At a glance
- Location
- Kwinana
Key figures
- Previous post-tax NPV8
- A$90m
- Revised post-tax NPV8
- A$155m
- Previous post-tax IRR
- 23%
- Revised post-tax IRR
- 32%
- Previous total free cashflow
- A$367m
- Revised total free cashflow
- A$503m
Products and programs
We are pleased to share an update on the Kwinana Cobalt Refinery, which highlights a significant uplift in the Project’s financial metrics.
November 21, 2025 -- In response to evolving market conditions, we have refined several key project parameters—most notably our feedstock sources, product mix (cobalt sulphate + cobalt metal), and underlying economic assumptions.
These revisions have delivered a substantial improvement in the Project’s base-case (Stage 1) financial outcomes:
- NPV8 (post tax): increased from A$90m to A$155m
- IRR (post tax): increased from 23% to 32%
- Total free cashflow: increased from A$367m to A$503m
We also provide a detailed analysis of cobalt market dynamics, highlighting a materially improved operating environment for refining.
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
How did the Kwinana Cobalt Refinery’s financial metrics change?
The release reports that the Stage 1 base-case post-tax NPV8 rose from A$90 million to A$155 million, while post-tax IRR moved from 23% to 32%. Total free cash flow increased from A$367 million to A$503 million. These are the revised project outcomes stated in the update.
What changes did the project make to its assumptions and plans?
The project revised several parameters in response to changing market conditions. The release identifies feedstock sources, the product mix—cobalt sulphate and cobalt metal—and underlying economic assumptions as areas that changed. It does not provide specific details about the revised sources, product proportions, or individual assumptions.
What is post-tax IRR?
Internal rate of return is the discount rate at which the net present value of a project’s expected cash flows equals zero. A post-tax IRR is calculated using cash flows after tax. It is one measure used to describe a project’s expected financial return, based on the assumptions in its analysis.
