FY2021
Pilot plant commissioned
The BHCP Pilot Plant was commissioned in March 2021 and produced mixed hydroxide precipitate samples in June 2021.
ASX: COB · Five-year financial review
Cobalt Blue Holdings Limited (ASX: COB) - Five-Year Financial Review FY2021-FY2025
A source-linked review of five June-year annual reports for Cobalt Blue Holdings Limited. Financial-statement amounts are Australian dollars in thousands unless a table specifies otherwise; project-study scenarios and Mineral Resources are clearly separated from statutory results.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 closing cash
A$1.224m
At 30 June 2025
FY2025 statutory loss
A$6.099m
Loss from continuing operations
FY2025 E&E carrying value
A$29.987m
Exploration and evaluation assets
FY2025 net financial position
A$1.465m liability
Issuer financial-instruments measure
Five years in context
COB moved from BHCP pilot and demonstration-plant work to a February 2024 feasibility pause, a large non-cash impairment and greater focus on Kwinana refinery development. Revenue from customers was not yet a recurring funding source; equity issues, grants and R&D refunds supported project and operating cash outflows.
Cash was A$15.616m at 30 June 2023 and A$1.224m at 30 June 2025. The FY2025 report describes a A$1.568m working-capital deficit and material uncertainty about obtaining additional funding. Project-study economics are included only as the issuer's dated scenarios, with the changed NPV discount rate disclosed.
Events behind the numbers
FY2022
Major Project Status
BHCP received Australian Major Project Status in February 2022; the issuer also reported a A$15m Critical Minerals Accelerator Initiative grant award.
FY2023
Demonstration plant output
The demonstration plant achieved sustained operations and produced its first large-scale mixed hydroxide precipitate in June 2023.
FY2024
Broken Hill strategy changed
In February 2024 the company paused BHCP definitive-feasibility work and withdrew the previous Ore Reserve; the annual result included a A$30.533m impairment.
FY2025
Kwinana and Halls Creek
A binding Iwatani pre-FID consortium deed was executed in April 2025, a Glencore feed agreement in May 2025, and a Halls Creek scoping study was released in June 2025.
FINANCIAL REVIEW / 01
Statutory result
COB recorded statutory losses in all five years. FY2024 includes an A$30.533m non-cash impairment of Broken Hill exploration and evaluation assets; FY2025 shows no repeat impairment, while Kwinana refinery project expense continues to rise.
The revenue line and other-income line have different meanings. FY2025 ordinary revenue is nil while A$2.864m of other income includes government grants and interest; these are not evidence of commercial cobalt sales.
Loss from continuing operations
$'000
Loss from continuing operations
AI-generated presentation · values from Statutory consolidated profit or loss and comprehensive income; no missing values plotted as zero.
Statutory consolidated profit or loss and comprehensive income
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue$'000 | 116 | 0 (nil) | 233 | 75 | 0 (nil) |
| Other income$'000 | Not separately presented | Not separately presented | Not separately presented | 1,326 | 2,864 |
| ASX and registry fees$'000 | -162 | -262 | -332 | -234 | -190 |
| Administrative expenses$'000 | -241 | -363 | -430 | -460 | -518 |
| Corporate costs$'000 | -697 | -1,607 | -1,872 | -1,187 | -747 |
| Depreciation and amortisation$'000 | -244 | -228 | -160 | -145 | -187 |
| Employee benefits expenses$'000 | -1,287 | -2,606 | -2,706 | -3,318 | -3,041 |
| Interest expense$'000 | -18 | -16 | -42 | -30 | -65 |
| Legal and professional costs$'000 | -147 | -151 | -158 | -275 | -337 |
| Project expenses – Kwinana Cobalt Refinery (KCR)$'000 | Not separately presented | Not separately presented | 0 (nil) | -2,642 | -3,846 |
| Exploration and evaluation expenditure written off$'000 | Not separately presented | Not separately presented | 0 (nil) | -172 | -32 |
| Impairment losses – exploration and evaluation assets$'000 | Not separately presented | Not separately presented | 0 (nil) | -30,533 | 0 (nil) |
| Loss before tax$'000 | -2,680 | -5,233 | -5,467 | -37,595 | -6,099 |
| Income tax expense$'000 | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| Loss from continuing operations$'000 | -2,680 | -5,233 | -5,467 | -37,595 | -6,099 |
| Other comprehensive income, net of tax$'000 | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| Total comprehensive loss$'000 | -2,680 | -5,233 | -5,467 | -37,595 | -6,099 |
Expenses and losses are shown as negative A$'000. Revenue and other income are separate reported lines; grants sit in other income in FY2024–FY2025.
A reported dash is shown as Nil. Earlier KCR project-expense and impairment lines are not backfilled with zero.
Basis and presentation notes (25)
- Revenue / FY2022 — 0 (nil): Revenue is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001382); A$'000 scale is retained.
- Revenue / FY2025 — 0 (nil): Revenue is directly reported nil for this metric and period in the FY2025 source, value period FY2025 (ref R004195); A$'000 scale is retained.
- Other income / FY2021 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not equate it with revenue or infer nil.
