Electra Commences C$750,000 Early Works at Cobalt Refinery, Boosted by US$20 Million DOD Grant.

Electra Battery Materials has initiated a C$750,000 early works program at its Toronto-based cobalt refinery, marking a strategic move to restart North America's sole cobalt refinery. The project, partially funded by a US$20 million award from the U.S. Department of Defense, aims to reduce reliance on foreign supply chains. The early works program focuses on the solvent extraction facility, with funding support from the Canadian government. The company is working to secure the remaining financing required for full commercial operation.

Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has initiated a C$750,000 early works program at its Toronto-based cobalt refinery, marking a strategic move to restart North America's sole cobalt refinery. The project, partially funded by a US$20 million award from the U.S. Department of Defense, aims to reduce reliance on foreign supply chains. The early works program focuses on the solvent extraction facility, with funding support from the Canadian government. The company is working to secure the remaining financing required for full commercial operation.

The early works program encompasses targeted site-level activities designed to prepare for the restart of full-scale construction. The initiative reflects growing momentum around the project, supported by strategic funding from both the U.S. and Canadian governments. The work, budgeted at approximately C$750,000, is particularly focused on advancing the solvent extraction facility. "The early works program represents a critical step in transitioning the refinery site back to construction mode," said Mark Trevisiol, Vice President, Projects at Electra. "By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place."

Work scheduled over the summer will focus on advancing high-priority activities in the solvent extraction (SX) area, which is a key component of Electra's hydrometallurgical refining circuit. Crews will relocate and install SX processing equipment previously delivered to site, pour reinforced concrete bases for the SX tanks, and complete structural roofing work on the SX building. In parallel, tender preparation and engineering support activities will proceed to facilitate the transition to full construction. These works follow a C$200,000 investment earlier this year into the septic, power and lighting systems, as well as the recent delivery and placement of the site's prefabricated electrical house, all further enhancing construction readiness.

"The early works program enables us to build critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package," said Marty Rendall, CFO of Electra. The company expects to finalize the balance of the financing required to move the refinery into production, backed by strong government endorsements and the refinery already significantly advanced.

Electra's refinery is the only project in North America designed to produce battery-grade cobalt sulfate at scale. By integrating advanced hydrometallurgical processing and pursuing low-carbon production pathways, Electra is redefining how critical minerals are refined, offering a cleaner, traceable alternative to overseas supply chains.

Following a temporary pause in construction in 2023, Electra has continued to make strategic progress toward completing the remaining financing needed to bring the cobalt sulfate refinery into full commercial operation.

References:
[1] https://www.globenewswire.com/news-release/2025/06/19/3102139/0/en/Electra-Commences-Early-Works-to-Support-Restart-of-North-America-s-Only-Cobalt-Refinery.html
[2] https://finance.yahoo.com/news/electra-battery-materials-gains-near-155910520.html
[3] https://financialpost.com/globe-newswire/electra-commences-early-works-to-support-restart-of-north-americas-only-cobalt-refinery