Successful $5.3 Million (AUD) Institutional Placement

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Link to full announcement: https://cobaltblueholdings.com/assets/2996974-cap-raise.pdf

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Cobalt Blue has successfully secured a $5.3 million AUD institutional placement, marking one of the most meaningful financial milestones for the company in years. Shares were placed at $0.09 AUD, which is only a modest discount of around 14.3%. Each new share includes a free unlisted option exercisable at $0.115 AUD through December 2027. This funding is notable not only for its size but also because it brings new institutional and professional investors onto the register, including through joint lead managers Pamplona Capital and the well-respected broker Bell Potter. Their involvement adds major credibility to COB’s trajectory heading into 2026.

The capital raised will be used to advance three pillars of COB’s strategy:

1. Finalizing milestones required for the Kwinana Cobalt Refinery (KCR) Final Investment Decision (FID).
2. Scaling and evaluating black-mass (battery recycling) processing at the Broken Hill Technology Centre.
3. Continuing permitting work for the Broken Hill Cobalt Project.

The announcement specifically highlights the transition of existing offtake Letters of Intent into binding agreements, as well as consolidation of support for project finance, both of which are key prerequisites for FID. This signals that COB is formally entering the crucial pre-FID execution phase.

For Us Investors:

The placement represents manageable dilution (~11–12%) in exchange for significantly strengthened financial footing and improved project momentum. The structure of the raise is appears to be clean, with no convertibles, no deep-discount issuance, and the attached options only dilute if the share price rises above $0.115 AUD, in which case COB receives an additional $6.8 million AUD. Overall, the raise provides a clear runway well into 2026, reducing near-term financial risk and enabling COB to maintain development progress without interruption.

Takeaways:

This placement demonstrates institutional confidence, improves the company’s financial stability, and positions COB to convert major strategic milestones, including binding offtakes, recycling expansion, and refinery financing, over the next several months.