Electra Files First Quarter 2024 Financial Reports
“Over the course of the quarter we have remained committed to pursuing non-dilutive opportunities to resume and complete the construction of our cobalt sulfate refinery in
Electra’s current priority is recommissioning and expanding its refinery, and its long-term vision includes additional phases to potentially provide recycled battery materials and battery grade nickel to the North American and global electric vehicle battery market:
- Completion of the recommissioning of the refinery to produce at an initial rate of 5,000 tonnes per annum of battery cobalt contained in cobalt sulfate from cobalt hydroxide.
- 12-month permit amendment process and expansion of certain circuits to increase cobalt production to 6,500 tonnes per annum of battery grade cobalt sulfate, reaching the nameplate capacity of the crystallization circuit.
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Recycling of black mass, recovering lithium, nickel, cobalt and other critical metals, supported by a planned joint venture with the
Three Fires Group to collaborate to source battery waste and produce black mass for refining at Electra’s refinery. -
Expansion to a second cobalt sulfate facility in
Bécancour, Quebec and a strategically located North American nickel sulfate refinery.
According to Darton Commodities’ 2024 Cobalt Market Review, 80% of the refined cobalt production worldwide comes from
Throughout 2023, Electra operated a plant scale battery recycling trial at its refinery, processing more than 40 tonnes of black mass material to recover valuable elements such as lithium, nickel, cobalt, manganese, graphite, and copper. The goal was to make high-quality nickel, cobalt, and lithium products. While the current phase of the recycling project is now largely complete, ongoing work aims to unlock additional value from the final saleable products and completed advanced engineering studies.
Electra’s low carbon hydrometallurgical refinery in
The Company’s cash balance at the end of the quarter was
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. Keys to its strategy are integrating black mass recycling, expanding cobalt sulfate processing into
Neither the
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Vice President, Investor Relations & Corporate Development
info@ElectraBMC.com
1.416.900.3891
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