Electra Battery Materials has finalized C$17.5 million in funding from Invest Ontario to advance construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario. The facility, billed as North America’s first of its kind, is under construction with concrete work, structural steel erection, piping and equipment installation underway.
The project targets commissioning in the fourth quarter of 2026, mechanical completion by the second quarter of 2027 and commercial production by the fourth quarter of 2027. Once operational, the refinery is designed to produce 5,120 tonnes of contained cobalt annually, with crystallizer nameplate capacity of up to 6,500 tonnes per year.
Electra has secured 100% of the cobalt feedstock required for commissioning and ramp-up through 2027, supported by a five-year supply agreement with Glencore. Under the pact, Glencore will receive approximately 10,000 tonnes of contained cobalt from the facility through 2031.
The company also disclosed plans to issue 500,000 incentive stock options, subject to TSX Venture Exchange approval. The options will vest in three equal tranches over a four-year period, aligning with recent executive appointments.
Trent Mell, Electra’s CEO, said the funding underscores the strategic importance of onshoring critical mineral processing capacity. Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, highlighted the project’s role in strengthening secure supply chains for North American manufacturers.
