Electra Begins Testing North American Feedstock for Cobalt Refinery
Electra Battery Materials (NASDAQ: ELBM) has initiated metallurgical testing of cobalt feedstock from two strategic North American sources: the historic Cobalt Camp in Ontario and the Iron Creek project in Idaho. The testing program aims to diversify the company's feedstock pipeline for its cobalt refinery while maintaining existing partnerships with Glencore and ERG.
The Iron Creek project contains an Indicated mineral resource of 4.4M tonnes grading 0.19% cobalt and 0.73% copper, plus an Inferred resource of 2.2M tonnes grading 0.08% cobalt and 1.34% copper. Preliminary results are expected by end-2025, potentially leading to modifications including a pressure oxidation circuit.
Additionally, Electra announced an ATM offering agreement with H.C. Wainwright & Co. to sell up to US$5.5 million in common shares. The company has a long-term offtake agreement with LG Energy Solution for up to 80% of refinery output over five years.
Electra Battery Materials (NASDAQ: ELBM) ha avviato test metallurgici sul materiale di alimentazione al cobalto proveniente da due fonti strategiche del Nord America: il storico Cobalt Camp in Ontario e il progetto Iron Creek in Idaho. Il programma di test mira a diversificare la pipeline di materie prime per la sua raffineria di cobalto, mantenendo al contempo le partnership esistenti con Glencore ed ERG.
Il progetto Iron Creek presenta una risorsa minerale indicata di 4,4 milioni di tonnellate con un tenore di 0,19% di cobalto e 0,73% di rame, oltre a una risorsa inferita di 2,2 milioni di tonnellate con un tenore di 0,08% di cobalto e 1,34% di rame. I risultati preliminari sono attesi entro la fine del 2025, con possibili modifiche che potrebbero includere un circuito di ossidazione a pressione.
Inoltre, Electra ha annunciato un accordo di offerta ATM con H.C. Wainwright & Co. per vendere fino a 5,5 milioni di dollari USA in azioni ordinarie. La società ha un accordo di fornitura a lungo termine con LG Energy Solution per fino all’80% della produzione della raffineria nei prossimi cinque anni.
Electra Battery Materials (NASDAQ: ELBM) ha iniciado pruebas metalúrgicas de materia prima de cobalto procedente de dos fuentes estratégicas en Norteamérica: el histórico Cobalt Camp en Ontario y el proyecto Iron Creek en Idaho. El programa de pruebas tiene como objetivo diversificar la cadena de suministro para su refinería de cobalto, manteniendo las alianzas existentes con Glencore y ERG.
El proyecto Iron Creek contiene un recurso mineral indicado de 4,4 millones de toneladas con una ley de 0,19% de cobalto y 0,73% de cobre, además de un recurso inferido de 2,2 millones de toneladas con una ley de 0,08% de cobalto y 1,34% de cobre. Se esperan resultados preliminares para finales de 2025, con posibles modificaciones que podrían incluir un circuito de oxidación a presión.
Además, Electra anunció un acuerdo de oferta ATM con H.C. Wainwright & Co. para vender hasta 5,5 millones de dólares estadounidenses en acciones comunes. La compañía tiene un acuerdo de compra a largo plazo con LG Energy Solution para hasta el 80% de la producción de la refinería durante cinco años.
Electra Battery Materials (NASDAQ: ELBM)는 온타리오의 역사적인 코발트 캠프와 아이다호의 아이언 크릭 프로젝트라는 두 개의 전략적 북미 공급원에서 코발트 원료에 대한 야금학적 시험을 시작했습니다. 이 시험 프로그램은 Glencore 및 ERG와의 기존 파트너십을 유지하면서 회사의 원료 공급망을 다변화하는 것을 목표로 합니다.
아이언 크릭 프로젝트는 0.19% 코발트와 0.73% 구리를 함유한 4.4백만 톤의 지정 광물 자원과 0.08% 코발트와 1.34% 구리를 함유한 2.2백만 톤의 추정 자원을 포함합니다. 예비 결과는 2025년 말까지 예상되며, 압력 산화 회로 도입 등의 변경이 있을 수 있습니다.