- Other income / FY2022 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not equate it with revenue or infer nil.
- Other income / FY2023 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not equate it with revenue or infer nil.
- Project expenses – Kwinana Cobalt Refinery (KCR) / FY2021 — Not separately presented: No separately reported Kwinana Cobalt Refinery project-expense P&L line is established for this year; project spending elsewhere is a different measure.
- Project expenses – Kwinana Cobalt Refinery (KCR) / FY2022 — Not separately presented: No separately reported Kwinana Cobalt Refinery project-expense P&L line is established for this year; project spending elsewhere is a different measure.
- Project expenses – Kwinana Cobalt Refinery (KCR) / FY2023 — 0 (nil): Project expenses - Kwinana Cobalt Refinery is directly reported nil for this metric and period in the FY2024 source, value period FY2023 (ref R003316); A$'000 scale is retained.
- Exploration and evaluation expenditure written off / FY2021 — Not separately presented: No separate exploration-and-evaluation write-off P&L line is established for this year; the FY2023 comparative nil does not establish an earlier nil.
- Exploration and evaluation expenditure written off / FY2022 — Not separately presented: No separate exploration-and-evaluation write-off P&L line is established for this year; the FY2023 comparative nil does not establish an earlier nil.
- Exploration and evaluation expenditure written off / FY2023 — 0 (nil): Exploration and evaluation expenditure written off is directly reported nil for this metric and period in the FY2024 source, value period FY2023 (ref R003308); A$'000 scale is retained.
- Impairment losses – exploration and evaluation assets / FY2021 — Not separately presented: No separately reported exploration-and-evaluation impairment P&L line is established for this year; do not backfill nil from later presentations.
- Impairment losses – exploration and evaluation assets / FY2022 — Not separately presented: No separately reported exploration-and-evaluation impairment P&L line is established for this year; do not backfill nil from later presentations.
- Impairment losses – exploration and evaluation assets / FY2023 — 0 (nil): Impairment losses - exploration and evaluation assets is directly reported nil for this metric and period in the FY2024 source, value period FY2023 (ref R003310); A$'000 scale is retained.
- Impairment losses – exploration and evaluation assets / FY2025 — 0 (nil): Impairment losses - exploration and evaluation assets is directly reported nil for this metric and period in the FY2025 source, value period FY2025 (ref R004211); A$'000 scale is retained.
- Income tax expense / FY2021 — 0 (nil): Income tax expense is directly reported nil for this metric and period in the FY2021 source, value period 2021 (ref R000569); A$'000 scale is retained.
- Income tax expense / FY2022 — 0 (nil): Income tax expense is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001400); A$'000 scale is retained.
- Income tax expense / FY2023 — 0 (nil): Income tax expense is directly reported nil for this metric and period in the FY2023 source, value period 2023 (ref R002316); A$'000 scale is retained.
- Income tax expense / FY2024 — 0 (nil): Income tax expense is directly reported nil for this metric and period in the FY2024 source, value period FY2024 (ref R003319); A$'000 scale is retained.
- Income tax expense / FY2025 — 0 (nil): Income tax expense is directly reported nil for this metric and period in the FY2025 source, value period FY2025 (ref R004221); A$'000 scale is retained.
- Other comprehensive income, net of tax / FY2021 — 0 (nil): Other comprehensive income for the year, net of tax is directly reported nil for this metric and period in the FY2021 source, value period 2021 (ref R000573); A$'000 scale is retained.
- Other comprehensive income, net of tax / FY2022 — 0 (nil): Other comprehensive income for the year, net of tax is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001404); A$'000 scale is retained.
- Other comprehensive income, net of tax / FY2023 — 0 (nil): Other comprehensive income for the year, net of tax is directly reported nil for this metric and period in the FY2023 source, value period 2023 (ref R002320); A$'000 scale is retained.
- Other comprehensive income, net of tax / FY2024 — 0 (nil): Other comprehensive income for the year, net of tax is directly reported nil for this metric and period in the FY2024 source, value period FY2024 (ref R003323); A$'000 scale is retained.
- Other comprehensive income, net of tax / FY2025 — 0 (nil): Other comprehensive income for the year, net of tax is directly reported nil for this metric and period in the FY2025 source, value period FY2025 (ref R004225); A$'000 scale is retained.
Source: Consolidated statements of profit or loss and comprehensive income, five COB annual reports.
Basic and diluted loss per share
Mixed; see row labels
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss used in EPS calculationA$'000 | -2,680 | -5,233 | -5,467 | -37,595 | -6,099 |
| Weighted-average shares (basic and diluted)shares | 233,450,310 | 299,667,121 | 352,267,404 | 383,781,962 | 431,202,885 |
| Basic and diluted EPSAustralian cents/share | -1.1 | -1.7 | -1.6 | -9.8 | -1.4 |
FY2021 weighted-average shares and EPS numerator use the explicitly labelled FY2021 comparative in the FY2022 note; FY2021 EPS also matches the FY2021 profit-or-loss statement.
The FY2021 extraction of a separate EPS note mislabels its 2020/2019 columns; those references are not used for current-year FY2021 values.
