First Cobalt performs feasibility study for Canadian cobalt refinery expansion

"First Cobalt has announced positive results from an independent feasibility study conducted on its permitted cobalt refinery in Ontario, Canada. The study contemplates expanding the existing facility and adapting it to be North America’s first producer of cobalt sulfate, an essential component in the manufacturing of EV batteries.

Study highlights:

  • Annual production of 25,000 tons of battery-grade cobalt sulfate from third-party feed, representing 5% of the total global refined cobalt market and 100% of North American cobalt sulfate supply

  • An initial capital estimate of $56 million and an operating cost estimate of $2.72/lb of cobalt produced, which would be competitive on global markets

  • $37 million in free cash flow forecasted during the first full year of production

  • Payback period of 1.8 years"

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