Electra Awards $6.1 Million Contract to EXP Services for Project Management and Engineering Support at Ontario Refinery

Rhea-AI Summary

Electra (NASDAQ: ELBM) awarded a US$6.1 million (C$8.3 million) contract to EXP Services for engineering, project management and construction management at its Ontario cobalt sulfate refinery.

The refinery is in its final construction phase, targeting mechanical completion in H1 2027 and commissioning thereafter, with initial output of 5,100 tonnes cobalt per year and planned expansion to 6,500 tonnes.

Positive

• Awarded a US$6.1 million contract to EXP for engineering and construction management
• Refinery entering final construction phase with civil and mechanical work largely complete
• Targeting mechanical completion in H1 2027, advancing schedule visibility
• Expected initial production of 5,100 tonnes of battery-grade cobalt sulfate annually
• Planned expansion to 6,500 tonnes of contained cobalt in sulfate per year

Negative

• None.

News Market Reaction

+6.41%

12 alerts

+6.41% News Effect

+15.8% Peak Tracked

-6.1% Trough Tracked

+$5M Valuation Impact

$91M Market Cap

1.2x Rel. Volume

On the day this news was published, ELBM gained 6.41%, reflecting a notable positive market reaction. Argus tracked a peak move of +15.8% during that session. Argus tracked a trough of -6.1% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $5M to the company's valuation, bringing the market cap to $91M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Contract value: US$6.1 million Contract value (C$): C$8.3 million Commissioning target year: 2027 +3 more

6 metrics

Contract value US$6.1 million Engineering and project management contract with EXP Services

Contract value (C$) C$8.3 million Canadian-dollar equivalent for EXP Services contract

Commissioning target year 2027 Planned commissioning of cobalt sulfate refinery

Mechanical completion target H1 2027 Targeted mechanical completion of the refinery

Initial cobalt output 5,100 tonnes per year Expected annual battery-grade cobalt sulfate production

Expanded cobalt output 6,500 tonnes per year Planned subsequent expansion of contained cobalt in sulfate

Market Reality Check

Price: $0.9000 Vol: Volume 778,240 is below t...

low vol

$0.9000 Last Close

Volume Volume 778,240 is below the 20-day average of 1,609,076, suggesting a relatively muted pre-news participation. low

Technical Shares at 0.9204 are trading below the 200-day MA of 1.14, indicating a longer-term downtrend into this update.

Peers on Argus

ELBM was up 0.18% with limited sector confirmation. Only one momentum peer (WWR)...

1 Up

ELBM was up 0.18% with limited sector confirmation. Only one momentum peer (WWR) screened higher, while close peers like GTI (-18.18%) and LITM (-1.89%) showed mixed or negative moves, pointing to a stock-specific reaction to the refinery contract news.

Historical Context

5 past events · Latest: Jan 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Refinery progress update	Positive	-2.7%	Construction and financing progress toward 2027 refinery commissioning.
Dec 22	ATM equity program	Negative	-1.9%	Establishment of US$5.5M at-the-market common share offering.
Nov 25	Supply chain agreement	Positive	+5.2%	Cooperation with pCAM producer to integrate planned cobalt sulfate output.
Nov 17	Conference participation	Neutral	-7.3%	Planned attendance at multiple forums on critical minerals supply chains.
Nov 13	Q3 2025 earnings	Positive	-6.5%	Quarterly results plus financings, debt reduction, and refinery funding package.

Pattern Detected

Recent history shows mixed reactions: commercial and financing milestones often saw negative or contrarian moves, while a supply chain deal in Nov 2025 drew a positive response.

Recent Company History

Over the last few months, ELBM announcements have centered on financing, refinery progress, and strategic partnerships. A Nov 13, 2025 Q3 update detailed major financings and debt reduction but was followed by a -6.52% move. A supply-chain cooperation agreement on Nov 25, 2025 drew a +5.23% reaction, while an ATM program on Dec 22, 2025 led to a modest decline. The Jan 8, 2026 construction update also coincided with a small pullback, framing today’s contract award within an ongoing build-out of the Ontario refinery.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-11-24

An effective Form F-3 resale registration dated Nov 24, 2025 covers up to 108,836,744 common shares for selling securityholders. Electra would not receive proceeds from resales aside from any cash paid upon warrant exercise, while this structure provides flexibility for existing holders to sell into the market over time.

