TORONTO, Oct. 14, 2021 /CNW/ - First Cobalt
Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is
pleased to announce that it has received the second of three
required permit amendments to recommission its hydrometallurgical
refinery in Canada. Receipt of the
Air & Noise Environmental Compliance Approval from the Ontario
Ministry of the Environment, Conservation and Parks is yet another
key milestone in the advancement of the Company's North American
battery materials strategy.
HIGHLIGHTS
- The Air & Noise Permit is the second of three permit
amendments to be approved in support of the Company's plans to
produce North America's only
supply of battery-grade cobalt for the electric vehicle market
- The third and final permit amendment has undergone community
consultations, has been submitted to the Ministry for review and
final approval is expected shortly
- The US$60 million facility
expansion remains on schedule to be commissioned in Q4'2022
- Once commissioned, First Cobalt expects its hydrometallurgical
refinery to have peer leading ESG credentials, with the lowest
Scope 1 and Scope 2 emissions in the industry
Trent Mell, President & CEO commented, "In the first half of
2021, sales of electric vehicles in the U.S. were up more than 130%
and that trend could accelerate with several new EV models hitting
the market. With financing in place, receipt of this latest permit
keeps us on schedule for Phase 1 of our North American Battery
Materials Park strategy. By the end of 2022, we will be the
only producer of battery-grade cobalt sulfate in North America. In 2023, Phase 2 will entail
commercial-scale battery recycling from the same facility,
leveraging existing personnel and infrastructure. In Phase 3, we
will set our sights on building a nickel sulfate plant, once again
becoming the sole North American supplier of an important raw
material for the EV industry."
The Company will continue to update the market as key
construction and commercial milestones are achieved.
About First Cobalt
First Cobalt's mission is to be a producer of diversified
high-quality and sustainable 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
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.