Cobalt Blue Holdings Limited (Cobalt Blue or Company) has now delivered a PFS study for the Thackaringa Cobalt Project and spent a minimum of A$2.5m to achieve Stage 2 goals under the Thackaringa Joint Venture Agreement.
- Results justify proceeding further towards commercial development of the Thackaringa Cobalt Project. The project will now begin Bankable Feasibility Studies (BFS).
- A maiden Ore Reserve is declared for the Thackaringa Cobalt Project – Probable Ore Reserve of 46.3M tonnes @ 819 ppm cobalt.
- Completion of the PFS allows project financing negotiations to begin. A more detailed release on the objectives of the BFS, as well as the company’s exploration plans for the next 12 months will be released in due course. Strong cash balance of A$9.8m as of 1 July 2018.
- Demand for cobalt continues to grow. According to CRU, demand will increase by 7% pa CAGR 2018-2021 supporting a global deficit even after near term African supply has entered the market.