Electra Signs Term Sheet with Ontario for C$17.5 Million as Part of C$100 Million Cobalt Refinery Investment
Electra Battery Materials (NASDAQ: ELBM) has secured a term sheet for C$17.5 million in proposed funding from Invest Ontario for its cobalt sulfate refinery construction in Temiskaming Shores. The facility, requiring a total investment of C$100 million, will be North America's first dedicated battery-grade cobalt sulfate refinery with an annual production capacity of 6,500 tonnes, enough to support 1 million electric vehicles.
The project has garnered significant government support, including a US$20 million award from the U.S. Department of Defense, with total potential government funding reaching US$48 million. The company is implementing a restructuring plan targeting ~60% reduction in convertible debt and a US$30 million equity raise. The facility will create over 50 new jobs and serve as a foundation for future battery materials initiatives.
Electra Battery Materials (NASDAQ: ELBM) ha ottenuto un term sheet per 17,5 milioni di CAD di finanziamento proposto da Invest Ontario per la raffinazione del biosulfato di cobalto a Temiskaming Shores. L’impianto, che richiede un investimento totale di 100 milioni di CAD, sarà il primo della Nord America interamente dedicato al raffinamento del cobalto per batterie, con una capacità annua di 6.500 tonnellate, sufficiente a supportare 1 milione di veicoli elettrici.
Il progetto ha ottenuto un forte sostegno governativo, inclusa una sovvenzione di US$20 milioni dal Dipartimento della Difesa degli Stati Uniti, con possibili fondi pubblici totali fino a US$48 milioni. L’azienda sta attuando un piano di ristrutturazione mirato a una riduzione di circa il 60% del debito convertibile e a una raccolta di capitale di US$30 milioni. L’impianto creerà oltre 50 nuovi posti di lavoro e costituirà una base per future iniziative nel settore dei materiali per batterie.
Electra Battery Materials (NASDAQ: ELBM) ha asegurado una carta de intención por 11,8 millones de USD de financiación propuesta de Invest Ontario para la refinación de sulfato de cobalto en Temiskaming Shores. La instalación, con una inversión total de 100 millones de CAD, será la primera refinería de sulfato de cobalto de grado batería en Norteamérica, con una capacidad anual de 6.500 toneladas, suficiente para apoyar 1 millón de vehículos eléctricos.
El proyecto ha recibido un importante apoyo gubernamental, incluida una subvención de US$20 millones del Departamento de Defensa de EE. UU., con fondos gubernamentales totales potenciales de hasta US$48 millones. La empresa está ejecutando un plan de reestructuración que busca una reducción de ~60% de la deuda convertible y una captación de capital de US$30 millones. La instalación creará más de 50 nuevos puestos de trabajo y servirá de base para futuras iniciativas en materiales para baterías.
Electra Battery Materials (나스닥: ELBM)는 Temiskaming Shores의 코발트 황산염 정제 공장 건설을 위해 C$17.5백만의 Invest Ontario로부터의 제안 자금 확보에 대한 계약서를 확보했습니다. 이 시설은 전체 투자 C$100백만의 필요가 있으며, 북미 최초의 배터리 등급 코발트 황산염 정제소가 될 것이며 연간 생산 능력은 6,500톤으로 100만 대의 전기차를 지원할 수 있습니다.
프로젝트는 미국 국방부의 미화 2,000만 달러 보조금을 포함해 상당한 정부 지원을 받고 있으며, 총 잠재 정부 자금은 미화 4,800만 달러에 이를 수 있습니다. 회사는 약 60%의 전환부채 감소와 미화 3천만 달러의 자금 조달을 목표로 구조조정 계획을 시행 중입니다. 이 시설은 50개 이상의 신규 일자리를 창출하고 향후 배터리 소재 사업의 기초가 될 것입니다.
Electra Battery Materials (NASDAQ : ELBM) a obtenu une lettre d’intention pour 17,5 M CAD de financement proposée par Invest Ontario pour la raffinerie de sulfate de cobalt à Temiskaming Shores. L’installation, nécessitant un investissement total de 100 M CAD, sera la première raffinerie nord-américaine dédiée au sulfate de cobalt de grade batterie, avec une capacité annuelle de 6 500 tonnes, suffisante pour soutenir 1 million de véhicules électriques.
Le projet bénéficie d’un important soutien gouvernemental, notamment une subvention de 20 millions de dollars US du Département de la Défense des États‑Unis, avec des financements publics potentiels totaux allant jusqu’à 48 millions de dollars US. L’entreprise met en œuvre un plan de restructuration visant une réduction d’environ 60% de la dette convertibile et une levée de capitaux de 30 millions de dollars US. L’installation créera plus de 50 nouveaux emplois et servira de socle pour les futures initiatives dans les matériaux pour batteries.
Electra Battery Materials (NASDAQ: ELBM) hat ein Term Sheet über 17,5 Mio. CAD an vorgeschlagenen Finanzmitteln von Invest Ontario für die Bau einer Kobalt-Sulfat Raffinerie in Temiskaming Shores gesichert. Die Anlage erfordert eine Gesamtsumme von 100 Mio. CAD und wird Nordamerikas erste auf Batterieniveau hergestelltes Kobalt-Sulfat-Raffinerie mit einer Jahreskapazität von 6.500 Tonnen sein, ausreichend zur Unterstützung von 1 Million Elektrofahrzeugen.
