An alternating stack of insulating layers and sacrificial material layers can be formed over a substrate. Memory stack structures and a backside trench are formed through the alternating stack. Backside recesses are formed by removing the sacrificial material layers from the backside trench selective to the insulating layers. A cobalt-containing material is deposited such that the cobalt-containing material continuously extends at least between a neighboring pair of cobalt-containing material portions in respective backside recesses. An anneal is performed at an elevated temperature to migrate vertically-extending portions of the cobalt-containing material into the backside recesses, thereby forming vertically separated cobalt-containing material portions confined within the backside recesses. Sidewalls of the insulating layers may be rounded or tapered to facilitate migration of the cobalt-containing material.