Chilean Cobalt Corp. Reports No Revenue and Continues Operating Losses, Focuses on Cobalt-Copper Project

Chilean Cobalt Corp. reported no revenue for the fiscal years ending December 31, 2024, and 2023, continuing its trend of operating losses since inception. The company recorded net losses of $882,574 in 2024, a decrease from the $1,292,742 loss in 2023. This reduction in losses is attributed to lower contractor compensation and decreased general and administrative expenses, including reduced legal and marketing costs. The company’s accumulated deficit reached approximately $33.4 million as of December 31, 2024, raising substantial doubt about its ability to continue as a going concern, as noted by its auditors.

In terms of operational developments, Chilean Cobalt has focused on its La Cobaltera cobalt-copper project in northern Chile, which spans 2,635 hectares. The company has signed non-binding Letters of Intent with Glencore and US Strategic Metals to secure off-take agreements and processing partnerships, respectively. These strategic partnerships aim to establish a supply chain for cobalt and copper, enhancing the company's market position in the growing electric vehicle and battery sectors. As of April 2, 2025, the company had 3 full-time and 2 part-time employees, reflecting its limited operational scale.

Chilean Cobalt's financial strategy has involved raising capital through the issuance of common and preferred stock. From December 4, 2017, to April 2, 2025, the company raised approximately $31.3 million from accredited investors. In January 2025, it issued 1,497,805 shares of Series B Convertible Preferred Stock, generating $674,012 in cash. The company plans to raise an additional $5 million to $20 million in the second half of 2025 to support its exploration and development efforts, which are estimated to require around $325 million in total funding.

Looking ahead, Chilean Cobalt aims to continue its exploration and development activities while seeking additional financing. The company has outlined a plan to incur approximately $1.3 million in expenses over the next 12 months, focusing on exploration, development, and general administrative costs. However, the ability to execute this plan is contingent upon successfully raising the necessary capital. The company’s future operations will also be influenced by the demand for cobalt and copper, particularly in the electric vehicle market, which is expected to grow significantly in the coming years.