Source: COB annual-report EPS notes and FY2021 statutory profit-or-loss statement.
FINANCIAL REVIEW / 02
Financial position and liquidity
The A$30.533m FY2024 impairment reduced the carrying value of exploration and evaluation assets, while the year-end cash balance fell to A$1.224m by 30 June 2025. The FY2025 Directors' Report states a A$1.568m working-capital deficit and a material uncertainty related to ongoing funding.
Cash and exploration assets at year end
$'000
Cash and cash equivalentsExploration and evaluation assets
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents$'000 | 9,439 | 10,530 | 15,616 | 8,742 | 1,224 |
| Total current assets$'000 | 10,045 | 11,426 | 19,018 | 9,107 | 1,600 |
| Exploration and evaluation assets$'000 | 23,461 | 37,471 | 55,092 | 30,000 | 29,987 |
| Property, plant and equipment$'000 | 3,206 | 976 | 1,699 | 1,246 | 1,418 |
| Total non-current assets$'000 | 26,944 | 39,007 | 57,399 | 31,855 | 31,972 |
| Total assets$'000 | 36,989 | 50,433 | 76,417 | 40,962 | 33,572 |
| Trade and other payables (current)$'000 | 1,451 | 2,749 | 4,317 | 1,526 | 911 |
| Deferred income (current)$'000 | Not separately presented | Not separately presented | 1,945 | 1,267 | 0 (nil) |
| Current provisions | 310 | 483 | 566 | 598 | 374 |
| Current borrowings$'000 | 0 (nil) | 0 (nil) | 180 | 2,911 | 1,835 |
| Total current liabilities$'000 | 2,020 | 3,416 | 7,260 | 6,468 | 3,168 |
| Non-current borrowings$'000 | 2,038 | 2,343 | 2,515 | 0 (nil) | 0 (derived) |
| Non-current provisions | 37 | 171 | 456 | 272 | 137 |
| Total non-current liabilities$'000 | 2,337 | 2,913 | 3,168 | 289 | 523 |
| Total liabilities$'000 | 4,357 | 6,329 | 10,428 | 6,757 | 3,691 |
| Share capital and payments reserve$'000 | 42,534 | 58,065 | 84,405 | 89,758 | 91,086 |
| Reserves$'000 | 933 | 2,107 | 3,119 | 3,577 | 4,024 |
| Accumulated losses$'000 | -10,835 | -16,068 | -21,535 | -59,130 | -65,229 |
| Total equity$'000 | 32,632 | 44,104 | 65,989 | 34,205 | 29,881 |
Each column is an actual 30 June balance date, FY2021–FY2025. The FY2020 comparative from the editorial start is omitted from this five-period view.
Exploration and evaluation assets are period-end carrying amounts; investing cash payments for E&E appear separately in the cash-flow table.
Current and non-current provisions are distinct reported liability components. The matching lease carrying amounts are detailed in the lease table below; the reported total-liability rows are retained unchanged.
FY2025 non-current borrowings are shown as a derived zero: A$523k total non-current liabilities less A$386k lease liabilities and A$137k provisions; the borrowing maturity table places the full A$1,835k within one year. This is not labelled as a directly reported nil.
Basis and presentation notes (6)
- Deferred income (current) / FY2021 — Not separately presented: No separate current deferred-income balance is established for this date; the later standalone line does not determine an earlier balance.
- Deferred income (current) / FY2022 — Not separately presented: No separate current deferred-income balance is established for this date; the later standalone line does not determine an earlier balance.
- Deferred income (current) / FY2025 — 0 (nil): Deferred income is directly reported nil for this metric and period in the FY2025 source, value period 2025 (ref R004347); A$'000 scale is retained.
- Current borrowings / FY2021 — 0 (nil): Borrowings is directly reported nil for this metric and period in the FY2021 source, value period 2021 (ref R000655); A$'000 scale is retained.
- Current borrowings / FY2022 — 0 (nil): Borrowings (current) is directly reported nil for this metric and period in the FY2023 source, value period 2022 (ref R002413); A$'000 scale is retained.
- Non-current borrowings / FY2024 — 0 (nil): Borrowings is directly reported nil for this metric and period in the FY2024 source, value period 2024 (ref R003414); A$'000 scale is retained.
Source: Consolidated statements of financial position, COB annual reports FY2021–FY2025.
Current trade and other payables
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Trade payables$'000 | 432 | 1,485 | 2,218 | 439 | 372 |
| Other creditors and accruals$'000 | 315 | 1,264 | 2,099 | 1,087 | 539 |
| Shares subscription monies in advance$'000 | 704 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Total trade and other payables (current)$'000 | 1,451 | 2,749 | 4,317 | 1,526 | 911 |
Share subscription monies in advance are separately identified in the FY2021–FY2022 note; the later note presentation does not repeat that line.
Basis and presentation notes (4)
- Shares subscription monies in advance / FY2022 — 0 (nil): Shares subscription monies in advance is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001207); A$'000 scale is retained.
- Shares subscription monies in advance / FY2023 — Not separately presented: The selected payables note does not separately repeat share-subscription monies in advance at this date; absence is not a reported zero.