Das Projekt hat signifikante staatliche Unterstützung erhalten, darunter eine US$20 Millionen Förderung des US-Verteidigungsministeriums, wobei potenzielle staatliche Zuschüsse bis zu US$48 Millionen erreichen könnten. Das Unternehmen setzt einen Restrukturierungsplan um, der eine Reduktion der konvertierbaren Schulden um ~60% und eine Eigenkapitalbeschaffung von US$30 Millionen vorsieht. Die Anlage wird über 50 neue Arbeitsplätze schaffen und als Grundlage für zukünftige Batteriematerial-Initiativen dienen.
Electra Battery Materials (ناسداك: ELBM) حصلت على ورقة شروط لتمويل مقترح بقيمة 1.5er مليون CAD من Invest Ontario لبناء مصفاة كبريتات الكوبالت في Temiskaming Shores. المرفق، الذي يتطلب استثماراً إجمالياً قدره 100 مليون CAD، سيكون أول مصفاة كوبالت كبريتنا مخصصة للبطاريات في أمريكا الشمالية، بسعة إنتاج سنوية قدرها 6,500 طن، تكفي لدعم 1 مليون مركبة كهربائية.
نالت المشروع دعم حكومي كبير، بما في ذلك منحة 20 مليون دولار أمريكي من وزارة الدفاع الأمريكية، مع إمكانية وصول التمويل الحكومي الإجمالي حتى 48 مليون دولار أمريكي. تعمل الشركة على تنفيذ خطة إعادة هيكلة تستهدف خفض الدين القابل للتحويل بنحو 60% وجمع 30 مليون دولار أمريكي إضافية. ستخلق المنشأة أكثر من 50 وظيفة جديدة وتكون صفاً أساسياً لمبادرات مواد البطاريات المستقبلية.
Electra Battery Materials（纳斯达克：ELBM） 已为Temiskaming Shores 的钴硫酸盐炼制厂获得来自 Invest Ontario 的1,750万加元资金意向书。该设施总投资额为1亿加元，将成为北美第一家专门用于电池级钴硫酸盐的炼厂，年产量为6,500 吨，足以支持100万辆电动汽车。
该项目获得政府的大力支持，包括美国国防部的2000万美元奖励，政府资金总潜在金额可达4800万美元。公司正在推进重组计划，目标将可转换债务削减约60%，并进行一轮3000万美元的股本融资。该设施将创造超过50个新岗位，并为未来的电池材料项目奠定基础。
- Secured C$17.5 million funding commitment from Ontario government
- Total government funding potential of US$48 million (C$64 million)
- Will be North America's first cobalt sulfate refinery with 6,500 tonnes annual capacity
- Creation of over 50 new permanent jobs in Temiskaming Shores
- Strategic positioning as one of few non-Chinese cobalt sulfate producers globally
- Potential for expansion into battery recycling and additional facilities
- Project costs increased requiring C$100 million total investment
- Previous US$20 million strategic corporate investment had to be replaced
- Requires significant restructuring with ~60% reduction in convertible debt
- Term sheet is non-binding with no guarantee of final agreement
- Additional US$30 million equity raise needed, potentially diluting shareholders
Insights
Electra secures C$17.5M from Ontario toward C$100M cobalt refinery project, strengthening North America's domestic battery supply chain.
Electra Battery Materials has secured a
The strategic importance of this project cannot be overstated in the context of current global battery supply chains. With
This Ontario funding forms part of a larger
To complete its financing, Electra has launched a restructuring targeting a
Importantly, investors should note the term sheet is non-binding, and there remains execution risk in finalizing definitive agreements and securing the proposed funding.
TORONTO, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce it has signed a term sheet for C
“We are focused on completing North America’s first cobalt sulfate refinery and unlocking the jobs and economic activity that come with it,” said Electra CEO Trent Mell. “We are grateful for the support from Invest Ontario, which will help accelerate construction and reinforces confidence in the strategic importance of our project. Establishing a domestic supply of battery-grade cobalt is essential to reducing reliance on foreign-controlled supply chains, safeguarding economic and energy security, and ensuring that Canada plays a leading role in the global energy transition.”
Once completed, Electra’s refinery will produce 6,500 tonnes of battery-grade cobalt sulfate annually, enough to support production of up to 1 million electric vehicles per year. With over
“Under the leadership of Premier Ford, our government is building a strong, self-reliant economy that integrates Northern Ontario’s vast mineral wealth with Southern Ontario’s manufacturing might,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Electra’s investment in Temiskaming Shores will establish an integral link in the province’s critical mineral processing supply chains and fuel the next stages of Ontario’s leadership in electric vehicle battery manufacturing.”
The refinery is expected to deliver lasting economic benefits through long-term job creation and increased industrial capacity in the region, including more than 50 new jobs at the facility. The project also supports Ontario’s clean energy transition and electric vehicle manufacturing ecosystem, while reinforcing Canada's leadership in sustainable resource development.
The Ontario commitment forms part of an estimated C
The refinery complex will serve as the foundation for future growth initiatives, supporting Electra’s plans to produce other battery materials to strengthen the resiliency of the North American supply chain. In 2023, the Company operated a plant-scale battery recycling demonstration plant at its refinery complex, recovering lithium, nickel, cobalt and other critical minerals from batteries. Electra has recently commenced a feasibility level engineering study to build a battery recycling refinery adjacent to its cobalt refinery. The Company is also contemplating a second cobalt sulfate facility in Bécancour, Quebec and a strategically located North American nickel sulfate plant.
The term sheet signed with Invest Ontario expresses an intent to work toward completing definitive documentation but does not constitute a binding agreement. While discussions between the parties are ongoing, there is no guarantee or assurance that final agreements will be reached and funding will be provided to the Company.
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
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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.
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