Electra Battery talks work on cobalt sulphate refinery

Executive Summary

• Electra Battery Materials Corp. provided a construction progress update on its cobalt sulfate refinery in Ontario, confirming that procurement and installation are on track with the $73-million budget and mechanical completion is targeted for Q2 2027.
• The company received a Nasdaq notice of non-compliance with the $1 minimum bid price requirement, granting a 180-day cure period until September 14, 2026, to regain compliance.
• Significant engineering and infrastructure milestones were achieved, including the completion of fire suppression and P&ID designs, installation of effluent tanks, and awarding of $1.9 million in key process system purchase orders.

Key Details

• Project Timeline & Budget:
  • Construction budget approved by the board: $73 million (U.S.).
  • Mechanical completion target: Second quarter of 2027.
  • Commissioning activities: Beginning late 2026.
  • Production ramp-up: Expected in 2027.
• Engineering & Design Milestones:
  • Fire suppression system design completed.
  • Piping and Instrumentation Diagrams (P&ID) finalized and being integrated into the 3-D plant model.
  • Comprehensive tailings area test work program completed (test pits, boreholes, lab testing); data delivered to engineering for detailed design.
• Construction & Installation Progress:
  • Solvent Extraction (SX) Building: Survey and layout for anchor bolt placement for the pregnant leach solution (PLS) filter platform completed; raffinate tanks positioned, grouted, and anchored.
  • Infrastructure: Installation of several effluent tanks completed; structural pipe racks connecting major process buildings installed; clarifier tank installations completed; site power infrastructure and construction support facilities upgraded.
• Procurement:
  • Purchase orders awarded for key process systems, including:
    • Plant control system
    • Bag breaker system
    • Neutralization clarifier
    • SX strip solution filter
    • PLS filter platform
  • Total value of these specific awards: Approximately $1.9 million.
  • Majority of major mechanical and electrical equipment already secured and delivered to site.
• Nasdaq Compliance Notice:
  • Date of Notice: March 16, 2026.
  • Reason: Non-compliance with Nasdaq Listing Rule 5550(a)(2) (minimum bid price of $1.00 USD per share) based on 30 consecutive business days of closing bids below $1.00.
  • Cure Period: 180 calendar days from the notice date, expiring on September 14, 2026.
  • Compliance Mechanism: Company can regain compliance by closing at or above $1.00 for a minimum of 10 consecutive business days.
  • Extension: If compliance is not met by Sept 14, 2026, the company may be eligible for an additional 180-day period upon satisfying certain listing requirements.
  • Impact: No immediate effect on listing or trading; operations unaffected; no impact on TSX Venture Exchange listing.

Notable Quotes

• "Steady progress continues at the North American refinery project site," said Paolo Toscano, vice-president, projects and engineering. "With early works now largely complete, including key infrastructure installations and engineering milestones, the project is well positioned to transition into its next phase of construction."