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Electra Battery Materials Corp ( (TSE:ELBM) ) just unveiled an announcement.
Electra Battery Materials Corporation has signed a term sheet with Invest Ontario for C$17.5 million to support the construction of its cobalt sulfate refinery in Temiskaming Shores, which will be the first of its kind in North America. The facility aims to produce 6,500 tonnes of battery-grade cobalt sulfate annually, supporting the production of up to 1 million electric vehicles per year. This initiative is part of a larger C$100 million investment and is expected to enhance Canada’s battery materials supply chain, create over 50 new jobs, and contribute to Ontario’s clean energy transition and electric vehicle manufacturing ecosystem.
The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 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 Underperform.
Electra Battery Materials Corp’s overall stock score is low due to its severe financial difficulties, including no revenue and high losses, and negative valuation metrics. While technical analysis indicates a bearish trend, recent corporate events show potential for future growth, but they are insufficient to offset current financial and operational challenges.
To see Spark’s full report on TSE:ELBM stock, click here.
More about Electra Battery Materials Corp
Electra Battery Materials Corporation is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. The company is focused on developing North America’s only cobalt sulfate refinery and is executing a phased strategy to onshore critical minerals refining, including nickel refining and battery recycling, to reduce reliance on foreign supply chains.
Average Trading Volume: 39,065
Technical Sentiment Signal: Sell
Current Market Cap: C$21.2M
For an in-depth examination of ELBM stock, go to TipRanks’ Overview page.