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Electra Battery Materials Corporation finalized definitive agreements with Invest Ontario for C$17.5 million in…
ELBMElectra Battery Materials Corp
Electra Battery Materials Corporation finalized definitive agreements with Invest Ontario for C$17.5 million in funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario. Construction activities including structural steel erection and equipment installation are underway, with select commissioning targeted for Q4 2026, mechanical completion in Q2 2027, full production ramp-up in Q3 2027, and commercial production in Q4 2027. The company secured 100% of required cobalt feedstock through 2027 via an extended supply agreement with Glencore for approximately 10,000 tonnes of contained cobalt over five years. Additionally, Electra announced the issuance of 500,000 incentive stock options to key employees under its Long-Term Incentive Plan, subject to TSX Venture Exchange approval. The fully permitted brownfield facility is designed to initially produce 5,120 tonnes annually of contained cobalt, aiming to establish North America's first battery-grade cobalt sulfate refinery.