Electra signs C$20M investment agreement with Government of Canada

Electra Battery Materials (ELBM) executed a binding investment agreement with the Government of Canada under the Strategic Response Fund. The Investment provides for total federal funding of C$20M toward eligible project costs, to support the completion of construction and commissioning of North America’s only battery-grade cobalt sulfate refinery, located in Temiskaming Shores, Ontario. The Company expects to require roughly 150 to 200 workers during construction and ramp-up, including direct employment and contractor opportunities, and sustain approximately 60 permanent jobs during operations, as well as an additional 100+ indirect employment opportunities in the region, supporting long-term employment in Northern Ontario. Electra is prioritizing local sourcing and partnerships with Canadian contractors, helping to drive economic activity and strengthen the domestic battery materials supply chain. Mechanical completion of the facility is scheduled for Q2 2027. Once commissioned, the refinery will have an initial annual production capacity of approximately 5,120 tonnes of battery grade cobalt in 2027, increasing to 6,500 tonnes. At full capacity, the facility will represent a significant global source of refined cobalt, a critical input for defense systems, consumer electronics and advanced energy storage technologies. A majority of production will be sold to LG Energy Solution under an offtake arrangement announced earlier this year.