A host of positive factors were claimed to be behind the change in strategy including the rapid rise of the cobalt price as well as corporate and exploration success based around the town of Cobalt in Ontario where MetalsTech holds ground.
Riekie was to have been the MD of the new company - that was to have been called iCobalt - with Leeden the exploration manager.
MetalsTech's executive chairman Russell Moran and executive director Gino D'Anna are now to transition to non-exec roles, with current non-exec's Michael Velletta and Shane Uren exiting.
MetalsTech said Riekie and Leeden recently visited the cobalt assets and "confirmed we are sitting on an amazing opportunity there and further to this, have identified a number of complementary opportunities in the cobalt space that we are looking to potentially capitalise on in the future".
MetalsTech listed about 12 months ago as a lithium-cobalt play, with talk of a A$4.5 million spin out of the cobalt assets emerging around October last year.
The change in strategy also followed Chinese motorcycle battery company Dynavolt reneging on a deal to invest $3 million in MetalsTech in February.
Still a Chinese chemical company invested $1.8 million earlier this month, with MetalsTech starting 2018 with $2.1 million cash.
Shares in MetalsTech were trading this week at 25c, capitalising the company $24 million.
The stock hit 40c in late October before falling to 15c just under two months ago.