Ontario funds Electra Battery Materials (ELBM) cobalt refinery

Rhea-AI Filing Summary

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.

Positive

• C$17.5 million government funding from Invest Ontario supports construction of Electra’s cobalt sulfate refinery, reinforcing government backing for the project and its role in North America’s critical minerals strategy.
• Electra has secured 100% of cobalt feedstock for commissioning and ramp-up through 2027 via an extended Glencore agreement covering 10,000 tonnes of contained cobalt over five years, enhancing supply certainty.
• The planned refinery is fully permitted and designed to produce 5,120 tonnes annually of contained cobalt, with capacity up to 6,500 tonnes, positioning Electra as a key North American cobalt sulfate producer.

Negative

• None.

Filing Explained

Electra reports that definitive agreements with Invest Ontario for previously announced funding are finalized, establishing an agreed construction-funding arrangement but not showing that proceeds have been received.

Key Figures

Funding from Invest Ontario: C$17.5 million Cobalt feedstock under Glencore agreement: 10,000 tonnes of contained cobalt over five years Initial contained cobalt production: 5,120 tonnes annually +4 more

7 metrics

Funding from Invest Ontario C$17.5 million Previously announced funding to support construction of Electra’s cobalt sulfate refinery

Cobalt feedstock under Glencore agreement 10,000 tonnes of contained cobalt over five years Extended supply agreement securing 100% of feedstock for commissioning and ramp-up through 2027

Initial contained cobalt production 5,120 tonnes annually Planned initial annual contained cobalt output from the refinery

Crystallizer nameplate capacity 6,500 tonnes annually Planned maximum annual contained cobalt capacity of the crystallizer

Commissioning start target Q4 2026 Targeted start of select commissioning activities at the refinery

Commercial production target Q4 2027 Targeted start of commercial production at the refinery

Incentive stock options grant 500,000 stock options Options to be issued under the Long-Term Incentive Plan, vesting over three years

Key Terms

cobalt sulfate refinery, contained cobalt, brownfield facility, critical minerals supply chain, +1 more

5 terms

cobalt sulfate refinery technical

"funding to support construction of its cobalt sulfate refinery in Temiskaming"

A cobalt sulfate refinery is an industrial plant that converts raw cobalt-bearing ore or intermediates into cobalt sulfate, a purified chemical used mainly in rechargeable battery cathodes and other industrial applications. For investors, the facility is a key link in the supply chain: its output and operating costs influence availability, price stability and profit margins for companies that make batteries or rely on cobalt, much like a flour mill affects the cost and supply of baked goods.

contained cobalt technical

"designed to initially produce 5,120 tonnes annually of contained cobalt"

Contained cobalt is the amount of pure cobalt metal estimated to be present within a mineral deposit, ore, concentrate, or finished product, usually reported in tonnes or pounds. It is calculated by multiplying the material’s weight by its cobalt grade, so it’s like saying how much sugar is in a sack of sugarcubes rather than how many cubes there are. Investors use it to gauge the scale of a resource or production stream and the raw material available to sell or refine.

brownfield facility technical

"Once operational, the fully permitted brownfield facility is expected to be"

A brownfield facility is an existing industrial or commercial site that has been previously developed and may have leftover buildings, infrastructure or environmental contamination. For investors, brownfields matter because reusing or upgrading an existing site can be faster and cheaper than building new, but may carry added cleanup, regulatory and liability costs—think renovating an old house rather than building from scratch. The balance of cost, time and risk affects project returns and stock value.

critical minerals supply chain financial

"refining remains one of the most strategically important - and least developed - links in the critical minerals supply chain"

The critical minerals supply chain is the network of mines, processors, transport, manufacturers and recyclers that produce and deliver minerals considered essential for technologies like batteries, electronics and clean energy. Investors care because bottlenecks, geopolitical shifts, environmental rules or trade disruptions anywhere along that chain can raise costs, delay projects or change which companies and regions profit—much like a broken delivery route can halt a restaurant’s ability to serve popular dishes.

black mass recycling technical

"Electra is also advancing black mass recycling opportunities to recover critical"

Black mass recycling is the process of recovering the dark, powdery mix of shredded battery materials—mainly lithium, nickel, cobalt and other metals—produced when used lithium‑ion batteries are broken down. For investors, it matters because turning that “battery dust” back into usable metals reduces reliance on raw mining, cuts costs and supports supply chains for electric vehicles and electronics, similar to how melting down scrap metal feeds a factory without buying new ore.

