Electra Battery Materials Corp. V.ELBM

Diamond Hands investors

[Skantor18]

HIGHLIGHTS

• The solvent extraction contract is the largest and most important equipment package now under contract
• Metso Outotec is an industry leader, having provided similar equipment to other operational cobalt sulfate refineries, thereby lowering the execution risk for the Company’s strategy of producing battery-grade cobalt sulfate
• Commissioning of Phase 1 of First Cobalt’s low-carbon hydrometallurgical refining strategy is scheduled for Q4’2022, targeting annual production of 25,000 tonnes of cobalt sulfate annually
• Once operational, First Cobalt’s refinery will be the only producer of battery-grade cobalt for the North American electric vehicle market, capable of supplying over 1 million vehicles per annum, responding to strong demand in the accelerating EV revolution
• First Cobalt maintains a strong cash position, following completion of its project financing in September

The Company received several tenders from global vendors and Metso Outotec was selected based on competitive pricing and its technically superior bid. The contracted solution involves the latest advancements in solvent extraction in terms of modular design, process control and ease of installation and start up. The installation time of the modular mixer-settlers is evidenced to be 30% less than the conventional solvent extraction mixer-settlers used at other projects. In addition to the reduction in site install time, the footprint needed for the selected plant equipment is less than conventional solvent extraction equipment.