Cobalt Blue Holdings Enters Testwork Agreement with Hudbay Minerals for Flin Flon Tailings Reprocessing

Cobalt Blue Holdings Limited ("COB") has announced a testwork co-operation agreement with Hudbay Minerals Inc. ("Hudbay") regarding the Flin Flon tailings storage facility in Manitoba, Canada. Under the agreement, COB will utilise its proprietary minerals processing technology to assess the recovery potential of gold, silver, copper, zinc, cobalt, and sulphur from a pyrite/pyrrhotite concentrate produced from the tailings.

COB's proprietary technology has the potential to convert the sulphides into elemental sulphur, a stable and environmentally benign substance. The testwork program is expected to be completed within four months once the tailings sample is received from Hudbay. COB will be compensated for its services, with the fee covering its costs.

In 2021, Hudbay identified the opportunity to reprocess the Flin Flon tailings and has recently completed a confirmatory drilling program covering approximately two-thirds of the Tailings Facility.

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The cooperation between COB and Hudbay aims to further assess the economic viability and environmental sustainability of extracting valuable metals from these tailings.

COB's overall strategy is focused on three building blocks: the Broken Hill Cobalt Project ("BHCP"), the Cobalt/Nickel Refinery, and the Cobalt in Waste Streams Project. Recovering metals from mining waste, including cobalt-containing pyrite along with other base and precious metals, is a key aspect of COB's business.

COB has already developed a processing technology for recovering cobalt from pyrite at the BHCP. Cobalt recoveries of 85-86% from ore to final cobalt sulphate product have been reported in the project's 2020 update.

It is important to note that COB does not hold any equity interest in Hudbay or in the Flin Flon Tailings Facility. The testwork agreement represents an opportunity for COB to apply its expertise and contribute to the reprocessing initiatives of Hudbay Minerals.

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