Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Dec 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (AU$799k sold). Market cap is less than US$100m (AU$45.3m market cap, or US$30.3m). Board Change • Dec 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Dec 09
Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 5.323 million. Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 5.323 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 59,144,446
Price\Range: AUD 0.09
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Nov 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Hugh Douglas Keller was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 18
Independent Non-Executive Chairman recently sold AU$550k worth of stock On the 15th of October, Robert Biancardi sold around 2m shares on-market at roughly AU$0.26 per share. This transaction amounted to 93% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Robert's only on-market trade for the last 12 months. Ankündigung • Oct 14
Cobalt Blue Holdings Limited, Annual General Meeting, Nov 14, 2025 Cobalt Blue Holdings Limited, Annual General Meeting, Nov 14, 2025. Location: at the company`s offices, at suite 12.01, level 12, 213 miller street, north sydney 2060 Australia Ankündigung • Oct 10
Cobalt Blue Holdings Limited Announces Board Changes Cobalt Blue Holdings Limited announced after almost 10 years as Chairman of the company Mr. Rob Biancardi has advised the Board of his intention to retire at the conclusion of the upcoming 2025 Annual General Meeting. With Mr. Biancardi's planned retirement, Mr. Joe Kaderavek has agreed to assume the role of Chair from the conclusion of the AGM. With the Company working towards a final investment decision on its Kwinana Cobalt Refinery, the Board will shortly commence the search for a new, technically strong Board member to replace Mr. Biancardi as an Independent Non-Executive Director. In addition, the Board is delighted to announced the appointment of Cobalt Blue's Chief Executive Officer, Dr Andrew Tong, to the Board as Managing Director with effect from 10 October 2025. The Board believes that Dr Tong's comprehensive understanding of Cobalt Blue's strategic, operational and visionary goals will ensure that he will continue to make a significant contribution to the Company at Board level. Dr Andrew Tong is a metallurgist with over 20 years of experience in project development, mining and processing. He has formerly held senior corporate management roles, including CEO and Board roles for Compass/Northern Territories Resources, Goldsmith Resources (Peru) and Australia Gold. He is an inventor and holds several patents for processing minerals containing base and precious metals. Andrew has been a member of Cobalt Blue's executive team for over seven years and has served as Chief Executive Officer since 1 May 2025. Andrew has a PhD in Chemistry, a BSc (Hons 1) from the University of Sydney and is a member of the Australasian Institute of Mining and Metallurgy (AUSIMM). Board Change • Oct 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Deputy Chairman of the Board Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Sep 12
Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 1.028 million. Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 1.028 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 22,844,444
Price\Range: AUD 0.045
Discount Per Security: AUD 0.0027
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Ankündigung • Mar 25
Cobalt Blue Holdings Limited Provides Update on Halls Creek Project Cobalt Blue Holdings Limited provided update on Halls Creek Project. COB to Commence 2025 Scoping Study: The Sandiego and Onedin deposits at Halls Creek have been subject to previous economic evaluations and COB has now completed a comprehensive Review of these evaluations and related data. The Review has identified options for potential commercial development of the Sandiego and Onedin deposits which are to be advanced via a Scoping Study (the `Study'). The Study will capitalise on the extensive body of historical work delivered by over AUD 20 million of exploration investment undertaken by previous owners and partners. The Study will be completed by the Company's technical team with engagement of external consultants for select disciplines. Specifically, the Study will provide a preliminary economic assessment of the project and COB expects to have completed the Scoping Study by June 2025. Acquisition Rationale: While remaining committed to current project pipeline, COB actively seeks assets that align with strategy and expertise. With substantial work already completed, Halls Creek strengthens portfolio for two key reasons, as follows: Near-term cash flow: With +40 years of groundwork completed, COB is ready to advance Halls Creek, backed by team's expertise in metallurgical innovation and res ce project development. This positions the Project for rapid advancement into an operational asset with near-term cash flow. Commodity cycle resilience: The Project expands exposure to metals such as copper, zinc, lead, silver, and gold. This diversifica- tion strengthens