Electra Announces Marty Rendall as CFO, Succeeding David Allen upon his Retirement
Electra Battery Materials (NASDAQ: ELBM) has appointed Marty Rendall, CFA, as its new Chief Financial Officer, effective January 1, 2025, succeeding David Allen upon his retirement. The transition comes as the company advances its cobalt sulfate refinery project in Ontario, which has received a US$20 million award from the U.S. Department of Defense.
The company needs to raise approximately US$60 million to complete construction of its low-carbon hydrometallurgical refinery, which has an estimated replacement value of US$200 million. The facility is expected to achieve cash flow by 2026 and will initially produce 5,000 tonnes per annum of battery-grade cobalt, with plans to expand to 6,500 tonnes.
Rendall brings 17 years of experience as CFO at Victoria Gold, where he helped grow the company to a C$1 billion enterprise value and secured over C$1 billion in financings.
Electra Battery Materials (NASDAQ: ELBM) ha nominato Marty Rendall, CFA, nuovo Direttore Finanziario, con effetto dal 1 gennaio 2025, succedendo a David Allen al momento del suo pensionamento. Questa transizione avviene mentre l'azienda prosegue il suo progetto di raffineria di solfato di cobalto in Ontario, che ha ricevuto un premio di 20 milioni di dollari USA dal Dipartimento della Difesa degli Stati Uniti.
L'azienda ha bisogno di raccogliere circa 60 milioni di dollari USA per completare la costruzione della sua raffineria idrometallurgica a basse emissioni di carbonio, il cui valore di sostituzione è stimato in 200 milioni di dollari USA. Si prevede che l'impianto raggiunga un flusso di cassa entro il 2026 e inizialmente produrrà 5.000 tonnellate all'anno di cobalto di grado batteria, con piani di espansione a 6.500 tonnellate.
Rendall porta con sé 17 anni di esperienza come CFO presso Victoria Gold, dove ha contribuito alla crescita dell'azienda fino a un valore di impresa di 1 miliardo di dollari canadesi e ha ottenuto oltre 1 miliardo di dollari canadesi in finanziamenti.
Electra Battery Materials (NASDAQ: ELBM) ha nombrado a Marty Rendall, CFA, como su nuevo Director Financiero, con efecto a partir del 1 de enero de 2025, sucediendo a David Allen tras su jubilación. La transición se produce mientras la empresa avanza en su proyecto de refinería de sulfato de cobalto en Ontario, que ha recibido un premio de 20 millones de dólares estadounidenses del Departamento de Defensa de los Estados Unidos.
La compañía necesita recaudar aproximadamente 60 millones de dólares estadounidenses para completar la construcción de su refinería hidrometalúrgica de baja emisión de carbono, que tiene un valor de reemplazo estimado en 200 millones de dólares estadounidenses. Se espera que la instalación logre un flujo de caja para 2026 y producirá inicialmente 5,000 toneladas anuales de cobalto de grado batería, con planes de expansión a 6,500 toneladas.
Rendall aporta 17 años de experiencia como CFO en Victoria Gold, donde ayudó a hacer crecer la empresa a un valor empresarial de 1 mil millones de dólares canadienses y aseguró más de 1 mil millones de dólares canadienses en financiamiento.
Electra Battery Materials (NASDAQ: ELBM)는 Marty Rendall, CFA를 새로운 최고 재무 책임자(CFO)로 임명했으며, 2025년 1월 1일부터 발효됩니다. 이는 David Allen이 은퇴하며 그를 후임하는 자리입니다. 이 변화는 회사가 미국 국방부로부터 2천만 달러의 지원금을 받은 온타리오의 코발트 황산 정제소 프로젝트를 진행하는 가운데 일어났습니다.
회사는 저탄소 수화학 정제소의 건설을 완료하기 위해 약 6천만 달러를 조달해야 합니다, 이 정제소의 대체 가치는 2억 달러로 추정됩니다. 이 시설은 2026년까지 현금 흐름을 달성할 것으로 예상되며, 처음에는 배터리 등급의 코발트를 연간 5,000톤 생산할 예정이며, 6,500톤으로 확대할 계획입니다.
