Electra Announces Marty Rendall as CFO, Succeeding David Allen upon his Retirement

Core Viewpoint - Electra Battery Materials Corporation is undergoing a leadership transition with the appointment of Marty Rendall as the new Chief Financial Officer, effective January 1, 2025, following the retirement of David Allen. This change comes at a crucial time as the company aims to build resilient critical minerals supply chains outside of China and achieve cash flow by 2026 [2][3][10]. Company Leadership Transition - Marty Rendall, CFA, has been appointed as the new CFO, bringing extensive experience in strategic planning, financial reporting, and team development [2][4]. - David Allen, the outgoing CFO, played a significant role in securing a US$20 million award from the U.S. Department of Defense and will assist in the transition process [10][11]. Project Developments - Electra is focused on completing the construction of its cobalt refinery, which aims to produce an initial rate of 5,000 tonnes per annum of battery-grade cobalt contained in cobalt sulfate, with plans to expand production to 6,500 tonnes per annum [5]. - The company is also engaged in recycling battery black mass to recover lithium, nickel, cobalt, and other critical metals, supported by a joint venture with Aki Battery Recycling [5][12]. - The cobalt refinery project has an estimated current replacement value of approximately US$200 million and is in advanced stages to raise US$60 million for completion, with US$20 million already committed by the U.S. Department of Defense [6]. Strategic Vision - Electra is building North America's first cobalt sulfate refinery and aims to integrate battery materials recycling and nickel sulfate production into its operations [12][14]. - The company has conducted a plant-scale battery recycling trial, processing over 40 tonnes of black mass material to recover valuable elements, demonstrating its capability to produce high-quality nickel, cobalt, and lithium products [12]. Financial Incentives - In connection with the appointment of Mr. Rendall, the company will issue 125,000 incentive stock options, which will vest over a four-year period, subject to the approval of the TSX Venture Exchange [13].