Electra Battery Materials reports cash position of C$3M at end of Q2

Electra Battery Materials (ELBM) announced the filing of its financial results for the second quarter ended June 30, 2025. The company said, “During the second quarter of 2025, Electra launched early works activities to prepare for resumption of construction of its cobalt refinery and began metallurgical testing of domestic cobalt feedstock from the Cobalt Camp in Ontario and the Iron Creek project in Idaho. The Company also completed a feasibility level Class 3 Engineering Study for a new battery recycling facility to be built on the same site as the cobalt refinery, forming part of an integrated metallurgical complex in Ontario. These steps demonstrate disciplined advancement focused on reinforcing Electra’s position as a cornerstone of North American battery materials production. Activities from the Quarter: Early Works Initiated at Cobalt Refinery: In June, Electra launched site-level activities to support the restart of construction at North America’s only cobalt sulfate refinery focused on advancing high-priority activities in the solvent extraction area including installation of equipment and completion of structural work. North American Feedstock Testing Launched: On July 31st, Electra commenced metallurgical testing of North American cobalt feedstock from two sources, its Iron Creek project in Idaho and legacy operations in the historic Cobalt Camp in Ontario. The initiative supports the Company’s goal of diversifying its future feedstock supply with ethical, domestic sources. Battery Recycling Refinery Engineering Study Completed: Electra completed a feasibility level Class 3 Engineering Study in early June for a new battery recycling refinery to be located adjacent to its existing cobalt refinery in Temiskaming Shores, Ontario. The study builds on Electra’s successful 2023 black mass demonstration and supports its strategy to enable a closed-loop North American battery materials solution. Aki Joint Venture with Three Fires Group Advanced: Electra and its Indigenous partner, Three Fires Group, made progress on the Aki Battery Recycling joint venture, poised to become Canada’s first Indigenous-led lithium-ion battery recycling initiative. Key developments include shortlisting of technology partners, potential site evaluations, and government engagement… The Company’s cash position at the end of the quarter was C$3M. Subsequent to June 30, 2025, Electra received a temporary waiver from the holders of the Company’s senior secured debt to reduce the reportable minimum liquidity balance to $1M. In connection with the waiver, the Company has commenced discussions with the debtholders and other prospective investors regarding a range of potential consensual transactions, including the potential equitization of a portion of the outstanding debt, with a view to strengthening liquidity. Discussions are preliminary in nature and there can be no certainty they will result in a transaction or on what terms any transaction may occur.”