Electra Battery Materials reactivates construction at cobalt sulfate refinery

Electra Battery Materials (ELBM) has resumed construction at its cobalt sulfate refinery following the arrangement of approximately $82 million in project financing. This brownfield expansion positions Electra to complete North America’s first cobalt sulfate refinery, with permits and infrastructure in place, major equipment already on site, and supported by a fully funded capital program. Highlights: Construction resumes at North America’s first cobalt sulfate refinery, a brownfield expansion fully funded for completion and commissioning. $82 million of financing secured, including US$48 million in support from the U.S., Canadian and Ontario governments. The refinery is designed to produce 6,500 tonnes of battery-grade cobalt annually, supplying a critical input for North American defense and industrial applications. Electra has engaged EXP to provide construction management support for the Construction Reactivation execution. Work is now underway to advance site preparations, reinstate mechanical, electrical, and instrumentation systems, and maintain project momentum through the winter. Key program activities include: Finalizing detailed engineering, including completion of P&IDs, HAZOP reviews, and as-built mechanical scans. Restarting piping, electrical, and instrumentation work, including procurement and reactivation of critical mechanical and electrical components such as valves and control systems. Issuing major mechanical, electrical, and instrumentation packages for tender and award of the contract. Upgrading existing conveyor systems and electrical infrastructure to align with the updated design. Advancing project controls, budget and schedule updates, and logistics planning to support full construction mobilization in early 2026. Site preparation and materials handling installations, including laydown areas, warehousing, and logistics support for equipment and materials. The workforce is expected to increase substantially once major mechanical, electrical, and instrumentation contracts are awarded, positioning the site for full-scale construction in early 2026. The Company’s team is currently reviewing the construction schedule and capital estimates. The previous 2023 re-baseline estimate of $60 million is being updated to reflect inflationary impacts and work already completed. Electra intends to provide a further market update in January, providing greater visibility into final cost, an accelerated schedule, and execution milestones.