- First Cobalt (FTSSF) said it has successfully extracted nickel, cobalt, copper, manganese, lithium and graphite from a "black mass" product recovered from recycled batteries.
- The black mass represents the main chemical composition of the battery and is obtained after removal of the mechanical housing of the battery.
- The company said work was underway to leverage existing operating permits, flow sheet and equipment at its Canadian hydrometallurgical refinery to become the first facility to recycle battery materials on a large scale for reintroduction into the electric vehicle battery supply chain.
- "There are many producers of black mass in the western world but few environmentally friendly options to then refine the product into battery grade material given the capital expenditure required and the permitting timeline associated with building a hydrometallurgical facility such as ours," said President and CEO Trent Mell.
- In addition the company issued a clarification on the acquisition of West Fork Property in Idaho from DG Resource Management, noting that the compensation paid was $50K in cash and 225K common shares of First Cobalt (not 250K as previously announced).
- Source: Press Release