Cobalt Blue Holdings Limited: DFS Update

Sydney, Australia - Cobalt Blue Holdings Ltd. (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) is managing the delivery of the Broken Hill Cobalt Project (BHCP) Definitive Feasibility Study (DFS). Three engineering firms have been contracted to provide design and costings as per the following allocation of expertise:

- Worley are completing process plant design and review of the COB test work program (inclusive of the Demonstration Plant).

- GHD are designing the non-process plant infrastructure and tailings/mine waste management (co-disposal in integrated waste landforms). GHD are also preparing the EIS and associated permit applications.

- SRK are preparing the resource and reserve statements, based on the resource block model and mining studies. COB is delivering all the other aspects of the DFS, and these are reported on in the subsequent sections below.*

KEY POINTS

- Demonstration Plant: Recent activities focused on processing larger volumes of concentrate through to Mixed Hydroxide Precipitate (MHP) circuit. Nickel/cobalt sulphate samples produced.

- Permitting: Environmental surveys complete. Environmental Impact Statement (EIS) in preparation.

- Kwinana Refinery Project Update: Refinery concept study has identified approximately A$70m in pre-production capital to fund a 3,000tpa standalone refinery. We are engaged with a potential partner that owns a suitable property in the Kwinana district where we expect to commence refinery construction next year. The potential partner is further determining an appropriate level of equity ownership in the Kwinana Refinery Project via a funding contribution.

- Australian Government Support: Critical Minerals Accelerator Initiative (CMAI) grant second instalment ($6m) expected in June 2023. The recently announced compact between the US and Australia further advances the prospects for Australian critical minerals projects.

- Cobalt price review: Cobalt supply/demand imbalance is expected to ease from 2024 as demand growth overtakes output for a sustained period with prices back toward long-term averages.

- Additions to Management Team: Cobalt Blue is proud to announce two new senior starters: Project Finance Manager and Project Acquisition Manager.

Commenting on recent achievements, Cobalt Blue Holdings (ASX:COB) Chief Executive Officer, Joe Kaderavek said: "Our journey continues via positive steps. Both BHCP and Kwinana Refinery Project strategies are attracting substantial interest from Federal and State governments as well as numerous major industry players. We believe the evolution of an Allied Critical Materials Supply Chain further enhances the attractiveness of our cobalt projects."

*To view the full release, please visit:
https://abnnewswire.net/lnk/JK8MJYP8

About Cobalt Blue Holdings Limited:

Cobalt Blue Holdings Ltd. (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) is an exploration and project development company. Work programs advancing the Broken Hill Cobalt Project in New South Wales continue. Our ambitious goals are subject to funding availability. Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.

Source:
Cobalt Blue Holdings Ltd.

Contact:

Joe Kaderavek Chief Executive Officer info@cobaltblueholdings.com P: (02) 8287 0660