Electra Advances North America's First Cobalt Refinery Financing

Electra Battery Materials Corporation has secured a Letter of Intent from the Canadian Federal Government for $20 million to support the completion of North America's first battery-grade cobalt refinery, enhancing domestic production capabilities for electric vehicle (EV) batteries. The facility, located in Temiskaming Shores, Ontario, aims to produce enough cobalt to power up to one million EVs annually, significantly reducing reliance on Chinese cobalt sources. Canadian officials emphasize this initiative as part of a broader strategy to establish Canada as a leader in critical minerals processing and manufacturing. Electra's CEO, Trent Mell, noted that the refinery will play a crucial role in strengthening North America's critical minerals supply chain and energy security. The project aligns with Canada's goals for a net-zero economy and sustainable development in the energy sector. Overall, the government and Electra view this development as a key step toward building a resilient and self-reliant future for North America in the critical minerals market.