- Shares subscription monies in advance / FY2024 — Not separately presented: The selected payables note does not separately repeat share-subscription monies in advance at this date; absence is not a reported zero.
- Shares subscription monies in advance / FY2025 — Not separately presented: The selected payables note does not separately repeat share-subscription monies in advance at this date; absence is not a reported zero.
Source: Trade and other payables notes in the five COB annual reports.
Lease carrying amounts and related expense
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Lease liabilities – current$'000 | 259 | 184 | 252 | 166 | 48 |
| Lease liabilities – non-current$'000 | 262 | 399 | 197 | 17 | 386 |
| Lease liabilities – total$'000 | 521 | 583 | 449 | 183 | 434 |
| Lease interest expense$'000 | 18 | 16 | 42 | 30 | 19 |
| Right-of-use assets – total$'000 | 455 | 430 | 427 | 155 | 404 |
Current and non-current lease liabilities and total are carrying amounts; contractual maturity cash flows are a different measure.
The FY2024 total is A$183k from the FY2025 leases-note comparative. The A$5.887m figure originally linked in the editorial start is total financial liabilities, not leases.
Source: Consolidated financial position and lease notes, COB annual reports.
Borrowings and FY2024–FY2025 composition
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total borrowings, carrying amount | 2,038 | 2,343 | 2,695 | 2,911 | 1,835 |
| Promissory note (current)$'000 | Not separately presented | Not separately presented | Not separately presented | 2,836 | 938 |
| Promissory note – accrued interest$'000 | Not separately presented | Not separately presented | Not separately presented | 75 | 65 |
| R&D finance facility (Radium Capital)$'000 | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 742 |
| Other borrowings$'000 | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 90 |
FY2021–FY2023 borrowings were primarily non-current promissory-note balances; FY2024–FY2025 detail is current borrowings.
Component rows were not separately presented in the earlier debt-note layout. The FY2025 Borrowings note explicitly shows a dash for the FY2024 R&D facility and other-borrowings comparative rows; these are displayed as Nil.
Basis and presentation notes (14)
- Promissory note (current) / FY2021 — Not separately presented: Earlier borrowing balances are principally presented as non-current promissory-note debt, not as the later current promissory-note component; this current-note split is not separately established.
- Promissory note (current) / FY2022 — Not separately presented: Earlier borrowing balances are principally presented as non-current promissory-note debt, not as the later current promissory-note component; this current-note split is not separately established.
- Promissory note (current) / FY2023 — Not separately presented: Earlier borrowing balances are principally presented as non-current promissory-note debt, not as the later current promissory-note component; this current-note split is not separately established.
- Promissory note – accrued interest / FY2021 — Not separately presented: The earlier debt-note layout does not separately establish the later current promissory-note accrued-interest component; do not allocate it from total borrowings.
- Promissory note – accrued interest / FY2022 — Not separately presented: The earlier debt-note layout does not separately establish the later current promissory-note accrued-interest component; do not allocate it from total borrowings.
- Promissory note – accrued interest / FY2023 — Not separately presented: The earlier debt-note layout does not separately establish the later current promissory-note accrued-interest component; do not allocate it from total borrowings.
- R&D finance facility (Radium Capital) / FY2021 — Not separately presented: No separately reported Radium Capital R&D facility component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- R&D finance facility (Radium Capital) / FY2022 — Not separately presented: No separately reported Radium Capital R&D facility component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- R&D finance facility (Radium Capital) / FY2023 — Not separately presented: No separately reported Radium Capital R&D facility component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- R&D finance facility (Radium Capital) / FY2024 — 0 (nil): R&D finance facility (Radium Capital) is directly reported nil for this metric and period in the FY2025 borrowing-note FY2024 comparative (ref DB-COB-FY2024-RD-FACILITY-NIL); A$'000 scale is retained.
- Other borrowings / FY2021 — Not separately presented: No separately reported other-borrowings component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- Other borrowings / FY2022 — Not separately presented: No separately reported other-borrowings component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- Other borrowings / FY2023 — Not separately presented: No separately reported other-borrowings component is established in this year's selected borrowing note; the FY2024 comparative nil is period-specific.
- Other borrowings / FY2024 — 0 (nil): Other borrowings is directly reported nil for this metric and period in the FY2025 borrowing-note FY2024 comparative (ref DB-COB-FY2024-OTHER-BORROWINGS-NIL); A$'000 scale is retained.
Source: Borrowings notes and financial-position statements, COB annual reports.
Disclosed net financial asset or liability position
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total financial assets$'000 | 10,103 | 11,662 | 19,148 | 9,169 | 1,715 |
| Total financial liabilities$'000 | 4,029 | 5,675 | 9,406 | 5,887 | 3,180 |
| Net financial position$'000 | 6,074 | 5,987 | 9,742 | 3,282 | -1,465 |
This issuer financial-instruments measure includes more than cash and borrowings; it is not labelled net debt or net cash.
Source: Financial-instruments notes, COB annual reports FY2021–FY2025.
