Electra Battery Materials provides update on 2024 activities

To date, Electra has arranged US$54 million in non-dilutive funding, including US$34 million in government support – comprised of both a binding contract and a non-binding letter of intent – and a US$20 million strategic investment proposal. The Company completed a re-baseline engineering report in the second quarter of 2023 to assess remaining refinery scope, construction schedule, and capital expenditures. The report estimated the capital cost to complete the cobalt refinery at approximately US$60 million, excluding first fills and commissioning costs. Additional non-dilutive funding options are in active development. “2024 was an important year for Electra as we built momentum across all areas of our business,” said Trent Mell, CEO of Electra. “With more than US$50 million in non-dilutive funding arranged to date, including committed and conditional capital, we are making strides towards resuming construction and commissioning of North America’s first, and only, cobalt sulfate refinery. This funding amounts to the majority of the total capital required to complete construction.”