Welcome to our dedicated page for Electra Battery Materials Corporation news (Ticker: ELBM), a resource for investors and traders seeking the latest updates and insights on Electra Battery Materials Corporation stock.
Electra Battery Materials Corporation (symbol: ELBM) is at the forefront of building North America's first fully integrated and environmentally sustainable battery materials park. As a pivotal player in the North American battery supply chain, the company focuses on providing low-carbon, sustainable, and traceable raw materials that are essential for the rapidly expanding electric vehicle industry.
Electra Battery Materials Corp is dedicated to creating a localized source of battery materials, which reduces the environmental impact and enhances the traceability of the materials used in electric vehicles. The company’s core business involves the production and supply of key battery components such as nickel, cobalt, and manganese.
Recently, Electra has made significant strides in its ongoing projects. The company’s focus is on building a battery recycling facility and advancing its cobalt refinery project, which is expected to be one of the only cobalt refineries outside of Asia. These initiatives are geared towards ensuring a steady and reliable supply of battery materials within North America, reducing dependency on international sources and fostering a more sustainable supply chain.
Electra Battery Materials Corporation maintains robust financial health, aided by strategic partnerships and collaborations with key players in the industry. The firm continues to attract investments that bolster its growth and development initiatives. Its ongoing projects include the expansion of its cobalt refinery, the development of a nickel sulfate plant, and the implementation of advanced recycling technologies.
Electra's efforts are not only pivotal in supporting the North American electric vehicle industry but also in promoting environmentally responsible practices. By prioritizing sustainability and traceability, Electra ensures that the materials supplied are not only high in quality but also ethically sourced.
For investors and stakeholders looking to stay updated on the latest developments, Electra Battery Materials provides regular updates and news releases. This ensures transparency and keeps the market informed about the company’s progress and future plans.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) announced the issuance of stock options, Restricted Share Units (RSUs), and Deferred Share Units as part of its 2022 Long-Term Incentive Plan approved by shareholders on November 10, 2022. The Company issued 421,007 stock options, 313,409 RSUs, and 285,417 Deferred Share Units to various key personnel. The stock options, priced at $2.40, will vest over three years. These grants align the interests of key employees with shareholders and serve as retention tools. Electra is advancing its cobalt sulfate refinery while expanding its battery materials production.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has announced an updated mineral resource estimate for its Iron Creek Cobalt-Copper Project in the Idaho Cobalt Belt. The 2023 mineral resource estimate (MRE) includes an indicated resource of 4.4 million tonnes with 18.4 million pounds of cobalt and 71.5 million pounds of copper. Additionally, it features an inferred resource of 1.2 million tonnes, showcasing an increase in the indicated category by 54% compared to 2019. The MRE supports further exploration and economic assessment efforts, addressing the growing demand for cobalt in North America.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has successfully completed North America's first plant-scale recycling of black mass material, recovering critical metals like nickel, cobalt, and manganese essential for the EV battery supply chain. This achievement validates Electra's proprietary hydrometallurgical process and allows for the extension of trials beyond the initial 75 tonnes. The company plans to sell recovered materials to third parties while continuing to advance its cobalt refinery project, despite ongoing supply chain challenges. These developments mark a significant milestone in supporting North America's EV battery supply chain.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has successfully closed a US$51 million private placement offering of 8.99% senior secured convertible notes due February 2028. These notes will fund capital expenditures for the expansion of its hydrometallurgical cobalt refinery. The offering allowed the cancellation of approximately US$36 million of existing secured notes. The initial conversion price for the notes is set at US$2.48 per common share, a 17.5% premium to the prior weighted average price. Holders received warrants and a royalty of 0.6% of revenues for five years upon commencement of production.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) announced the issuance of US$51 million in 8.99% senior secured convertible notes due February 2028.
The net proceeds of approximately US$15 million will be allocated for capital expenditures related to the expansion of its cobalt refinery near Toronto. The company is also seeking an additional US$7.5 million from the Canadian and Ontario governments to support this project. The initial conversion price of the notes is roughly US$2.48 per common share, representing a 17.5% premium to recent trading prices.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has amended its share purchase agreement with Kuya Silver Corporation to allow Kuya to acquire a 100% interest in Electra's remaining cobalt and silver assets in the Canadian Cobalt Camp. Kuya must pay $1 million by January 31, 2023, either in cash or in shares. The agreement includes a 2% royalty on net smelter returns and gives Electra the right of first offer for refining any base metal concentrates from these assets. This move aims to streamline Electra's focus on its cobalt sulfate refinery and battery materials strategy.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has launched a demonstration plant for recycling valuable elements in lithium-ion batteries at its refinery near Toronto. This initiative aims to support the growing demand for battery-grade materials as electric vehicle adoption increases. The plant can process up to 75 tonnes of black mass materials, with completion expected in Q1 2023. Successful results could lead to a full-scale facility with a capacity of 5,000 tonnes per annum. The company emphasizes its low-carbon hydrometallurgical process, which minimizes environmental impact.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) announced the acquisition of a cobalt property near its Idaho projects, enhancing its portfolio in the Idaho Cobalt Belt, which hosts the largest unmined cobalt resource in the U.S. The acquisition includes a 5.3 km² land package adjacent to the Iron Creek deposit, with historic drilling showing promising results, such as 6.25 meters at 0.51% cobalt. The deal, valued at US$1.5 million, involves milestones over ten years. Electra aims to strengthen domestic cobalt supply amid rising EV market demand.
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