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) has commenced commissioning of its black mass recycling demonstration plant in Ontario, following the installation of key systems. This initiative aims to recycle lithium-ion battery materials, supporting a closed-loop supply chain for automakers. The project plans to process up to 75 tonnes of material, recovering valuable elements like nickel and cobalt. Full commissioning is expected by spring 2023, with potential expansion to a larger processing facility based on project success, leveraging low-carbon processes powered mainly by hydroelectricity.
Electra Battery Materials Corporation (NASDAQ: ELBM) has entered a three-year agreement with LG Energy Solution to supply 7,000 tonnes of battery-grade cobalt from 2023 to 2025. This marks a significant milestone as it is North America's only cobalt sulfate refinery. Electra will provide 1,000 tonnes in 2023 and 3,000 tonnes in 2024 and 2025 under a pricing mechanism. The deal aims to strengthen the North American EV supply chain, supporting the growing demand for sustainable materials in electric vehicle production. Financial specifics of the agreement were not disclosed.
Electra Battery Materials Corporation (NASDAQ: ELBM) announced a scoping study for an integrated EV battery materials facility in Ontario, aimed at refining nickel, cobalt, and manganese while recycling battery materials. The project could produce 10,000 tonnes of battery-grade nickel sulfate annually, supporting the production of up to 250,000 electric vehicles. Estimated capital costs are between $550 and $650 million, with operating costs of $125 to $133 million per year. The facility aims to reduce reliance on foreign minerals and is backed by significant GDP contributions during construction and operations.
On August 2, 2022, Electra Battery Materials Corporation announced positive developments at its Ruby prospect in the Idaho Cobalt Belt. An Induced Polarization survey identified a strong anomaly indicating potential mineralization. Initial drilling revealed similarities to the nearby Iron Creek deposit, with 824 meters drilled and further drilling planned. Cobalt mineralization samples have shown promising grades, with results expected by Q3 2022. The Ruby prospect is part of Electra's strategy to strengthen the electric vehicle supply chain by sourcing critical minerals domestically.
Electra Battery Materials Corporation (NASDAQ: ELBM) will release its second quarter 2022 financial results after market close on August 11, 2022. A conference call and webcast will take place on August 12, 2022, at 10:00 am ET for a review of the company’s performance and future outlook. Electra is focused on onshoring the electric vehicle supply chain, currently commissioning North America's only cobalt sulfate refinery. The company is also advancing its Iron Creek exploration-stage project in Idaho and expanding processing capabilities in Quebec.
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) has signed a Benefits Agreement with the Métis Nation of Ontario to enhance collaboration for the construction and expansion of its battery materials refinery in Temiskaming Shores. The agreement focuses on employment, training, and procurement opportunities. Electra plans to issue 20,000 common shares to the Métis Nation as part of this collaboration. The refinery is set to have a capacity of 5,100 tonnes of cobalt in sulfate, and a battery materials recycling demonstration plant is expected to launch in fall 2022.
Electra Battery Materials Corporation (NASDAQ: ELBM) has appointed Craig Cunningham as Chief Financial Officer, effective June 8, 2022. Cunningham brings over 17 years of financial experience, previously serving as Vice President at Kinross Gold, where he managed finance and key development projects. Electra aims to establish North America's first integrated battery materials park, focusing on low-carbon battery materials for electric vehicles. The company granted Cunningham 40,000 stock options exercisable at $4.90, subject to vesting over three years.
Electra Battery Materials Corporation (NASDAQ: ELBM, TSXV: ELBM) announced key developments aimed at establishing a low carbon battery materials park for North America's electric vehicle sector. In its Q1 2022 financial report, the company reported a net income of $2.3 million, with cash reserves of $51.9 million. Major milestones included obtaining an Industrial Sewage Works permit and beginning construction of a solvent extraction plant, expected to be operational by December 2022. Despite challenges from rising project costs due to inflation and supply chain disruptions, the company maintains its project timelines.
Electra Battery Materials Corporation (NASDAQ: ELBM) announced the appointment of Joseph Racanelli as Vice President of Investor Relations. With over 20 years of experience in capital markets and investor relations, Racanelli aims to enhance shareholder engagement as Electra pursues its vision to become North America's first fully integrated battery materials park. His previous role included Director of Investor Relations at a major mining company. The company also granted incentive stock options and restricted share units to retain key employees.
Electra Battery Materials Corporation (NASDAQ: ELBM) has updated its at-the-market equity program to issue up to C$20,000,000 in common shares. This program allows sales in the U.S. and Canada, starting after Electra's recent listing on Nasdaq on April 27, 2022. The common shares will be sold at the market price through agents, CIBC World Markets Inc. and CIBC World Markets Corp. Proceeds from sales are intended for growth initiatives, exploration activities at Iron Creek, and general corporate purposes. The program is effective until December 26, 2022.
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