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Electra Battery Materials Corp ( (TSE:ELBM) ) has provided an update.
Electra Battery Materials has awarded C$7.8 million in construction contracts to advance key infrastructure at its Ontario cobalt sulfate refinery, including a C$6.8 million package to Pro Pipe Construction for structural, mechanical and piping work on the crystallizer circuit and a C$1.0 million contract to WB Melback for the refinery’s silo building. Management said the strategy of assigning defined scopes to experienced regional contractors is intended to maintain tight control over cost, schedule and execution, while an at-the-market equity program raised US$4.75 million in the first quarter to support the project and further strengthen the company’s position in the North American battery materials supply chain.
The most recent analyst rating on (TSE:ELBM) stock is a Sell with a C$0.76 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 ELBM Stock
According to Spark, TipRanks’ AI Analyst, ELBM is a Neutral.
The score is weighed down primarily by very weak financial performance (no revenue, large losses, and ongoing cash burn) and bearish technicals (price below all key moving averages with negative MACD). Valuation offers limited offset because the negative P/E reflects continued unprofitability and there is no dividend support.
To see Spark’s full report on ELBM stock, click here.
More about Electra Battery Materials Corp
Electra Battery Materials Corporation is a North American critical minerals refining company focused on supplying the lithium-ion battery sector. Its primary initiative is constructing what it says will be North America’s only cobalt sulfate refinery in Ontario, alongside significant cobalt and copper exploration assets in Idaho’s Cobalt Belt and emerging capabilities in black mass recycling and potential nickel refining.
Average Trading Volume: 230,153
Technical Sentiment Signal: Sell
Current Market Cap: C$84.03M
For detailed information about ELBM stock, go to TipRanks’ Stock Analysis page.