Electra Battery Materials Awards C$25M Construction Contract
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 13 2026
0mins
Electra Battery Materials has awarded a C$25M construction package to complete the solvent extraction building at its cobalt sulfate refinery complex north of Toronto. The contract was awarded to WB Melback Corporation, a locally based company specializing in industrial construction and maintenance. The package includes concrete and civil works, structural steel erection, piping installation, and electrical and instrumentation integration associated with the refinery's SX circuit. Electra has issued a limited notice to proceed to authorize early execution activities while the parties finalize a definitive construction agreement.
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Wall Street analysts forecast ELBM stock price to rise
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Current: 0.615
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Current: 0.615
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About ELBM
Electra Battery Materials Corporation is a Canada-based critical minerals processing company. The Company is engaged in the business of critical minerals supply chain for lithium-ion batteries. The Company is in the business of producing battery materials, including refining material from mining operations and from the recycling of battery scrap and end of life batteries. Its segment includes Refinery, Exploration and Evaluation assets, and Corporate and Other. The Company’s primary asset is the wholly owned Refinery located in Ontario, Canada. The Company also owns the Idaho properties within the Idaho cobalt belt in the United States. The Idaho properties include the Iron Creek cobalt-copper project and other minerals projects. The properties cover approximately 3,260 hectares with both patented and unpatented claims, as well as 600 meters of underground drifting. The Company also holds royalty interests over several silver and cobalt properties in Ontario known as the Cobalt Camp.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Electra Battery Materials Reports Q1 2026 Operating Results and Refinery Progress
- Significant Construction Progress: Electra approved a $73 million construction budget for its battery-grade cobalt sulfate refinery in Q1 2026, with commissioning targeted for Q4 2026, marking a critical phase in establishing North America's first facility of its kind.
- Strengthened Strategic Partnership: The company entered into a strategic supply agreement with LG Energy Solution, securing approximately 60% of the refinery's cobalt sulfate production for the next six years, thereby enhancing Electra's position within the lithium-ion battery supply chain.
- Robust Funding Support: Electra announced a C$20 million investment agreement with the Government of Canada, with 25% as a non-repayable contribution and 75% as repayable, bolstering its financial flexibility to support refinery construction and commissioning.
- Expansive Market Outlook: The company plans to increase its production capacity from 5,120 tonnes to 6,500 tonnes per annum, positioning Electra strategically to capitalize on the growing demand for battery materials in the North American market.
See More
Electra Battery Materials Secures C$25 Million Construction Contract
- Contract Awarded: Electra Battery Materials Corporation has awarded a C$25 million construction contract to WB Melback Corporation to complete the solvent extraction building at its cobalt sulfate refinery, marking a significant milestone in project advancement.
- Construction Progressing Smoothly: The contract encompasses concrete and civil works, structural steel erection, piping installation, and electrical and instrumentation integration, ensuring the successful implementation of the refinery's SX circuit, which is expected to enhance the company's production capacity and market competitiveness.
- Early Execution Activities Initiated: Electra has issued a Limited Notice to Proceed to authorize early execution activities, including engineering verification, construction sequencing, quality assurance, and health, safety, and environment preparations, ensuring the project progresses as planned and within budget.
- Safety as a Priority: Paolo Toscano, Vice President of Projects & Engineering, emphasized that safety is foundational to every stage of the project, with teams and contractors maintaining strict safety execution standards to ensure smooth project completion and future commissioning.
See More
Electra Secures C$20 Million Investment from Canadian Government
- Investment Agreement Signed: Electra Battery Materials Corporation has executed a C$20 million investment agreement with the Canadian government to support the construction and commissioning of North America's only battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario, marking a significant transition from initial support to a firm commitment that is expected to enhance the company's strategic position in the North American battery materials supply chain.
- Job Creation: The project is anticipated to create approximately 150 to 200 jobs during construction and ramp-up, sustaining around 60 permanent positions during operations, along with over 100 indirect employment opportunities, significantly boosting economic growth and job stability in Northern Ontario.
- Production Capacity Enhancement: Once operational, the refinery is expected to achieve an initial annual production capacity of 5,120 tonnes in 2027, increasing to 6,500 tonnes, establishing itself as a major source of cobalt in North America to meet the demands of defense systems, consumer electronics, and advanced energy storage technologies, thereby enhancing Electra's competitiveness in the global market.
- Policy Support and Strategic Implications: This project aligns with Canadian and U.S. policy objectives to localize critical mineral processing and strengthen energy transition infrastructure, and Electra's success will lay the groundwork for Canada to assert stronger leadership in the global economy while revitalizing the domestic manufacturing sector.
