Cobalt Blue Holdings Ltd. · ASX:COB

Cobalt Blue — Investor Presentation (November 2025)

15 slides from Cobalt Blue's investor presentation, Nov 11, 2025

  1. Slide 1: Reshaping the Cobalt Supply Chain

    Reshaping the Cobalt Supply Chain November 2025

  2. Slide 2: Addressing the Market Gap, Realising Australia's Potential

    Reshaping the Cobalt Supply Chain Addressing the Market Gap Realising Australia’s Potential Demand 50Kt Broken Hill Cobalt Project Supply 0 50 100 150 200 250 000 tonnes China & FEOC US & Allies ASX: COB 2 Source: Benchmark Mineral Intelligence, Cobalt Blue Holdings Limited

  3. Slide 3: Cobalt is required for modern defence systems

    Cobalt is required for modern defence systems In 2025, for the first time, all 32 NATO member countries are projected to meet or exceed the target of spending 2% of GDP on defence  Temperature resistant superalloys for jet engines  Armour piercing alloys (2-4% cobalt)  Precision-guided munitions

  4. Slide 4: Cobalt market is highly concentrated

    Cobalt market is highly concentrated  Markets face a constrained set of options for securing cobalt supplies  Foreign Entities of Concern (FEOC) control ~70% of mined output, ~80% of refined production  Availability of non-FEOC refined products is limited due to supply chain integration Cobalt is

  5. Slide 5: Cobalt market in a structural shift

    Cobalt market in a structural shift  The DRC 2025 export ban and 2026/2027 export quota system is rebalancing the market after +3 years of predatory oversupply  Demand for cobalt from the battery and industrial sectors will grow +5% through 2030  Prices are rapidly reverting toward long-term aver

  6. Slide 6: Meeting today's market gap and de-risking future mine development

    Meeting today’s market gap and de-risking future mine development We aim to build a secure cobalt supply chain by developing mid- stream processing of intermediates & black mass Cathode Mine / Cathode Cathode/ Concentrate Intermediate Refining Active Cells Cell Pack Battery Recycling Extraction Prec

  7. Slide 7: Non-FEOC Demand and Supply: Speed to market

    Non-FEOC Demand and Supply 140 Demand 120 COB Supply 100 ~10% Speed to market tonnes Co 80 • Targeting ~10% of non-FEOC cobalt supply chain Market Gap 60 • Producing cobalt metal & sulphate 40 • First operations within 18-24 months Supply 20 Investment ready 0  Project partner: Iwatani 30% / 70% CO

  8. Slide 8: Targeting 10% of non-FEOC cobalt supply chain

    High Purity Cobalt Sulphate Targeting 10% of non-FEOC cobalt supply chain • Speed to market with first operations within 18-24 months • Potential by-products - nickel, manganese, lithium, graphite • Cost advantages through proprietary processing flowsheet Corporate Structure* Refinery Co: 70% intere

  9. Slide 9: Australia's first cobalt sulphate refinery

    Australia’s first cobalt sulphate refinery Source: Cobalt Blue Holdings Limited 9

  10. Slide 10: COB has invested over A$15m in a demonstration facility

    COB has invested over A$15m in developing a facility that has successfully demonstrated all stages of our minerals processing technology.  Currently producing cobalt metal and cobalt sulphate  Supports ongoing R&D activities and contract testwork  Opportunity to commercially treat domestic black

  11. Slide 11: Broken Hill Cobalt Project

    Demonstration Portal Decline Ancillary infrastructure  Power, water, rail and road connections to existing networks (onsite renewable power generation also being considered). One of the world’s largest undeveloped cobalt Integrated Waste Landforms resources, set to become a generational operation 

  12. Slide 12: COB Capital Structure

    COB Capital Structure As at market close 11 November 2025 Ordinary Shares 511.8m Performance Rights 6.9m Options (expiry 23/4/2027 Ex. Price $0.20) 41.8m Options (expiry 18/9/2028 Ex. Price $0.08) 11.1m Options (expiry 24/9/2028 Ex. Price $0.08) 9.6m Market Cap (undiluted) $64.0m Share Price $0.125

  13. Slide 13: Compliance Statements

    Compliance Statements Information included in this presentation is, in part, extracted from reports available via Assumption Input https://www.cobaltblueholdings.com and is referenced in the following Compliance Statements. Cobalt Price US$60,186/t (AU$85,980) The Company confirms that it is not awa

  14. Slide 14: Compliance Statements

    Compliance Statements The Mineral Resource estimate for the BHCP deposits (at a 275 ppm CoEq cut-off) detailed by Mineral Resource classification. Note minor rounding errors may have occurred in compilation of this table. Classification Tonnes (Mt) CoEq (ppm) Co (ppm) S (%) Ni (ppm) Contained Co (kt

  15. Slide 15: Disclaimer

    Disclaimer The following notice and disclaimer apply to this investor presentation (Presentation). Forward-looking statements and forecasts You are, therefore advised to read this carefully before reading or making any other use This Presentation contains certain “forward-looking statements” and com

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