FINANCIAL REVIEW / 03
Cash flows and funding
Operating cash use increased through the period as project spending and corporate costs required funding. In FY2025, investing cash flow turned positive because R&D tax-incentive and capitalised grant receipts exceeded sharply lower E&E cash payments; financing cash flow was negative after borrowing repayments.
Operating and investing cash flows
A$'000
Net cash used in operating activitiesNet cash from / (used in) investing activities
AI-generated presentation · values from Consolidated cash-flow statement: major totals; no missing values plotted as zero.
Consolidated cash-flow statement: major totals
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | -2,110 | -3,472 | -3,624 | -5,667 | -6,848 |
| Net cash from / (used in) investing activities | -5,310 | -9,262 | -16,621 | -5,706 | 531 |
| Net cash from / (used in) financing activities | 14,802 | 13,825 | 25,331 | 4,499 | -1,201 |
| Net increase / (decrease) in cash held | 7,382 | 1,091 | 5,086 | -6,874 | -7,518 |
| Cash at end of financial year | 9,439 | 10,530 | 15,616 | 8,742 | 1,224 |
Parentheses indicate cash outflows. FY2025 investing cash flow is a positive inflow despite continuing E&E payments, because tax-incentive and grant receipts exceeded those payments.
Source: Consolidated cash-flow statements, COB annual reports FY2021–FY2025.
Operating cash-flow components
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from customers (operating) | Not separately presented | Not separately presented | 0 (nil) | 75 | 0 (nil) |
| Payments to suppliers and employees | -2,224 | -3,495 | -3,794 | -5,591 | -4,750 |
| Payments for project costs | Not separately presented | Not separately presented | 0 (nil) | -2,338 | -3,876 |
| Industry grants (not capitalised) – operating | Not separately presented | Not separately presented | 0 (nil) | 1,921 | 709 |
| R&D tax incentive refund – operating classification | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 944 |
| Interest received (operating) | 5 | 0 (nil) | 212 | 296 | 171 |
| Interest paid on leased assets | -18 | -16 | -42 | -30 | -46 |
| Other operating cash flow | 127 | 39 | 0 (nil) | Not separately presented | Not separately presented |
Project-cost and non-capitalised grant lines enter the operating statement from FY2024; earlier years are not backfilled.
Cash interest received differs from accrued interest income in the profit-or-loss statement.
R&D tax-incentive cash receipts in the investing and operating sections are classification-specific; one row is not silently transferred into the other.
Basis and presentation notes (18)
- Receipts from customers (operating) / FY2021 — Not separately presented: No distinct operating-cash customer-receipts line is established in this year's selected cash-flow statement; later nil or receipt lines do not determine it.
- Receipts from customers (operating) / FY2022 — Not separately presented: No distinct operating-cash customer-receipts line is established in this year's selected cash-flow statement; later nil or receipt lines do not determine it.
- Receipts from customers (operating) / FY2023 — 0 (nil): Receipts from customers is directly reported nil for this metric and period in the FY2024 source, value period 2023 (ref R003250); A$'000 scale is retained.
- Receipts from customers (operating) / FY2025 — 0 (nil): Receipts from customers is directly reported nil for this metric and period in the FY2025 source, value period 2025 (ref R004141); A$'000 scale is retained.
- Payments for project costs / FY2021 — Not separately presented: No separately stated operating project-cost cash-payment line is established for this year; do not allocate it from supplier/employee payments or infer nil.
- Payments for project costs / FY2022 — Not separately presented: No separately stated operating project-cost cash-payment line is established for this year; do not allocate it from supplier/employee payments or infer nil.
- Payments for project costs / FY2023 — 0 (nil): Payments for project costs is directly reported nil for this metric and period in the FY2024 source, value period 2023 (ref R003254); A$'000 scale is retained.
- Industry grants (not capitalised) – operating / FY2021 — Not separately presented: No separately stated non-capitalised industry-grant operating receipt is established for this year; investing grants and P&L income are different classifications.
- Industry grants (not capitalised) – operating / FY2022 — Not separately presented: No separately stated non-capitalised industry-grant operating receipt is established for this year; investing grants and P&L income are different classifications.
- Industry grants (not capitalised) – operating / FY2023 — 0 (nil): Industry grants (not capitalised) is directly reported nil for this metric and period in the FY2024 source, value period 2023 (ref R003256); A$'000 scale is retained.
- R&D tax incentive refund – operating classification / FY2021 — Not separately presented: No separately stated R&D tax-incentive receipt in the operating section is established for this year. Investing-section R&D refund rows remain distinct and visible.
- R&D tax incentive refund – operating classification / FY2022 — Not separately presented: No separately stated R&D tax-incentive receipt in the operating section is established for this year. Investing-section R&D refund rows remain distinct and visible.
- R&D tax incentive refund – operating classification / FY2023 — Not separately presented: No separately stated R&D tax-incentive receipt in the operating section is established for this year. Investing-section R&D refund rows remain distinct and visible.
- R&D tax incentive refund – operating classification / FY2024 — 0 (nil): Research and development tax incentive refund is directly reported nil for this metric and period in the FY2025 source, value period 2024 (ref R004150); A$'000 scale is retained.