See More
REalloys Secures Rare Earth Supply Agreement Ahead of U.S. Defense Deadline
- Supply Agreement: REalloys has signed an agreement with U.S. Critical Materials Corp. to secure up to 10% of production from the Sheep Creek project in Montana, particularly dysprosium and terbium for high-performance magnets, enhancing the autonomy of the U.S. defense supply chain.
- Production Capacity Expansion: REalloys plans to establish a heavy rare earth metallization facility in Ohio, targeting an initial output of 525 tons of NdPr metal per year, with future expansion to 3,000 tons, significantly reducing reliance on Chinese rare earths and boosting U.S. competitiveness in the global market.
- Urgent Defense Needs: With the 2027 ban on Chinese rare earth materials approaching, the construction of REalloys' supply chain is critical, especially as the ongoing conflict in the Middle East drives up demand for rare earth metals, ensuring material supply for U.S. military contractors.
- Strategic Partnerships and Funding: REalloys has secured up to $200 million in federal financing and has brought in former defense officials to its advisory board, underscoring its pivotal role in the U.S. defense materials supply chain and its potential for future growth.
See More
Electra Battery Materials Reports Significant FY Loss
- Financial Loss: Electra Battery Materials reported a FY GAAP EPS of -C$4.16, indicating significant financial challenges that could undermine investor confidence and negatively impact stock performance.
- Market Offering Expansion: The company has announced an upsized at-the-market offering aimed at increasing capital inflow to alleviate financial pressures, although specific funding amounts remain undisclosed, reflecting a proactive approach to future growth.
- Executive Departure: CFO Marty Rendall's resignation introduces potential short-term uncertainty in financial management and strategic execution, which may affect investor trust in the company's governance.
- Historical Financial Data: The release of historical financial data by Electra will assist analysts and investors in better understanding the company's financial health and future potential, despite current concerns over its losses.
See More
Electra Battery Materials Reports 2025 Financial Highlights and Construction Progress
- Construction Budget Approval: Electra's Board approved a $73 million construction budget to complete its cobalt sulfate refinery in Ontario, with commercial production expected to begin in Q4 2027, thereby enhancing the company's position in the North American critical minerals supply chain.
- Successful Financial Restructuring: Through recapitalization, Electra converted approximately $40 million of convertible debt into equity, reducing outstanding debt by about 60%, significantly improving the company's balance sheet and providing funding for future developments.
- Supply Chain Cooperation Agreement: Electra signed a supply chain cooperation agreement with Positive Materials Inc. to evaluate potential commercial and technical partnerships, further solidifying its position in the North American battery materials ecosystem and supporting domestic supply of critical minerals.
- Black Mass Recycling Initiative: Electra successfully implemented North America's first black mass recycling program in 2023, recovering critical metals such as lithium and nickel, and initiated a feasibility study for a battery recycling refinery adjacent to its cobalt refinery in 2025, further advancing its battery recycling strategy.
See More
Electra Battery Materials Reports Q1 2026 Operating Results and Refinery Progress
- Significant Construction Progress: Electra approved a $73 million construction budget for its battery-grade cobalt sulfate refinery in Q1 2026, with commissioning targeted for Q4 2026, marking a critical phase in establishing North America's first facility of its kind.
- Strengthened Strategic Partnership: The company entered into a strategic supply agreement with LG Energy Solution, securing approximately 60% of the refinery's cobalt sulfate production for the next six years, thereby enhancing Electra's position within the lithium-ion battery supply chain.
- Robust Funding Support: Electra announced a C$20 million investment agreement with the Government of Canada, with 25% as a non-repayable contribution and 75% as repayable, bolstering its financial flexibility to support refinery construction and commissioning.
- Expansive Market Outlook: The company plans to increase its production capacity from 5,120 tonnes to 6,500 tonnes per annum, positioning Electra strategically to capitalize on the growing demand for battery materials in the North American market.
See More
Electra Battery Materials Secures C$25 Million Construction Contract
- Contract Awarded: Electra Battery Materials Corporation has awarded a C$25 million construction contract to WB Melback Corporation to complete the solvent extraction building at its cobalt sulfate refinery, marking a significant milestone in project advancement.
- Construction Progressing Smoothly: The contract encompasses concrete and civil works, structural steel erection, piping installation, and electrical and instrumentation integration, ensuring the successful implementation of the refinery's SX circuit, which is expected to enhance the company's production capacity and market competitiveness.
