Le Lézard
Classified in: Mining industry, Business
Subjects: EARNINGS, Conference Call, Webcast, Filing, Business Update

Electra Provides Refinery Update and Files 2023 Financial Reports


Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) ("Electra" or the "Company") today provided an update on its Refinery project and announced the filing of their full year 2023 financial reports. Electra continues to move ahead with its plans to become the first refiner of battery grade cobalt sulfate in North America by recommissioning and expanding its Refinery, located in Temiskaming Shores, Ontario, Canada. Once commissioned, the facility will produce approximately five percent of the global supply of battery grade cobalt needed for electric vehicles.

"Electra achieved a number of milestones in 2023, including the delivery of almost all long lead order equipment to complete construction of the cobalt refinery, operating the first plant-scale black mass refinery in North America and expanding a long-term offtake agreement with LG Energy Solution to five years and 80% of future production," said Electra CEO, Trent Mell.

"Most recently, we announced a long-term supply agreement with Eurasian Resources Group for cobalt hydroxide feed material, supporting our efforts to onshore the battery supply chain and reduce reliance on foreign refiners. We also received an additional C$5 million dollar investment from the Government of Canada, showing their continued commitment to building a strong, domestic EV supply chain. Our near-term focus remains on completing the financing package to complete the cobalt sulfate refinery.

"Battery recycling is a part of our long-term plan for the battery materials complex and with the work we have put into this arena, we are in a position to add a recycling circuit as the availability of waste and scrap materials grows," Mr. Mell continued. "In 2023, Electra refined 40 tonnes of black mass in a plant scale setting, believed to be the first of its kind in North America, recovering lithium, nickel, cobalt and other critical minerals. We are working closely with the Three Fires Group on a joint venture focused on collection and primary recycling of battery scrap, which would provide a steady source of black mass feed material into the refinery. Following commissioning and the planned ramp-up to 6,500tpa of cobalt in sulfate, along with adding the recycling component, the refinery's future as an integrated facility will allow Electra to make battery grade material for cell manufacturers from a variety of sources.

"Canada surpassing China as the world's most promising jurisdiction for manufacturing lithium-ion batteries, underscores the strategic value of our refinery for North America," Mr. Mell concluded. "We have a vision for both the near- and the long-term, and we remain committed to a staged approach, including future plans for a second refinery in Bécancour, Quebec and exploring nickel sulfate refining in North America."

Highlights and Developments

Electra's current priority is recommissioning and expanding its refinery, and its long-term vision includes additional phases to potentially provide recycled battery materials and battery grade nickel to the North American and global electric vehicle battery market:

  1. Completion of the recommissioning of the refinery to produce at an initial rate of 5,000 tonnes per annum of battery cobalt contained in cobalt sulfate from cobalt hydroxide.
  2. 12-month permit amendment process and expansion of certain circuits to increase cobalt production to 6,500 tonnes per annum of battery grade cobalt sulfate, reaching the nameplate capacity of the crystallization circuit.
  3. Recycling of black mass, recovering lithium, nickel, cobalt and other critical metals, supported by a planned joint venture with the Three Fires Group to collaborate to source battery waste and produce black mass for refining at Electra's refinery.
  4. Expansion to a second cobalt sulfate facility in Bécancour, Quebec and a strategically located North American nickel sulfate plant.

Electra's low carbon hydrometallurgical refinery in Canada is permitted and has an estimated current replacement value of approximately US$200 million. The Company requires approximately US$60 million to complete construction. The cobalt refinery project continues to be derisked through the on-site receipt of most long lead-time equipment and by commissioning the legacy refinery operations for the black mass demonstration plant.

The Company's 2023 financial reports are available on SEDAR+ (www.sedarplus.com) and the Company's website (www.ElectraBMC.com). Electra will host a conference call on May 17, 2024, at 9:00 am ET to review its fourth quarter performance and discuss near-term outlook.

Dial in, slides, and webcast are all available at www.ElectraBMC.com/category/events/.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America's only cobalt sulfate refinery and a black mass refinery, Electra is executing a multipronged strategy to onshore the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's cobalt refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information, please visit www.ElectraBMC.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Such forward-looking statements include, without limitation, statements regarding the timing and deemed value of the issuance of Shares. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with on EDGAR at www.sec.gov. Other factors that could cause actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


These press releases may also interest you

21 jun 2024
Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 5, 2024 to file lead plaintiff applications in a securities class action lawsuit against The...

21 jun 2024
The Prime Minister, Justin Trudeau, today issued the following statement on the passing of James K. Irving: "It is with sadness that I learned today of the passing of James K. Irving, a successful Canadian business leader and entrepreneur. "A proud...

21 jun 2024
TSX VENTURE COMPANIES NEX COMPANY BULLETIN V2024-1898 CHINA KELI ELECTRIC COMPANY LTD. ("ZKL.H")BULLETIN TYPE:  Reinstated for TradingBULLETIN DATE:  June 21, 2024NEX Company Further to the TSX Venture Exchange Bulletin dated January 9, 2023, the...

21 jun 2024
B2Gold Corp. ("B2Gold" or the "Company") is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Thursday, June 20, 2024. A total of 845,972,994 common shares were voted at the...

21 jun 2024
Global X Investments Canada Inc. ("Global X") is pleased to announce the distribution amounts per security (the "Distributions") for its exchange traded funds (the "ETFs"), for the period ending June 30, 2024, as indicated in the tables below. The...

21 jun 2024
The Minister of Diversity, Inclusion and Persons with Disabilities, the Honorable Kamal Khera, and the Minister for Women and Gender Equality and Youth, the Honorable Marci Ien, will be in Mississauga to announce investments in mental health support...



News published on and distributed by: