Drilling Resumes At iron Creek Project

TORONTO - First Cobalt Corp. reported that it has commenced drilling at Iron Creek project in Idaha. The Company's objective is to double the size of the current resource over the next two years, in light of stronger commodity prices and an acceleration of EV adoption rates in North America. Drilling will initially focus on extending the east and west strike extent of the cobalt-copper deposit, as well as down dip. The Company's previous drill campaign expanded the resource along strike to over 900m and down-dip extensions to over 600m. The Company plans to drill over 4,000 meters and expects to receive first results by the end of Q4 2021.

"The Company recently put in place the required financing to expand and recommission its battery materials refinery in Canada in Q4 2022. Resuming drilling in Idaho supports our strategy of building a North American battery materials supply chain and is supported by stronger commodity prices and a constructive outlook for a domestic EV supply chain. Assuming drill results are as expected in 2021, we anticipate an even larger drill campaign in 2022, to fast-track our plans for domestic mine supply," said President and CEO, Trent Mell.

Iron Creek is one of the only two advanced primary cobalt resource projects in the United States and is located within the Idaho Cobalt Belt, which is recognized as the largest unmined cobalt resource in the United States. First Cobalt has identified satellite targets proximate to Iron Creek, including the Ruby Zone cobalt-copper prospect 1 km southeast of Iron Creek.