ability to weather price swings, optimise capital allocation, and seize new opportunities in shifting market conditions. The recent recovery in cobalt prices aptly highlights cobalt as a cyclical commodity subject to market forces that can rapidly influence supply and demand dynamics. The rapid +60% price rebound in recent weeks is clearly a reaction to a restriction of near- term supply availability in an otherwise saturated market. Although the length of supply tightness is difficult to anticipate, it serves as a reminder that the 2.5-year-long price decline was a supply-driven event. Demand for cobalt remains well above historical trends, and as supply growth normalises, prices may potentially be pressured back toward long-term averages. With progressed cobalt assets, COB remains well positioned to benefit from any such upturn in cobalt markets. The Sandiego and Onedin deposits at Halls Creek have been subject to previous economic evaluations COB has now completed a comprehensive Review of these evaluations and related data. A summary of key outcomes of the Review is provided. An extensive compilation of historical metallurgical testwork has been completed. The previous testwork programs broadly consid- ered the delineation of dominant mineralisation styles differentiated by oxidation state and major element composition (nominally copper and zinc zones) reflective of the domains used to constrain the Mineral Res ce estimates. Previous testwork indicated high metal recoveries are achievable with several processing options evaluated to maximise project economics. Based on these results, COB will advance flowsheet development, evaluating the following proposed processing pathways. Treatment of oxide /transition mineralisation via acid leaching (heap leach): Oxide - transition material is delivered to the processing plant and crushed to a desired particle size for stockpiling on the heap leach pad. A leaching solution is applied to the heap leach pad and leaches out the target metals from the material. The leach solution is transferred over to a solvent extraction circuit where copper and zinc are selectively extracted and processed via electrowinning to recover copper and zinc metals. Initial acid leaching testwork focused on copper extraction and achieved recoveries of 70-75%. The results of the acid leach testwork concluded that heap leaching could be a viable processing route for the oxide material. COB proposes to conduct leaching testwork investigating recovery of copper and additional metals including zinc, silver, gold and cobalt. The economic reclamation of metals within the oxide layer is considered an important step to providing the Project with a near term, lower capital intensity path to first operating cashflows. Treatment of sulphide mineralisation via flotation: Crushed material feeds into a mill, which reduces it to a target particle size suitable for flotation. Copper is recovered via flotation through a series of cell stages including rougher, cleaner and scavenger circuits. The copper concentrate produced is dewatered and filtered. Tailings produced from the copper flotation circuit are transferred to the zinc flotation circuit for zinc recovery. Zinc concentrate produced is dewatered and filtered. Tailings produced from the zinc flotation circuit are dewatered and sent to a tailing storage facility for disposal. Extensive flotation testwork has been conducted on the sulphide composite samples indicating concentrates can be produced with grades of 25% and 55% for copper and zinc respectively. Metal recoveries showed a copper recovery of >90% and zinc recovery of >80%. COB will initiate further testwork to investigate the application of modern flotation equipment to optimise flotation performance (grade-recovery curve) and capital and operating costs. Economic evaluations undertaken by previous owners and partners have incorporated mining studies contemplating: Open cut mining of the Onedin deposit; and/or Combined open cut and underground mining of the Sandiego deposit (long hole open stoping). COB intends to complete the Study considering development of both the Onedin and Sandiego deposits through a combination of open cut and underground mining. Mine scheduling will nominally evaluate a proposed process plant with a feed capacity of 700-800ktpa. Key optimisation parameters will be informed by the recent Review. With reference to the preferred process flowsheets described herein, the Company will complete a revision of capital (`CAPEX') and operating expenditure (`OPEX') estimates for both mining and processing. COB and Iwatani are progressing towards a financing decision for the Refinery. Focus remains on the following activities: 80% of the detailed plant engineering has been completed with Tetratech. A works approval permit application is being assessed by the Department of Water and Environmental Regulation (West Australian Government). The public consultation period for the Works Approval permit has recently closed. Offtake negotiations continue. Under `commercial-in-confidence' agreements, samples of cobalt sulphate are being generated on request at the Broken Hill Technology Centre. COB is engaging closely with export credit agencies, commercial banks and potential investors on funding options. Reported Earnings • Mar 17
