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 (NASDAQ: ELBM) executed a binding C$20 million investment agreement with the Government of Canada under the Strategic Response Fund to complete construction and commissioning of a battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario. Mechanical completion is scheduled for Q2 2027 with first production targeted in 2027.
The refinery’s initial annual capacity is ~5,120 tonnes of battery-grade cobalt in 2027, rising to ~6,500 tonnes at full capacity. The funding mixes repayable and non-repayable contributions. Electra expects 150–200 construction jobs and ~60 permanent operations roles; a majority of output is covered by an offtake with LG Energy Solution.
Electra (NASDAQ: ELBM) awarded approximately C$7.8 million in construction contracts to advance its Ontario cobalt sulfate refinery on April 9, 2026. C$6.8 million was awarded for the crystallizer circuit and C$1.0 million for a silo building, to Northern Ontario contractors.
The company also reported ATM share issuances of 4,734,605 shares at a weighted average price of US$1.0042, raising gross proceeds of US$4.75 million with US$118,000 in commissions; the ATM program can raise up to US$25 million.
Electra (NASDAQ: ELBM) restarted full construction of its permitted cobalt sulfate refinery after a 2025 recapitalization. The Board approved a US$73 million construction budget; US$82 million of funding was arranged, including US$20 million from the U.S. Department of War and US$34 million equity.
Early works completed; commissioning is expected Q4 2026, mechanical completion targeted Q2 2027, and commercial production anticipated Q4 2027. Cash was C$39 million at Dec 31, 2025 and about C$41 million currently.
Electra (NASDAQ: ELBM) provided a construction update for its cobalt sulfate refinery in Ontario, targeting mechanical completion in Q2 2027 and commissioning beginning in late 2026. The Board approved a US$73 million construction budget. Procurement and installation are progressing, with ~C$1.9 million in recent equipment and installation awards. The project aims to be North America’s only battery-grade cobalt sulfate facility. The company also received a Nasdaq notice for not meeting the US$1.00 minimum bid price and has until Sept 14, 2026 to regain compliance.
Electra (NASDAQ: ELBM) announced a binding term sheet with LG Energy Solution to update long‑term offtake for battery‑grade cobalt from Electra’s Ontario refinery, dated March 6, 2026. The deal covers a firm commitment for 60% of cobalt sulfate production through 2029 with an option to extend to 2032.
Electra approved a US$73 million construction budget in Feb 2026, targets selective commissioning in Q4 2026, production ramp in 2027 and commercial production in Q4 2027. Nameplate capacity is 5,120 tpa contained cobalt (crystallizer up to 6,500 tpa).
Electra (NASDAQ: ELBM) approved a $73 million construction budget and a schedule to complete its North American cobalt sulfate Refinery. Mechanical completion is targeted Q2 2027, commissioning begins Q4 2026, ramp-up Q3 2027 and commercial production Q4 2027.
The project has ~$82 million in committed funding, including $48 million of government grants and loans and long‑lead equipment largely procured, supporting delivery of an initial 5,120 tpa cobalt sulfate nameplate (6,500 tpa crystallizer capacity).
Electra (NASDAQ: ELBM) has upsized its At-The-Market offering to an aggregate of US$25,000,000, which includes prior sales of up to US$5,500,000. The ATM allows discretionary sales of common shares through H.C. Wainwright at prevailing market prices in the U.S. Proceeds are intended for working capital and commissioning the Ontario sulfate refinery. The company said existing cash and potential government debt financing are currently expected to fund planned mechanical completion, but assumptions may change.
Electra (NASDAQ: ELBM) said members of its executive team will attend multiple industry conferences in Feb–Mar 2026 to support North American critical minerals refining and partner engagement. Discussions include cobalt hydroxide feed supply targeting initial deliveries beginning in 2027.
The company also retained Epstein Research for three months beginning Feb 1, 2026, for an aggregate fee of US$7,500 (US$2,500 monthly).
Electra (NASDAQ: ELBM) announced that CFO Marty Rendall will resign at the end of February 2026 to pursue an executive role with a larger organization. The company has started a search for a permanent successor and named David Allen as Interim CFO effective February 28, 2026 to ensure continuity during construction of North America’s first cobalt sulfate refinery.
The release credits Rendall with strengthening the balance sheet, completing capital raises, and advancing refinery construction execution; Allen’s return is framed as supporting leadership stability through a pivotal year.
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.