- Interest received (operating) / FY2022 — 0 (nil): Interest received is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001322); A$'000 scale is retained.
- Other operating cash flow / FY2023 — 0 (nil): Other is directly reported nil for this metric and period in the FY2023 source, value period 2023 (ref R002216); A$'000 scale is retained.
- Other operating cash flow / FY2024 — Not separately presented: No separately stated other-operating cash line is established for this year's selected cash-flow presentation; the earlier nil component is not carried forward.
- Other operating cash flow / FY2025 — Not separately presented: No separately stated other-operating cash line is established for this year's selected cash-flow presentation; the earlier nil component is not carried forward.
Source: Operating sections of the five consolidated cash-flow statements.
Investing cash-flow components
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for exploration and evaluation expenditure (investing) | -3,877 | -9,330 | -24,146 | -16,876 | -1,195 |
| R&D tax incentive refunds – investing classification | 0 (nil) | 339 | 508 | 6,841 | 1,435 |
| Industry grants (capitalised) – investing | 1,097 | 325 | 8,011 | 4,254 | 264 |
| Payments for plant and equipment (investing) | -2,485 | -307 | -938 | -2 | -2 |
| Proceeds on disposal of plant and equipment | Not separately presented | Not separately presented | Not separately presented | 90 | 0 (nil) |
| Security deposit refund / (cash used) | -20 | -244 | 3 | 13 | 42 |
| Payments for other non-current assets | -25 | -45 | -59 | -26 | -13 |
Exploration and evaluation payments and PP&E payments are investing cash outflows, not the period-end asset carrying values.
FY2024 also includes A$90k proceeds from PP&E disposal; FY2025 includes A$42k security-deposit refund and A$13k other non-current-asset payment.
Basis and presentation notes (5)
- R&D tax incentive refunds – investing classification / FY2021 — 0 (nil): Research and development tax incentive refunds is directly reported nil for this metric and period in the FY2021 source, value period 2021 (ref R000505); A$'000 scale is retained.
- Proceeds on disposal of plant and equipment / FY2021 — Not separately presented: No separate PP&E disposal cash proceeds line is established for this year; the FY2024 receipt and FY2025 nil are specific to their years.
- Proceeds on disposal of plant and equipment / FY2022 — Not separately presented: No separate PP&E disposal cash proceeds line is established for this year; the FY2024 receipt and FY2025 nil are specific to their years.
- Proceeds on disposal of plant and equipment / FY2023 — Not separately presented: No separate PP&E disposal cash proceeds line is established for this year; the FY2024 receipt and FY2025 nil are specific to their years.
- Proceeds on disposal of plant and equipment / FY2025 — 0 (nil): Proceeds on disposal of plant and equipment is directly reported nil for this metric and period in the FY2025 source, value period 2025 (ref R004166); A$'000 scale is retained.
Source: Investing sections of the five consolidated cash-flow statements.
Financing cash-flow components
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross proceeds from issues of shares | 15,099 | 14,550 | 26,003 | 5,014 | 520 |
| Costs related to issues of shares | -580 | -360 | -356 | -231 | -155 |
| Gross proceeds from borrowings | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 851 |
| Repayment of borrowings | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | -2,062 |
| Interest paid on Promissory Note | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | -180 |
| Payment of lease liabilities | -361 | -365 | -316 | -284 | -175 |
| Share issue monies received in advance | 704 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Payment of convertible-note interest | -60 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
Gross share proceeds are before issue costs. FY2025 borrowing inflow and repayments are separate from promissory-note interest paid.
Lease-liability payments are financing principal; lease interest paid appears under operating cash flow.
Basis and presentation notes (20)
- Gross proceeds from borrowings / FY2021 — Not separately presented: No separately stated gross borrowing cash inflow is established in this year's selected financing cash-flow lines; the FY2024 nil is period-specific.
- Gross proceeds from borrowings / FY2022 — Not separately presented: No separately stated gross borrowing cash inflow is established in this year's selected financing cash-flow lines; the FY2024 nil is period-specific.
- Gross proceeds from borrowings / FY2023 — Not separately presented: No separately stated gross borrowing cash inflow is established in this year's selected financing cash-flow lines; the FY2024 nil is period-specific.
- Gross proceeds from borrowings / FY2024 — 0 (nil): Gross proceeds from borrowings is directly reported nil for this metric and period in the FY2025 source, value period 2024 (ref R004182); A$'000 scale is retained.
- Repayment of borrowings / FY2021 — Not separately presented: No separately stated borrowing repayment cash outflow is established in this year's selected financing cash-flow lines; balance movements do not supply a cash amount.
- Repayment of borrowings / FY2022 — Not separately presented: No separately stated borrowing repayment cash outflow is established in this year's selected financing cash-flow lines; balance movements do not supply a cash amount.
- Repayment of borrowings / FY2023 — Not separately presented: No separately stated borrowing repayment cash outflow is established in this year's selected financing cash-flow lines; balance movements do not supply a cash amount.
