Electra Battery Materials shares surge 18.47% premarket after awarding $6.1M contract to EXP Services for Ontario refinery engineering and project management.

Electra Battery Materials (NASDAQ: ELBM) surged 18.47% in premarket trading following the announcement of a $6.1 million contract awarded to EXP Services Inc. for engineering and project management support at its Ontario refinery. The deal, which advances the company’s cobalt sulfate production infrastructure, signals progress toward its strategic goals and operational scalability. Additionally, DeepSeek analyst DeepSeek General CA initiated a "Hold" rating with a $1.10 price target, marking the first analyst coverage for ELBM. The combined news of a secured contract and a positive analyst debut likely drove the sharp premarket rally, reflecting investor optimism over the company’s project execution and long-term potential in the critical minerals sector.