Market Pulse Summary

The stock moved +6.4% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +6.4% in the session following this news. A strong positive reaction aligns with the project-advancement nature of this contract award, reinforcing prior updates on financing and construction progress. Historically, some positive refinery and financing news led to declines, while a key supply-chain agreement on Nov 25, 2025 produced a +5.23% move. Investors may weigh execution risk and the existing F-3 resale registration, which could add selling pressure if liquidity expands.

Key Terms

piping and instrumentation diagrams (p&ids), hazop reviews, mechanical completion, commissioning, +4 more

8 terms

piping and instrumentation diagrams (p&ids) technical

"activities such as finalizing detailed engineering, the completion of piping and instrumentation diagrams (P&IDs), and"

Piping and instrumentation diagrams (P&IDs) are detailed engineering blueprints that show the pipes, valves, tanks, sensors and control devices in an industrial process — think of them as the plumbing and wiring map for a factory. For investors, P&IDs matter because they reveal how a plant is built and controlled, highlighting potential bottlenecks, safety and regulatory risks, retrofit or expansion costs, and how reliably the facility can produce revenue-generating output.

hazop reviews technical

"completion of piping and instrumentation diagrams (P&IDs), and HAZOP reviews."

HAZOP reviews are structured safety checks that systematically examine an industrial process or system to find possible hazards and operational problems before they occur. For investors, they matter because they reveal risks that can cause accidents, regulatory fines, project delays, higher costs or shutdowns—similar to a detailed dry run that tries to imagine every way a machine or procedure could fail so management can fix issues early and protect value.

mechanical completion technical

"refinery toward mechanical completion and commissioning in 2027."

Mechanical completion is the point in a construction or engineering project when all equipment and systems have been installed and checked for basic workmanship, and the site is ready to move into final testing and commissioning. For investors, it signals that major construction risk has been removed and the project is closer to producing revenue or meeting contract milestones—like finishing a house’s structure and utilities before the final inspections and move-in.

commissioning technical

"mechanical completion and commissioning in 2027."

Commissioning is the process of officially starting or activating a new project, system, or facility after it has been built or prepared. It involves testing and checking that everything functions correctly and safely before it begins full operation. For investors, commissioning signals that a project or asset is moving closer to generating value or revenue, which can impact its potential profitability and timing of returns.

solvent extraction technical

"including foundations, utilities, the solvent extraction building, and much of the installation"

Solvent extraction is a chemical separation method that uses a liquid solvent to pull a specific substance out of a mixture, similar to using oil to lift grease from water. Investors care because it affects how efficiently and cheaply a company can isolate valuable materials—like metals, oils, or pharmaceutical compounds—which influences production costs, output quality, environmental permits and the potential for regulatory or disposal liabilities.

crystallizer technical

"installation of key solvent extraction and crystallizer equipment."

A crystallizer is a piece of industrial equipment or process step that turns dissolved material into solid crystals by cooling, evaporating, or changing chemical conditions, like making salt crystals from seawater. Investors care because it directly affects product quality, yield, and production cost—changes to crystallization can raise or lower margins, affect supply reliability, and influence regulatory compliance for products that must meet strict purity standards, similar to how a bakery’s oven affects the final loaf.

control systems technical

"components including automated valves and control systems."

Control systems are the hardware, software and procedures that monitor and automatically manage machines, processes or organizational functions to keep them running at desired levels — like a thermostat that keeps room temperature steady. Investors care because these systems affect productivity, safety, product quality, regulatory compliance and operating costs; robust control systems can reduce downtime and risk, while weak or insecure systems can lead to losses, fines or reputational damage.

battery-grade technical

"build capacity for a domestic supply of battery-grade materials."

Battery-grade describes materials, chemicals, or components that meet the purity, consistency and performance standards required for use inside rechargeable batteries. For investors, this matters because battery-grade inputs reduce failure, improve lifespan and manufacturing yield, and often carry a price premium—think of it like buying cooking oil labeled ‘food-grade’ versus crude oil: higher specification makes the end product more reliable and commercially valuable.

