Core Insights - Electra Battery Materials Corporation is advancing the construction of North America's first cobalt sulfate refinery, which is a key part of its strategy to enhance the critical minerals supply chain in North America [1][7]. Construction Progress - Construction crews have completed the installation of exterior pipe racks connecting various components of the refinery, with ongoing work focused on civil, structural, concrete, and tankage installations [4]. - The project is progressing well, with construction financing and permits secured, and most long-lead equipment already obtained [5]. Strategic Importance - The cobalt sulfate refinery is crucial for building a resilient North American supply chain for critical minerals, aligning with government and industry efforts to secure domestic processing capacity amid geopolitical changes [7]. - Once operational, the facility is expected to produce battery-grade cobalt, enhancing supply reliability for North American markets [7]. Future Plans - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other downstream battery materials [9].

TORONTO, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) has established an At the Market Offering (the “ATM”), pursuant to the previously announced At The Market Offering Agreement entered into with H.C. Wainwright & Co., LLC (“Wainwright”) dated June 26, 2025. Under the ATM, the Company may offer and sell, at its discretion and from time to time, through Wainwright, common shares in the capital of the Company (the “Common Sha ...

Core Insights - Electra Battery Materials Corporation and Positive Materials Inc. have signed a Supply Chain Cooperation Agreement to enhance North America's lithium-ion battery and energy storage industries [1][2] - The partnership aims to establish a North American commercial and technical relationship for cobalt sulfate production, emphasizing ethical sourcing and strengthening the critical minerals supply chain [2][3] Company Overview - Electra is constructing North America's first battery-grade cobalt sulfate refinery, which is part of a strategy to localize critical minerals refining and reduce reliance on foreign supply chains [7] - The company is also involved in black mass recycling to recover critical materials from end-of-life batteries and is exploring growth opportunities in nickel refining and other battery materials [8] Project Details - Project Positive aims to build a sustainable pCAM manufacturing facility in Belledune, New Brunswick, utilizing proven technology [10] - The collaboration will focus on integrating Electra's cobalt sulfate with Positive's pCAM operations, aligning product specifications to meet customer needs [5][6] Strategic Goals - The agreement reflects a commitment to process ethically sourced battery raw materials domestically, enhancing the resilience and competitiveness of North America's critical minerals supply chain [2][4] - Electra's engagement with downstream clients and innovators ensures alignment across the value chain from mine to market, contributing to North America's broader battery materials strategy [6]

Core Insights - Electra Battery Materials Corporation is actively participating in strategic industry events to foster relationships with investors, policymakers, and industry partners focused on developing a secure domestic critical minerals supply chain [1][3]. Upcoming Engagements - Electra will engage in the SelectUSA Investment Summit on November 17, connecting Canadian companies with U.S. Economic Development Organizations to explore cross-border investment opportunities [6]. - The company will participate in the Ontario Critical Minerals Forum on November 18-19, where it will discuss building a circular battery materials supply chain and the role of Indigenous participation in sustainable clean energy [6]. - During Benchmark Week from November 18-20, Electra leadership will meet with global industry and investment leaders to discuss market trends and strategies for enhancing onshore refining and recycling capacity [6]. - Electra's CEO will attend the Northern Miner – International Metals Symposium in London from November 30 to December 1, highlighting Ontario's role in the global battery materials landscape and discussing collaborative opportunities with investors and strategic partners [6]. Company Overview - Electra is focused on 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 [4]. - The company holds a significant land package in Idaho's Cobalt Belt, positioning itself as a potential cornerstone for North American cobalt and copper production [4]. - Electra is advancing black mass recycling opportunities to recover critical materials from end-of-life batteries and is evaluating growth opportunities in nickel refining and other downstream battery materials [5].

