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.
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Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has amended its share purchase agreement with Kuya Silver Corporation to allow Kuya to acquire a 100% interest in Electra's remaining cobalt and silver assets in the Canadian Cobalt Camp. Kuya must pay $1 million by January 31, 2023, either in cash or in shares. The agreement includes a 2% royalty on net smelter returns and gives Electra the right of first offer for refining any base metal concentrates from these assets. This move aims to streamline Electra's focus on its cobalt sulfate refinery and battery materials strategy.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has launched a demonstration plant for recycling valuable elements in lithium-ion batteries at its refinery near Toronto. This initiative aims to support the growing demand for battery-grade materials as electric vehicle adoption increases. The plant can process up to 75 tonnes of black mass materials, with completion expected in Q1 2023. Successful results could lead to a full-scale facility with a capacity of 5,000 tonnes per annum. The company emphasizes its low-carbon hydrometallurgical process, which minimizes environmental impact.
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Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) announced the acquisition of a cobalt property near its Idaho projects, enhancing its portfolio in the Idaho Cobalt Belt, which hosts the largest unmined cobalt resource in the U.S. The acquisition includes a 5.3 km² land package adjacent to the Iron Creek deposit, with historic drilling showing promising results, such as 6.25 meters at 0.51% cobalt. The deal, valued at US$1.5 million, involves milestones over ten years. Electra aims to strengthen domestic cobalt supply amid rising EV market demand.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) announced the successful closing of its overnight-marketed public offering, raising approximately US$5.5 million (about CAD$7.4 million) at a price of US$2.35 per unit. Each unit includes one common share and a warrant priced at US$3.10 for purchase within 36 months. Proceeds will fund capital expenditures for expanding and recommissioning its hydrometallurgical cobalt refinery, covering buildings, equipment, and project management costs.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) reported the voting results of its 2022 annual meeting held on November 10 in Toronto. A total of 6,708,848 shares (20.5% of outstanding shares) were represented. All items proposed were approved, including the re-appointment of KPMG as auditors. Five director nominees were elected with support percentages ranging from 93.14% to 98.55%. Additionally, shareholders approved the 2022 Long-Term Incentive Plan and a new Employee Share Purchase Plan, both awaiting final acceptance from the TSX Venture Exchange.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) reported its Q3 2022 financial results, showing significant advancements in its operations. Key highlights include a definitive supply agreement with LG Energy Solution for 7,000 tonnes of battery-grade cobalt starting in 2023 and substantial progress in recommissioning its battery materials refinery. Electra's cash and marketable securities decreased to $19.7 million, while total costs for refinery construction were $18.8 million. The company anticipates the launch of a black mass recycling demonstration plant and further exploration for cobalt in Idaho.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has announced a public offering of Units priced at US$2.35 each, aiming to raise approximately US$5.5 million (~CAD$7.4 million). Each Unit consists of one common share and a warrant to purchase another common share at US$3.10 within 36 months. The net proceeds will support capital expenditures for the expansion of its cobalt refinery. The offering is expected to close around November 15, 2022, subject to regulatory approvals.
Electra Battery Materials Corporation (NASDAQ: ELBM) has announced an overnight-marketed public offering of Units, comprising one common share and one full warrant, targeting gross proceeds of up to US$8 million (~C$11 million). The offering is to be led by Cantor Fitzgerald Canada Corporation and is set to close around November 15, 2022, subject to regulatory approvals. Proceeds will be allocated for capital expenditures linked to the expansion and recommissioning of the company's cobalt refinery. The preliminary prospectus supplement has been filed in Canada and with the US SEC.