Rendall은 Victoria Gold에서 CFO로 17년간 일한 경험을 가지고 있으며, 그곳에서 회사를 10억 캐나다 달러의 기업 가치로 성장시키고 10억 캐나다 달러 이상의 자금을 확보하는 데 기여했습니다.
Electra Battery Materials (NASDAQ: ELBM) a nommé Marty Rendall, CFA, comme son nouveau directeur financier, à compter du 1er janvier 2025, succédant à David Allen à sa retraite. Cette transition intervient alors que l'entreprise avance dans son projet de raffinerie de sulfate de cobalt en Ontario, qui a reçu un financement de 20 millions de dollars des États-Unis du Département de la Défense.
L'entreprise doit lever environ 60 millions de dollars pour achever la construction de sa raffinerie hydrométallurgique à faible émission de carbone, dont la valeur de remplacement est estimée à 200 millions de dollars. L'établissement devrait atteindre un flux de trésorerie d'ici 2026 et produira initialement 5 000 tonnes par an de cobalt de qualité batterie, avec des plans d'expansion à 6 500 tonnes.
Rendall apporte 17 ans d'expérience en tant que CFO chez Victoria Gold, où il a aidé à faire croître l'entreprise pour atteindre une valeur d'entreprise de 1 milliard de dollars canadiens et a sécurisé plus de 1 milliard de dollars canadiens en financements.
Electra Battery Materials (NASDAQ: ELBM) hat Marty Rendall, CFA, als neuen Chief Financial Officer (CFO) ernannt, der am 1. Januar 2025 sein Amt antreten wird und David Allen nach seinem Ruhestand nachfolgt. Der Wechsel erfolgt, während das Unternehmen an seinem Kobalt-Sulfat-Raffinerieprojekt in Ontario arbeitet, das eine Auszeichnung von 20 Millionen US-Dollar vom US-Verteidigungsministerium erhalten hat.
Das Unternehmen muss rund 60 Millionen US-Dollar aufbringen, um den Bau seiner kohlenstoffarmen hydrometallurgischen Raffinerie abzuschließen, deren geschätzter Ersatzwert 200 Millionen US-Dollar beträgt. Es wird erwartet, dass die Anlage bis 2026 einen Cashflow erzielt und anfänglich 5.000 Tonnen Batterie-cobalt pro Jahr produzieren wird, mit Plänen zur Erweiterung auf 6.500 Tonnen.
Rendall bringt 17 Jahre Erfahrung als CFO bei Victoria Gold mit, wo er dazu beigetragen hat, das Unternehmen auf einen Unternehmenswert von 1 Billion kanadischen Dollar zu steigern und über 1 Billion kanadische Dollar an Finanzierungen zu sichern.
- Secured US$20 million funding from U.S. Department of Defense
- Refinery has US$200 million estimated replacement value
- Expected to achieve cash flow by 2026
- Successfully processed 40+ tonnes of black mass in recycling trial
- Needs to raise additional US$40 million to complete construction
- Plant operating below nameplate capacity initially (5,000 vs 6,500 tonnes)
Insights
The transition in CFO leadership at Electra Battery Materials reflects a strategic pivot as the company moves from development to operational phase. The incoming CFO's track record at Victoria Gold, particularly in scaling from exploration to production and managing
The black mass recycling trials and planned expansion into nickel sulfate production present multiple revenue streams, though execution risks remain high given the company's tight capital position. The strategic importance of establishing North American battery material supply chains, backed by government support, provides a favorable macro backdrop for project completion.
The cobalt sulfate refinery project demonstrates strong technical progression, with most long-lead equipment already on site and operational validation through the black mass demonstration plant. The phased approach to production - starting at 5,000 tonnes and expanding to 6,500 tonnes annually - represents a prudent ramp-up strategy. The successful processing of 40 tonnes of black mass material validates the recycling technology at plant scale, a important derisking milestone.
The Hatch study's validation of the facility's replacement value adds credibility to the project's technical fundamentals. The low-carbon hydrometallurgical process positions the facility advantageously in the growing ESG-conscious battery supply chain. The planned expansion into Bécancour and potential nickel sulfate production demonstrates a well-thought-out scaling strategy aligned with North American EV market growth.
TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to welcome Marty Rendall, CFA, as its new Chief Financial Officer upon the retirement of David Allen, effective January 1, 2025.
Mr. Allen played a key role in securing a US
“I am honored to join Electra at such a pivotal moment, as the Company executes on its vision to address the geopolitical imperative of building resilient critical minerals supply chains outside of China," said Marty Rendall. "With construction well advanced, Electra is well-positioned to achieve cash flow by 2026, a testament to the strength and commitment of the team. I look forward to applying my experience in leading high-performance teams through construction, commissioning, and into operation to contribute to Electra’s continued success.”
“It has been a privilege to serve as Electra’s CFO during this exciting period,” said David Allen. “I am proud of what we have accomplished as a team, and I have full confidence in the Company’s future with Marty’s contributions.”
“On behalf of the board of directors, I would like to thank David for his dedication and contributions to the Company,” said CEO Trent Mell. “His efforts have put Electra on a stronger footing and this well-timed transition to an experienced builder will serve our stakeholders well.”
Marty Rendall is a seasoned finance executive with extensive experience in the mining industry, spanning exploration, development, and operational stages across the Americas. Over his 17-year tenure as Chief Financial Officer at Victoria Gold, Marty played a pivotal role in transforming the organization from a small, early-stage exploration company into a leading Canadian gold producer with an enterprise value exceeding C
Mr. Rendall, who holds a Chartered Financial Analyst designation, brings a proven track record in strategic planning, financial reporting, fundraising, and team development. His expertise includes leading diverse functions such as treasury, tax, IT, M&A, HR, and corporate governance. Marty is known for his ability to build dynamic and effective teams and for his strategic approach to adding value to the organizations he serves.
Electra is building North America’s first cobalt sulfate refinery, with a long-term vision that includes recycling battery materials and producing battery grade nickel for the North American and global electric vehicle battery market in a phased manner:
- Completion of construction of the cobalt refinery to produce at an initial rate of 5,000 tonnes per annum of battery grade cobalt contained in cobalt sulfate.
- Subsequent expansion to increase cobalt production to 6,500 tonnes per annum of battery grade cobalt sulfate, reaching the nameplate capacity of the crystallization circuit.
- Recycling of battery black mass, recovering lithium, nickel, cobalt and other critical metals, supported by Aki Battery Recycling, a joint venture with the Three Fires Group to source battery waste and produce black mass for refining at Electra’s refinery.
- Expansion to a second cobalt sulfate facility in Bécancour, Quebec and/or a strategically located North American nickel sulfate refinery.
Electra operated a plant scale battery recycling trial at its refinery in 2023 and early 2024, processing more than 40 tonnes of black mass material to recover valuable elements such as lithium, nickel, cobalt, manganese, graphite, and copper. The primary objective was to demonstrate Electra’s ability to produce high-quality nickel, cobalt, and lithium products on a plant-scale basis. This phase of the recycling project is largely complete, and ongoing work is geared towards supporting a continuous operation and feasibility study for a future commercial operation.
Electra’s low carbon hydrometallurgical refinery in Canada is permitted and has an estimated current replacement value of approximately US
In accordance with its Long-Term Incentive Plan, and in connection with the appointment of Mr. Rendall, the Company will issue 125,000 incentive stock options, adjusted for the share consolidation announced on December 20, 2024, at an exercise price equivalent to the post-consolidation closing price on the TSX Venture Exchange on December 31, 2024. The stock options will vest in three equal tranches on the first, second and third anniversary of the grant date over a four-year period. The grant is subject to the approval of the TSX Venture Exchange. Long-term incentive grants are an important retention and incentive tool for key employees, and a mechanism to align interests with shareholders.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. In addition to building North America’s only cobalt sulfate refinery, its strategy includes integrating black mass recycling, potential cobalt sulfate processing in Bécancour, Quebec, and exploring nickel sulfate production potential within North America. For more information, please visit www.ElectraBMC.com.
Contact
Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
info@ElectraBMC.com
1.416.900.3891
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
FAQ
When will Electra's (ELBM) cobalt refinery start generating cash flow?
How much funding does ELBM need to complete its cobalt refinery construction?
What is the initial production capacity of ELBM's cobalt refinery?
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How much black mass material did ELBM process in its battery recycling trial?
