Electra Advances Construction of North America’s First Cobalt Sulfate Refinery Toward 2027 Start-Up

Electra Battery Materials Corp ( (TSE:ELBM) ) has issued an announcement.

On January 8, 2026, Electra Battery Materials reported further construction progress at its cobalt sulfate refinery in Ontario, billed as North America’s first such facility, with recent milestones including installation of exterior pipe racks linking the leach plant, solvent extraction building and crystallizer, as well as ongoing civil, structural, concrete and tankage work. With financing and permits in place, most long-lead equipment secured and key contractors engaged, the company is now focused on detailed sequencing, budget and schedule refinement, and preparing for full-scale mechanical system installation ahead of a targeted 2027 commissioning, a development that underscores Electra’s bid to become a central player in a domestically anchored critical minerals supply chain for battery-grade cobalt amid intensifying geopolitical and policy pressures on North American sourcing.

The most recent analyst rating on (TSE:ELBM) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Spark’s Take on TSE:ELBM Stock

According to Spark, TipRanks’ AI Analyst, TSE:ELBM is a Neutral.

The score is primarily held down by weak financial performance (no revenue, ongoing losses, and negative free cash flow) and a bearish technical setup with the stock trading below key moving averages. Positive corporate milestones around refinery financing/construction and partnerships provide some support, but valuation is not meaningfully supported given negative earnings and no dividend data.

To see Spark’s full report on TSE:ELBM stock, click here.

More about Electra Battery Materials Corp

Electra Battery Materials Corporation is a North American critical minerals company focused on supplying the lithium-ion battery supply chain. Its primary project is the construction of what it describes as North America’s only cobalt sulfate refinery, aimed at onshoring refining capacity for battery-grade cobalt. Beyond the refinery, Electra holds a large land package in Idaho’s Cobalt Belt, including the Iron Creek project and nearby properties, positioning it for future cobalt and copper production, and is also developing black mass recycling capabilities and evaluating potential growth in nickel refining and other downstream battery materials.

Average Trading Volume: 663,425

Technical Sentiment Signal: Sell

Current Market Cap: C$124.5M

Find detailed analytics on ELBM stock on TipRanks’ Stock Analysis page.