Formation Metals Inc.("Formation" or the "Company") 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,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 proposed Cobalt Production Facility (CPF) for refining ICP mine concentrate. The ICP mine site is now fundamentally prepared to commence underground development contingent on successful conclusion of mine financing.
Positive Preliminary Economic Assessment
Offers unique potential for consumers to secure an ethically sourced,
environmentally sound supply of battery grade cobalt chemicals, mined safely and responsibly
The Company announced in April 2015 completion of a positive Preliminary Economic Assessment (PEA) on the ICP. This current PEA utilizes an updated resource, mine model and mine schedule with intentions to produce cobalt and copper sulfate chemicals and gold at the CPF. The previous feasibility level study on the ICP utilized a previously calculated resource base to produce high purity cobalt metal suitable for critical applications in the aerospace sector.
To read the summary of the PEA economics and results please read the April 22, news release.
Please refer to the Preliminary Economic Assessment Presentation April 2015
The ICP is the only near term, fully permitted primary cobalt deposit in
the United States.