The best way to sharpen cobalt drill bits is to sharpen them either on the Green Grinding wheel or a on the diamond grinder wheel. To sharpen them on anything else will easily chip up their cobalt cutting faces. The green grinding wheels are real soft and they wear away rapidly. The diamond wheel is long lasting but it is very expensive. In my machine shop I use high speed drill bits for almost everything. I use the cobalt drill bits when the going gets rough as in drilling really hard stuff. i.e. hardened tool steel, broken off taps. A full box of high speed drill bits from 1/8" through 1/2" will give most hobby people the best service. They are affordable, easy to sharpen on any grinding wheel, and easy to find replacements for them.