TORONTO, March 19, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”), a North American critical minerals refining company, today provided a construction progress update for its cobalt sulfate refinery project in Ontario. The project continues to advance beyond detailed engineering, with procurement and installation activities progressing in line with the Company’s previously announced construction plan and budget. The refinery is expected ...

Core Viewpoint - Electra Battery Materials Corporation has reaffirmed its partnership with LG Energy Solution through a new binding term sheet for the long-term supply of battery-grade cobalt, highlighting the importance of this collaboration in building a resilient North American supply chain for critical minerals [1][2]. Group 1: Partnership and Agreement Details - The updated agreement commits to 60% of Electra's cobalt sulfate production through to 2029, with an option to extend through to 2032, allowing flexibility to capture potential pricing upside [2][3]. - The price of cobalt sulfate has increased over 90% since the beginning of 2025, providing a favorable environment for Electra's refining business [2]. Group 2: Project Development and Capacity - Electra is constructing North America's first battery-grade cobalt sulfate refinery in Ontario, with a construction budget of US$73 million and a target for early commissioning of select circuits in Q4 2026, aiming for commercial production by Q4 2027 [4][5]. - The refinery is designed to initially produce 5,120 tonnes per annum of contained cobalt, with a potential capacity of up to 6,500 tonnes per annum, positioning Electra as a strategic supplier for the North American electric vehicle and energy storage markets [5]. Group 3: Strategic Positioning and Future Opportunities - Electra is focused on onshoring critical minerals processing to reduce reliance on foreign supply chains, with significant land holdings in Idaho's Cobalt Belt, enhancing its potential in cobalt and copper production [6]. - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth in nickel refining and other battery materials [7].

Core Viewpoint - Electra Battery Materials Corporation has approved a $73 million construction budget for its cobalt sulfate refinery, aiming to establish North America's first battery-grade cobalt refinery by 2027 [2][4]. Project Budget & Schedule - The construction budget of $73 million (C$100 million) is designed to cover all remaining activities until mechanical completion, with commissioning activities expected to start in Q4 2026 and commercial production targeted for Q4 2027 [4][3]. - Key milestones include awarding the SMPEI contract in Q1 2026, full site mobilization in Q2 2026, mechanical completion in Q2 2027, and production ramp-up starting in Q3 2027 [8][4]. Project Funding & Government Support - Electra has secured approximately $82 million in financial support, including $48 million from government grants and loans, and $34 million from equity financing completed in October 2025, exceeding the construction budget [7][9]. - The refinery has received funding commitments from the U.S. Department of Defense, the Government of Canada, and the Province of Ontario, highlighting its strategic importance [9][4]. Production Capacity & Market Demand - The refinery is designed to produce 5,120 tonnes per annum of battery-grade cobalt sulfate, with potential expansion to 6,500 tonnes per annum by 2028 [12][13]. - The cobalt sulfate market has seen prices increase approximately threefold over the past year, driven by a 29% year-over-year growth in the lithium-ion battery sector, which reached an estimated 1.59 TWh in 2025 [16][17]. Strategic Importance - The establishment of the refinery is crucial for North American supply chains, reducing reliance on foreign processing and enhancing the resilience of critical mineral supply for defense and industrial applications [27][28]. - The refinery is expected to represent approximately 27% of world supply excluding China and about 5% of total global cobalt sulfate supply once fully operational [21][12]. Commercial Arrangements - Electra has secured feedstock supply arrangements with leading global cobalt producers, including Glencore, and has a long-term tolling agreement with LG Energy Solution, expected to account for about 60% of initial production [22][12].

Core Viewpoint - Electra Battery Materials Corporation has increased its At the Market Offering Program to allow for the sale of common shares totaling up to US$25,000,000, which will be used for working capital and general corporate purposes, including the commissioning of its cobalt sulfate refinery in Ontario, Canada [1][4]. Group 1: Offering Details - The At the Market Offering Program allows Electra to sell common shares at its discretion through H.C. Wainwright & Co., LLC [1]. - The total offering amount includes US$5,500,000 previously sold under the same agreement [1]. - The offering is registered under the Securities Act of 1933 and was declared effective by the SEC on December 11, 2025 [2]. Group 2: Sales Mechanism - Sales of common shares will occur as "at-the-market offerings" on the Nasdaq Capital Market, with prices varying based on market conditions at the time of sale [3]. - No shares will be sold on the TSX Venture Exchange or any other Canadian trading market [3]. Group 3: Use of Proceeds - The net proceeds from the ATM will primarily be allocated for working capital and general corporate purposes, particularly for the commissioning of the cobalt sulfate refinery [4]. - The company believes its existing cash and liquidity sources will be sufficient to fund the refinery's planned mechanical completion, although these plans may change [4]. Group 4: Company Overview - Electra is focused on advancing North America's critical minerals supply chain for lithium-ion batteries, particularly through the development of its cobalt sulfate refinery [6]. - The company's strategy includes nickel refining and battery recycling, with growth projects in black mass recycling and cobalt production opportunities in Quebec [6].

