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First Cobalt to become leading non-DRC cobalt company
First Cobalt announces that it will acquire the company US Cobalt, further enhancing First Cobalt’s position as a pure-play North American cobalt company.
The transaction positions First Cobalt as a leading non-DRC cobalt company with North American projects located in close proximity to infrastructure. The pure-play North American cobalt company with three significant North American assets.
First Cobalt is looking to develop 50 historic mines in Ontario, while US Cobalt has the Iron Creek Cobalt Project in the US.
Trent Mell, First Cobalt President and CEO commented,
“We foresee a shortage of cobalt over the next five years yet there are few companies doing significant work to identify new sources of supply. This transaction creates a larger platform to discover and develop cobalt projects for the growing electric vehicle market by combining high quality North American assets in two of the best cobalt jurisdictions outside the DRC. US Cobalt’s Idaho project complements our Canadian Cobalt Camp properties, offering upside potential for shareholders of both companies. We view the First Cobalt Refinery as a strategic asset as it is the only permitted cobalt refinery in North America capable of producing battery materials. We look forward to working with the US Cobalt technical team as they complete drilling in support of a maiden mineral resource estimate expected later in 2018.”