As per Financial Statement financing will be in Q3 The Company has planned to finance the refinery expansion capital costs with a mix of debt and equity, weighted more heavily towards debt instruments. With the equity items and Government investment noted above, the nondebt portion of the financing package is effectively in place. In March 2021, the Company announced it had entered an exclusivity agreement with a leading financing institution to provide US$45 million of debt financing and was entering the due diligence phase. The due diligence process is in progress and the Company anticipates completing the debt financing process by early summer. This debt component would be the final piece required for the capital costs to be fully financed.
The current estimated timeline to bring the refinery into production is outlined below:
• Q3 2021 – Complete lender due diligence and finalize project financing
• Q3 2021 – Receive final permit amendment approvals necessary to commence on-site construction
• Q3 2021 – Complete detailed engineering and commence construction activities
• Q4 2022 – Commencement of production
The Company continues to make progress towards achieving its objective of providing the world’s most sustainable cobalt for the electric vehicle market. The Company continues to work with engineering firms, its commercial partners, process experts and financial advisers to finalize and execute on the plans to recommission and expand the Refinery.
https://www.firstcobalt.com/_resources/financials/FCC-Q1-MDA-2021-03-31-FINAL.pdf?v=0.600