- Cobalt Blue (COB) closed out the September quarter with additional cash in the bank as it continues to advance its Broken Hill Cobalt Project in NSW
- The materials stock ended the quarter with $13.2 million stashed away, after completing a $15 million placement first announced in June
- It also successfully manufactured mixed hydroxide product (MHP) from its Pilot Plant at Broken Hill and updated the wider project’s mineral resource estimate (MRE)
- The cobalt business burnt through $767,000 worth of cash, meaning it has enough funds to keep operating for another 6.86 quarters
- COB shares opened Wednesday trading at 45.5 cents each
Cobalt Blue (COB) closed out the September quarter with additional cash in the bank as it continues to advance its Broken Hill Cobalt Project in NSW.
The materials stock ended the quarter with $13.2 million worth of cash stashed away in the bank, compared to $9.4 million at the end of June.
The increase in bank balance comes after the COB issued both tranches of a $15 million share placement, which was first announced back in June.
Funds raised were primarily used to advance Broken Hill, where Cobalt Blue recently manufactured mixed hydroxide product (MHP) from its Pilot Plant.
The samples were sourced from 90 tonnes of ore and produced assays of between 35 per cent and 41 per cent cobalt, as well as three per cent to 10 per cent nickel.
All of the MHP was shipped to global cobalt partners, and COB said feedback from the parties had been overwhelmingly positive.
In addition to the sample progress, the company also updated the mineral resource estimate (MRE) for the cobalt project.
Broken Hill’s MRE now comprises 118 million tonnes at 859 parts per million cobalt-equivalent for 81,100 tonnes contained cobalt.
Cobalt Blue ended September having burnt through $767,000 worth of cash, meaning it has enough funds to keep operating for another 6.86 quarters.
COB shares opened Wednesday’s trading session at 45.5 cents per share.