FTSSF - Ongoing studies lower operating costs by 13% at First Cobalt' refinery

First Cobalt (FTSSF) says ongoing engineering studies for the refinery, in Ontario, have resulted in lower operating costs from $2.72/lb of cobalt produced to $2.36/lb, thus improving refinery margins.Cost reduction resulted in ~$4M of increased annual pre-tax cash flows compared to previously released engineering study.In May, First Cobalt released results of an engineering study estimated the refinery could produce 5,000 t/y of cobalt, resulting in 25,000 t of cobalt sulphate product for EV batteries.Glencore and First Cobalt have established a joint technical committee to assess improvement opportunities identified by Glencore's processing team.The company also updated the project’s capital estimate to $60M, compared with $56M in the original engineering study.The company projected $41M in undiscounted pre–tax free cashflow to the Project, during the first full year of production.

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Ongoing studies lower operating costs by 13% at First Cobalt' refinery