2022 Annual Report
Sydney, Sep 19, 2022 AEST (ABN Newswire) - Cobalt Blue Holdings Limited (ASX:COB) (COH:FRA) (CBBHF:OTCMKTS) is a green energy cobalt development and technology group focusing on advancing and developing cobalt mining and refining operations in Australia. Our current primary project is the Broken Hill Cobalt Project (BHCP), located approximately 23 km west of Broken Hill, NSW.
The project forms part of the Group's broader tenement holding comprising five Exploration Licenses and two Mining Leases, for a total area of approximately 220 km2. The project hosts three large tonnage cobalt-bearing pyrite deposits, Pyrite Hill, Big Hill and Railway.
Cobalt is a critical metal, in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
The net loss of the Group for the 2022 financial year was $5.23 million (2021: $2.68 million). The result reflects:
- higher employee benefits expenses due primarily to director and employee share-based payment awards and more staff.
- higher corporate costs, primarily associated with increased company promotion and financial advisory fees associated with COB's search for a project partner.
- higher ASX and registry fees reflecting share issues and an increase in total shareholders during the year.
During the financial year the Group received Industry Grants of $0.33 million (2021: $1.10 million) from the Australian Government's Cooperative Research Centre (CRC) for applied research and development of the processing of cobalt-pyrite ore to generate battery ready cobalt sulphate.
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About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) is an exploration and project development company. Work programs advancing the Broken Hill Cobalt Project in New South Wales continue. Our ambitious goals are subject to funding availability. Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
Cobalt Blue Holdings Limited