Formation Metals Inc., formerly Formation Capital Corporation, is a Canada-based mineral exploration, development and refining company. The Company, either directly or through its wholly owned subsidiaries, Formation Holdings Corp., Formation Capital Corporation, U.S., Formation Holdings US, Inc., US Cobalt, Inc., Coronation Mines Ltd. and Minera Terranova S.A. de C.V. has been engaged in the business of exploring for minerals in Canada, the United States and Mexico. The Company’s100%-owned subsidiary, Essential Metals Corporation, operates a precious metals refining business. The Company’s main focus is on its principal property, the Idaho Cobalt Project (the ICP), located in Lemhi County, Idaho, near the town of Salmon. The Idaho Cobalt Project covers an area of approximately 4,080 acres and includes 241 mining claims. Other minerals being explored for by the Company’s various subsidiaries include silver, gold, copper, lead, zinc and uranium.