Cosmo Chemical Signs Battery Recycling Tolling Agreement with FINO to Produce Recycled Cobalt Sulfate

According to First Atlantic Nickel & Cobalt on September 18, the company has completed a non-brokered private placement without warrants, raising approximately C$6.16 million. The proceeds will mainly be used to advance drilling, metallurgical testing, road construction and exploration access at the Pipestone XL nickel-cobalt project in Newfoundland, Canada. The company also plans to accelerate systematic exploration along an approximately 30-kilometre mineralized trend, including priority targets such as RPM and Alloy Max. Pipestone XL is characterized by naturally occurring nickel-iron-cobalt alloy mineralization known as awaruite. Previous testing by the company showed high-grade alloy concentrates averaging around 67.4% nickel, with cobalt grades in some samples reaching up to approximately 1.76%. First Atlantic said this style of mineralization may allow for a relatively simplified processing route with less dependence on conventional smelting, roasting or HPAL. The financing will support further resource validation and technical development, although the project remains at the exploration and process-testing stage.

According to Fortune Minerals on September 18, the company’s NICO cobalt-gold-bismuth-copper project in Canada’s Northwest Territories has received renewals for its Class A Water Licence and Type A Land Use Permit. The water licence was approved by the Northwest Territories Minister of Environment and Climate Change on September 14. The permits cover the NICO mine and concentrator and are among the key regulatory approvals required for construction and operation following completion of the project’s environmental assessment. They also establish conditions for construction, operations, closure and reclamation. The NICO project is 100%-owned by Fortune Minerals. The company plans to develop mining and concentrating facilities in the Northwest Territories and transport the resulting concentrate to a proposed hydrometallurgical refinery in Alberta, where products including battery-grade cobalt sulfate would be produced. The permit renewals further reduce regulatory uncertainty surrounding the project’s development and support efforts to establish a domestic North American cobalt supply chain.