*Will Eagle's Nest be just as smooth...

First Cobalt Provides Update on Canadian Refinery Commissioning

The Company remains on schedule to recommission the facility in the fourth quarter of 2022, at which time it will become the only refiner of battery-grade cobalt sulfate in North America and the second largest outside of China.

New Permit to Take Water issued by the Ontario Ministry of the Environment, Conservation and Parks, allowing the project team to mobilize to site to restore power to the refinery complex and prepare for upcoming construction activities

Lender discussions for a US$45 million debt facility are advancing, supplemented by C$18 million in current working capital plus an additional C$10 million investment by the Government of Canada and the Government of Ontario towards the refinery capital costs

The Ontario Ministry of the Environment, Conservations and Parks issued a new Permit to Take Water from Lake Timiskaming on May 10 covering potable water supply and industrial use. Two other permit applications for air and noise and industrial sewage are expected in the coming months.

Today, approximately 80% of cobalt sulfate is made in China and there is no production in North America. In December 2020, the Government of Canada and the Government of Ontario announced a joint $10 million investment in the First Cobalt Refinery to help accelerate commissioning and expansion.

First Cobalt's mission is to be the most sustainable producer of battery materials. In 2022, the Company plans to commission North America's only cobalt sulfate refinery, a critical asset in the development and manufacturing of batteries for electric vehicles.

https://www.newswire.ca/news-releases/first-cobalt-provides-update-on-canadian-refinery-commissioning-842460136.html