TORONTO, Oct. 5, 2021 /CNW/ - First Cobalt
Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is
pleased to announce that it has awarded a contract to industry
expert Metso Outotec for the design and manufacturing of solvent
extraction cells as well as technical support for the layout of a
new solvent extraction plant and its process control. Metso Outotec
is recognized as a world leader in sustainable solutions for
mineral processing and metal refining.
HIGHLIGHTS
- The solvent extraction contract is the largest and most
important equipment package now under contract
- Metso Outotec is an industry leader, having provided similar
equipment to other operational cobalt sulfate refineries, thereby
lowering the execution risk for the Company's strategy of producing
battery-grade cobalt sulfate
- Commissioning of Phase 1 of First Cobalt's low-carbon
hydrometallurgical refining strategy is scheduled for Q4'2022,
targeting annual production of 25,000 tonnes of cobalt sulfate
annually
- Once operational, First Cobalt's refinery will be the only
producer of battery-grade cobalt for the North American electric
vehicle market, capable of supplying over 1 million vehicles per
annum, responding to strong demand in the accelerating EV
revolution
- First Cobalt maintains a strong cash position, following
completion of its project financing in September
The Company received several tenders from global vendors and
Metso Outotec was selected based on competitive pricing and its
technically superior bid. The contracted solution involves the
latest advancements in solvent extraction in terms of modular
design, process control and ease of installation and start up. The
installation time of the modular mixer-settlers is evidenced to be
30% less than the conventional solvent extraction mixer-settlers
used at other projects. In addition to the reduction in site
install time, the footprint needed for the selected plant equipment
is less than conventional solvent extraction equipment.
Image 1 – 3D rendering of First Cobalt's new solvent
extraction plant
"We are happy to be moving forward with Metso Outotec, an
industry-leading business partner. Their expertise and ability to
deliver quality projects significantly de-risks our own. We move
one step closer to becoming North
America's only provider of cobalt sulfate and we do not
intend to stop there", explains Trent
Mell, President & CEO. "Plans for our Canadian Battery
Materials Park also include battery recycling, nickel sulfate
production and a partnership with a battery precursor
manufacturer."
Phase 1 deployment of First Cobalt's 3-phase approach to market
entry, slated for Q4'2022, will focus on processing cobalt
hydroxide to produce a high-quality, sustainable and traceable
battery-grade cobalt sulfate. In January
2021, the Company secured long-term cobalt hydroxide feed
arrangements with Glencore AG and IXM SA, a subsidiary of
CMOC, to provide a total of 4,500 tonnes of contained cobalt per
year to the First Cobalt Refinery commencing in Q4'2022. In
March 2021, the Company further
de-risked the project by signing a flexible, long-term, offtake
agreement with Stratton Metal Resources Limited for the sale
of future cobalt sulfate production, with quantities determined by
First Cobalt (subject to a minimum). Negotiations with automakers
and battery suppliers are ongoing, with a growing interest in
sourcing battery material from North
America. Once operational, First Cobalt's Refinery will be
North America's only producer of
cobalt sulfate for the electric vehicle market.
Image 2 – Rendering of Phase 1 of First Cobalt's refinery in
Canada at time of
commissioning in Q4'2022
About Metso Outotec
Metso Outotec was created through the combination of Metso
Minerals and Outotec on June 30,
2020. We are a frontrunner in sustainable technologies,
end-to-end solutions and services for the aggregates, minerals
processing and metals refining industries globally. We ranked 8th
on the 2021 Global 100 list of the world's most sustainable
companies.
About First Cobalt
First Cobalt's mission is to be the most sustainable producer of
battery materials. The Company owns a permitted North American
hydrometallurgical refinery, a critical asset in the development
and manufacturing of batteries for electric vehicles. First Cobalt
owns the Iron Creek cobalt-copper project in Idaho, USA as well as several significant
cobalt and silver properties in the Canadian Cobalt Camp.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
For more information visit www.firstcobalt.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for First Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt believes that the information
and assumptions used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE First Cobalt Corp.
