Electra Battery Materials reported that LG Energy Solution has signed a new binding term sheet reaffirming their long-term cobalt supply partnership. The updated agreement includes a firm commitment for 60% of Electra’s cobalt sulfate production through to 2029, with an option to extend to 2032, leaving roughly 40% of capacity uncommitted for potential pricing upside.
Electra is constructing what it describes as North America’s first battery-grade cobalt sulfate refinery in Ontario. In February 2026, the company approved a US$73 million construction budget and set a schedule targeting early commissioning of select circuits in Q4 2026 and a production ramp-up through 2027 to reach commercial production in Q4 2027. The fully permitted and funded brownfield facility 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.
Electra Battery Materials approved a $73 million construction budget and detailed schedule to complete its North American cobalt sulfate refinery north of Toronto. Commissioning is planned to begin in the fourth quarter of 2026, with mechanical completion targeted for the second quarter of 2027.
Production ramp-up is expected in the third quarter of 2027 and commercial production in the fourth quarter of 2027. The refinery is designed to initially produce 5,120 tonnes per year of battery-grade cobalt sulfate, with a crystallizer circuit sized for 6,500 tonnes to enable future expansion.
Electra has arranged about $82 million of support for construction, including $48 million from government grants and loans and $34 million of equity financing, which exceeds the approved construction budget. Additional commissioning and ramp-up spending is anticipated at roughly $15 million as the plant moves toward full commercial operations.
Electra Battery Materials Corporation has upsized its previously announced at-the-market equity program, allowing it to offer and sell common shares with an aggregate offering price of up to US$25,000,000. This total includes sales already made under an earlier prospectus supplement for up to US$5,500,000.
Sales will be made from time to time through H.C. Wainwright & Co., LLC as agent in transactions deemed to be “at-the-market offerings,” including directly on the Nasdaq Capital Market at prevailing market prices, with no sales on Canadian markets. Electra plans to use any net proceeds for working capital and general corporate purposes, which may include expenditures related to commissioning its Ontario cobalt sulfate refinery, supporting its strategy to build a North American battery materials supply chain.
Electra Battery Materials Corporation is offering common shares in an At The Market program to sell up to $25,000,000 of Common Shares pursuant to an ATM Agreement with H.C. Wainwright & Co., LLC.
The ATM permits sales from time to time on Nasdaq or through other permitted methods at prevailing market prices; the Sales Agent may receive up to 3.0% commission. The Prospectus Supplement states the aggregate amount includes prior sales covered by a December 11, 2025 prospectus supplement and that no sales under this Prospectus will be made in Canada or through the TSXV.
Electra Battery Materials Corporation filed an update describing upcoming participation in several major mining and battery materials conferences and a renewal of its investor awareness efforts. The company’s executives plan to engage with industry leaders, policymakers, and investors at events including Mining Indaba, Project Blue’s EV & Battery conference, BMO’s Global Metals and Critical Minerals conference, PDAC 2026, and the Tokyo Battery Summit. Discussions will focus on cobalt supply, critical minerals policy, and building resilient North American supply chains, including cobalt hydroxide feed for its planned refinery.
The company also extended an engagement with Epstein Research to provide social media and content-based investor outreach. The three-month term began on February 1, 2026, for total cash compensation of US$7,500, or US$2,500 per month, with no securities being issued as part of this arrangement.
Electra Battery Materials Corporation reported a planned change in its finance leadership. Chief Financial Officer Marty Rendall intends to resign at the end of February to take an executive role at a larger organization and will stay through month-end to support a smooth transition.
The company has started a formal search for a permanent successor and announced that David Allen, who served as Electra’s CFO from 2023 to late 2024, will return as Interim CFO effective February 28, 2026. Management highlights Rendall’s role in strengthening the balance sheet, completing capital raises, and advancing its cobalt refinery construction strategy as Electra enters a pivotal year of construction and delivery.
Electra Battery Materials Corporation has awarded a US$6.1 million (C$8.3 million) contract to EXP Services Inc. for engineering, project management, and construction management support at its Ontario battery materials refinery project. The refinery is in the final phase of construction, with key civil, mechanical, and structural work already completed.
Electra is targeting mechanical completion of the cobalt sulfate refinery in H1 2027, followed by commissioning and production. Once fully operational, the facility is expected to produce 5,100 tonnes of cobalt annually in battery-grade cobalt sulfate, with a planned expansion to 6,500 tonnes per year.
Electra Battery Materials Corporation filed a Form 6-K to share an update on construction of its cobalt sulfate refinery in North America. The company reports continued progress, including completion of exterior pipe racks connecting the leach plant, solvent extraction building, and crystallizer, and ongoing civil, structural, concrete, and tank installation work. Support infrastructure such as parking areas, power services, construction trailers, laydown space, and office areas is nearly complete.
Electra states that construction financing and permits are in place, most long-lead equipment has been secured, and core infrastructure is established. Current efforts focus on sequencing remaining work and preparing to integrate mechanical systems as the project advances toward a targeted commissioning in 2027. The refinery is described as a cornerstone of Electra’s strategy to build a North American critical minerals supply chain, with expected output of battery-grade cobalt once operational.
Electra Battery Materials Corporation is conducting an at-the-market offering of its common shares for up to US$5,500,000 in gross proceeds through H.C. Wainwright & Co. as sales agent. The program allows Electra to sell shares from time to time on Nasdaq or to market makers in the United States, with the agent earning up to a 3% cash commission on each sale.
Based on a November 21, 2025 Nasdaq price of US$0.8495, the company illustrates up to 6,474,396 shares sold, which would increase common shares outstanding from 93,653,238 to 100,127,634. Electra plans to use any net proceeds, alongside existing cash, to complete construction of its Ontario sulfate refinery and for working capital and general corporate purposes. The prospectus also highlights recent US$34.5 million equity financing, an approximately US$40 million debt restructuring, and risk factors including recurring losses, substantial doubt about its ability to continue as a going concern, potential Nasdaq listing challenges, and possible PFIC tax treatment for U.S. investors.