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Electra Battery Materials Corporation (OTCQX: ELBMF) announced updates on its Battery Materials Park project, including leadership changes following the departure of CFO Ryan Snyder. The company has secured commitments for 52% of its $67 million capital budget, aiming for a 70% commitment soon. Construction is on schedule for late 2022 commissioning. Additionally, Electra is set to process lithium-ion battery 'black mass' in Q3 to recover valuable materials. The firm is expanding its team, with new hires in various technical roles while seeking a permanent CFO.
Electra Battery Materials Corporation has filed its audited financial results for the year ended December 31, 2021. The company reported cash holdings of C$58.6 million and is advancing its plans to establish North America's only Battery Materials Park. Phase one includes the commissioning of an expanded refinery by December 2022, set to be the first North American refiner of battery-grade cobalt sulfate. The company also launched an equity program to issue up to $20 million in common shares, raising gross proceeds of $816,243.
Electra Battery Materials Corporation announced an offtake agreement with Glencore AG for nickel and cobalt produced from its upcoming battery recycling plant in Toronto. The contract, covering 2023-2024, is set at market rates. Electra plans to operate a demonstration plant in 2022 and commission the commercial facility in 2023. The hydrometallurgical refinery is designed for higher yields and lower costs with minimal GHG emissions, using 100% hydroelectric power. Electra's strategy includes partnerships for sourcing black mass and aims to establish an integrated battery materials park in North America.
On April 5, 2022, Electra Battery Materials Corporation announced plans for a share consolidation of one post-Consolidation share for every eighteen pre-Consolidation shares to prepare for a Nasdaq listing. This action, approved by shareholders, aims to enhance visibility and attract U.S. institutional investors. The target date for consolidation is April 11, 2022, with hopes to complete the listing by the end of April. Following the consolidation, approximately 31.2 million shares will be outstanding. Electra aims to provide sustainable battery materials, starting with cobalt by the end of 2022.
Electra Battery Materials Corporation has established a battery recycling and cobalt sulfate supply agreement with Marubeni Corporation. This partnership aims to source black mass from recycled lithium-ion batteries for Electra's Canadian refinery and market cobalt sulfate in Japan. Marubeni's extensive network will bolster Electra's recycling operations in Ontario. The company plans to commission a near-zero carbon cobalt refinery by late 2022, becoming North America's sole producer of battery-grade cobalt. This agreement paves the way for Electra to cater to the growing demand in the North American electric vehicle market.
Electra Battery Materials Corporation (OTCQX: FTSSF) has announced positive results from engineering studies for lithium-ion battery recycling, aiming to refine electric vehicle battery components by mid-2022. The company plans to establish a low-carbon battery materials park in North America, focusing on recovering key elements like lithium and cobalt using its existing Canadian refinery. The projected initial investment is under US$3 million, and the facility is set to operate with nearly zero greenhouse gas emissions. Electra has received interest from over 20 potential black mass suppliers.
Electra Battery Materials Corporation (OTCQX: FTSSF) has announced a 30% increase in the design capacity of its cobalt refinery in Canada, raising annual production to 6,500 tonnes. The commissioning of the refinery is on schedule for Q4 2022, with a project budget of US$67 million, funded from company treasury. This expansion aims to meet strong demand in the North American electric vehicle market. Contracts for key components have been secured, and the company expects to produce 100% of North American cobalt supply. Current working capital stands at approximately US$54 million.
First Cobalt Corp. is rebranding to Electra Battery Materials Corporation, focusing on supplying battery-grade nickel and cobalt, along with recycled materials to North America's automotive sector. This strategic pivot aims to create a secure, low-carbon source of raw materials for automakers. CEO Trent Mell discussed these initiatives in an exclusive interview. Additionally, Red Pine Exploration reported a significant gold discovery at its Wawa project, intersecting 3.08 g/t gold over 55.66 meters, showcasing positive drilling results.