추가로 Electra는 H.C. Wainwright & Co.와 ATM 공모 계약을 체결하여 최대 550만 달러 상당의 보통주를 판매할 예정입니다. 회사는 LG Energy Solution과 5년 동안 정제소 생산량의 최대 80%에 대한 장기 구매 계약을 체결하고 있습니다.
Electra Battery Materials (NASDAQ : ELBM) a lancé des tests métallurgiques sur des matières premières en cobalt provenant de deux sources stratégiques nord-américaines : le camp historique de Cobalt en Ontario et le projet Iron Creek dans l'Idaho. Le programme de tests vise à diversifier le pipeline d'approvisionnement de l'entreprise pour sa raffinerie de cobalt tout en maintenant les partenariats existants avec Glencore et ERG.
Le projet Iron Creek comprend une ressource minérale indiquée de 4,4 millions de tonnes avec une teneur de 0,19 % en cobalt et 0,73 % en cuivre, ainsi qu'une ressource inférée de 2,2 millions de tonnes avec une teneur de 0,08 % en cobalt et 1,34 % en cuivre. Les résultats préliminaires sont attendus d'ici fin 2025, ce qui pourrait entraîner des modifications, notamment l'ajout d'un circuit d'oxydation sous pression.
De plus, Electra a annoncé un accord d'offre ATM avec H.C. Wainwright & Co. pour vendre jusqu'à 5,5 millions de dollars américains en actions ordinaires. La société dispose d'un accord d'approvisionnement à long terme avec LG Energy Solution pour jusqu'à 80 % de la production de la raffinerie sur cinq ans.
Electra Battery Materials (NASDAQ: ELBM) hat metallurgische Tests von Kobalt-Rohmaterial aus zwei strategischen nordamerikanischen Quellen gestartet: dem historischen Cobalt Camp in Ontario und dem Iron Creek Projekt in Idaho. Das Testprogramm zielt darauf ab, die Rohstoffpipeline des Unternehmens zu diversifizieren und gleichzeitig die bestehenden Partnerschaften mit Glencore und ERG aufrechtzuerhalten.
Das Iron Creek Projekt verfügt über eine angezeigte Mineralressource von 4,4 Mio. Tonnen mit einem Gehalt von 0,19 % Kobalt und 0,73 % Kupfer sowie eine abgeleitete Ressource von 2,2 Mio. Tonnen mit 0,08 % Kobalt und 1,34 % Kupfer. Vorläufige Ergebnisse werden bis Ende 2025 erwartet, was möglicherweise zu Änderungen wie einem Druckoxidationskreislauf führen könnte.
Zusätzlich kündigte Electra eine ATM-Angebotsvereinbarung mit H.C. Wainwright & Co. an, um bis zu 5,5 Millionen US-Dollar in Stammaktien zu verkaufen. Das Unternehmen hat eine langfristige Abnahmevereinbarung mit LG Energy Solution für bis zu 80 % der Raffinerieproduktion über fünf Jahre.
- Strategic expansion into North American feedstock sources strengthens supply chain independence
- Significant mineral resources at Iron Creek project with 4.4M tonnes Indicated and 2.2M tonnes Inferred
- Long-term offtake agreement with LG Energy Solution for up to 80% of refinery output
- Potential to process previously unusable arsenic-bearing polymetallic sulfide materials
- Additional capital needs indicated by new US$5.5M ATM offering
- Complex technical challenges in processing North American feedstock due to high arsenic content
- Preliminary testing results not expected until end of 2025
- Required facility modifications may need significant capital investment
Insights
Electra's North American feedstock testing strengthens supply chain security while raising capital through a new ATM offering.
Electra's initiative to test domestic cobalt feedstock marks a strategic pivot toward supply chain diversification that addresses both commercial and geopolitical imperatives. The company is targeting two North American sources - the historic Cobalt Camp in Ontario and their Iron Creek project in Idaho - to supplement existing international supply agreements with Glencore and ERG.
