Phoenix, Arizona--(Newsfile Corp. - January 26, 2021) - The Stock Day Podcast welcomed First Cobalt Corp. (OTCQX: FTSSF) ("the Company"), a North American pure-play cobalt company whose flagship asset is the First Cobalt Refinery. President and CEO of the Company, Trent Mell, joined Stock Day host, Everett Jolly.
"What is the next upcoming catalyst for your company?", asked Jolly. Mell shared that the Company announced $10 million in public funding from the Government of Canada and Government of Ontario in December. "I think when that happened the market started to look at us differently," said Mell. "Since that has happened, we've announced feed agreements with the two best cobalt hydroxide producers in the world," shared Mell, adding that the Company also closed a $9.8 million financing.
"Right now, we're working on the debt financing for the remaining amounts," said Mell. "We're also working on putting an owner's team together," explained Mell. "We're working on our EPCM contract so that we can commence construction early this summer on the expansion."
"What does the Biden administration mean not only for First Cobalt, but also for the battery and electric vehicle space?", asked Jolly. "It means a lot," said Mell. "This year we've got an increase in the number of electric vehicle models available, jumping from 16 to 39," he explained. "The kind of cars Americans want are starting to come to market," added Mell. "When you overlay the Biden administration with a $2 trillion plan for green investments, that just really opens up the window for us to replicate what has happened in Europe," said Mell. "The American consumer is a powerful force, and when the American consumer starts getting behind a product like this, the adoption rate could really surprise to the upside."
The conversation then turned to the Company's updates on their Idaho and Ontario projects. "Cobalt was in a bear market until recently, so we were focused on executing on the refinery," said Mell. "Now that the interest is back, Cobalt is up 28% in the last five weeks," he added. "People are looking for cobalt investments," said Mell, before elaborating on the Company's Cobalt project in Idaho. "We're going to get back at it this summer with some drilling," shared Mell, adding that the project represents a large resource of Cobalt with Copper as an important byproduct. "Cobalt is the rarest, scarcest, and most expensive of the raw materials in the battery and America has a unique opportunity to control its destiny in this product, and I think we're well positioned to help deliver on that."
Jolly then noted that the Company is currently pre-revenue, and asked when they expect to start generating revenues. "In Q1, we completed our feed purchase contracts, and the rest of Q1 we will be advancing our debt financing and doing a little bit of work with battery recycling," said Mell. "In late Q2, we'll get the permit amendments issued and start our construction," he continued. "Our first production is anticipated for the end of 2022. So, I've got the first feed scheduled to arrive at our doorstep in October of 2022."
"Why should potential investors and shareholders take a look at First Cobalt right now?", asked Jolly. "If you want to try to get exposure to EVs in the upstream areas and in the commodity space, there are few projects like ours that are pre-revenue with such a low execution risk. The plant itself is built, permitted, and we're looking at doing an expansion."
To close the interview, Mell elaborated on the Company's potential as they continue to execute on their plans. "What my team has demonstrated, particularly over the last six months, is that we do what we say we're going to do," said Mell. "We've got a team here that is designed to execute," he added. "Our commitment to sustainable cobalt, to having the cleanest and most sustainable source of cobalt in the world, I think is quite achievable."
To hear Trent Mell's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7782227-first-cobalt-corp-discusses-2021-goals-for-its-cobalt-project-and-refinery-with-the-stock-day-po.