First Cobalt Announces Shift To Making Battery Materials, Plans To Change Name

First Cobalt Corp. (TSXV: FCC) announced on Sunday its strategic plan to provide recycled battery and precursor materials to the North American supply chain. The firm also plans to change its name to Electra Battery Materials Corporation to reflect this shift in focus of the business model.

“With the continent’s rich mineral endowment, the rationale for supplying battery materials through Asia into a growing U.S. EV market is not sustainable. Electra will act as a bridge between North American electric vehicles and a North American source of primary and recycled material, providing a low carbon solution for zero-emission vehicles,” explained the company’s CEO Trent Mell.

The firm’s four-phase plan starts with expanding its “existing refinery complex to produce 26% of the ex-China supply of battery-grade cobalt”. Phase two involves leveraging existing plant equipment to recycle battery materials to recover lithium, nickel, cobalt, copper, and graphite.

The third phase would involve constructing a modular nickel sulfate plant which the firm claims will enable it to be “North America’s first integrated Battery Materials Park”. Phase four will see the “construction of a battery precursor materials plant in 2025”.

The name change is still subject to shareholders’ approval.

First Cobalt Corp. last traded at $0.35 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

First Cobalt Secures US$600,000 From Department Of Energy For Idaho Cobalt Project

First Cobalt Corp. (TSXV: FCC) announced this morning that it has been awarded funding from...

Wednesday, April 28, 2021, 08:56:21 AM

First Cobalt Raises US$45 Million Via Debt, Equity

First Cobalt Corp (TSXV: FCC) this morning indicated that it has closed on US$45 million...

Friday, September 3, 2021, 09:44:00 AM

First Cobalt Announces $10.0 Million ATM Financing, Warrant Acceleration

First Cobalt Corp (TSXV: FCC) late last night announced that it will be undertaking an...

Tuesday, February 23, 2021, 07:36:54 AM

First Cobalt: Will The DRC’s Action Give The Company A Lift?

In late May, the Democratic Republic of Congo (DRC) reinstated an export ban on cobalt...

Monday, June 7, 2021, 11:43:00 AM

First Cobalt: Rising Chinese Restrictions Could Be A Net Benefit To The Company

China’s recent movements to limit its companies’ abilities to export rare earth materials to the...

Sunday, January 31, 2021, 01:02:00 PM