Electra Battery Materials Corporation 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, designed to produce 5,120 tonnes of contained cobalt annually, remains on track for commissioning activities to begin in the fourth quarter of 2026, mechanical completion by the second quarter of 2027, and commercial production by the fourth quarter of 2027.
The company also disclosed plans to issue 500,000 incentive stock options, subject to TSX Venture Exchange approval, with vesting in three equal tranches over a four-year period. The options are tied to recent appointments and reflect Electra’s ongoing efforts to strengthen its operational and executive team.
Electra has secured 100% of the cobalt feedstock required for commissioning and ramp-up through 2027 via a supply agreement with Glencore. Beyond initial production, the company has also finalized a five-year supply agreement providing approximately 10,000 tonnes of contained cobalt through 2031, reinforcing its long-term market position.
Construction activities at the Temiskaming Shores site are underway, with ongoing work including structural steel erection, concrete placement, equipment installation, and piping. The refinery, positioned as North America’s first cobalt sulfate facility, aims to bolster domestic supply chains amid heightened demand for critical minerals.
Trent Mell, Electra’s CEO, stated that the partnership with Invest Ontario and the Government of Ontario underscores the strategic importance of the project, emphasizing its role in creating long-term employment and economic activity. Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, highlighted the refinery’s contribution to securing supply chains for North America’s manufacturing sectors.
