Electra Battery Materials Corporation signed a term sheet with WMC Group AG for a five-year working-capital and commercial partnership supporting its Canadian critical minerals refinery. The proposed arrangement would finance cobalt feedstock purchases and corresponding battery grade cobalt sales, with finance and logistics services for volumes up to the refinery’s nameplate capacity. WMC would act as buyer and exclusive marketing agent for the corresponding cobalt sulfate production and provide logistics management, cobalt market expertise, marketing support and access to its global commercial network.
WMC has also committed to making an investment in Electra upon execution of definitive agreements. The term sheet is non-binding except for provisions covering confidentiality, exclusivity, costs, assignment, governing law and jurisdiction. Completion of the proposed arrangements remains subject to due diligence, negotiation and execution of definitive documentation, required regulatory and creditor approvals, and other customary conditions. The partnership is intended to complement Electra’s existing customer relationships, including its supply arrangement with LG Energy Solution.
Electra Battery Materials Corp. appointed Garzon Duenas as General Manager and Commissioning Leader, effective October 5, 2026. He will lead operational readiness and the transition of the Ontario refinery from construction through commissioning and into operations.
Construction remains on budget. Select commissioning activities are targeted to begin in the fourth quarter of 2026, mechanical completion is targeted for the second quarter of 2027, full commissioning and production ramp-up are expected in the third quarter of 2027, and commercial production is targeted for the fourth quarter of 2027.
The refinery is designed to process approximately 18,000 tonnes of cobalt hydroxide feed per year and produce 5,120 tonnes per year of contained cobalt. A Phase 2 expansion is planned to increase throughput to approximately 22,500 tonnes per year and production to 6,500 tonnes per year of contained cobalt. Electra said it will issue 150,000 incentive stock options in connection with the appointment, subject to TSX Venture Exchange approval; they will vest in two equal tranches on the first and second anniversary of the grant date over a three-year period.
Electra Battery Materials Corp (ELBM) reported third-quarter capital-markets activity, including employee share purchases, director awards and sales under its at-the-market (ATM) program. Employees purchased 37,341 common shares under the Employee Share Purchase Program, with a corresponding 37,341 common shares acquired by the company under the program. Purchases were made at the five-day volume-weighted average price as of September 30, 2026.
On September 30, 2026, Electra granted 112,676 deferred share units to non-employee directors; they will be settled in common shares when a director ceases to serve on the board, subject to the plan. During the quarter ended September 30, 2026, the ATM generated approximately US$92,000 in gross proceeds from issuing 150,003 common shares at a weighted average price of US$0.6152 per share. Electra paid approximately US$7,000 in commissions for these distributions. The ATM permits sales from treasury, at the company’s discretion, of up to US$25 million in common shares; the most recent transaction was August 28, 2026. Since inception, the average issuance price under the ATM was US$0.87 per common share.
Electra Battery Materials Corp (ELBM) outlined preliminary engineering results for the initial phase of a proposed two‑phase nickel refinery in North America. The first phase targets production of approximately 20,000 tonnes per year of contained nickel in battery‑grade nickel sulfate from mine‑derived feedstock.
The study indicates nickel and cobalt recoveries of 97% or higher, with cobalt hydroxide potentially supplying Electra’s existing cobalt refinery. Preliminary capital estimates for the first‑phase nickel sulfate refinery range from US$530 million to US$675 million, using a preferred southeastern U.S. site as the basis, subject to further assessment and commercial and funding arrangements.
A potential second phase could add processing of recycled battery black mass with up to an additional 20,000 tonnes per year of contained nickel, plus cobalt, lithium and graphite byproducts. Electra is advancing site assessment, permitting planning, financing discussions, and feedstock and offtake negotiations, while stating that completion and commissioning of its Ontario cobalt sulfate refinery remains the immediate priority.
Electra Battery Materials Corporation (ELBM) reports that Nasdaq has granted an additional 180-calendar-day period, until March 15, 2027, for the company to regain compliance with Nasdaq’s $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
The notice states Electra currently meets all other applicable Nasdaq initial listing standards, including the market value of publicly held shares. Electra has indicated it intends to cure the bid-price deficiency during this second compliance period, including by effecting a reverse stock split, if necessary. The extension has no immediate effect on the trading or listing of its shares on Nasdaq or the TSX Venture Exchange.
