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

Core Viewpoint - Electra Battery Materials Corporation is undergoing a significant transition with the appointment of Marty Rendall as the new Chief Financial Officer, aiming to enhance its operations and achieve cash flow by 2026 through the development of critical minerals supply chains outside of China [1][14]. Company Developments - The company is advancing the construction of North America's first cobalt sulfate refinery, with an initial production capacity of 5,000 tonnes per annum of battery-grade cobalt [3][11]. - A subsequent expansion is planned to increase cobalt production to 6,500 tonnes per annum, reaching the nameplate capacity of the crystallization circuit [16]. - Electra is also exploring the establishment of a second cobalt sulfate facility in Bécancour, Quebec, and a nickel sulfate refinery in North America [4][11]. Financial and Operational Highlights - The cobalt refinery project has an estimated current replacement value of approximately US$200 million, with the company in advanced stages to raise about US$60 million to complete construction [10]. - The U.S. Department of Defense has committed US$20 million to support the construction of the cobalt sulfate refinery [8][10]. - The company has successfully processed over 40 tonnes of black mass material in a plant-scale battery recycling trial, recovering valuable elements such as lithium, nickel, and cobalt [17]. Leadership Transition - Marty Rendall brings 17 years of experience as Chief Financial Officer at Victoria Gold, where he played a crucial role in transforming the company into a leading Canadian gold producer with an enterprise value exceeding C$1 billion [2][15]. - The transition from David Allen to Marty Rendall is expected to strengthen the company's operational capabilities and align interests with shareholders through long-term incentive plans [5][9].