First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC), a vertically integrated North American pure-play cobalt company, this morning announced the results of three studies supporting a restart of the First Cobalt Refinery in Ontario, Canada. Per the update, the three independent studies were undertaken to estimate the capital requirements, operating costs, permit renewal timelines, potential feedstock options and offtake opportunities presented by the refinery. The permitting review concluded that a restart is possible within 18 months of selecting a feedstock under the base case scenario.
“The First Cobalt Refinery is a strategic North American asset and potentially our quickest path to cash flow by producing cobalt materials for the North American market. The facility is in excellent condition with permits in place and a short timeline to potential production, as well as optionality for both sources of material and refined product,” Trent Mell, president and CEO of First Cobalt, stated in the news release. “We believe that the single best use of the refinery is to provide cobalt for the U.S. market, which does not currently produce a meaningful supply. At this time, we are working with engineering and market consultants to assess the suitability and margin opportunities of various feed sources… While no decision for start-up has been made to move forward, we are reviewing funding alternatives that would minimize equity dilution for our shareholders today and in the future.”
To view the full press release, visit http://ibn.fm/U9HeA
About First Cobalt Corp.
First Cobalt is a vertically integrated North American pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, the Canadian Cobalt Camp and the only permitted cobalt refinery in North America capable of producing battery materials. For more information, visit http://ibn.fm/FTSSF
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