Electra Battery Materials Corp (ELBM) reports that its leadership team will participate in several September 2026 investor and industry conferences as it advances construction of its Ontario cobalt sulfate refinery and broader North American critical minerals strategy.
Executives plan meetings at the H.C. Wainwright 28th Annual Global Investment Conference from September 14–16 and the Precious Metals Summit Beaver Creek from September 22–25, as well as closed-door government and policy sessions focused on critical minerals and supply-chain resilience. The company highlights its focus on building North America’s only cobalt sulfate refinery, its Idaho Cobalt Belt land package including the Iron Creek project, and initiatives in black mass recycling and potential nickel refining and other downstream battery materials.
Electra Battery Materials Corp (ELBM) reported the engagement of veteran cobalt and nickel trader Douglas Geniti as Senior Advisor, Commercial Strategy. Based in New York, he will support commercial planning, feedstock strategy, customer engagement and contracting as Electra advances its North American cobalt sulfate refinery toward commissioning and production ramp-up in 2027.
The Ontario cobalt refinery is designed to initially produce 5,120 tonnes per annum of battery-grade cobalt sulfate, with mechanical completion targeted for the second quarter of 2027. Electra is also advancing an engineering study for a potential U.S. refinery targeting approximately 15,000 tonnes per year of nickel sulfate and nickel metal and 1,000 tonnes per year of cobalt metal, and has completed a feasibility-level Class 3 engineering study (June 2025) for a modular black mass recycling facility adjacent to its Ontario refinery.
Electra Battery Materials Corp (ELBM) reported that it has finalized definitive agreements with Invest Ontario, an agency of the Government of Ontario, for C$17.5 million in previously announced funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario. The facility is intended to be North America’s first refinery producing battery-grade cobalt sulfate.
The company states that construction is advancing, with commissioning activities targeted to begin in the fourth quarter of 2026, mechanical completion in the second quarter of 2027, full commissioning and ramp-up in the third quarter of 2027, and commercial production in the fourth quarter of 2027. Electra has secured 100% of cobalt feedstock required for commissioning and ramp-up through an extended supply agreement with Glencore, providing approximately 10,000 tonnes of contained cobalt over five years and extending Glencore’s role as a supplier through 2031. The fully permitted brownfield refinery is designed to initially produce 5,120 tonnes annually of contained cobalt, with crystallizer nameplate capacity of up to 6,500 tonnes annually.
Electra also plans to issue 500,000 incentive stock options under its Long-Term Incentive Plan, vesting in three equal tranches over three years, subject to TSX Venture Exchange approval.
Electra Battery Materials Corp (ELBM) reports that it has extended its cobalt hydroxide feed purchase agreement with Glencore AG through December 31, 2031, securing 100% of the cobalt feedstock needed to commission and ramp up its Ontario cobalt sulfate refinery through 2027. The five-year extension provides for approximately 10,000 metric tonnes of contained cobalt over five years, representing over US$500 million of contained cobalt at current market prices, and establishes Glencore as a significant long-term supplier.
The refinery is designed to initially produce 5,120 tonnes per annum of contained cobalt, with crystallizer nameplate capacity of up to 6,500 tonnes per annum, and Electra is advancing toward mechanical completion targeted for 2027. A binding term sheet with LG Energy Solution includes a firm commitment for approximately 60% of planned cobalt sulfate production through 2029, with an option to extend to 2032, creating an integrated pathway from cobalt feedstock to committed battery-grade offtake.
Electra Battery Materials Corporation reported continued progress on constructing its cobalt sulfate refinery in Temiskaming Shores, Ontario, a fully permitted brownfield facility supported by the governments of the United States, Canada and Ontario. Major construction packages are underway, with definitive agreements finalized with WB Melback Corporation for approximately C$26 million and Pro Pipe Construction Ltd. for approximately C$6.8 million, covering key work across the solvent extraction and crystallizer circuits. Engineering is described as substantially complete, supporting field execution, equipment fabrication and procurement.
Work includes structural steel erection, concrete placement, process equipment setting, piping preparation and selective removal of legacy infrastructure in the existing refinery. Site mobilization is complete for key contractors, and project oversight and safety resources have been expanded. Electra targets select commissioning activities in the fourth quarter of 2026, mechanical completion in the second quarter of 2027, full commissioning and production ramp-up in the third quarter of 2027, and commercial production in the fourth quarter of 2027.