Cobalt Blue: Kwinana Refinery Progress, Black Mass plan & 2026 Outlook

Australia's COB.ASX presents a pivotal update on Cobalt Blue Holdings as it advances the Kwinana cobalt refinery (KCR) and pivots to battery black mass recycling at Broken Hill (BHTC). In this deep-dive, James Whelan chats with Dr. Andrew Tong, CEO, to unpack progress on permits, binding feedstock agreements, and customer qualification that position KCR for a potential Final Investment Decision in 2026. The video also covers the Broken Hill technology centre, the business case refresh for KCR including an upgraded MPV (≈A$150m), expected free cash flow of A$30–40m/year, and the plan to finance construction with a roughly A$60m capex. We examine cobalt price dynamics in 2026, including DRC policy shifts (ban then quotas) and the implications for Australian producers, the move to alloy-grade cobalt for defence and aerospace, and why Black Mass recycling could become a domestic feedstock loop for cobalt, nickel, lithium and graphite. We also touch on nearby assets (Horse Creek) and how the company intends to secure binding offtakes as part of the financing process. Timestamps below for quick navigation.