Electra Battery Materials Corporation reports developments tied to its role as a North American critical minerals refining company. News centers on construction of its Ontario cobalt sulfate refinery, including engineering progress, process-area contracts, equipment procurement, government funding, commissioning plans, and project budgeting.
Company updates also cover cobalt supply arrangements for battery customers, feedstock testing linked to North American cobalt sources, work on black mass recycling and downstream battery-materials opportunities, financial results, recapitalization activity, and common-share financing through its at-the-market equity program.
Electra Battery Materials (ELBM) appointed Garzon Duenas as General Manager and Commissioning Leader to oversee its Ontario cobalt refinery’s transition into operations. Duenas will lead operational readiness, build commissioning and operating teams, and establish production procedures. He brings more than three decades of mineral-processing and refining experience.
Construction remains on budget. Electra targets select commissioning activities in the fourth quarter of 2026 and mechanical completion in the second quarter of 2027, expects full commissioning and production ramp-up in the third quarter, and targets commercial production in the fourth quarter of 2027. The company will issue 150,000 incentive stock options in connection with the appointment, subject to TSX Venture Exchange approval.
Electra Battery Materials (ELBM) raised approximately US$92,000 in gross proceeds through its at-the-market equity program during the quarter ended September 30, 2026.
The company issued 150,003 common shares at a weighted average price of US$0.6152 per share. Its average issuance price since the program began is US$0.87 per share. Employees purchased 37,341 common shares during the third quarter, with a corresponding 37,341 shares acquired by Electra under its Employee Share Purchase Program. On September 30, Electra granted 112,676 deferred share units to non-employee directors. These units will be settled in common shares when a director leaves the board, subject to the plan’s terms.
Electra Battery Materials (ELBM) released preliminary engineering results for the first phase of a proposed two‑phase nickel refinery project targeting approximately 20,000 tonnes per year of contained nickel in battery‑grade nickel sulfate.
The FEL‑1 study indicates nickel and cobalt recoveries of 97% or higher from mine‑derived feedstock, with recovered cobalt hydroxide potentially supplying Electra’s cobalt refinery. Preliminary capital costs for the first‑phase nickel sulfate refinery are estimated between US$530 million and US$675 million, depending on feedstock configuration. A second phase is contemplated to process battery black mass and could add another 20,000 tonnes per year of nickel capacity plus cobalt, lithium and graphite byproducts.
The project is based on conventional hydrometallurgical processing and uses a preferred site in the southeastern United States as the design basis, although final location, funding, feedstock and offtake agreements, and permitting remain under evaluation. Electra continues to prioritize completion and commissioning of its Ontario cobalt sulfate refinery, with the nickel refinery and recycling expansion described as longer‑term opportunities.
Electra Battery Materials (ELBM) received a further 180-day period from Nasdaq, until March 15, 2027, to regain compliance with the US$1.00 minimum bid price requirement for continued listing. There is no immediate effect on the listing or trading of its common shares on Nasdaq, and operations are unchanged.
Electra currently meets Nasdaq’s other listing standards, including market value of publicly held shares, and has notified Nasdaq of its intention to cure the deficiency, potentially via a reverse stock split. Compliance can be regained if the closing bid is at or above US$1.00 for at least 10 consecutive business days before the deadline. The extension does not affect the listing of the shares on the TSX Venture Exchange.
Electra Battery Materials (ELBM) announced its September 2026 schedule of investor and industry engagements as it advances construction of its Ontario cobalt sulfate refinery and broader North American critical minerals strategy.
Executives will attend the H.C. Wainwright 28th Annual Global Investment Conference from September 14-16 and the Precious Metals Summit Beaver Creek from September 22-25 to meet investors, industry participants and potential commercial partners. The company will also join closed-door government and policy sessions on critical minerals, supply-chain resilience and North American processing capacity.
Electra Battery Materials (NASDAQ/TSX-V: ELBM) has engaged veteran cobalt and nickel trader Douglas Geniti as Senior Advisor, Commercial Strategy. Based in New York, he will support commercial planning as Electra advances construction of its North American cobalt sulfate refinery toward commissioning and production ramp-up targeted for 2027.
