COBALT BLUE HOLDINGS LIMITED (COB)

The suspension of trading in the securities of Cobalt Blue Holdings Limited will be lifted immediately following the release by COB of an announcement regarding the execution of a binding Heads of Agreement by COB and Broken Hill Prospecting Limited pursuant to which COB will acquire 100% ownership and legal title of the Broken Hill (Thackaringa) Cobalt Project.

Cobalt Blue Holdings and Broken Hill Prospecting have agreed on the terms for COB to acquire100% ownership and legal title of the Broken Hill Cobalt Project. This will result in the dissolution of the Thackaringa Joint Venture, and provide COB with full control and continuing management of the Project. The Independent Expert Determination has confirmed that COB and BPL have 70:30 respective interests in the Project. COB and BPL have subsequently used the delivery of the Expert Determination as a catalyst for discussion. Under the terms of the Thackaringa Joint Venture, both BPL and COB have the rights to reduce their interest in the TJV via assignment. BPL will retain the existing exploration base and precious metal rights, as defined in the TJV, and its existing 2% Net Smelter Royalty on all cobalt production from the Project.

Broken Hill Prospecting and Cobalt Blue Holdings have received the expert's determination in respect of their disputes regarding the Thackaringa Joint Venture. As a result of this: The Parties' Joint venture interest remains at 70% COB 30% BPL; BPL retains 100% legal title; BPL retains all base and precious metal rights; BPL retains a 2% Net Smelter Royalty on all future production. BPL and COB have now renewed discussions to advance the Thackaringa Cobalt Project.

The securities of Cobalt Blue Holdings Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of COB, pending the release of an announcement regarding negotiations for the Thackaringa Joint Venture with Broken Hill Prospecting Limited .

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