Electra Battery resumes construction at refinery

Executive Summary

• Electra Battery Materials Corp. has resumed construction at its cobalt sulfate refinery in North America following the securing of approximately $82 million (U.S.) in project financing.
• The brownfield expansion is fully financed for completion and commissioning, with government support accounting for $48 million (U.S.) of the total funding.
• The refinery is designed to produce 6,500 tonnes of battery-grade cobalt annually, targeting commissioning in 2027 and full-scale construction mobilization in early 2026.

Key Details

• Financing Structure: The project is fully financed through a combination of equity financing (announced October 2025) and government support.
• Government Support: The company received approximately $48 million (U.S.) in non-dilutive funding from three levels of government:
  • U.S. Department of War (August 2024)
  • Government of Canada (March 2025)
  • Invest Ontario (September 2025)
• Production Capacity: The refinery is designed to produce 6,500 tonnes of battery-grade cobalt sulfate annually.
• Strategic Positioning: This will be North America's first cobalt sulfate refinery and one of only two major facilities outside of China.
• Construction Timeline:
  • Current phase: Site preparations, reinstating mechanical/electrical/instrumentation systems, and finalizing detailed engineering.
  • Full construction mobilization: Targeted for early 2026.
  • Commissioning: Targeted for 2027.
• Cost Estimates: The previous 2023 rebaseline estimate of $60 million (U.S.) is being updated to reflect inflationary impacts and work completed. A further market update regarding final costs and an accelerated schedule is expected in January.
• Supply Chain & Offtake:
  • Of Take: Arrangement with LG Energy Solution.
  • Feedstock: Responsibly sourced cobalt from Glencore and Eurasian Resources Group (ERG); test work underway for North American feedstocks (Idaho cobalt belt).
• Construction Management: EXP engaged to provide construction management support.
• Key Activities: Finalizing P&IDs, HAZOP reviews, as-built mechanical scans, issuing tenders for major mechanical/electrical/instrumentation packages, and upgrading existing conveyor systems.

Notable Quotes

• Trent Mell, CEO: "We have been building toward this moment for several years... Today, government support, private investment and industrial policy are aligned to make completion of this refinery possible and to deliver a critical asset for North America."
• Paolo Toscano, VP, Projects and Engineering: "Our focus is on disciplined execution... The restart of construction represents a major milestone for Electra. Our priorities remain safety, quality and delivering the project on schedule as we target commissioning in 2027."