- Electra Battery Materials (TSXV:ELBM) has initiated its early works program towards restarting North America’s only cobalt refinery
- Electra is a critical minerals company focused on cobalt sulfate refining, nickel refining and battery recycling for the North American lithium-ion battery market
- Electra Battery Materials stock has given back 38.56 per cent year-over-year
Electra Battery Materials (TSXV:ELBM) has initiated its early works program towards restarting North America’s only cobalt refinery.
The battery-grade facility, located north of Toronto, employs hydrometallurgical processing with a low-carbon focus, and could play a potentially meaningful role in onshoring North America’s critical metals supply chain and increasing the continent’s stake in the growing US$17 billion cobalt market, which is expected to post a 6.7 per cent compound annual growth rate through 2030.
The early-works program, which will cost an estimated C$750,000, will focus primarily on the refinery’s solvent extraction (SX) facility, including:
- Installing previously delivered processing equipment.
- Pouring reinforced concrete bases for extraction tanks.
- Finalizing roofing work.
Concurrently, tender and engineering preparations are underway to streamline the path to full-scale construction.
These activities follow a C$200,000 upgrade to the refinery’s septic, power and lighting systems, as well as the recent delivery of a prefabricated electrical house.
The restart is partially supported by US$20 million from the U.S. Department of Defense under the Defense Production Act, awarded in August 2024, in addition to funding from Canada’s Strategic Innovation Fund.
According to Thursday’s news release, “backed by strong government endorsements and the refinery already significantly advanced, Electra expects it will be able to finalize the balance of the financing required to move the refinery into production.”
Leadership insights
“The early works program represents a critical step in transitioning the refinery site back to construction mode,” Mark Trevisiol, vice president of Projects at Electra Battery Materials, said in a statement. “By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place.”
“This project reflects our disciplined approach to advancing the refinery project,” commented Electra’s chief financial officer, Marty Rendall. “The early works program enables us to build critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package.”
“Our early works program is a clear signal: Electra is not standing still,” added Trent Mell, Electra’s CEO. “The early works program lays the physical and operational groundwork to accelerate into full construction. We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America’s only battery-grade cobalt refinery.”
About Electra Battery Materials
Electra is a critical minerals company focused on cobalt sulfate refining, nickel refining and battery recycling for the North American lithium-ion battery market.
Electra Battery Materials stock (TSXV:ELBM) opened unchanged trading at C$1.45. The stock has given back 38.56 per cent year-over-year.
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