Financial Performance - Net loss for the three months ended September 30, 2025, was CAD 4,735,000, compared to a net loss of CAD 2,941,000 for the same period in 2024, reflecting an increase in loss of approximately 60.9%[5] - For the nine months ended September 30, 2025, the net loss was CAD 19,420,000, slightly improved from CAD 20,781,000 in the same period of 2024, indicating a decrease in loss of about 6.5%[5] - The operating loss for the three months ended September 30, 2025, was $4,058,000, compared to an operating loss of $3,505,000 for the same period in 2024[102] - For the nine months ended September 30, 2025, the total operating loss was $11,297,000, compared to $10,267,000 for the same period in 2024[103] - The company reported a loss before taxes of $19,420,000 for the nine months ended September 30, 2025, compared to a loss of $20,781,000 for the same period in 2024[103] Revenue and Assets - For the three months ended September 30, 2025, the Company reported revenue of $1,065 million, a 31% increase from $812 million in the same period of 2024[105] - For the nine months ended September 30, 2025, revenue reached $2,395 million, up 44% from $1,649 million in the prior year[105] - Total assets decreased to CAD 148,082,000 as of September 30, 2025, down from CAD 151,447,000 as of December 31, 2024, representing a decline of approximately 2.4%[3] Liabilities and Equity - Current liabilities increased significantly to CAD 88,098,000, compared to CAD 71,973,000 as of December 31, 2024, marking an increase of about 22.5%[3] - Shareholders' equity decreased to CAD 48,035,000 as of September 30, 2025, down from CAD 64,318,000 as of December 31, 2024, a decline of approximately 25.4%[3] - Total liabilities as of September 30, 2025, amounted to $94,277, with convertible notes payable accounting for $65,867[80] Cash Flow and Financing - Cash and cash equivalents decreased to CAD 3,044,000 as of September 30, 2025, from CAD 3,717,000 as of December 31, 2024, a decrease of about 18.1%[3] - Cash used in operating activities for the nine months ended September 30, 2025, was CAD 6,917, an improvement from CAD 10,891 in the prior year[10] - The company reported a cash inflow of CAD 7,339 from financing activities for the nine months ended September 30, 2025, compared to CAD 5,199 in the same period of 2024[10] - The Company closed a financing of $34,500 million on October 22, 2025, issuing 46,000,000 units at a price of $0.75 per unit[107] Government Support and Loans - The company received a government loan of CAD 5,267 from FedNor in 2024 to support its operations[19] - The balance of Government Loans as of September 30, 2025, is $5,008, and Government Grants total $3,124, resulting in a combined total of $8,132[38] Shareholder and Stock Options - The weighted average number of common shares outstanding increased to 17,809,773 for the three months ended September 30, 2025, compared to 14,317,536 for the same period in 2024, an increase of about 24.8%[5] - The Company issued 17,962,172 common shares as of September 30, 2025, an increase from 14,809,197 shares as of December 31, 2024, following a share consolidation[54] - The company granted 125,000 stock options at an exercise price of $2.60, with a fair value of $190, during the nine months ended September 30, 2025[61] Commitments and Future Plans - As of September 30, 2025, the total commitments amount to $139,293,000, including convertible notes payments of $122,186,000[97] - The company is constructing an expanded hydrometallurgical cobalt refinery in Ontario, Canada, and is exploring various optimizations for a recycled battery material program[15] Market and Financial Instruments - The fair value of the 2027 convertible notes is influenced by an equity volatility of 65%, with a potential increase of $207 or a decrease of $234 if volatility changes by 10%[88] - The fair value of the 2028 warrants is estimated using an equity volatility of 64%, with a potential increase of $57 or a decrease of $134 if volatility changes by 10%[90]

Core Viewpoint - Electra Battery Materials Corporation is making significant progress in establishing a North American battery materials supply chain, focusing on the construction of its cobalt sulfate refinery in Ontario, supported by substantial government funding and strategic initiatives [2][5][8]. Financial Highlights - The company secured a US$13 million (C$17.5 million) commitment from the Ontario government, contributing to a total of US$48 million in government support, including US$20 million from the U.S. Department of Defense and US$15 million (C$20 million) from the Government of Canada [5]. - A US$34.5 million financing was completed in August 2025, which reduced the company's debt to approximately US$28 million and is intended to fund the remaining construction of the refinery [5][6]. - As of September 30, 2025, the company had a cash balance of C$3 million, and following the quarter-end financing, it believes it is adequately funded to complete the refinery construction [6]. Strategic Developments - The company commenced metallurgical testing of North American cobalt feedstock from its Iron Creek project in Idaho and legacy operations in Ontario, aiming to validate the suitability of regional materials for future processing [5]. - Progress was announced at the Iron Creek cobalt-copper project, including geological modeling and evaluation to support future opportunities, reinforcing the company's long-term vision of onshoring the North American supply chain [5]. - The company appointed Paolo Toscano as Vice President, Projects and Engineering, to lead the construction and commissioning of the cobalt sulfate refinery, emphasizing its commitment to disciplined execution [5]. Operational Updates - Construction at the Ontario cobalt refinery was reactivated in November 2025, following the arrangement of an US$82 million funding package, building on early works completed in September [5][6]. - The company is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other downstream battery materials [9].

