ELBM News & Events

Electra Battery Materials executed a binding investment agreement with the Government of Canada under the Strategic Response Fund. The Investment provides for total federal funding of C$20M toward eligible project costs, to support the completion of construction and commissioning of North America's only battery-grade cobalt sulfate refinery, located in Temiskaming Shores, Ontario. The Company expects to require roughly 150 to 200 workers during construction and ramp-up, including direct employment and contractor opportunities, and sustain approximately 60 permanent jobs during operations, as well as an additional 100+ indirect employment opportunities in the region, supporting long-term employment in Northern Ontario. Electra is prioritizing local sourcing and partnerships with Canadian contractors, helping to drive economic activity and strengthen the domestic battery materials supply chain. Mechanical completion of the facility is scheduled for Q2 2027. Once commissioned, the refinery will have an initial annual production capacity of approximately 5,120 tonnes of battery grade cobalt in 2027, increasing to 6,500 tonnes. At full capacity, the facility will represent a significant global source of refined cobalt, a critical input for defense systems, consumer electronics and advanced energy storage technologies. A majority of production will be sold to LG Energy Solution under an offtake arrangement announced earlier this year.

Electra Battery Materials announced the award of approximately C$7.8M in construction contracts related to key infrastructure within its cobalt sulfate refinery in Ontario. The contracts establish defined construction scopes across key process areas, bringing additional portions of the refinery into active execution. Electra has awarded a contract valued at approximately C$6.8M for structural, mechanical, and piping work associated with the refinery's crystallizer circuit. The work is being executed by Pro Pipe Construction, a Northern Ontario-based subsidiary of Dalcon Construction, and includes fabrication and installation of piping systems and mechanical equipment supporting the movement and processing of cobalt-bearing solutions through the crystallization stage.

Electra Battery Materials received a notice from Nasdaq stating that the company is not in compliance with the minimum bid price requirement of $1.00 per share. The notice has no immediate effect on the listing or trading of the company's common shares on Nasdaq, and the company's operations are not affected by the receipt of the notice. The company has until September 14 to regain compliance with the Minimum Bid Requirement, during which time the company's common shares will continue to trade on Nasdaq. If the company does not regain compliance with the Minimum Bid Requirement by September 14, the company may be eligible, upon satisfaction of certain Nasdaq listing requirements, for an additional period of 180 calendar days to regain compliance. The company is considering various strategies to regain compliance.

Electra Battery Materials provided a construction progress update for its cobalt sulfate refinery project in Ontario. The project continues to advance beyond detailed engineering, with procurement and installation activities progressing in line with the company's construction plan and budget. The refinery is expected to become North America's only battery-grade cobalt sulfate production facility, with mechanical completion targeted for Q2 of 2027. Electra also completed a comprehensive tailings area testwork program. Purchase orders for key process systems have been awarded. Earlier this year, Electra approved a $73M construction budget and execution schedule designed to advance the refinery through mechanical completion in Q2 2027, with commissioning activities beginning in late 2026 and production ramp-up expected in 2027.