Electra Provides Corporate Update
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.
- 52% funding commitment for $67 million capital budget.
- Construction on schedule for commissioning in late 2022.
- Plan to process battery 'black mass' in Q3 for material recovery.
- Growing skilled team with new technical hires.
- CFO Ryan Snyder's departure may impact financial leadership during a critical period.
TORONTO, April 21, 2022 /PRNewswire/ - Electra Battery Materials Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") today provided an update on its Battery Materials Park project along with leadership changes, including the departure of Chief Financial Officer Ryan Snyder. Mr. Snyder has accepted a new opportunity with a senior precious metals producer and will be leaving Electra at the end of April.
"We are fortunate to have had someone of Ryan's calibre at Electra over the past several years, as we were building our business. As we approach commercial production from Phase 1 of our Battery Materials Park, I am truly disappointed to see him leave but I fully respect his decision to pursue a new challenge with a global miner. On behalf of the Board and the senior leadership team, I thank Ryan for his immeasurable contributions to Electra and wish him well in his next endeavour," said Mr. Trent Mell, Chief Executive Officer.
"I am very encouraged by the calibre of our growing team at the Refinery and the collective effort to keep the recommissioning and expansion project on time, on budget and without any health, safety or environmental incidents. As we ramp up construction, we continue to add talented individuals to our team, most of whom will transition to operator roles upon commissioning in December of this year."
"I have thoroughly enjoyed my time at Electra and I wish the team well as they work to complete the cobalt refinery and advance our battery recycling plans," said outgoing Chief Financial Officer Ryan Snyder. "Electra has a strong business plan and will become a key player in the electric vehicle value chain in North America. I look forward to following the Company's progress and will remain a long-term shareholder."
Electra has commitments in place for
Construction activity at the Refinery continues on schedule. COVID-19 restrictions in certain parts of the world as well as recent global geopolitical events are putting pressure on supply chains and development projects. Electra is closely monitoring and managing these risks with its equipment and services suppliers and thus far the project remains on schedule for commencement of commissioning late this year.
Footings and foundations for the solvent extraction building were recently completed, and preparations are underway for the support of SX tanks and steel structures. The first SX modules will arrive on site in the coming weeks.
A contract for an overland piping package to access raw water was recently awarded to Pedersen Construction based on a competitive bid process. The 2.8-kilometer buried pipeline will feed water to the refinery from an existing pumphouse located at Lake Temiskaming. The pipeline will be installed over the coming months.
Prior to commissioning its cobalt sulfate refinery, Electra intends to complete a bulk sample processing of litium-ion battery "black mass" in Q3, leveraging existing refinery infrastructure. Ancillary long lead items required for this recycling demonstration plant have been ordered.
The objective is to demonstrate the effectiveness of its process flowsheet to recover the majority of lithium, nickel, cobalt, copper and graphite content from lithium batteries prior to construction of its commercial plant in 2023. Electra's process for treating black mass has been developed internally with a highly experienced team. An offtake agreement for nickel and cobalt produced from the recycling circuit has been signed with Glencore AG for 2023-2024. Offtake discussions are underway with various parties for lithium, copper and graphite production.
Electra continues to strengthen its refinery team with the addition of Dr. Zoran Jankovic as Process and Lab Superintendent. Zoran holds a PhD in Chemical Engineering from the University of Toronto and will support the operation of the metallurgical lab and provide technical guidance on leaching and neutralization circuits within the refinery process.
Other additions include an Electrical and Instrumentation Technician and a Human Resources Coordinator. In the coming weeks, an Electrical and Instrumentation Technologist and a Process and Lab Technologist will also join the team. Employees are part of the owner's team that is overseeing construction and commercial readiness, and most are expected to remain as the facility transitions through commissioning to steady-state operations.
Recent hires include the appointment of a previously announced Vice President, Sustainability and Low Carbon, whose mandate is to guide the Company on its journey to carbon neutrality, supporting Electra's business objective to be the partner of choice in the electric vehicle market.
An executive search firm has been retained to recruit a new Chief Financial Officer to the senior leadership team. The Company does not anticipate any difficulty attracting qualified candidates to the role. Michael Insulan has been appointed interim CFO until a successor is in place.
Electra is planning to build a fully integrated, localized and environmentally sustainable battery materials park. Leveraging the Company's own mining assets and business partners, the Electra Battery Materials Park is being designed to host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA. Electra Battery Materials is positioning itself to be an integral part of the North American battery supply chain by providing low-carbon, sustainable and traceable raw materials for the region's fast growing electric vehicle industry.
On behalf of Electra Battery Materials Corporation
Trent Mell
Chief Executive Officer
For more information visit www.ElectraBMC.com
Neither 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.
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.
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SOURCE Electra Battery Materials Corporation
FAQ
What updates did Electra Battery Materials announce on April 21, 2022?
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