FAQ

What funding did Electra Battery Materials (ELBM) secure from Invest Ontario?

Electra Battery Materials reports it has finalized agreements with Invest Ontario for C$17.5 million in previously announced funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario, a key asset in North America’s critical minerals supply chain.

What is the construction and commissioning timeline for ELBM’s cobalt sulfate refinery?

Electra targets select commissioning activities in Q4 2026, mechanical completion in Q2 2027, full commissioning and ramp-up in Q3 2027, and commercial production in Q4 2027, subject to the assumptions and risks outlined in its forward-looking statements.

How much cobalt feedstock has Electra (ELBM) secured and from whom?

Electra states it has secured 100% of the cobalt feedstock needed for commissioning and ramp-up through 2027 under an extended supply agreement with Glencore, covering approximately 10,000 tonnes of contained cobalt over five years and extending Glencore’s supplier role through 2031.

What are the planned production capacities of ELBM’s cobalt refinery?

The refinery is designed to initially produce 5,120 tonnes annually of contained cobalt, with crystallizer nameplate capacity of up to 6,500 tonnes annually of contained cobalt, which Electra states will help address a critical gap in North America’s cobalt sulfate supply chain.

What stock options is Electra Battery Materials (ELBM) granting under its LTIP?

Electra plans to issue 500,000 incentive stock options under its Long-Term Incentive Plan, adjusted for the closing price as of August 25, 2026. The options vest in three equal tranches on the first, second and third anniversaries of the grant date and require TSX Venture Exchange approval.

Why does Electra (ELBM) describe its refinery as strategically important for North America?

Electra notes that cobalt sulfate is critical for defense, electronics and energy, and that most global refining occurs in China. The company states its North American refinery is designed to provide a secure, transparent source of supply and reduce reliance on foreign-controlled refining capacity.

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Available on EDGAR 08/26/2026 - 08:47 AM Accepted by SEC EDGAR 08/26/2026 - 08:46 AM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-41356

Electra Battery Materials Corporation
(Translation of registrant's name into English)

133 Richmond St W, Suite 602
Toronto, Ontario, M5H 2L3 Canada
(416) 900-3891 
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]      Form 40-F [   ] 

Incorporation by Reference

The information contained in this Report on Form 6-K (this “Form 6-K”) and Exhibits 99.1 and 99.2 herewith are hereby incorporated by reference as an exhibit to (i) the Registration Statement on Form S-8 (File No. 333-264589), (ii) the Registration Statement on Form F-3, as amended (File No. 333-288364) and (iii) the Registration Statement on Form F-3, as amended (File No. 333-291766) of Electra Battery Materials Corporation (the “Company”).

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated August 26, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Electra Battery Materials Corporation
		(Registrant)
Date: August 26, 2026		/s/ Trent Mell
		Trent Mell
		Chief Executive Officer and Director

EXHIBIT 99.1

Electra and Ontario Advance North America’s Critical Minerals Future with $17.5 Million Funding Agreement

TORONTO, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce that it has finalized definitive agreements with Invest Ontario, an agency of the Government of Ontario, for C$17.5M in previously announced funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario.

“We are grateful to Invest Ontario and the Government of Ontario for their continued partnership on this strategic asset,” said Trent Mell, CEO of Electra. “We are focused on completing North America’s first cobalt sulfate refinery and creating the long term employment and economic activities that come with it. Ontario brings together a rich mineral endowment, a highly skilled workforce, abundant renewable energy and more than a century of natural resources expertise. This project leverages those advantages to establish essential critical mineral processing capacity that strengthens North America’s supply security.”

