May 18, 2021
First Cobalt Corp. (TSXV:FCC, BUY, C$0.45 target, David A. Talbot) announced an update on its Ontario Cobalt Refinery commissioning programs as various tasks were completed in advance of financing. Discussions continue with respect to a planned US$45M debt package and local indigenous communities, additional site management team members have been hired, the Ontario Ministry of the Environment, Conservation and Parks issued a recent water permit to allow the power and water reconnections needed for construction, and two more permits are expected within the next couple of months. Finally, a contract for construction of the cobalt sulfate crystallizer has been signed. We expect this is the most technical and longest lead item required for the refinery. All looks on track for Q4/22 cobalt refining as First Cobalt looks to become the only North American refiner of battery-grade cobalt sulfate and the second largest outside of China. Read more
