Cobalt Blue Eyes 89kt Copper Resource in Halls Creek Earn-In Deal

Strategic Rebranding to Reflect Broader Metals Portfolio

Cobalt Blue Holdings Limited (ASX: COB) has announced a proposed corporate rebrand to Core Blue Minerals Limited, pending shareholder approval. This change signals a deliberate pivot from a cobalt-centric identity to a broader focus on multiple base and precious metals, including copper, lead, zinc, silver, and gold. The rebranding aligns with the company's evolving strategy to build a diversified commodity portfolio that can better withstand the cyclical nature of individual metal markets.

Earn-In Agreement Unlocks Major Copper Project

Central to this strategic shift is the recently executed Earn-in agreement with AuKing Mining Limited (AKN) for the Halls Creek Project in the Kimberley region of Western Australia. The project encompasses two major deposits, Sandiego and Onedin, with combined mineral resources estimated at 89,000 tonnes of copper, 69,000 tonnes of lead, 326,000 tonnes of zinc, 9.2 million ounces of silver, and 45,000 ounces of gold. Notably, the deposits also contain significant cobalt potential, complementing Cobalt Blue's existing expertise.

The agreement allows Cobalt Blue to earn a 51% beneficial interest by committing to a minimum expenditure of A$500,000 by mid-2027, with the option to increase its stake to 75% through further investment. This low-cost entry structure offers financial flexibility while enabling the company to leverage its metallurgical and project development capabilities to unlock value.

Robust Resource Base and Growth Potential

The Halls Creek Project's mineral resources are predominantly classified as Indicated, providing a high degree of confidence in the geological continuity and grade estimations. Geological modelling has identified substantial opportunities for high-grade extensions along strike and at depth, with deposits remaining open for expansion. Recent drilling has intersected significant near-surface oxide-transition-supergene copper mineralisation, underscoring the project's development potential.

Strategic Location and Infrastructure Advantages

Situated just 15 kilometres southwest of Halls Creek township and approximately 320 kilometres from Wyndham port, the project benefits from established logistics infrastructure. The region's mining history, including the nearby Savannah Nickel-Copper-Cobalt Mine and Nicholsons Gold Mine, further underscores its suitability for resource development.

Diversification Enhances Market Resilience

CEO Joe Kaderavek emphasized that the diversification into copper and other metals is a transformational step for the company, reducing exposure to cobalt price volatility and positioning it to capitalize on strong market fundamentals for copper, silver, and gold. Copper, in particular, is highlighted as a critical metal for electrification and energy transition technologies, with supply constraints expected to persist amid rising demand.

The company also reaffirmed its commitment to its core battery materials projects, including the Kwinana Cobalt Refinery and Broken Hill Cobalt Project, indicating that the rebrand and portfolio expansion will complement rather than replace its existing initiatives.

Looking Ahead

With shareholder approval anticipated in the second quarter of 2025, Cobalt Blue's rebranding and project expansion mark a significant evolution in its corporate strategy. The company plans to continue advancing the Halls Creek Project alongside its cobalt refining ambitions, aiming to create integrated value chains that leverage its technical expertise and market positioning.