At a glance
- Company
- COB
- Ticker
- COB
- Announcement
- Financing
Key figures
- Placement amount
- $5.3 million
- Issue price per share
- $0.09
- Discount to 10-day VWAP
- 14.3%
People
- Dr. Andrew TongCEO
Products and programs
We are pleased to announce COB received firm commitments to raise $5.3 million through a placement led by international and domestic institutional investors.
December 8, 2025 -- The issue price of the Placement is $0.09 per share, which represents a discount of 14.3% to COB's 10-day VWAP. The Placement proceeds will be used to fund:
- Progression of remaining milestones to the KCR FID, including:
- Conversion of offtake non-binding Letters of Intent into binding agreements
- Consolidating support for project finance
- Evaluation of black mass processing at Broken Hill Technology Centre
- Exploring a potential source of Australian feedstock for KCR.
- Broken Hill Cobalt Project
- Further advancement of project permitting
- General working capital and corporate costs to support both project activities and ongoing operations.
- Fundraising costs.
CEO Dr. Andrew Tong said: “This funding further strengthens our financial position and provides a clear runway for us to pursue our key initiatives into 2026, in particular, progressing the Kwinana Refinery to FID, evaluation of black mass processing in our Broken Hill Technology Centre, and further advancement of the Broken Hill Cobalt Project to project permitting.
We are pleased to welcome several new highly regarded international institutional investors onto our register and appreciate the confidence of our existing and new shareholders.”
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.
Questions around this news
What are the terms of COB’s institutional placement?
COB announced firm commitments for a $5.3 million placement led by international and domestic institutional investors. Shares are to be issued at $0.09 each, a price the release says is at a 14.3% discount to the company’s 10-day VWAP. The release also says the funds will cover project work, operations and fundraising costs.
How does COB plan to use the placement proceeds?
The planned uses include progressing milestones toward a final investment decision for the Kwinana Refinery, converting non-binding offtake letters of intent into binding agreements, and consolidating project-finance support. The company also plans to assess black mass processing at its Broken Hill Technology Centre, explore Australian feedstock for KCR, advance permitting for the Broken Hill Cobalt Project, and cover working capital, corporate and fundraising costs.
What does FID mean in a project-development context?
FID means final investment decision. It is the point at which a project’s owners or sponsors decide whether to proceed with investment and development, typically after assessing matters such as engineering, costs, financing, approvals and commercial arrangements. Reaching FID does not itself mean a project is built or operating; it is a decision to move ahead.
What is black mass in battery recycling?
Black mass is a powder-like material produced when batteries are dismantled and processed. It contains a mixture of materials from battery cells, including valuable metals, and can be refined further to recover materials for reuse. Its composition varies according to the batteries and processing methods involved.