Core Viewpoint - Electra Battery Materials Corporation is making significant progress in establishing North America's first cobalt sulfate refinery, supported by substantial financial backing and strategic initiatives aimed at reducing reliance on foreign battery material sources [1][2][6]. Financial Highlights - The company secured a US$13 million (C$17.5 million) commitment from the Ontario government, adding to a total of US$48 million in government support, which includes US$20 million from the U.S. Department of Defense and US$15 million (C$20 million) from the Government of Canada [5]. - A US$34.5 million financing was completed in August 2025, which, along with a balance sheet restructuring, reduced the company's debt to approximately US$28 million and is intended to fund the remaining construction of the refinery [5][6]. - As of September 30, 2025, the company had a cash balance of C$3 million, and following the quarter-end financing, it believes it is adequately funded to complete the refinery construction [6]. Strategic Developments - The company commenced metallurgical testing of North American cobalt feedstock from its Iron Creek project in Idaho and legacy operations in Ontario, validating the suitability of regional materials for future processing [5]. - The appointment of experienced executives to the Board of Directors aims to enhance governance and oversight as the company transitions into the execution phase of its projects [5]. - Construction at the cobalt refinery project was reactivated in November 2025, supported by an US$82 million funding package, building on preliminary work completed earlier in the year [5]. Industry Positioning - Electra is positioned as a leader in advancing North America's critical minerals supply chain for lithium-ion batteries, focusing on onshoring critical minerals refining to reduce foreign supply chain reliance [8]. - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other downstream battery materials [9].

Core Points - Electra Battery Materials Corporation has issued a significant SMPEI tender package for its cobalt sulfate refinery construction in Temiskaming Shores, Ontario, marking a transition to full construction mobilization [1][2] - The tender encompasses critical processing systems installation, including structural, mechanical, piping, electrical, instrumentation, and utility connections, essential for integrating the refinery's key systems [2] - The company is focused on safely executing installation activities to move closer to commissioning, with a targeted completion date set for 2027 [3] Company Overview - Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries, primarily focusing on constructing the continent's only cobalt sulfate refinery [4] - The company aims to onshore critical minerals refining to reduce reliance on foreign supply chains and holds significant land in Idaho's Cobalt Belt, positioning itself as a cornerstone for North American cobalt and copper production [4] - Electra is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other downstream battery materials [5]

Core Insights - Electra Battery Materials Corporation has resumed construction of North America's first cobalt sulfate refinery after securing approximately US$82 million in project financing [1][7][10] - The refinery is positioned to produce 6,500 tonnes of battery-grade cobalt annually, which is essential for lithium-ion battery manufacturing and strengthens the domestic supply chain [9][12] Company Developments - The construction reactivation is a significant milestone in Electra's strategy to onshore critical minerals processing in North America, supported by government and private investments [4][7] - The project is fully funded through a combination of equity financing and government support, including US$48 million from U.S., Canadian, and Ontario governments [10][12] - Electra has engaged EXP for construction management support and is focused on disciplined execution, including detailed engineering and site preparations [4][6] Operational Plans - Major mechanical, electrical, and instrumentation contracts are expected to be awarded soon, leading to a substantial increase in the workforce and full-scale construction by early 2026 [6][8] - The company plans to provide a market update in January to clarify final costs, an accelerated schedule, and execution milestones [6][10] - Key activities include finalizing engineering, restarting critical systems, and upgrading existing infrastructure to align with updated designs [8][12] Strategic Importance - The refinery will be the only cobalt sulfate production facility in North America and one of only two major facilities outside China, enhancing the region's critical minerals supply chain [7][12] - Electra's operations align with U.S. and Canadian industrial policies aimed at reshoring critical minerals processing and reducing reliance on foreign supply chains [12][13] - The company has an offtake agreement with LG Energy Solution, indicating its strategic role in the North American battery materials supply chain [11][12]

Core Insights - Electra Battery Materials Corporation has appointed Paolo Toscano as Vice President, Projects and Engineering to lead the construction of North America's first cobalt sulfate refinery in Ontario [1][2] Company Update - The company has decided not to proceed with a proposed reverse split of its common shares at this time, despite shareholder approval for a ratio of one post-split share for up to 3.5 pre-split shares [5][6] - Electra remains committed to enhancing its presence in U.S. capital markets and maintaining high standards of transparency and governance [5][6] Leadership and Experience - Paolo Toscano brings over 30 years of experience in leading large-scale mining and metals projects, with a strong background in technical excellence and operational discipline [2][3] - Toscano's previous roles include Senior Vice President at Marathon Gold and senior positions at Alamos Gold and Ausenco Engineering, where he successfully directed complex projects [3][4] Long-Term Incentive Plan - Electra has issued 2,669,000 incentive stock options, 179,000 restricted share units, and 271,000 deferred share units as part of its Long-Term Incentive Plan to retain and motivate high-performing personnel [7][8] - The options are exercisable for three years at a closing price of C$1.97 and will vest in two equal tranches [9] Strategic Focus - Electra is focused on constructing North America's only cobalt sulfate refinery to strengthen the critical minerals supply chain and reduce reliance on foreign sources [10] - The company is also exploring black mass recycling opportunities and evaluating growth in nickel refining and other battery materials [11]