The Company received several tenders from global vendors and Metso Outotec was selected based on competitive pricing and its technically superior bid. First Cobalt maintains a strong cash position, following completion of its project financing in September.Once operational, First Cobalt's refinery will be the only producer of battery-grade cobalt for the North American electric vehicle market, capable of supplying over 1 million vehicles per annum, responding to strong demand in the accelerating EV revolution.Commissioning of Phase 1 of First Cobalt's low-carbon hydrometallurgical refining strategy is scheduled for Q4'2022, targeting annual production of 25,000 tonnes of cobalt sulfate annually.Metso Outotec is an industry leader, having provided similar equipment to other operational cobalt sulfate refineries, thereby lowering the execution risk for the Company's strategy of producing battery-grade cobalt sulfate.The solvent extraction contract is the largest and most important equipment package now under contract.Metso Outotec is recognized as a world leader in sustainable solutions for mineral processing and metal refining. (TSXV: FCC) (OTCQX: FTSSF) (the 'Company') is pleased to announce that it has awarded a contract to industry expert Metso Outotec for the design and manufacturing of solvent extraction cells as well as technical support for the layout of a new solvent extraction plant and its process control.

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