First Cobalt
First Cobalt is a Canadian cobalt mining and refining company that supplies battery manufacturers and the EV industry from its Northern Ontario refinery, and does business as Electra Battery Materials.
- Company typePrivate
- Founded2011
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What First Cobalt does
First Cobalt is a Canadian cobalt-focused mining and refining company headquartered in Toronto and publicly traded on the TSX Venture Exchange under the symbol FCC. The company operates a refinery in Northern Ontario and is also doing business as Electra Battery Materials. First Cobalt extracts and processes cobalt for use in lithium-ion batteries serving the electric vehicle, consumer electronics, and renewable energy industries, with a primary focus on supplying battery manufacturers and EV OEMs in North America.
The company's strategy is vertical integration in the cobalt supply chain. It acquired US Cobalt in March 2018 to expand its resource base, and has secured government support — most notably a USD 10 million agreement with the Government of Canada and Ontario in 2026 — to scale its Northern Ontario refinery and produce battery-grade cobalt sulfate. The refinery is positioned to address North American supply chain constraints and reduce dependency on foreign cobalt sources, particularly for downstream battery and EV applications.
First Cobalt's business model centers on producing and selling refined cobalt materials into the battery supply chain, though no specific pricing, offtake, or revenue figures are publicly disclosed in the source material. The company has funded operations through multiple equity rounds between 2017 and 2021, with disclosed raises totaling approximately USD 49.8 million, in addition to the 2026 government grant. Leadership is anchored by President and CEO Trent Mell. The company operates with 11-50 employees and is exposed to the secular growth of the global cobalt market, projected to grow from USD 16.12 billion in the base year to USD 34.73 billion by 2035 at a 7.23% CAGR.
First Cobalt firmographics
Firmographics- Name
- First Cobalt
- Legal name
- First Cobalt Corp.
- Website
- https://firstcobalt.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- First Cobalt is a Canadian cobalt mining and refining company that supplies battery manufacturers and the EV industry from its Northern Ontario refinery, and does business as Electra Battery Materials.
- Ownership category
- akta.pro rank
First Cobalt industry classification
Industry- Product category
- Cobalt Refining and Battery Materials
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (331410), Primary Metal Manufacturing (331), Nonferrous Metal (except Aluminum) Production and Processing (3314)
- SIC
- Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Cobalt Mining & Refining (IMAKAFAC)
- akta.pro secondary industries
- Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)
Keywords
Where First Cobalt is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
First Cobalt business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others
First Cobalt product offering
Product offeringCore offering
First Cobalt is a cobalt-focused mining and refining company that operates refinery facilities in Northern Ontario, Canada. The company produces refined cobalt products, primarily cobalt sulfate, for use in lithium-ion battery manufacturing serving electric vehicle producers, consumer electronics makers, and renewable energy applications. It addresses North American demand for ethically and domestically sourced battery-grade cobalt raw materials.
Product overview
First Cobalt is a cobalt mining and refining company operating in Northern Ontario, Canada. The company focuses on extracting and processing cobalt for use in lithium-ion batteries serving electric vehicles, consumer electronics, and renewable energy applications. First Cobalt operates refinery facilities and has entered into agreements with the Government of Canada and Ontario for expanding its refinery operations.
Differentiator
Problem solved
Functional benefit
Products and services
- Refined Cobalt Products (Cobalt Sulfate)
Companies that use First Cobalt
Customer profileSegments1 record
Ideal customer profiles1 record
First Cobalt technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First Cobalt partnerships and signals
Strategic signalScale indicators3 records
Recent moves7 records
Expansion highlights5 records
First Cobalt competitors and assessment
Company assessmentBroad incumbents
- Glencore: Glencore is one of the world's largest cobalt producers, with mining and trading operations spanning DRC, Australia, and Canada. It is comparable to First Cobalt because both operate in cobalt mining and refining for the battery supply chain, though Glencore operates at vastly greater scale across multiple commodities.
- Umicore: Umicore is a Belgian materials technology company with major battery materials and cobalt refining operations supplying EV cathode producers globally. It is comparable to First Cobalt as a cobalt refiner focused on the lithium-ion battery value chain, though Umicore operates a broader portfolio across precious metals, catalysis, and recycling.
