Electra Battery Materials has finalized C$17.5 million in financing from Invest Ontario to support construction of North America’s first cobalt sulfate refinery in Temiskaming Shores, Ontario. The facility, designed to produce 5,120 tonnes of cobalt annually with a nameplate capacity of up to 6,500 tonnes, remains on track for mechanical completion in Q2 2027 and commercial production by Q4 2027.
The project has secured 100% of its required cobalt feedstock through a five-year supply agreement with Glencore, covering approximately 10,000 tonnes of cobalt through 2031. Electra’s CEO Trent Mell highlighted the strategic importance of the facility, stating it would deliver long-term jobs and economic activity while establishing critical domestic refining capacity.
Ontario’s Minister of Economic Development, Job Creation and Trade, Vic Fedeli, emphasized the refinery’s role in strengthening North American supply chains amid rising industrial demand. The financing follows Electra’s recent issuance of 500,000 incentive stock options, valued at the company’s CAD 0.84 closing price on August 25, tied to recent executive appointments.
Electra’s shares closed at CAD 0.84 on August 25, up 2.44% on the Toronto Stock Exchange under the ticker ELBM.
