Electra Battery Materials Awards C$25 Million Solvent Extraction Build as Cobalt Refinery Advances

The latest update is out from Electra Battery Materials Corp ( (TSE:ELBM) ).

On May 13, 2026, Electra Battery Materials Corp. announced it has awarded a C$25 million construction package to WB Melback Corporation to complete the solvent extraction building at its cobalt sulfate refinery complex north of Toronto. The contract covers concrete and civil works, structural steel erection, piping, and electrical and instrumentation integration for the solvent extraction circuit, with a limited notice to proceed enabling early execution while the definitive agreement is finalized.

Electra reported that early-stage work such as engineering verification, construction sequencing, QA/HSE preparation, shop drawings, and enabling civil and structural activities is already underway, alongside broader site mobilization of trades, engineers, and contractors. Recent and ongoing work across the refinery includes major concrete pours, structural steel installation, long-lead equipment delivery, process equipment and piping installation, and crystallizer and neutralization clarifier work, underscoring that the project remains on budget and on schedule as the company advances toward commissioning next year and aims to cement its role in onshoring critical battery materials refining in North America.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.10 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 primarily constrained by very weak financial performance (no revenue in the provided periods, large and worsening losses, and persistent negative operating/free cash flow). Technical signals are mixed—some short-term improvement but a broader downtrend remains. Valuation provides limited support due to losses (negative P/E) and no dividend yield.

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

More about Electra Battery Materials Corp

Electra Battery Materials Corp. is a Toronto-based company focused on advancing North America’s critical minerals supply chain for lithium-ion batteries. Its primary project is constructing what it says will be North America’s only cobalt sulfate refinery north of Toronto, complemented by Idaho cobalt and copper assets and initiatives in black mass recycling and potential nickel refining.

Average Trading Volume: 174,997

Technical Sentiment Signal: Strong Sell

Current Market Cap: C$88.18M

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