What's technically significant is Electra's focus on processing arsenic-bearing polymetallic sulfide materials that have historically been difficult to process using conventional methods. If successful, their hydrometallurgical approach could unlock previously undeveloped North American cobalt resources, potentially transforming regional supply dynamics.
The Iron Creek resource contains 4.4 million tonnes of Indicated resources grading 0.19% cobalt and 0.73% copper, plus additional Inferred resources. This represents a meaningful domestic supply potential that aligns with the growing policy emphasis on critical minerals independence in both the US and Canada.
Beyond cobalt, Electra's management sees potential application for their processing technology in custom treatment of gold concentrates with elevated arsenic levels - an opportunistic expansion angle given current record-high gold prices.
The announced US$5.5 million ATM offering through H.C. Wainwright provides Electra with funding flexibility at a critical juncture as they prepare to resume full-scale construction of their refinery. While the 3% commission structure is standard, this capital raise will inevitably cause some dilution for existing shareholders.
With preliminary results expected by end-2025, this initiative positions Electra to potentially capture greater value across the battery materials supply chain while reducing geopolitical risk exposures - a differentiating factor in the increasingly competitive battery materials sector.
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) announces the start of metallurgical testing on cobalt feedstock from two strategic North American sources: the historic Cobalt Camp in Ontario and home to Electra’s refinery, and the Company’s Iron Creek cobalt and copper project in Idaho.
The objective of this initiative is to strengthen and diversify Electra’s cobalt refinery feedstock pipeline by integrating domestic sources alongside existing global supply partners. This program supports the development of a robust, flexible, and resilient North American critical minerals supply chain while maintaining strategic relationships with partners such as Glencore and ERG. These domestic sources are intended to supplement Electra’s existing international feedstock agreements, enhancing long-term security and operational flexibility.
Preliminary results from Electra’s North American feedstock program are expected by the end of 2025 and will inform potential front-end flowsheet modifications, such as the proposed addition of a pressure oxidation (POX) circuit to enable processing of a broader range of complex concentrates. Electra’s in-house laboratory is in the process of installing equipment required to evaluate these new feedstocks. Backed by a highly experienced technical team, the lab will conduct bench-scale testing and analytical work to validate and refine proposed flowsheet enhancements to the leach circuit designed to process North American materials at the Company’s hydrometallurgical refinery, including arsenic-bearing polymetallic sulfide materials.
“These tests will give us a clearer picture of how North American cobalt-bearing concentrates can be processed using Electra’s hydrometallurgical technology,” said Dr. George Puvvada, Electra’s Vice President, Metallurgy & Technology. “North American concentrates often contain elevated levels of arsenic and other impurities, which have made them difficult to process using conventional methods. Building on the successful completion of the Company’s black mass recycling test program, I believe we can responsibly recover critical metals from North American feeds and significantly expand the range of materials our refinery can process.”
“Many North American cobalt-bearing mineral resources have remained undeveloped due to mineralogy that is incompatible with conventional smelting and refining,” said Trent Mell, CEO of Electra. “Our hydrometallurgical process offers a potential domestic solution to that challenge, aligned with the battery market and geopolitical imperatives.”
“With critical minerals independence now a clear policy priority, we are focused on developing localized midstream solutions that support both the U.S. and Canadian supply chains. Our facility is designed to evolve alongside market needs, and this initiative positions Electra to play a leading role in that transformation.”
Initial testwork includes feed from legacy deposits in the historic Cobalt mining camp near the refinery, as well as cobalt-bearing material from the Iron Creek project in the Idaho Cobalt Belt, one of the few known primary cobalt resources in the United States.
Test results will guide potential front-end modifications to Electra’s leach circuit that would allow for broader acceptance of arsenic-bearing polymetallic sulfide concentrates. While the current focus is on cobalt-copper and cobalt-silver feedstocks, Electra believes its proposed flowsheet enhancements may also be applied to custom treatment of gold concentrates with elevated arsenic levels, an area of growing interest among North American miners at a time of record high gold prices.
