Electra Battery Materials Updates Long-Term Cobalt Supply Deal With LG Energy Solution

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

Electra Battery Materials Corp., a Canadian critical minerals processor for the battery sector, is developing North America’s first battery-grade cobalt sulfate refinery in Ontario, with initial capacity of 5,120 tonnes of contained cobalt per year and room to reach 6,500 tonnes, and holds additional cobalt and copper properties in Idaho alongside emerging recycling and nickel refining opportunities. The company approved a US$73 million construction budget in February 2026 and is targeting early commissioning in the fourth quarter of 2026 and commercial production by the fourth quarter of 2027, positioning itself as a strategic domestic supplier amid rising cobalt sulfate prices.

On March 10, 2026, Electra announced that LG Energy Solution had reaffirmed their relationship by signing a new binding term sheet dated March 6, 2026, updating a long-term offtake agreement for cobalt sulfate from the Ontario refinery. The revised deal commits LG Energy Solution to take 60% of Electra’s cobalt sulfate output through 2029, with an option to extend to 2032 and about 40% of capacity left uncommitted, giving Electra upside exposure to a cobalt market that has seen prices rise more than 90% since early 2025 and reinforcing its role in securing a North American supply chain for critical minerals.

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 Corp. is a Canadian company focused on building North America’s critical minerals supply chain for lithium-ion batteries. Its primary asset is a fully permitted, funded cobalt sulfate refinery under construction in Ontario, aimed at supplying the electric vehicle and energy storage markets, complemented by cobalt and copper exploration assets in Idaho and black mass recycling initiatives.

Average Trading Volume: 237,121

Technical Sentiment Signal: Sell

Current Market Cap: C$89.73M

For a thorough assessment of ELBM stock, go to TipRanks’ Stock Analysis page.