Thackaringa Resource

TThe Thackaringa project comprises three large tonnage cobalt deposits (Pyrite Hill, Big Hill & Railway) hosted by an extensive sequence of pyritic-quartz-albite gneiss of the Himalaya Formation. The deposits were the subject of an updated Mineral Resource estimate released in April 2019. The estimate reflected the culmination of a sustained exploration effort by COB (30,000m drilled from 2016) realising a 235% increase in resource tonnes and a 189% uplift in contained cobalt since COB issued its prospectus and became an independent company listed on the ASX.

Table 1. The updated Mineral Resource estimates for the Thackaringa Cobalt deposits (at a 400ppm CoEq cut-off) detailed by Mineral Resource classification (CoEq = Co ppm + S % * 22.235).
Note minor rounding errors may have occurred in compilation of this table.

Figure 1. Pyrite Hill Mineral Resource block model looking southwest illustrating block distribution by resource classification (bottom) and cobalt equivalent grade (top).

Figure 2. Railway Mineral Resource block model looking southeast illustrating block distribution by resource classification (bottom) and cobalt equivalent grade (top).

Figure 3. Big Hill Mineral Resource block model looking southeast illustrating block distribution by resource classification (bottom) and cobalt equivalent grade (top).

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Targets, Exploration Results, and Mineral Resources is based on information compiled by Mr Peter Buckley, a Competent Person who is a Member of The Australian Institute of Geoscientists (MAIG). Mr Buckley is employed by (Left Field Geoscience Services) and engaged by Cobalt Blue Holdings on a consulting basis. Mr Buckley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buckley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.