First Cobalt Closes Financing To Fund North American Battery Materials Refinery

TORONTO - First Cobalt Corporation President & CEO, Trent Mell, said, “The Company has officially closed the debt and equity financing. With the completion of this financing, the First Cobalt project team can now accelerate long lead equipment orders for our Canadian battery materials refinery as we pursue our vision of becoming the most sustainable producer of battery materials. Our immediate objective is to become the only producer of battery grade cobalt in North America by Q4 2022. Thereafter, we intend to produce nickel, cobalt, lithium and other battery materials from recycled lithium-ion batteries. Longer term, we are pursuing the creation of a Battery Park around our low-carbon hydrometallurgical refinery, which would include nickel sulfate production from primary feeds and lithium-ion battery precursor manufacturing."

The Company intends to use the aggregate net proceeds of the Offering for capital expenditures associated with the expansion and recommissioning of its wholly-owned hydrometallurgical refinery located in Ontario, Canada, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.