Cobalt Blue Holdings Limited has advanced its development strategy with the completion of a comprehensive Scoping Study for the Halls Creek Project in Western Australia. The study, which covers two linked deposits – Onedin and Sandiego – outlines a staged mining operation designed to minimize initial capital outlay while generating near-term cash flow. The Onedin deposit will be mined by open-cut methods and processed via heap leaching to produce up to 5,000 tonnes per annum of copper metal and 15,000 tonnes per annum of contained zinc through solvent extraction and crystallisation. In the later stage, the Sandiego deposit will be developed as an underground mine, delivering material to a flotation concentrator that will yield separate copper and zinc concentrates along with silver. The technical report highlights several robust financial metrics. On a full project basis, the economic evaluation indicates a pre-tax Net Present Value (NPV) at an 8% discount rate of approximately A$172 million, a post-tax NPV of A$121 million, and pre-tax and post-tax Internal Rates of Return of 28.0% and 21.4%, respectively. The project, with an estimated life of 10.5 years that includes construction and phased mining operations, requires an initial capital investment of roughly A$73 million, with additional funding drawn from operational cash flows and further capital infusions for development beyond that. The study also points to advantages from a diversification and sustainability standpoint. With exposure to copper, zinc, and silver, the project is well positioned to benefit from robust fundamentals in the metal markets, driven by both industrial demand and the energy transition. A noteworthy technical feature is the inclusion of a 2 MW photovoltaic solar grid supported by battery storage, ensuring a reliable and environmentally friendly power supply for on-site operations. Conventional metallurgical flowsheets and in-house process engineering expertise add to the lower technical risks noted in the report. Market factors add further context to the project’s potential. The global outlook for copper and zinc remains strong given constrained supply and rising demand, particularly in sectors such as construction and renewable energy. However, the study also emphasizes that the results are based on preliminary technical and economic assessments, with sensitivities to exchange rates, commodity prices, and funding availability. Underlying these projections are assumptions about modest expenditure thresholds, where Cobalt Blue’s current 51% interest in the joint venture with Koongie Park Pty Limited can be increased to 75% pending future spending. Bullish sentiment comes from the project's strong economic indicators, diversified metal exposure, and its design to achieve near-term cash flow with moderate capital requirements. The use of conventional processing methods and the strategic integration of renewable energy further support a lower risk profile. On the bearish side, investor caution is warranted given the study’s reliance on preliminary assumptions and a degree of uncertainty surrounding inferred mineral resources. Additionally, the need to secure further funding on favorable terms and the inherent risks of transitioning from scoping studies to full-scale development add to market concerns. Overall, Cobalt Blue Holdings Limited’s Halls Creek Project presents an opportunity characterized by attractive financial returns and a strategic position within robust commodity markets, though further detailed studies and successful capital raising remain critical to advance its development.