- Repayment of borrowings / FY2024 — 0 (nil): Repayment of borrowings is directly reported nil for this metric and period in the FY2025 source, value period 2024 (ref R004184); A$'000 scale is retained.
- Interest paid on Promissory Note / FY2021 — Not separately presented: No separately stated cash interest payment on the promissory note is established in this year's selected financing lines; accrued interest is not a cash-payment substitute.
- Interest paid on Promissory Note / FY2022 — Not separately presented: No separately stated cash interest payment on the promissory note is established in this year's selected financing lines; accrued interest is not a cash-payment substitute.
- Interest paid on Promissory Note / FY2023 — Not separately presented: No separately stated cash interest payment on the promissory note is established in this year's selected financing lines; accrued interest is not a cash-payment substitute.
- Interest paid on Promissory Note / FY2024 — 0 (nil): Interest paid on Promissory Note is directly reported nil for this metric and period in the FY2025 source, value period 2024 (ref R004180); A$'000 scale is retained.
- Share issue monies received in advance / FY2022 — 0 (nil): Share issue monies received in advance is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001335); A$'000 scale is retained.
- Share issue monies received in advance / FY2023 — Not separately presented: No separate cash inflow from advance share-issue monies is established for this year; the FY2021 receipt and FY2022 nil do not determine later years.
- Share issue monies received in advance / FY2024 — Not separately presented: No separate cash inflow from advance share-issue monies is established for this year; the FY2021 receipt and FY2022 nil do not determine later years.
- Share issue monies received in advance / FY2025 — Not separately presented: No separate cash inflow from advance share-issue monies is established for this year; the FY2021 receipt and FY2022 nil do not determine later years.
- Payment of convertible-note interest / FY2022 — 0 (nil): Payment of convertible note interest is directly reported nil for this metric and period in the FY2022 source, value period 2022 (ref R001336); A$'000 scale is retained.
- Payment of convertible-note interest / FY2023 — Not separately presented: No separate convertible-note interest cash payment is established for this year; the FY2021 cash payment and FY2022 nil do not determine later years.
- Payment of convertible-note interest / FY2024 — Not separately presented: No separate convertible-note interest cash payment is established for this year; the FY2021 cash payment and FY2022 nil do not determine later years.
- Payment of convertible-note interest / FY2025 — Not separately presented: No separate convertible-note interest cash payment is established for this year; the FY2021 cash payment and FY2022 nil do not determine later years.
Source: Financing sections of the five consolidated cash-flow statements.
FINANCIAL REVIEW / 04
Share capital and shareholder returns
No dividend was paid, recommended or declared in the five annual reports. Capital was raised through repeated share issues; the 2025 share-capital note reports 444,838,847 ordinary shares at year end, including 2,777,778 escrowed listed shares.
Gross cash proceeds from share issues
A$'000
Gross proceeds from issues of shares
AI-generated presentation · values from Financing cash-flow components; no missing values plotted as zero.
Dividends paid, recommended or declared
issuer decision
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Dividend decision | None stated | None stated | None stated | None stated | None stated |
Each year's Directors' Report explicitly states that no dividend was paid, recommended or declared. The text status is not a monetary zero or a missing disclosure.
Basis and presentation notes (5)
- Dividend decision / FY2021 — None stated: The FY2021 Directors' Report expressly states no dividends were paid, recommended or declared (ref R000064); 'None' is a qualitative decision/status, not an A$ amount.
- Dividend decision / FY2022 — None stated: The FY2022 Directors' Report expressly states no dividends were paid, recommended or declared (ref R000978); 'None' is a qualitative decision/status, not an A$ amount.
- Dividend decision / FY2023 — None stated: The FY2023 Directors' Report expressly states no dividends were paid, recommended or declared (ref R001757); 'None' is a qualitative decision/status, not an A$ amount.
- Dividend decision / FY2024 — None stated: The FY2024 Directors' Report expressly states no dividends were paid, recommended or declared (ref R002693); 'None' is a qualitative decision/status, not an A$ amount.
- Dividend decision / FY2025 — None stated: The FY2025 Directors' Report expressly states no dividends were paid, recommended or declared (ref R003725); 'None' is a qualitative decision/status, not an A$ amount.
Source: Directors' Reports, COB annual reports FY2021–FY2025.
Net increase in contributed equity
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Increase in issued capital, net of costs | 16,157 | 15,531 | 26,340 | 5,353 | 1,328 |
The Directors' Report amounts include cash and non-cash share issues and are distinct from cash-flow gross share proceeds.
Source: Directors' Reports and share-capital notes, COB annual reports.
Selected disclosed equity issues
Mixed; see row labels
| Metric | FY2021 aggregate share issues | Aug 2021 placement | FY2023 placement | FY2023 entitlement | FY2024 placement | FY2025 rights issue |
|---|---|---|---|---|---|---|
| Shares issuedshares | 114,455,747 | 24,100,000 | 10,344,828 | 28,123,088 | 43,478,261 | 7,217,314 |
| Attributed share issue valueA$'000 | 16,812 | 7,230 | 6,000 | 16,311 | 5,000 | 520 |
These are selected offerings, not a full five-year reconciliation. The FY2021 share-capital schedule's A$16.812m attributed issue value includes non-cash shares, including A$1.059m issued on convertible-note conversion and shares issued for fees, remuneration and services. The cash-flow statement separately reports A$15.099m gross cash receipts from share issues for FY2021; these are distinct bases, not a direct offering-by-offering reconciliation.