- Early Execution Activities Initiated: Electra has issued a Limited Notice to Proceed to authorize early execution activities, including engineering verification, construction sequencing, quality assurance, and health, safety, and environment preparations, ensuring the project progresses as planned and within budget.
- Safety as a Priority: Paolo Toscano, Vice President of Projects & Engineering, emphasized that safety is foundational to every stage of the project, with teams and contractors maintaining strict safety execution standards to ensure smooth project completion and future commissioning.
See More
Electra Secures C$20 Million Investment from Canadian Government
- Investment Agreement Signed: Electra Battery Materials Corporation has executed a C$20 million investment agreement with the Canadian government to support the construction and commissioning of North America's only battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario, marking a significant transition from initial support to a firm commitment that is expected to enhance the company's strategic position in the North American battery materials supply chain.
- Job Creation: The project is anticipated to create approximately 150 to 200 jobs during construction and ramp-up, sustaining around 60 permanent positions during operations, along with over 100 indirect employment opportunities, significantly boosting economic growth and job stability in Northern Ontario.
- Production Capacity Enhancement: Once operational, the refinery is expected to achieve an initial annual production capacity of 5,120 tonnes in 2027, increasing to 6,500 tonnes, establishing itself as a major source of cobalt in North America to meet the demands of defense systems, consumer electronics, and advanced energy storage technologies, thereby enhancing Electra's competitiveness in the global market.
- Policy Support and Strategic Implications: This project aligns with Canadian and U.S. policy objectives to localize critical mineral processing and strengthen energy transition infrastructure, and Electra's success will lay the groundwork for Canada to assert stronger leadership in the global economy while revitalizing the domestic manufacturing sector.
See More
REalloys Secures Rare Earth Supply Agreement Ahead of U.S. Defense Deadline
- Supply Agreement: REalloys has signed an agreement with U.S. Critical Materials Corp. to secure up to 10% of production from the Sheep Creek project in Montana, particularly dysprosium and terbium for high-performance magnets, enhancing the autonomy of the U.S. defense supply chain.
- Production Capacity Expansion: REalloys plans to establish a heavy rare earth metallization facility in Ohio, targeting an initial output of 525 tons of NdPr metal per year, with future expansion to 3,000 tons, significantly reducing reliance on Chinese rare earths and boosting U.S. competitiveness in the global market.
- Urgent Defense Needs: With the 2027 ban on Chinese rare earth materials approaching, the construction of REalloys' supply chain is critical, especially as the ongoing conflict in the Middle East drives up demand for rare earth metals, ensuring material supply for U.S. military contractors.
- Strategic Partnerships and Funding: REalloys has secured up to $200 million in federal financing and has brought in former defense officials to its advisory board, underscoring its pivotal role in the U.S. defense materials supply chain and its potential for future growth.
See More
Electra Battery Materials Reports Significant FY Loss
- Financial Loss: Electra Battery Materials reported a FY GAAP EPS of -C$4.16, indicating significant financial challenges that could undermine investor confidence and negatively impact stock performance.
- Market Offering Expansion: The company has announced an upsized at-the-market offering aimed at increasing capital inflow to alleviate financial pressures, although specific funding amounts remain undisclosed, reflecting a proactive approach to future growth.
- Executive Departure: CFO Marty Rendall's resignation introduces potential short-term uncertainty in financial management and strategic execution, which may affect investor trust in the company's governance.
- Historical Financial Data: The release of historical financial data by Electra will assist analysts and investors in better understanding the company's financial health and future potential, despite current concerns over its losses.
See More
Electra Battery Materials Reports 2025 Financial Highlights and Construction Progress
- Construction Budget Approval: Electra's Board approved a $73 million construction budget to complete its cobalt sulfate refinery in Ontario, with commercial production expected to begin in Q4 2027, thereby enhancing the company's position in the North American critical minerals supply chain.
- Successful Financial Restructuring: Through recapitalization, Electra converted approximately $40 million of convertible debt into equity, reducing outstanding debt by about 60%, significantly improving the company's balance sheet and providing funding for future developments.
- Supply Chain Cooperation Agreement: Electra signed a supply chain cooperation agreement with Positive Materials Inc. to evaluate potential commercial and technical partnerships, further solidifying its position in the North American battery materials ecosystem and supporting domestic supply of critical minerals.
- Black Mass Recycling Initiative: Electra successfully implemented North America's first black mass recycling program in 2023, recovering critical metals such as lithium and nickel, and initiated a feasibility study for a battery recycling refinery adjacent to its cobalt refinery in 2025, further advancing its battery recycling strategy.
See More
