Electra Advances Financing for North America's Only Cobalt Sulfate Refinery

Electra Advances Financing for North America's Only Cobalt Sulfate Refinery

Benzinga
March 24, 2025

TORONTO, March 24, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ:ELBM, TSXV:ELBM) ("Electra" or the "Company") is pleased to provide an update following a visit from the Honourable Marc G. Serré, Parliamentary Secretary to the Minister of Energy and Natural Resources and Member of Parliament for Nickel Belt and the Honourable Anthony Rota, Member of Parliament for Nipissing–Timiskaming, to its cobalt sulfate refinery site in Ontario. The Company welcomed the MPs following Electra's announcement on Friday of a conditional contribution from the Government of Canada to support completion of North America's first and only cobalt sulfate refinery.

To date, Electra has arranged US$54 million in non-dilutive funding, including US$34 million in government support, comprised of both a binding contract and a non-binding letter of intent, and a US$20 million strategic investment proposal (September 10, 2024 press release). In 2023, Electra estimated the capital cost to complete the cobalt refinery at approximately US$60 million, excluding first fills and commissioning costs (October 23, 2023 press release). Additional non-dilutive funding options are in active development.

"Canada, with its abundance of critical mineral resources, is uniquely positioned to play an important role in the global energy transition," said MP Serré. "It is important that the government be there. Electra's project will provide Canada with a high-quality critical mineral input that will contribute to the net-zero economy and strengthen our mining industry."

"We are grateful for the Government of Canada's continued support," said Trent Mell, CEO of Electra. "This site visit demonstrates government engagement in building a domestic critical minerals supply chain. We are proud to be leading the way with a facility that will produce sustainable, battery-grade material for ...

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