Electra Battery Materials (ELBM) Stock News

Electra Battery Materials (NASDAQ: ELBM) has initiated an early works program at its cobalt refinery near Toronto, marking a significant step toward restarting North America's only cobalt refinery. The C$750,000 program focuses on preparing the solvent extraction (SX) facility and includes relocating equipment, pouring concrete bases, and completing structural roofing work. This follows a previous C$200,000 investment in site infrastructure. The project is partially funded by a US$20 million U.S. Department of Defense award and support from Canada's Strategic Innovation Fund. The initiative demonstrates Electra's commitment to establishing a domestic battery materials supply chain and follows a temporary construction pause in 2023. The company is actively working to secure the remaining financing needed for full commercial operation of its battery-grade cobalt sulfate refinery.

Electra Battery Materials (NASDAQ: ELBM) and Three Fires Group announced major progress in their Aki Battery Recycling joint venture, Canada's first Indigenous-led lithium-ion battery recycling initiative. The venture, launched in 2024, appointed Reggie George as President and Andre Marais as Director of Strategy. The facility will process battery waste into high-grade materials and black mass, which will be refined at Electra's facility near Toronto. The initial phase aims to recycle enough battery scrap for 100,000 new EVs annually. The project will address Ontario's growing battery waste challenge, projected to reach 30,000 tonnes annually by 2030. Operating on a tolling fee basis, Aki will establish a domestic closed-loop supply chain, reducing reliance on offshore processing. The venture combines Indigenous leadership with environmental stewardship, focusing on creating long-term benefits for First Nations communities while strengthening Canada's battery supply chain.

Electra Battery Materials (NASDAQ: ELBM) has completed a Class 3 Engineering Study for a modular battery recycling facility to be built next to its cobalt sulfate refinery near Toronto. The facility will recover lithium, nickel, cobalt, manganese, and graphite from battery scrap and end-of-life batteries using Electra's proprietary hydrometallurgical process. The project is strengthened by a partnership with Aki Battery Recycling, a majority Indigenous-owned joint venture with Three Fires Group, which will provide black mass feedstock. The recycling facility will integrate with Electra's existing cobalt refinery, which has received backing from both the Canadian government and U.S. Department of Defense. This initiative aims to establish a closed-loop, domestic battery materials supply chain in North America, reducing dependence on foreign processing and supporting energy independence from China's dominant position in critical mineral processing.

Electra Battery Materials (NASDAQ: ELBM) welcomes Ontario's new C$500 million Critical Minerals Processing Fund, announced in the 2025 provincial budget. This initiative aims to strengthen domestic critical mineral processing capabilities and support the region's growing EV and battery manufacturing ecosystem.

At the 2025 SelectUSA Investment Summit, CEO Trent Mell engaged with key stakeholders, including U.S. and Canadian ambassadors, highlighting the bilateral focus on reducing foreign dependence on critical minerals. Electra, operating the only cobalt sulfate refinery in North America, positions itself as a crucial player in building a resilient domestic battery materials supply chain, particularly in response to China's dominance in critical mineral processing.

Electra Battery Materials (NASDAQ: ELBM) has announced that its previously announced non-brokered private placement offering is now fully subscribed and allocated. The company's CFO Marty Rendall indicated that the strong investor interest demonstrates confidence in their strategy.

The net proceeds from the offering will be utilized to advance the Company's Refinery project in Temiskaming Shores, Ontario, and for general corporate purposes. The completion of the offering remains subject to regulatory approvals and customary closing documentation.

Electra Battery Materials (NASDAQ: ELBM) has announced a non-brokered private placement offering to raise up to US$3.5 million. The company will issue units at US$1.12 per unit, with each unit comprising one common share and one transferable warrant.

The warrants will allow holders to purchase additional common shares at US$1.40 for 18 months following the issue date. The proceeds will be used to advance the Company's Refinery project in Temiskaming Shores, Ontario, and for general corporate purposes.

The offering is available to Canadian investors (except Quebec) under the listed issuer financing exemption, and to international investors. Securities issued under the Listed Issuer Financing Exemption will be freely tradeable in Canada without a hold period, while other securities will have a four-month hold period.

Electra Battery Materials (NASDAQ: ELBM) has secured significant funding progress for its cobalt sulfate refinery in Ontario, which will be North America's first and only facility of its kind. The company has arranged US$54 million in non-dilutive funding, including US$34 million in government support and a US$20 million strategic investment proposal.

The total capital cost to complete the refinery is estimated at US$60 million, excluding first fills and commissioning costs. Once operational, the facility will produce 6,500 tonnes of cobalt annually, supporting the production of up to 1 million EVs. Located north of Toronto in Temiskaming Shores, the refinery is projected to have the lowest carbon footprint globally among similar facilities.

With over 90% of current cobalt sulfate production concentrated in China, Electra's facility will be one of the few providers without Foreign Entity of Concern involvement in the industry.

Electra Battery Materials (NASDAQ: ELBM) has received a Letter of Intent for $20 million in funding from the Canadian Federal Government to complete North America's first battery-grade cobalt refinery. The facility, located in Temiskaming Shores, will produce 6,500 tonnes of cobalt annually, supporting up to one million EVs production.

The project aims to reduce North America's dependence on China, which currently refines about 90% of the world's cobalt. LG Energy Solution has committed to purchasing up to 80% of the facility's future production, with strong buyer interest exceeding capacity for the remaining output.

The refinery is projected to have the lowest carbon footprint of its kind globally. Electra's future plans include:

• Operating a battery recycling demonstration plant
• Developing a battery recycling refinery
• Potential second cobalt sulfate facility in Bécancour, Quebec
• Plans for a North American nickel sulfate plant

Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) has appointed Alden Greenhouse to its Board of Directors. Greenhouse currently serves as Vice-President, Critical & Strategic Minerals for Agnico Eagle Mines , a leading Canadian mining company with global operations.

John Pollesel, Electra Chair, highlighted Greenhouse's extensive experience in critical and strategic minerals, financial acumen, and deep understanding of the mining sector as valuable assets for advancing Electra's mission to build a sustainable and secure battery materials supply chain in North America.

Greenhouse has held several leadership positions at Agnico Eagle since 2013, including VP of Strategic Development, Corporate Development & Business Strategy, and Business Strategy. His prior experience includes serving as CFO of a junior mining company and working at RBC Capital Markets. He holds an MSc in Accounting and Finance, an Honours Bachelor of Commerce, and CMA and CFA designations.