First Cobalt Corp. (TSXV:FCC,OTCQX:FTSSF) is a vertically-integrated North American cobalt company with three significant assets: the First Cobalt refinery in Canada, the Iron Creek project in Idaho, US and the Cobalt Camp properties in Ontario, Canada. The company is focused on developing a supply of battery-grade cobalt in North America for the rapidly growing electric vehicle (EV) market.
The First Cobalt Corp refinery is the only permitted primary cobalt refinery in North America. The facility is a hydrometallurgical cobalt refinery located five hours north of Toronto and approximately 600 kilometers from the US border. The First Cobalt refinery has the potential to produce either a cobalt sulfate for the lithium-ion battery market or cobalt metal for the North American aerospace industry or other industrial and military applications.
First Cobalt Corp’s Iron Creek project, which covers 2,600 acres in the Idaho Cobalt belt, is one of the few prospective cobalt projects in the US. The Iron Creek property has mining patents and significant infrastructure in place, including three underground adits that total 600-meters. First Cobalt has released a maiden resource estimate for the property outlining an inferred resource of 45 million pounds of cobalt and 175 million pounds of copper for 62.9 million pounds of cobalt equivalent. First Cobalt plans to release an updated resource in 2019. In April 2020, First Cobalt Corp increased the size of its land position in Idaho by 50 percent, adding 43 new claims to expand the total area from 1,700 acres to over 2,600 acres. The expanded property now contains the Iron Creek cobalt-copper deposit, the Ruby target and several other surface exposures of cobalt-copper mineralization.
First Cobalt Corp’s Company Highlights
- North American, vertically integrated and well-situated to provide battery-grade cobalt for the EV market.
- Near-term cash flow potential through an MOU with Glencore to restart the First Cobalt refinery, with Glencore providing a long-term supply of feed material and required capital
- 2020 Feasibility Study outlined the potential to produce 25,000 tonnes of batter-grade cobalt sulfate from third-party feed
- 2,600-acre Iron Creek project includes the Iron Creek cobalt-copper deposit and Ruby deposit
- Maiden resource estimate for Iron Creek contains 45 million pounds of cobalt, 175 million pounds of copper for 62.9 million pounds of cobalt equivalent. Strike length of approximately 900 meters remains open along strike and down dip. Updated resource development underway.