.52 million via an entitlement issue and implemented cost reduction measures including a workforce restructure and temporary salary reductions, resulting in projected annualised savings of A$2.3 million.
COB received A$0.5 million from the Critical Minerals Accelerator Initiative and secured a A$0.7 million advance against its 2025 R&D Tax Incentive refund.
Cash expenditure during the quarter totalled A$0.2 million for exploration and evaluation.
The company incorporated a new subsidiary, Halls Creek Project Pty Ltd, to manage its interest in the newly acquired project and reported no acquisitions or disposals of tenements beyond those associated with the earn-in.