TORONTO, March 27, 2026 (GLOBE NEWSWIRE) — Electra Battery Materials Corporation (NASDAQ:ELBM, TSXV:ELBM) (“Electra” or the “Company”) today reported 2025 financial results, highlighting a successful recapitalization and restart of construction of its cobalt sulfate refinery.
Highlights
- Board approved US$73 million construction budget to complete the refinery
- Strengthened balance sheet, through recapitalization, including significant debt conversion to equity
- Reactivated full-scale construction in November following recapitalization
- Completed early works and advanced major construction tendering to support disciplined execution
- Initiated domestic feedstock testing to build a pipeline for North American supply
- Completed feasibility-level engineering study for a modular battery recycling facility
- Strengthened Board with deep expertise in capital markets, defense, and critical minerals
During 2025, Electra completed the financing, site preparation, and organizational steps required to resume full construction of its cobalt sulfate refinery in Ontario, positioning the project for completion through 2026 and into 2027. In parallel, the Company strengthened its balance sheet, advanced its battery recycling initiatives, and expanded its leadership team and strategic partnerships to support the development of a resilient North American battery materials supply chain.
“Electra is advancing the refinery through a multi-package execution strategy, engaging specialized contractors across discrete scopes rather than relying on a single general contractor,” said Trent Mell, CEO. “This approach reflects strong interest from high-quality partners and provides greater control over schedule, cost, and execution, positioning the Company to deliver the project in a disciplined manner. Supported by a strengthened owner’s team under Paolo Toscano’s leadership, we are well positioned to execute on our construction plan.”
Refinery Project Highlights and Developments
In 2025, Electra advanced construction readiness of its permitted cobalt sulfate refinery in Temiskaming Shores, Ontario, the only facility of its kind under development in North America.
Subsequent to year-end the Company’s Board of Directors approved a US$73 million construction budget and execution schedule to complete construction through to mechanical completion. Early commissioning activities are expected to begin in the fourth quarter of 2026, with mechanical completion targeted for the second quarter of 2027 and commercial production anticipated in the fourth quarter of 2027.
Electra arranged US$82 million in aggregate funding to support refinery construction, including US$20 million from the U.S. Department of War, US$28 million in combined support from the Government of Canada and Invest Ontario, and a US$34 million in equity financing in October 2025.
In June of 2025, the Company initiated an early works program to advance key infrastructure in the refinery’s solvent extraction area and other site activities. The program was completed in September and positioned the project for an efficient restart of full construction. In November, Electra reactivated construction at the refinery. The Company also issued a major tender package encompassing structural, mechanical, piping, electrical and instrumentation work. Paolo Toscano was appointed as Vice President, Projects and Engineering to oversee construction execution.
Strengthening Feedstock and Supply Chain Partnerships
Once operational, the refinery will produce battery-grade cobalt sulfate for the lithium-ion battery supply chain, supporting the development of a resilient North American supply of critical minerals.
To diversify future refinery feedstock sources to include a variety of domestic mine feed, the Company initiated metallurgical testing of cobalt feedstock in its laboratory in July, testing material from its Iron Creek cobalt-copper project in Idaho and the historic Cobalt Camp in Ontario and from. In parallel, Electra advanced exploration and mineral deposit modelling work at Iron Creek to support a long-term domestic feedstock pipeline.
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