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Electra Announces Marty Rendall as CFO, Succeeding David Allen upon his Retirement
ELBMElectra Battery Materials (ELBM) Newsfilter·2024-12-23 12:00

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 US20millionawardfromtheU.S.DepartmentofDefenseandwillassistinthetransitionprocess[10][11].ProjectDevelopments−Electraisfocusedoncompletingtheconstructionofitscobaltrefinery,whichaimstoproduceaninitialrateof5,000tonnesperannumofbattery−gradecobaltcontainedincobaltsulfate,withplanstoexpandproductionto6,500tonnesperannum[5].−Thecompanyisalsoengagedinrecyclingbatteryblackmasstorecoverlithium,nickel,cobalt,andothercriticalmetals,supportedbyajointventurewithAkiBatteryRecycling[5][12].−ThecobaltrefineryprojecthasanestimatedcurrentreplacementvalueofapproximatelyUS20 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 US200 million and is in advanced stages to raise US60millionforcompletion,withUS60 million for completion, with US20 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].