First half 2025 earnings released: AU$0.009 loss per share (vs AU$0.009 loss in 1H 2024) First half 2025 results: AU$0.009 loss per share (in line with 1H 2024). Net loss: AU$3.98m (loss widened 14% from 1H 2024). Board Change • Mar 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. CEO & Executive Director Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. CEO & Executive Director Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. CEO & Executive Director Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Nov 18
Cobalt Blue Holdings Limited has filed a Follow-on Equity Offering in the amount of AUD 6.083636 million. Cobalt Blue Holdings Limited has filed a Follow-on Equity Offering in the amount of AUD 6.083636 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,494,949
Price\Range: AUD 0.072
Transaction Features: Rights Offering Board Change • Oct 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. CEO & Executive Director Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Oct 26
Cobalt Blue Holdings Limited, Annual General Meeting, Nov 29, 2024 Cobalt Blue Holdings Limited, Annual General Meeting, Nov 29, 2024. Location: companys offices, suite 17.03, level 17, 100 miller street, north sydney 2060. Australia Reported Earnings • Sep 30
Full year 2024 earnings released: AU$0.098 loss per share (vs AU$0.016 loss in FY 2023) Full year 2024 results: AU$0.098 loss per share (further deteriorated from AU$0.016 loss in FY 2023). Net loss: AU$37.6m (loss widened AU$32.1m from FY 2023). Board Change • Sep 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. CEO & Executive Director Joe Kaderavek was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • May 28
Cobalt Blue Holdings Limited Announces Demise of Rob McDonald, Non-Executive Director It is with deep sadness and sincere condolences that the Cobalt Blue Holdings Limited’s Board of Directors advises of the sudden and unexpected death of non-executive director Rob McDonald, on 21 May 2024, due to natural causes. Rob's significant business experience, insights, and contributions were greatly valued by the Board and management. Board Change • May 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 19
Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Cobalt Blue Holdings Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 43,478,261
Price\Range: AUD 0.115
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Apr 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Shares are highly illiquid. Revenue is less than US$1m (AU$450k revenue, or US$298k). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$7.0m net loss next year). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (AU$55.8m market cap, or US$36.9m). New Risk • Mar 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Revenue is less than US$1m (AU$233k revenue, or US$154k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$29m). Currently unprofitable and not forecast to become profitable over next 2 years (AU$6.0m net loss in 2 years). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (AU$56.7m market cap, or US$37.5m). Ankündigung • Oct 24
Cobalt Blue Holdings Limited, Annual General Meeting, Nov 24, 2023 Cobalt Blue Holdings Limited, Annual General Meeting, Nov 24, 2023, at 11:00 AUS Eastern Standard Time. Location: Vibe Hotel, 171 Pacific Highway North Sydney 2060 North Sydney Australia Agenda: To consider and adopt the remuneration Report; To consider and re-elect a Director; to consider and approve for future issue of fully paid Ordinary shares; to consider approval of 10% placement facility; to consider and approve of employee incentive plan; to consider and approve the issue of ordinary shares to Directors; to consider and approve the change of Auditor; and to consider other business matters. New Risk • Sep 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Revenue is less than US$1m (AU$233k revenue, or US$150k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$29m). Currently unprofitable and not forecast to become profitable over next 2 years (AU$6.0m net loss in 2 years). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (AU$105.1m market cap, or US$67.7m). New Risk • Sep 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$25m). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (AU$7.0m net loss in 2 years). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (AU$112.6m market cap, or US$71.8m). Board Change • Jul 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 18
Independent Non-Executive Chairman recently sold AU$153k worth of stock On the 13th of January, Robert Biancardi sold around 241k shares on-market at roughly AU$0.64 per share. This transaction amounted to 4.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Robert has been a net seller over the last 12 months, reducing personal holdings by AU$289k. Board Change • Jan 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob McDonald was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 