Electra Awards US$6.1 Million Contract for Final Construction Phase of Ontario Cobalt Refinery

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

On February 3, 2026, Electra Battery Materials Corp. said it awarded a US$6.1 million (C$8.3 million) contract to EXP Services Inc. for engineering, project management and construction management support during the construction phase of its Ontario battery materials refinery. The deal is intended to bolster project execution as Electra moves into the final phase of developing what it describes as North America’s first cobalt sulfate refinery, targeting mechanical completion in the first half of 2027 and commissioning and production later that year. The Temiskaming Shores facility is the only cobalt sulfate refinery under development in North America and is positioned by the company as a strategic asset for securing critical minerals for the region’s military and industrial base. Electra reported that key civil, mechanical and structural work has already been completed, detailed engineering and safety reviews are advancing, procurement of piping, electrical components and control systems has restarted, and site logistics and materials handling infrastructure are in place to enable full construction mobilization in the coming weeks. Once fully operational, the refinery is expected to produce 5,100 tonnes of battery-grade cobalt sulfate annually, with plans to expand capacity to 6,500 tonnes of contained cobalt in sulfate per year, reinforcing Electra’s role in the emerging North American EV and energy storage supply chain.

The most recent analyst rating on (TSE:ELBM) stock is a Hold with a C$1.50 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.

Overall score is held down primarily by weak financial performance—no revenue, sizable losses, and persistent cash burn alongside rising leverage. Technicals are a partial offset, showing a constructive uptrend and positive momentum. Valuation remains challenging due to negative earnings and no indicated dividend yield.

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 America-focused critical minerals company developing a domestic supply chain for lithium-ion batteries. Its core project is construction of what it says will be North America’s only cobalt sulfate refinery in Temiskaming Shores, Ontario, aimed at onshoring refining capacity and reducing reliance on foreign supply chains. The company also holds significant cobalt and copper exploration assets in the Idaho Cobalt Belt, including the Iron Creek and Ruby projects, and is advancing black mass battery recycling and evaluating future nickel refining opportunities.

Average Trading Volume: 315,464

Technical Sentiment Signal: Strong Sell

Current Market Cap: C$120.6M

For an in-depth examination of ELBM stock, go to TipRanks’ Overview page.