Cobalt Blue Holdings Ltd. · ASX:COB

Cobalt Blue — Investor Presentation (December 2025)

18 slides from Cobalt Blue's investor presentation, Dec 8, 2025

  1. Slide 1: Placement Issue Investor Presentation

    For personal use only Placement Issue Investor Presentation 4 December 2025 This presentation has been authorised for release to the ASX by the board of Cobalt Blue Holdings.

  2. Slide 2: Important Notice & Disclaimer

    Important Notice & 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 of this Presentation or any information contained in

  3. Slide 3: Important Notice & Disclaimer

    Important Notice & Disclaimer Past Performance contained in this Presentation nor any Information made available to you is, or shall be relied upon as, Past performance information given in this Presentation is given for illustration purposes only and a promise, representation, warranty or guarantee

  4. Slide 4: Business overview

    For personal use only Business overview

  5. Slide 5: Reshaping the Cobalt Supply Chain

    Reshaping the Cobalt Supply Chain For personal use only Addressing the Market Gap Realising Australia’s Potential Demand US & Allies China & other FEOC Supply SHORTFALL Broken Hill Cobalt Project 0 50 100 150 200 250 000 tonnes ASX: COB 5 Source: Benchmark Mineral Intelligence, Cobalt Blue Holdings

  6. Slide 6: 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 For personal use only  Temperature resistant superalloys for jet engines  Armour piercing alloys (2-4% cobalt)  Preci

  7. Slide 7: Cobalt market is highly concentrated

    Cobalt market is highly concentrated  Markets face a constrained set of options for securing cobalt supplies For personal use only  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

  8. Slide 8: 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 For personal use only  Demand for cobalt from the battery and industrial sectors will grow +5% through 2030  Prices are rapidly reverting

  9. Slide 9: Meeting today's market gap and de-risking future mine development

    Meeting today’s market gap and de-risking future mine development For personal use only 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 Rec

  10. Slide 10: Speed to market

    Speed to market For personal use only • Targeting ~10% of non-FEOC cobalt supply chain • Producing cobalt metal & sulphate • First operations within 18-24 months Investment ready  Project partner: Iwatani 30% / 70% COB*  FS completed in 2024 Targeted Project Timeline  Flowsheet fully piloted, sam

  11. Slide 11: High Purity Cobalt Sulphate

    High Purity Cobalt Sulphate Targeting 10% of non-FEOC cobalt supply chain For personal use only • Speed to market with operations planned for 18-24 mths • Potential by-products - nickel, manganese, lithium, graphite • Expected cost advantages through proprietary processing flowsheet Corporate Struct

  12. Slide 12: Demonstration plant producing cobalt metal and sulphate

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

  13. Slide 13: 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 For personal use only Integrated Waste Landforms resources, with potential to

  14. Slide 14: COB Capital Structure

    COB Capital Structure As at market close 3 December 2025 For personal use only 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) $53.8

  15. Slide 15: Appendices

    For personal use only Appendices

  16. Slide 16: Appendix 1: Compliance Statements

    Appendix 1: Compliance Statements Information included in this presentation is, in part, extracted from reports available via Assumption Input https://www.cobaltblueholdings.com and referenced in the following Compliance For personal use only Statements. Cobalt Price US$60,186/t (AU$85,980) The Comp

  17. Slide 17: Appendix 1: Compliance Statements

    Appendix 1: 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. For personal use only Classification Tonnes (Mt) CoEq (ppm) Co (pp

  18. Slide 18: Appendix 2: Risk factors

    Appendix 2: Risk factors Key external and business risks which could impact the ability of Cobalt Blue Holdings recovery of cobalt. In addition, metallurgical processes for cobalt extraction are Limited and its subsidiaries (the Group) to deliver its strategy are: inherently complex and subject to o

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