“At a time when secure supply chains have never mattered more, Electra’s cobalt refinery will onshore a key capability needed to support North America’s manufacturing sectors,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We congratulate the team on this latest milestone and look forward to seeing this project strengthen Ontario’s critical mineral processing capacity, while generating lasting economic benefits for Northern workers.”

Construction of Electra’s cobalt sulfate refinery is advancing, with structural steel erection, concrete work, equipment installation and piping underway. Select commissioning activities are targeted to begin in the fourth quarter of 2026, followed by 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.

Electra has also secured 100% of the cobalt feedstock required for commissioning and ramp-up through 2027 under an extended supply agreement with Glencore. The agreement provides for approximately 10,000 tonnes of contained cobalt over five years and establishes Glencore as a significant long-term supplier through 2031. Together with committed demand for a majority of the refinery’s planned production, the agreement strengthens an integrated supply chain connecting global cobalt production with North American refining and downstream battery markets.

Once operational, the fully permitted brownfield facility is expected to be the only refinery in North America producing battery-grade cobalt sulfate. It is designed to initially produce 5,120 tonnes annually of contained cobalt, with crystallizer nameplate capacity of up to 6,500 tonnes annually, helping address a critical gap in North America’s supply chain and reduce reliance on foreign refining.

Figure 1: Hon. Minister Victor Fedeli visits Electra Refinery. Aug 25, 2026.

Cobalt sulfate is a critical mineral with applications spanning defense, electronics and energy, yet the vast majority of the world’s supply is refined in China. Electra’s refinery is designed to bring this capability to North America, giving allied manufacturers a secure, transparent source of supply and reducing reliance on foreign-controlled production.

In addition to strengthening domestic refining capacity, the project is expected to generate lasting economic benefits for Ontario. The refinery is expected to support local employment and expand economic activity in Temiskaming Shores, while creating opportunities for Ontario businesses and Canadian suppliers, and reinforcing the province’s position as a leader in critical minerals processing.

“Governments around the world are investing to build secure critical minerals supply chains, and refining remains one of the most strategically important - and least developed - links in the critical minerals supply chain,” added Mell. “The province’s partnership is helping bring that strategic capability to Ontario while supporting long-term employment, opportunities for local businesses and regional economic development in the North.”

The Government of Ontario’s support reflects the strategic importance of establishing domestic refining capacity, Ontario is demonstrating the leadership and long-term vision needed to strengthen Canada’s critical minerals strategy and North America’s industrial resilience.

The Company also announces that accordance with its Long-Term Incentive Plan, and in connection with the recent appointments, the Company will issue 500,000 incentive stock options, adjusted for the closing price as of August 25, 2026. The stock options will vest in three equal tranches on the first, second and third anniversary of the grant date over a four-year period. The grant is subject to the approval of the TSX Venture Exchange. Long-term incentive grants are an important retention and incentive tool for key employees, and a mechanism to align interests with shareholders.

About Electra Battery Materials

Electra is a leader in advancing North America’s critical minerals supply chain. The Company’s primary focus is constructing North America’s only cobalt sulfate refinery, as part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to the Refinery, Electra holds a significant land package in Idaho’s Cobalt Belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production.

Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials. For more information, please visit www.ElectraBMC.com.

Contact

Heather Smiles
Vice President, External Affairs & Corporate Development
Electra Battery Materials
info@ElectraBMC.com
1.416.900.3891

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release include, but are not limited to, statements relating to the anticipated timing of mechanical completion and commencement of operations at the refinery; expected production capabilities; anticipated economic, employment and supply-chain benefits; the Company’s financing plans strategic objectives; business plans; future operations; and growth opportunities. Forward-looking statements are based on management’s current expectations, estimates, projections, beliefs and assumptions, including assumptions regarding market conditions, financing opportunities and the Company’s ability to execute its business plans. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, risks relating to the Company’s capital requirements, availability of financing, market and economic conditions, regulatory developments and other risks described in the Company’s public disclosure documents available under its profile on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc55b990-1c26-4f2e-8827-3a6a197802d3

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 9.6 KB