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Chilean Cobalt Corp Com (COBA0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on the La Cobaltera cobalt-copper project in northern Chile. The project is located in the San Juan District, a notable cobalt district, and covers 2,635 hectares of mining property.
Chilean Cobalt has not generated revenue to date and reported a net loss of $882,574 for the year ended December 31, 2024, compared to a net loss of $1,292,742 in the previous year.
The company has raised a total of $31,309,545 from accredited investors since inception through the issuance of common stock, preferred stock, and debt.
Chilean Cobalt plans to raise an additional $5,000,000 to $20,000,000 to fund its operations and further its acquisition and exploration plans.
The company has entered into non-binding Letters of Intent with Glencore plc and US Strategic Metals for the purchase and processing of its production from the La Cobaltera project.
Chilean Cobalt has identified a need for approximately $325 million to complete its plan of operations, which includes proving feasibility, commencing production, and generating saleable products.
The company has a going concern opinion from its auditors due to its historical recurring losses and negative cash flows.
Chilean Cobalt's market opportunity is driven by the growth in lithium-ion battery applications and increased electrification, which are expected to drive demand for cobalt and copper.
The company has not yet established proven or probable reserves and is in the exploration stage. It plans to use non-destructive exploration methods to determine the best target sites for drilling.
Chilean Cobalt's management team includes individuals with extensive experience in financial asset management, energy materials, and deal structuring.
The company's operations are subject to various risks, including the need for additional capital, competition, and regulatory compliance.
Chilean Cobalt's stock is listed on the OTCQB, and the company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chilean Cobalt Corp Com annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.