AI-generated analysis. Not financial advice.

TORONTO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) has awarded a US$6.1 million (C$8.3 million) contract to EXP Services Inc. ("EXP") to provide engineering, project management, and construction management services during the construction phase of Electra’s Ontario battery materials refinery project.

"Partnering with EXP provides Electra with the additional project and construction management support needed as we move into the final phase of refinery development," said Paolo Toscano, VP Project & Engineering. "The team is committed to safety and timely execution as we work to build capacity for a domestic supply of battery-grade materials."

This partnership enhances Electra’s project execution capabilities as the Company advances North America’s first cobalt sulfate refinery toward mechanical completion and commissioning in 2027.

"Electra is focused on commissioning its cobalt sulfate refinery in 2027," said Trent Mell, CEO. "As governments and the private sector seek to secure critical minerals and de-risk critical mineral supply chains, Electra’s facility is positioned as a strategic asset to support North America’s military and industrial base."

Electra’s cobalt refinery is the only facility of its kind under development in North America. Located in Temiskaming Shores, Ontario, the refinery is entering the final phase of construction, with key civil, mechanical, and structural work completed including foundations, utilities, the solvent extraction building, and much of the installation of key solvent extraction and crystallizer equipment. Electra’s early works program includes engineering, procurement, and construction planning activities such as finalizing detailed engineering, the completion of piping and instrumentation diagrams (P&IDs), and HAZOP reviews. The Company has also restarted the procurement process with the purchase of key piping and electrical components including automated valves and control systems. Site preparation and materials handling installations have also been advanced, including the establishment of laydown areas, warehousing, and logistics support for equipment and materials, positioning the project for full construction mobilization in the coming weeks.

Electra is targeting mechanical completion of the refinery in H1 2027, with commissioning and production in the months that follow. Once fully operational, the facility is expected to produce 5,100 tonnes of cobalt annually in a battery-grade cobalt sulfate, with a subsequent expansion to 6,500 tonnes of contained cobalt in sulfate per year.

About Electra Battery Materials

Electra is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. The Company’s current focus is constructing North America’s only cobalt sulfate refinery, as part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to the Refinery, Electra holds a significant land package in the Idaho Cobalt Belt, including its Iron Creek and Ruby projects, positioning the Company as a potential cornerstone for North American cobalt and copper production.

Electra is also advancing black mass recycling opportunities to recover lithium and other critical minerals from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining.

Contact

Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
info@ElectraBMC.com
1.416.900.3891

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with EDGAR at www.sec.gov. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

FAQ

What is the value and purpose of Electra's US$6.1 million contract with EXP Services (ELBM)?

The contract is valued at US$6.1 million (C$8.3 million) to provide engineering and project/construction management. According to the company, the work supports the final construction phase and aims to strengthen execution and safety as the refinery moves toward mechanical completion in 2027.

When is Electra (ELBM) targeting mechanical completion and commissioning of the Ontario cobalt sulfate refinery?

Electra is targeting mechanical completion in H1 2027, with commissioning and production following in subsequent months. According to the company, completed civil, mechanical and structural work positions the project for full construction mobilization in the coming weeks.

What production capacity does Electra expect from the new refinery (ELBM) once operational?

The facility is expected to produce 5,100 tonnes of contained cobalt annually in battery-grade cobalt sulfate initially. According to the company, a subsequent expansion is planned to reach 6,500 tonnes per year of contained cobalt in sulfate.

Why did Electra (ELBM) restart procurement and which components were purchased for the refinery?

Electra restarted procurement for key piping and electrical components, including automated valves and control systems. According to the company, these purchases are part of final engineering and materials readiness ahead of full construction mobilization and commissioning activities.

How does Electra describe the strategic role of the Ontario refinery for North America (ELBM)?

Electra positions the refinery as a strategic North American asset to support critical mineral supply chains for military and industrial uses. According to the company, it is the only cobalt sulfate refinery of its kind under development in North America and aims to improve domestic supply resilience.