Core Viewpoint - Electra Battery Materials Corporation is actively participating in key global mining and battery materials conferences to advance its strategy of onshoring North American critical minerals refining and strengthening relationships with stakeholders [2][3][4]. Upcoming Engagements - Electra will attend the Investing in African Mining, Indaba from February 9-12, focusing on future cobalt hydroxide feed supply for its North American refinery, with initial deliveries targeted for 2027 [3]. - At the BMO Global Metals, Mining and Critical Minerals Conference, CEO Trent Mell will engage in one-on-one meetings with institutional investors to discuss the company's strategy and recent progress [4]. - During the PDAC 2026 Convention from March 1-4, Electra's leadership will meet with government and industry participants to discuss long-term critical minerals supply in North America [5]. - VP, Commercial, Michael Insulan will present at the Tokyo Battery Summit on March 17-18, addressing North American resource policy and supply-chain resilience [5]. Corporate Update - The company has engaged Epstein Research for three months starting February 1, 2026, to enhance awareness through social media and produce content, with a total compensation of US$7,500 for the term [6]. Project Focus - Electra is constructing North America's only cobalt sulfate refinery and holds significant land in Idaho's Cobalt Belt, positioning itself as a cornerstone for cobalt and copper production [8]. - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth in nickel refining and other battery materials [9].

Core Viewpoint - Electra Battery Materials Corporation announces the resignation of CFO Marty Rendall, effective end of February 2026, to pursue another executive opportunity, with David Allen returning as Interim CFO to ensure leadership continuity during a critical construction phase [1][2][3]. Company Leadership Changes - CFO Marty Rendall will resign at the end of February 2026 to take on a new role in a larger organization, but will assist in the transition until then [1]. - David Allen, who previously served as CFO from 2023 to late 2024, will return as Interim CFO effective February 28, 2026 [2]. Contributions and Transition - Marty Rendall is credited with strengthening the company's balance sheet, completing essential capital raises, and advancing the refinery construction strategy, leaving the company in a stronger position [3]. - The return of David Allen as Interim CFO is expected to provide stability and continuity as the company progresses with the construction of North America's first cobalt sulfate refinery [3]. Company Focus and Strategy - Electra Battery Materials is focused on constructing North America's only cobalt sulfate refinery, aiming to enhance the domestic supply chain for critical minerals and reduce reliance on foreign sources [4]. - The company also holds significant land in Idaho's Cobalt Belt, positioning itself as a key player in North American cobalt and copper production [4]. - Electra is exploring black mass recycling to recover critical materials from end-of-life batteries and is evaluating growth opportunities in nickel refining and other battery materials [5].

Core Insights - Electra Battery Materials Corporation has awarded a contract worth US$6.1 million (C$8.3 million) to EXP Services Inc. for engineering, project management, and construction management services for its Ontario battery materials refinery project [1] - The partnership with EXP is aimed at enhancing project execution capabilities as Electra moves towards the final phase of its cobalt sulfate refinery development, which is expected to reach mechanical completion and commissioning in 2027 [2][3] Company Developments - Electra is focused on commissioning its cobalt sulfate refinery in 2027, which is positioned as a strategic asset to support North America's military and industrial base amid increasing demand for critical minerals [3] - The refinery, located in Temiskaming Shores, Ontario, is the only facility of its kind under development in North America, with significant construction milestones already achieved [3] - The company is targeting mechanical completion of the refinery in the first half of 2027, with an expected annual production of 5,100 tonnes of battery-grade cobalt sulfate, with plans for expansion to 6,500 tonnes [4] Industry Positioning - Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries, focusing on onshoring critical minerals refining to reduce reliance on foreign supply chains [5] - The company also holds significant land in the Idaho Cobalt Belt, positioning it as a potential cornerstone for North American cobalt and copper production [5] - Additionally, Electra is exploring black mass recycling opportunities to recover lithium and other critical minerals from end-of-life batteries, while evaluating growth opportunities in nickel refining [6]

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].

Core Viewpoint - Electra Battery Materials Corporation has initiated an At the Market Offering (ATM) to raise up to US$5,500,000 through the sale of common shares, with a cash commission of 3.0% payable to H.C. Wainwright & Co. for their services [1][4]. Group 1: Offering Details - The ATM is established under a previously announced agreement with H.C. Wainwright & Co., allowing the company to sell common shares at its discretion [1]. - The offering is registered in the United States under a registration statement filed with the SEC, which was declared effective on December 11, 2025 [2]. - Sales of common shares will occur at market prices on the Nasdaq Stock Market, and no shares will be sold on the TSX Venture Exchange or other Canadian markets [3]. Group 2: Use of Proceeds - The company intends to utilize the net proceeds from the ATM as outlined in the Prospectus [4]. Group 3: Company Overview - Electra Battery Materials is focused on advancing North America's critical minerals supply chain for lithium-ion batteries, with a primary project being the construction of North America's only cobalt sulfate refinery [6]. - The company holds significant land in Idaho's Cobalt Belt, positioning itself as a key player in North American cobalt and copper production [6]. - Electra is also exploring black mass recycling to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other battery materials [7].

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]