ELBMF - ELBMF STOCK NEWS

Electra Battery Materials Corporation (OTCQX: ELBMF) announced the discovery of a new cobalt zone in Idaho's Cobalt Belt, confirmed by recent drilling results at the Ruby prospect. The drilling, close to the Iron Creek deposit, reveals significant cobalt mineralization, with 6.4 meters at 0.21% cobalt in one hole. Electra plans to expand drilling in 2023 to evaluate the Ruby zone further. The company emphasizes the potential of Idaho to supply critical metals, thus reducing North America's reliance on foreign sources.

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.

Electra Battery Materials Corporation (NASDAQ: ELBM) announced its Q2 2022 financial results and provided updates on its cobalt refinery project. As of June 30, 2022, cash reserves were reported at $41.8 million. The company completed significant phases of its refinery project but faced inflation and supply chain disruptions, resulting in increased project costs from US$67 million to between US$76 million and $80 million. Despite these challenges, Electra is progressing with its battery recycling plant and has signed MOUs with potential customers.

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 initiated discussions with the Quebec government to build a cobalt refinery in Bécancour, aiming to support North America's electric vehicle supply chains. CEO Trent Mell noted a projected cobalt sulfate production deficit by 2025, spurring interest for the refinery, which will integrate with a battery materials park attracting major automotive players. The company will conduct a study to assess production needs, costs, and synergies. Additionally, David Marshall has been appointed as Vice President, Engineering, bringing over 31 years of industry experience.

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.