The company said the review will encompass an evaluation of its existing properties, business plan and development strategy to consider various alternatives.
These include a settlement regarding its option agreement with Imperial Mining, the addition of other cobalt projects, the separation of the company's assets into two publicly traded companies, or the spin out of a new, independent cobalt-focused business.
An ad hoc committee has been established by the board to oversee the strategic review process, Global Cobalt said.
The company cautioned that there are no guarantees the process will result in a transaction.
It also said that discussions with Imperial Mining are ongoing regarding a settlement with respect to the Karakul project in Russia. Last month, Global Cobalt offered a settlement to Imperial Mining to amend the current option agreement between the two parties, which would give the company a clean balance sheet and continued access to Karakul.
The terms of the deal would include a settlement of the amount outstanding on the exploration expenses owed to Global Cobalt, as an offset for the current outstanding loan amount owed to Imperial Mining. The details of the offer, including consideration, are currently under discussion.
The offer is with respect to Global Cobalt's option deal to acquire a 100 percent interest in the Karakul cobalt property in Russia, with a standstill put in place last November so as to allow time for Imperial to resolve internal title issues. The standstill remains in effect until at least March 31st.
Global Cobalt spent months completing a 45-hole drilling campaign at Karakul, and last summer surprised even management with the strength of the NI 43-101 technical report, after the maiden compliant resource showed larger-than-expected tonnages in both the indicated and inferred categories on the historic project.