First Cobalt Starts Enhanced Economics Study for its Refinery and Invests in eCobalt Solutions

First Cobalt Corp. (TSXV:FCC,OTCQX:FTSSF,ASX:FCC) was featured in an article by Epstein Research which covered the company’s recent investment in eCobalt Solutions (TSX:ECS,OTCQX:ECSIF,FWB:ECO) and the commissioning of an enhanced economics study at its fully-permitted cobalt refinery in Ontario, Canada. First Cobalt owns the only fully-permitted cobalt refinery within North America that is capable of producing a battery-grade cobalt sulfate.

The company recently announced that it had commissioned a study to estimate the capital and operating requirements for a range of production scenarios at its refinery that use cobalt hydroxide as feedstock. Third-party discussions are also underway to supply the refinery with feedstock as well as investment capital to restart the refinery within 18 to 24 months of securing the feed. The study will estimate production capacity under different scenarios, such as using a higher-grade feed, and provide detailed capital and operating cost estimates. First Cobalt intends to put the refinery into production within the first half of 2021.

First Cobalt also acquired 9.64 million shares in eCobalt Solutions. eCobalt has an advanced-stage cobalt project in Idaho with near term cobalt production potential. The article pointed out that First Cobalt’s investment in eCobalt has drawn attention to the company’s motives. The report speculated that the investment was made to draw attention to the fact that eCobalt and First Cobalt are the only two junior companies with near-term opportunities in the area. Others are speculating that eCobalt may invest in First Cobalt’s refinery down the line which poses a near term cash flow opportunity for the company.

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