Business
First Cobalt Options Cobalt Camp Assets to Kuya Silver
First Cobalt Options Cobalt Camp Assets to Kuya Silver Canada NewsWire ...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n First Cobalt Options Cobalt Camp Assets to Kuya Silver\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Sept. 7, 2021\n \n /CNW/ -\n \n First Cobalt Corp.\n \n (TSXV: FCC) (OTCQX: FTSSF) (the \"Company\") today announced that Kuya Silver Corporation (\"Kuya\") has given notice of intention to exercise an option to earn a 70% interest in all of First Cobalt's remaining mineral rights in the Canadian Cobalt Camp.\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n Kuya previously acquired a 100% interest in a property package surrounding the\n \n Kerr Lake\n \n area (the \"Kerr Assets\") for\n \n $4 million\n \n . Kuya also received a six-month option to elect to exercise to earn up to a 70% interest in First Cobalt's remaining Cobalt Camp assets (the \"Remaining Assets\") for an additional\n \n $1 million\n \n in cash or Kuya shares\n \n \n The option has been exercised by Kuya by issuing 671,141 common shares at a 20-day VWAP of\n \n $1.49\n \n \n \n Over a 3-year earn-in period, Kuya will be required to make\n \n $1 million\n \n in additional payments to First Cobalt and invest\n \n $4 million\n \n in exploration activities. A\n \n $2.5 million\n \n milestone payment is triggered upon completion of a maiden mineral resource estimate of at least 10 million silver equivalent ounces on either of the Kerr Assets or the Remaining Assets. The payment increases to\n \n $5 million\n \n should the resource exceed 25 million silver equivalent ounces\n \n \n First\n \n Cobalt\n \n retains a right to refine base metal concentrates produced at First Cobalt's refinery as well as a back-in right for any discovery of a primary cobalt deposit on the Remaining Assets\n \n \n \n \n Trent Mell\n \n , President & Chief Executive Officer, commented:\n \n \n \n \"This option agreement allows us to focus on our strategy of producing the world's most sustainable battery materials for the EV market. Our primary focus is to commission our Canadian hydrometallurgical refinery in Q4 2022 and advance exploration act...