First Cobalt to Make Battery Precursor and Nickel Sulfate

The new business model would result in the creation of the only battery materials park on the continent, providing North American automakers with direct access to a secure domestic source of low carbon raw materials.

To better reflect the Company's vision, First Cobalt Corp. will change its name to Electra Battery Materials Corporation. The name change, which remains subject to shareholder approval, better reflects the strategic positioning and more clearly communicates the Company's long-term value proposition for customers, investors and other stakeholders.

Electra Battery Materials is currently expanding a permitted hydrometallurgical refinery north of Toronto to produce 5,000 tonnes of cobalt starting in Q4 2022.

The Company has also been testing black mass feeds from recycled batteries and will be announcing results from test work and engineering studies in the coming weeks.

Global consultancy firm CRU has been retained to complete a nickel market study, which will assess market conditions for a battery grade nickel sulfate plant in North America.

Results from this study will support ongoing discussions with potential providers of nickel feed material as well as engineering studies for a future low carbon nickel plant, capitalizing on an existing hydrometallurgical plant, hydroelectric power and seasoned construction and processing teams.

Development of similar integrated battery material complexes in Europe and Asia have resulted in the construction of precursor cathode active material (PCAM) plants co-located adjacent to integrated refining facilities, as operational efficiencies can significantly lower the cost of battery cells.

"Globalization has created an electric vehicle supply chain that is too long, too costly and increasingly unreliable," said Trent Mell, President & CEO.