Geniti brings over 35 years of experience in critical minerals, including trading, feedstock sourcing, refining, recycling, logistics and customer contracting across multiple regions. He will advise on feedstock strategy, customer engagement, marketing and commercial agreements, with emphasis on U.S. opportunities and market intelligence for industrial, battery and defense markets.
Electra’s Ontario cobalt refinery is designed to produce 5,120 tpa of battery-grade cobalt sulfate, with mechanical completion targeted for Q2 2027. The company is also advancing studies for a potential U.S. nickel and cobalt refinery and a modular black mass recycling facility adjacent to its Ontario site.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) finalized definitive agreements with Invest Ontario for C$17.5 million in previously announced funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario. The project aims to establish North America’s first battery-grade cobalt sulfate refinery and strengthen regional critical mineral supply chains.
According to Electra, construction is advancing, with commissioning activities targeted to begin in Q4 2026, mechanical completion in Q2 2027, full commissioning and ramp-up in Q3 2027, and commercial production in Q4 2027. Electra has secured 100% of cobalt feedstock needed for commissioning and ramp-up through 2027 via an extended supply agreement with Glencore, providing about 10,000 tonnes of contained cobalt over five years and establishing Glencore as a significant supplier through 2031. The fully permitted brownfield facility is designed to initially produce 5,120 tonnes of contained cobalt annually, with crystallizer nameplate capacity up to 6,500 tonnes annually. Electra also plans to issue 500,000 incentive stock options, vesting over three years, subject to TSX Venture Exchange approval.
Electra Battery Materials (NASDAQ: ELBM) extended its cobalt hydroxide feed purchase agreement with Glencore to December 31, 2031, securing 100% of the feedstock required for commissioning and ramp-up of Electra’s Ontario cobalt sulfate refinery through 2027. The five-year extension provides approximately 10,000 metric tonnes of contained cobalt over five years, equating to over US$500 million at current prices.
According to Electra, Glencore becomes a significant long-term supplier through 2031, supporting a refinery designed to initially produce 5,120 tonnes per annum of contained cobalt, with crystallizer capacity up to 6,500 tonnes. An updated binding term sheet with LG Energy Solution includes a firm commitment for about 60% of planned cobalt sulfate production through 2029, with an option to extend to 2032, creating an integrated pathway from cobalt feedstock to battery-grade sulfate as the refinery advances toward mechanical completion in 2027.
Electra Battery Materials (NASDAQ/TSX‑V: ELBM) reported further construction progress at its cobalt sulfate refinery in Temiskaming Shores, Ontario, a government‑supported critical minerals project. Engineering is described as substantially complete, enabling active field work including structural steel erection, concrete works, equipment setting, piping preparation and removal of legacy infrastructure.
Electra has finalized definitive construction agreements with WB Melback for approximately C$26 million and Pro Pipe Construction for approximately C$6.8 million, with work advancing on solvent extraction and crystallizer circuits. A package with Kilmarnock Enterprises is progressing as its definitive agreement is finalized. The company targets select commissioning in Q4 2026, mechanical completion in Q2 2027, full commissioning and ramp‑up in Q3 2027, and commercial production in Q4 2027.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) appointed Peter Rawlins as Chief Financial Officer effective August 26, 2026, succeeding interim CFO David Allen, who will remain part-time through completion of the Ontario cobalt sulfate refinery.
Rawlins brings more than 20 years of mining finance and capital markets experience, including senior roles at CIBC, Artemis Gold and Premium Nickel, and has U.S. GAAP and dual‑listing experience. Electra highlighted its October 2025 recapitalization, which included a US$34.5 million equity financing, conversion of about US$40 million of senior secured convertible notes and approximately US$48 million in combined U.S. and Canadian government funding, totaling roughly US$82 million for refinery construction.
For Q2 2026, Electra reported cash and cash equivalents of C$36 million, total refinery construction contracts of about C$46 million and access to approximately C$65 million in reimbursable government funding. Construction remains on schedule and on budget, with early commissioning expected in Q4 2026, mechanical completion in Q2 2027 and commercial production in Q4 2027. The company also signed a definitive C$20 million funding agreement with the Government of Canada and launched an engineering study for a potential nickel refinery in the southeastern United States.