2020年電動汽車市場電池材料報告- FIRST COBALT（英文版）（28頁）.pdf

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1、1TSX.V: FCC | OTCQX: FTSSF TSX-V: FCC OTCQX: FTSSF Battery Materials for the Electric Vehicle Market August 25, 2020 2TSX.V: FCC | OTCQX: FTSSF FORWARD LOOKING STATEMENTS Refinery, the processing of cobalt hydroxide feedstock, the ability to secure financing, results of exploration activities, poten

2、tial acquisitions, capital expenditures, successful development of assets, currency fluctuations, government policy and regulation and environmental regulation. In particular, forward-looking information included in this presentation includes, without limitation, the opportunity to restart the First

3、 Cobalt refinery and targeted metrics. Generally, forward- looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “antic

4、ipates”, “believes”, or variations of such words or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and forward-looking information are necessarily based upon a number of estimates and assumptions

5、 that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward

6、-looking statements and forward-looking information. Such factors include changes in supply and demand for cobalt, the results of metallurgical and engineering studies, changes in competitive pressures, timing and amount of capital expenditures, changes in capital markets, changes in exchange rates,

7、 unexpected geological or environmental conditions, changes in and the effects of, government legislation, taxation and regulations and political or economic developments, success in attracting officers for the future success of the Companys business, success in obtaining any required additional fin

8、ancing to advance strategic priorities, and risks associated with obtaining necessary licenses or permits. Many of these uncertainties and contingencies can affect the Companys actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking s

9、tatements and forward-looking information made by, or on behalf of, the Company. There can be no assurance that forward- looking statements and forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements

10、. All of the forward-looking statements and forward-looking information made in this presentation are qualified by these cautionary statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in

11、forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such statements will prove to be accurate, as actual results could differ materially from those anticipated in such statements. Accordingl

12、y, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities

13、laws. Timelines used in this presentation are for the purpose of aiding management in the planning and implementation of the projects and are not based on a detailed assessment of project requirements. Consequently, the timelines are subject to material revision as subsequent technical reports and a

14、ssessments are completed. Future phases of the project are contingent upon completion of preceding phases. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction. This presentation includes a summary of the

15、results of a feasibility study related to the First Cobalt Refinery Project. This study does not constitute a feasibility study within the definition employed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), as it relates to a stand-alone industrial project and does not concern a

16、 mineral project of First Cobalt. As a result, disclosure standards prescribed by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) are not applicable to the scientific and technical disclosure in the study and in this presentation to the extent it relates to the Re

17、finery Project. Dr. Frank Santaguida, P.Geo and Peter Campbell, P.Eng. are Qualified Persons as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Project (“NI 43-101”) and has reviewed and approved the technical content in this presentation. Both are employed as officers of

18、 First Cobalt. All statements in this presentation other than statements of historical fact constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation and are b

19、ased on the reasonable expectations, estimates and projections of First Cobalt Corp. as of the date of this presentation. Forward-looking statements and forward-looking information include, without limitation, possible events, trends and opportunities and statements, including with respect to the st

20、ate of the cobalt market, global market conditions, the proposed development of the First Cobalt 3TSX.V: FCC | OTCQX: FTSSF INVESTMENT THESIS Partnership with Glencore to fund and expand First Cobalts permitted Canadian refinery to become the only North American producer of cobalt sulfate for EVs Ne

21、ar term cash flow from cobalt refining provides opportunity for re-rating Iron Creek Project in Idaho is a growing high-grade cobalt-copper mineral resource in in the U.S. that is one of the few primary cobalt deposits in the world First Cobalt owns almost half of the 100+ historic silver-cobalt min

22、es in the Canadian Cobalt Camp Near-term silver leverage in Cobalt Camp, where 600 million ounces of silver was mined along with cobalt and nickel over a 60-year period 1 2 3 4 5 4TSX.V: FCC | OTCQX: FTSSF SHARE STRUCTURE 387.3M Basic 24.6M Warrants 17.4M Options Covering Analysts Transfer of covera