- Vale SA: Vale is one of the world's largest mining companies with cobalt and nickel byproduct production from its Canadian and Indonesian operations. It is comparable to First Cobalt as a cobalt producer serving battery markets, though Vale operates at massive diversified scale across iron ore, copper, and multiple battery metals.
- Sumitomo Metal Mining: Sumitomo Metal Mining is a Japanese diversified miner with significant nickel and cobalt production feeding battery cathode manufacturers. It is comparable to First Cobalt as a cobalt producer serving the battery supply chain, though it operates at much larger scale and is integrated into Japanese cathode supply chains.
- China Molybdenum (CMOC): CMOC is one of the world's largest cobalt producers, operating the Tenke Fungurume mine in the DRC and major copper-cobalt operations globally. It is comparable to First Cobalt as a major cobalt miner and refiner serving the lithium-ion battery supply chain, with substantially larger scale and a different geographic profile.
Direct peers
- Cobalt Blue Holdings: Cobalt Blue Holdings is an Australian-listed cobalt developer focused on the Broken Hill Cobalt Project and downstream processing into battery-grade cobalt sulfate. It is directly comparable to First Cobalt as a junior cobalt refiner seeking to supply lithium-ion battery manufacturers with ethically sourced cobalt.
- Huayou Cobalt: Huayou Cobalt is one of the world's largest cobalt refiners and a leading supplier of cobalt sulfate and nickel sulfate for EV batteries. It is directly comparable to First Cobalt as a cobalt refining-focused company serving lithium-ion battery customers, with similar business model but significantly larger scale.
- Eurasian Resources Group (ERG): ERG is a major DRC-based cobalt and copper miner with integrated refining capabilities serving the EV battery market. It is directly comparable to First Cobalt as a vertically integrated cobalt producer focused on supplying battery manufacturers, though ERG operates at much larger scale.
- Jervois Mining: Jervois Mining is a cobalt and nickel focused miner developing the Idaho Cobalt Operations in the United States. It is directly comparable to First Cobalt as a Western-focused, publicly listed junior cobalt miner targeting the EV battery supply chain with similar scale and strategic positioning around non-DRC sourcing.
- Sherritt International: Sherritt International is a Canadian-based nickel and cobalt producer operating refining facilities in Alberta. It is directly comparable to First Cobalt as a North American-based, publicly listed nickel/cobalt refiner serving the battery materials supply chain, with similar geographic and regulatory context.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
First Cobalt social profiles
Digital presenceFirst Cobalt financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Cobalt leadership team
Management profileNumber of profiles
Profiles1 record
First Cobalt funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Cobalt M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Cobalt
What does First Cobalt do?
First Cobalt is a cobalt-focused mining and refining company that operates refinery facilities in Northern Ontario, Canada. The company produces refined cobalt products, primarily cobalt sulfate, for use in lithium-ion battery manufacturing serving electric vehicle producers, consumer electronics makers, and renewable energy applications. It addresses North American demand for ethically and domestically sourced battery-grade cobalt raw materials.
Is First Cobalt a public or private company?
First Cobalt is a private company. It is classified as public and is currently operating.
When was First Cobalt founded?
First Cobalt was founded in 2011. It employs 11 to 50 people.
Where is First Cobalt based?
First Cobalt is headquartered in Toronto, Canada, in the North America region.
Who are First Cobalt's main competitors?
Broad incumbents on record are Glencore, Umicore, Vale SA, Sumitomo Metal Mining and China Molybdenum (CMOC). Direct peers are Cobalt Blue Holdings, Huayou Cobalt, Eurasian Resources Group (ERG), Jervois Mining and Sherritt International.
Does First Cobalt have an API?
No public API is recorded for First Cobalt.
What industry is First Cobalt in?
First Cobalt's product category is Cobalt Refining and Battery Materials. Its primary akta.pro industry code is IMAKAFAC, Cobalt Mining & Refining, with a secondary code of EUAFABAA, Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite). Its NAICS code is 331410 and its SIC code is 1000.