This initiative comes at a pivotal time, as U.S. and Canadian governments continue to accelerate efforts to localize critical mineral supply chains and reduce reliance on foreign processing, particularly from China. Electra’s refinery represents a foundational element of the North American battery ecosystem, with the flexibility to evolve as regional feedstock and market needs change.
Electra’s refinery project is backed by a long-term offtake agreement with LG Energy Solution for up to
Early site work is currently underway to prepare for a resumption of full-scale construction, with future growth phases targeting battery recycling and expanded feedstock sourcing opportunities.
Electra’s Iron Creek project is located in the Idaho Cobalt Belt, a prolific mineral district with a long history of cobalt and copper production. The region includes the historic Blackbird Mine, once the only significant domestic source of cobalt in the United States, which operated intermittently through much of the 20th century. Iron Creek is a partially developed underground project, situated on patented property south of the Blackbird Mine with year-round road access. In addition to Iron Creek, Electra holds nearby exploration prospects known as Ruby and CAS, which are considered prospective for additional cobalt resources based on geological work and historic drilling.
To date, Electra has completed over 30,000 metres of drilling at Iron Creek, outlining an Indicated mineral resource of 4.4 million tonnes grading
The current mineral resource estimate is based on an updated technical report titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Iron Creek Cobalt-Copper Property, Lemhi County, Idaho, USA”, prepared by Martin Perron, P.Eng., Marc R. Beauvais, P.Eng., and Eric Kinnan, P.Geo. The report is dated effective January 27, 2023, and was filed on March 10, 2023. A copy is available under the Company’s profile on www.sedarplus.ca.
Iron Creek is a key component of Electra’s strategy to establish a fully integrated North American supply chain for battery-grade cobalt, from resource development through to refining.
Company Update
Electra also announces that it has entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company, at its discretion, may offer and sell, from time to time, through Wainwright, common shares in the capital of the Company (the “Common Shares”) having an aggregate offering price of up to US
The ATM Offering is being made in the United States pursuant to a registration statement (the “Registration Statement”) on Form F-3 (File No. 333-288364) filed under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission, and the related Prospectus (the “Base Prospectus”) and Prospectus Supplement (“Prospectus Supplement”, together with the Base Prospectus, the “Prospectus”). Sales under the Prospectus if any, will be made in transactions that are deemed to be pursuant to an “at-the-market offering” as defined in Rule 415(a)(4) under the Securities Act, and prices may vary as between purchasers and during the period of distribution. No Common Shares in the ATM Offering will be sold on the TSX Venture Exchange (“TSXV”) or any other trading market in Canada. The ATM Offering remains subject to final approval of the TSXV and Securities Exchange Commission.
Qualified Person Statement
The scientific technical content of this press release that relates to mineral exploration has been reviewed and approved by Dr. Frank Santaguida, P.Geo., who is a Qualified Person as defined by National Instrument 43-101. Dr. Santaguida is employed as Lead Geoscientist by Electra.
About Electra Battery Materials
Electra is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra’s strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visit www.ElectraBMC.com.
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 Estimates of Resources
Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) "2014 CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. An Inferred Mineral Resource as defined by the CIM Standing Committee is “that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling”. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. United States investors are cautioned that CIM and NI 43-101 standards for resource classification and public disclosure differ from the requirements of the U.S. Securities and Exchange Commission (SEC) and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements.
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 and the United States Private Securities Litigation Reform Act of 1995. 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. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. 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 on EDGAR at www.sec.gov. Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. 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 are the main objectives of Electra's North American feedstock testing program?
What are the current mineral resources at Electra's Iron Creek project?
How much is Electra's new ATM offering with H.C. Wainwright & Co.?
What is the status of Electra's offtake agreement with LG Energy Solution?
When will Electra receive preliminary results from its North American feedstock testing program?