The August 2021 placement followed the 30 June 2021 balance date and belongs to FY2022. FY2025 rights-issue shares and attributed value come from the issuer's 2025 Share Capital table.
Source: Share-capital and issue schedules in selected annual reports; FY2025 rights issue from DB table row 11. Annual cash receipts appear separately in the financing cash-flow table.
FINANCIAL REVIEW / 05
Project and resource evidence
COB developed the Broken Hill demonstration plant, then paused completion of its definitive feasibility study in February 2024 and withdrew the previous Ore Reserve estimate. The Mineral Resource was revised in the 2024 reporting period, while FY2025 work concentrated on pre-investment-decision steps for Kwinana and an interest in Halls Creek.
Broken Hill Mineral Resource tonnage
Mt
Tonnage (Mt) — Total (Measured + Indicated + Inferred)
AI-generated presentation · values from Broken Hill Cobalt Project total Mineral Resource at 30 June; no missing values plotted as zero.
Broken Hill Cobalt Project total Mineral Resource at 30 June
Mixed; see row labels
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Tonnage (Mt) — Total (Measured + Indicated + Inferred)Mt | 118 | 118 | 118 | 126.5 | 126.5 |
| CoEq grade (ppm) — Totalppm CoEq | 859 | 859 | 859 | 867 | 867 |
| Contained cobalt (kt) — Totalkt | 81.1 | 81.1 | 81.1 | 87.3 | 87.3 |
| Contained sulphur (kt) — Totalkt | 8,968 | 8,968 | 8,968 | 9,510 | 9,510 |
| Contained nickel (kt) — Totalkt | 15.7 | 15.7 | 15.7 | 17 | 17 |
These are issuer Mineral Resource snapshots, not production or sales. The 2024 estimate changed to 126.5 Mt at 867 ppm CoEq and is unchanged in the 2025 annual report.
The CoEq formula was revised in FY2024; compare the grade series with that boundary in mind. The previously stated Ore Reserve was withdrawn in February 2024; no reserve tonnage is plotted as zero.
Source: BHCP Mineral Resource disclosures in COB annual reports FY2021–FY2025.
Broken Hill segment: exploration and evaluation additions
A$'000
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Additions to exploration and evaluation assets | 26,812 | 15,181 | 1,621 |
Segment additions are accrual-basis non-current-asset movements and differ from cash payments for E&E in the cash-flow statement.
Source: COB operating-segment notes, FY2024 annual report FY2023 comparative and FY2025 annual report.
Kwinana Cobalt Refinery disclosed study scenarios
Mixed; see row labels
| Metric | Nov 2023 study: Long Term Cobalt Metal Price | Oct 2024 issuer update |
|---|---|---|
| NPV discount rate% | 10 | 8 |
| Post-tax NPVA$m | 118 | 90 |
| Post-tax internal rate of return% | 27 | 23 |
| Project payback periodyears | 5.3 | 5.2 |
The November 2023 A$118m NPV10, 27% IRR and 5.3-year payback belong specifically to the Long Term Cobalt Metal Price scenario on a 100%-owned project basis. The same study also reports Spot Cobalt Metal Price and BMI Metal Price Profile scenarios with NPV10 of A$99m and A$107m.
The October 2024 issuer update is a separately dated project scenario on a 100%-owned basis. Its NPV uses an 8% discount rate rather than 10%; the two columns do not establish a like-for-like change in project economics or annual group performance.
Source: November 2023 KCR study values carried in FY2024 annual extraction; October 2024 update stated in FY2025 annual extraction.
Reading the figures
- This report uses frozen annual extraction records and selected same-issuer annual DB tables; it has not been independently reviewed or approved for publication.
- Several earlier statement line items were not separately presented on later or earlier layouts; those cells are labelled rather than set to zero. Financial extraction gaps and source-basis decisions are listed in the author change log.
- The FY2025 going-concern material-uncertainty disclosure requires the reader to consider funding risk alongside the historical tables.
Annual-report source registry
- COB 2021 Annual ReportIssuer: COBALT BLUE HOLDINGS LIMITED; year ended 2021-06-30; annual report dated 2021-09-28.
- 2022 Annual ReportIssuer: COBALT BLUE HOLDINGS LIMITED; year ended 2022-06-30; annual report dated 2022-09-19.
- 2023 Annual ReportIssuer: COBALT BLUE HOLDINGS LIMITED; year ended 2023-06-30; annual report dated 2023-09-22.
- Annual Report to shareholdersIssuer: COBALT BLUE HOLDINGS LIMITED; year ended 2024-06-30; annual report dated 2024-09-25.
- Annual Report to shareholdersIssuer: COBALT BLUE HOLDINGS LIMITED; year ended 2025-06-30; annual report dated 2025-09-26.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.