Electra Battery Materials Corp V.ELBM

Alternate Symbol(s): ELBM

Metals & Mining Industrial Metals & Minerals

Electra Battery Materials Corporation is a Canada-based processor of low-carbon, ethically sourced battery materials. The Company is focused on building a supply of cobalt, nickel and recycled battery materials. It is engaged in the business of battery materials refining, including refining material from mining operations and from the recycling of battery scrap and end of life batteries. It owns two main assets: the refinery located in Ontario, Canada and the Iron Creek cobalt-copper project located in Idaho, United States. Its projects include Ontario Refinery, Recycling, Becancour, North American Nickel and Iron Creek. It is in the process of constructing its expanded hydrometallurgical cobalt refinery, assessing the various optimizations and modular growth scenarios for a recycled battery material (known as black mass) program, and exploring and developing its mineral properties. The Iron Creek Project consists of mining patents and exploration claims over an area of 3,300 hectares.

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Electra Battery Materials Corp > New Press Release - Electra Provides Update on Cobalt Refinery Project

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Comment by ElJon Oct 23, 2023 12:31pm

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Post# 35696518

RE:New Press Release - Electra Provides Update on Cobalt Refinery Project

The following personal extracts from Electra’s October 23, 2023 update on the construction of its battery grade cobalt sulfate refinery, are tabled for easy reference and hopefully a little dilution of some of the PR “fluffy” repeat of old “news”:

Electra has in recent weeks received US$5 million in long-lead, critical equipment, including pressure vessels, tanks, and structural steel, needed for completion of the Corporation’s solvent extraction plant and crystallizer circuit.
“Installation of the equipment delivered at site will occur as Electra secures its capital funding requirements for the refinery project.”
- QUESTION: Does this mean while the company continues to find solutions to the “capital funding requirements” or does it mean conditional to and after finding solutions to the “capital funding requirements” ?
Based on updated re-baseline engineering work undertaken by the refinery project’s engineering, procurement, and construction management (EPCM) contractor and reviewed by an independent, third-party estimator, the Company estimates that an additional US$55.7 to $62 million (approximately) is required (“Old News context”) to complete construction. Management has been working on a largely non-dilutive funding solution with government and industry stakeholders to address the additional capital needs.
- “The timeline for completing the refinery project will be contingent on securing the needed capital.”
“We are focused on addressing our capital requirements and strengthening our relationships with key stakeholders in the broader EV supply chain. We remain actively engaged with government stakeholders to secure US$10.9 million of previously committed funding. We are also encouraged by recent developments on a larger funding solution to complete construction and commissioning of the refinery.”
“Our efforts to advance our joint venture with Three Fires Group is focused on recycling battery waste in Ontario.” Question: Is this perhaps linked conditionally to the securing of any of the government stakeholders previously committed funding?
As at September 30, 2023, the Company had a cash balance of approximately C$15.1 million.