23、geTransfer of coverage David Talbot SHARE PRICE (TSX-V August 24, 2020) C$0.145 52 WEEK HIGH/LOW C$0.195 C$0.075 AVE. VOL/DAY (20-DAY) 870,000 MARKET CAPC$62M WORKING CAPITAL (03/31/20) C$5.5M TICKERS: (TSX-V: FCC, OTCQX: FTSSF) $0.35 ave. price 9.1M at $0.27 (exp. 03/21) 15.3M at $0.21 (exp. 02/22)

24、 Derek Macpherson 5TSX.V: FCC | OTCQX: FTSSF LEADERSHIP TEAM RYAN SNYDER CPA Chief Financial Officer JOHN POLLESEL Chairman CEO, Boreal Agrominerals Inc. GARETT MACDONALD P.ENG Director President however project economics reflect a 70% long term payability assumption on feed Key Assumptions Cobalt P

25、rice$25/lb Cobalt Hydroxide Payability70% Cobalt Sulfate, Minimum Grade20.5 % Foreign Exchange (CAD:US)1.375 Tailings Capacity, Phase 117 years1 Capital Requirements Initial Capital Requirements$56 million Total Sustaining Capital$0.6 million Operating Costs Cobalt Production$1.87/lb Co2 Sodium Trea

26、tment$0.85/lb Co Total Unit Operating Costs$2.72/lb Co Annual Production Summary Cobalt Hydroxide Feed18.369 tonnes Feed Grade30% Co Annual Cobalt Production5,096 tonnes Annual Cobalt Sulfate Production24,857 tonnes Project Economics NPV Pre-Tax (8% Discount Rate)$192 million (C$263 million) NPV Aft

27、er-Tax (8% Discount Rate) $139 million (C$191 million) IRR Pre-Tax64% IRR After-Tax53% Cash Flow Pre-Tax$350 million (C$482 million) Cash Flow After-Tax$259 million (C$356 million) Post-Tax NPV (8%)/Initial Capital2.5 Payback Period1.8 years 13TSX.V: FCC | OTCQX: FTSSF FEASIBILITY STUDY Site Layout

28、New structures for crystallizer, solvent extraction, sodium treatment and filtered tailings preparation Dry Stack Tailings (Phase 1) Solvent Extraction Building (new) Existing Refinery Building Existing Warehouse Existing Power and Access Roads Crystallizer (new) Sodium Treatment (new) Admin Offices

29、 Analytical Lab Existing TMF Tailings Filters (new) 14TSX.V: FCC | OTCQX: FTSSF FEASIBILITY STUDY Site Layout Area 2 Years 16-30 Area 1 Years 1-15 DRY-STACK TAILINGS AREA WITH VIEW OF LAKE TEMISKAMING 600m of underground development exposing mineralized zones (sampled in 2017) Underground access for

30、 exploration drilling Over 3km drill road and pad construction IRON CREEK SITE2016 Entrance to Adit #1 2018 Staging Area Adit#1 21TSX.V: FCC | OTCQX: FTSSF GROWING LONG-TERM COBALT SUPPLY FROM IRON CREEK Higher-grade Co and Cu zones to the east and west respectively remain open along strike and down

31、-dip Metallurgical tests show conventional extraction methods applicable High property potential with other known surface mineralized zones Mineralization is stratabound with true widths up to 30 metres thick 21TSX.V: FCC | OTCQX: FTSSF Schematic Long Section of Resource Resource calculation at 0.18

32、% CoEq cutoff. Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Complete description of estimation

33、parameters is available within the NI 43-101 technical report available on the First Cobalt website. Long section looking Northeast through mineralization 22TSX.V: FCC | OTCQX: FTSSF FIRST COBALT LAND PACKAGE In 2017, First Cobalt consolidated 10,000 hectares, representing 45% of the “Cobalt Camp” -

34、 NI43-101 property report filed in 2018 Initial exploration premise Potential for low grade silver and cobalt outside of large veins was unknown Cobalt grades to historic resources also unknown $10 million to conduct district-scale exploration program, including 35,000m of drilling on 14 target area

35、s Near-mine targets remain for silver potential (Cobalt North & Cobalt South) Kerr area particularly successful, with silver identified over near-surface trends extending up to 500m strike length (shallow, 150m) Grassroots potential for new discoveries in Cobalt Central Kerr Silver Package 23TSX.V:

36、FCC | OTCQX: FTSSF EXPLORATION IN FAVOURABLE GEOLOGY Kerr Lake Area Juno Silverfields Conisil-Hargrave Silver Banner Ophir New Lake Cross Lake Extensive work in 2017-18 Drilling, geophysics, bedrock mapping, prospecting and historic data compilation 2018 surveys greatly improved drill targeting appr

37、oach Several areas still considered prospective for discovery of new silver-cobalt mineralization Networks of silver-cobalt veins intersected 2018 drilling recognized distinct trends of mineralization in Kerr Area Crown Reserve1,441 g/t Ag + 0.28% Co over 2.5m Kerr Trend 820 g/t Ag + 0.45% Co 3.6m 1

38、33 g/t Ag + 0.33% Co over 6.5m 515 g/t Ag + 0.61% Co over 2.2m Kerr #2 Trend88 g/t Ag + 0.27% Co over 4.7m Drummond 89 g/t Ag + 0.31% Co over 6.8m 451 g/t Ag + 0.10% Co over 2.0m 24TSX.V: FCC | OTCQX: FTSSF PAST PRODUCTION KERR AREA Mine Tonnes Milled Production (oz Ag) Grade (g/t Ag) Operating Peri

39、od Silver Leaf291495,44348,2311906-1931 Hargrave1,392506,92710,3281905-1920 Crown Reserve 53,15720,325,30210,8411908-1948 Drummond55,1643,887,5851,9971905-1936 Silverfields1,200,03617,793,8624221964-1983 Kerr Lake213,64528,502,0373,7811905-1948 Conisil100,4461961-1965 Lawson42,13,5131905-1953 Total7

40、5,825,115 First Cobalt controls 9 past producers in the silver-rich Kerr area Known historic production of 75.8M oz Ag Shallow mining, typically 150m depth 25TSX.V: FCC | OTCQX: FTSSF APPENDIX Cobalt Market 26TSX.V: FCC | OTCQX: FTSSF 0 50,000 100,000 150,000 201820152017 Tonnes Co 20162025201920202

41、036203320212022202320242040202620272028202920312030203820322034203520372039 China Umicore Belgium Norilsk Finland Umicore Finland Sumitomo Japan Cobalt Refinieries With Sulphate Capacity 2015 2040 (tonnes Co) 0 250,000 500,000 750,000 1,000,000 203820352015 Tonnes Co 20182017203320162021202820192020

42、202220232024202520302026202720292031203220342036203720392040 LCOLMO NCA NCM LMNO Battery Driven Cobalt Demand to 2040 by cathode chemistry COBALT MARKET Cobalt to Remain Essential for EV Batteries Cobalt demand from Nickel-Cobalt- Manganese (NCM) batteries: 2019: 20,000 tonnes 2040: 730,000 tonnes M

43、ove toward lower cobalt content more than offset by higher EV penetration rates and larger battery packs Benchmark Minerals Benchmark Minerals China controls 79% of refined cobalt sulfate supply Remaining cobalt sulfate production from Japan and Finland No cobalt sulfate refiners in the Americas 27T

44、SX.V: FCC | OTCQX: FTSSF 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 20322015202120162022203920342017201820192035202020232024202520262027202820292030203120332036203720382040 Cobalt Sulphate Cobalt (battery metal)1 Cobalt Battery Metal & Cobalt Sulphate Price Forecast (US$/t) 50

45、55 60 65 70 75 80 85 90 95 100 Jul-18Mar-18Mar-19May-18Nov-18Nov-19May-19Jan-19Jan-18Sep-18Jul-19Sep-19Jan-20 Cobalt Hydroxide Payable Cobalt (%) Average Payable Co: 69% COBALT MARKET Cobalt Price Forecast Benchmark Minerals Benchmark Minerals Cobalt price to increase steadily through 2028 as supply

46、 tightens Long term price forecast of $59,100/tonne or $26.81/lb (Cobalt Sulfate curve for 20.5% CoSO4) Payability moves in tandem with cobalt meal price and has averages 69% over past two years Payability factor reflects price paid by Chinese refiners for cobalt hydroxide produced in the DRC 28TSX.V: FCC | OTCQX: FTSSF INFOFIRSTCOBALT.COM +1 416 900 3891 TSX.V: FCC | OTCQX: FTSSF FIRSTCOBALT.COM