Page 60 Contd from pg 57 sions The First Cobalt Refnery is ide ally suited to treat North American arsenicrich mine concentrate The Company has been testing third Signifcant Interest from electric car manufacturers and mining companies party cobalt hydroxide as an al ternative source of feed The test results confrmed that the existing processes in the First Cobalt Refn ery are capable of producing a high purity battery grade cobalt sulfate The plans to start up the First Co balt Refnery has received signif cant interest from miners and au tomotive companies First Cobalt s objective is to secure a longterm feed purchase agreement oftake for the sale of refned cobalt and fnancing for the capital require ments It is estimated that the re fnery could be operational 1824 months from the selection of a feed source Electric vehicle demand in North America will keep growing as com panies such as Fisker Inc continue to introduce new afordable EV models to the market Automakers and battery manufacturers have a responsibility to ensure any ma terials we use in our batteries are sourced in an ethical way said Henrik Fisker the chairman of Fisker Inc a Californiabased elec tric battery and electric car produc er Fisker also is a member of First Cobalt s Board of Directors The First Cobalt team is dedicated to ensuring projects maintain the highest standards of ethical mining practices and environmental pro tection The restart of the First Co balt Refnery is an important step towards producing battery materi als in America with a clean record from mine to machine A cash fow projection study under taken by the Primero Group study indicates that a restart of the refn ery could be fnanced by nonequity sources of capital limiting dilution for First Cobalt shareholders and generating a steady source of cash fow to fund future activities at the Company s fagship Iron Creek mine Project in Idaho USA SGS Canada was contracted to test cobalt hydroxide using the processes in the current refnery