Formation Metals Inc. is a well-established Canadian mineral exploration and mine development company listed on the Toronto Stock Exchange under the symbol FCO, the OTC-QX trading platform under the symbol FMETF and on the Frankfurt Exchange under the symbol FOQ. Through its wholly owned subsidiaries it has interests in base and precious metals and uranium projects in Canada, the United States and Mexico.
The Company's Primary asset, located in the mining friendly state of Idaho, is the 100% owned, fully NEPA permitted Idaho Cobalt Project
("ICP") which is comprised of the mine and mill near Salmon, Idaho and the current proposed Cobalt Production Facility ("CPF") for refining ICP mine concentrate into high purity cobalt metal, with secondary copper and gold credits. The ICP mine site is now fundamentally prepared to commence underground development (contingent on successful conclusion of mine financing).
The ICP is a unique 100% owned primary cobalt deposit with future production estimates of over 1,500 tonnes of high-purity cobalt per year. The U.S. currently consumes approximately 20% of the world's cobalt production and more importantly, approximately 60% of the high purity material, used for critical applications in the aerospace sector -- jet engines. The U.S. does not have any current domestic source of this strategic metal.