Essential Power…Infinite Possibilities

April 8, 2008

J.F. Mackie Research Report - FCO Buy Recommendation

This is Not an Official Company News Release - For the Information of Shareholders and Interested Parties Only -

Dear Shareholder/Interested Party,

J.F. Mackie & Company Ltd., of Calgary, Alberta, has completed a research report on Formation Capital Corporation with a buy reccomendation and a 12 month target price of $0.85. J.F. Mackie is an independent equity investment firm based in Calgary, Alberta, Canada. J.F. Mackie received no compensation for the writing of this report.

A copy of the report can be obtained by contacting them directly at:

J.F. Mackie & Company Ltd.
1550, 335 — 8 th Avenue S.W.
Calgary, AB T2P 1C9

ATTN: Mr. Rob Knowles, Analyst
Direct: (403) 218-6382
Main: (403) 218-6375
View the Previous News Release:
April 2nd, 2008, Formation Capital Receives Annexation Approval for Staging Property
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May 1st, 2008, Detailed Design and Procurement of Idaho Cobalt Project Mine & Concentrator 65% Complete