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.
In light of improving financial markets and positive developments in the cobalt sector, the Company announced in July 2014 that it was pursuing several opportunities resulting from the significant increase in the long term demand for cobalt used in rechargeable batteries required for electric and hybrid electric vehicles where cobalt is one of the key components.
The U.S. does not have any current domestic source of this strategic metal.
The ICP remains the sole near term, fully permitted primary cobalt deposit in the United States.