Low carbon footprint refinery remains on target for Q4 2022

The expansion and recommissioning of a low carbon footprint battery materials hydrometallurgical refinery north of Toronto, Ont. is on schedule to open in the fourth quarter of 2022.
The First Cobalt Corp.’s facility will become the only refiner of battery-grade cobalt sulfate in North America and the second largest outside of China.

• First Cobalt’s project team continues to grow with the addition of a Health, Safety and Logistics Superintendent and a Health, Safety, Environment and Training Coordinator
• Recommissioning of plant utilities has been ongoing, including regulatory inspections and maintenance of electric power supply systems as well as inspection and maintenance of main water supply piping and pumping systems
• Geotechnical drilling is underway to gather analytical information for detailed design of the foundations for the new solvent extraction building, cobalt sulfate crystallizer building addition and effluent treatment facility
• Improvements to the refinery access road have been completed to allow for the heavier traffic of transport trucks
• Received the permit to take water and remaining two permit amendments (air/noise permit and industrial sewage works permit) and site closure plan have been submitted to regulators for review, with initial feedback received
• Project activities continue to be funded from a healthy $14 million treasury as the debt financing process progresses through the technical due diligence phase
• First Cobalt is assessing a longer term strategy to produce nickel sulfate to attract a precursor manufacturer to a future “Battery Park” all within the existing refinery footprint

The planned US$45 million debt facility is in the due diligence phase and combined with current working capital and committed government investments, is expected to supply the remaining funding required to bring the project to completion.
Until such time, the company has $14 million in working capital to fund its activities, in addition to $10 million in government funding commitments.