Name of the Project
Cobalt sulphate refinery.

Location
Ontario, Canada.

Project Owner/s
Electra Battery Materials Corporation, formerly First Cobalt.

Project Description
The cobalt sulphate refinery is expected to have an installed capacity of 6 500 t/y of cobalt.

At full capacity, the refinery could produce enough cobalt sulphate to supply more than one-million electric vehicles (EVs) a year. The project’s modular design is able to grow with the EV market.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The $67-million capital budget for the project could be exceeded by 5% to 10%, based on market trends.

Planned Start/End Date
Not confirmed.

Latest Developments
Electra Battery Materials announced the detailed terms of its previously flagged $30-million private placement on September 15, a key step in its restructuring and in completing the construction of North America’s first battery-grade cobalt sulphate refinery.

The company will sell a minimum of 40-million units at $0.75 apiece, each consisting of one common share and a warrant exercisable at $1.25. The warrants will become exercisable 60 days after the deal closes and remain valid for 36 months. The agents, led by Cantor Fitzgerald Canada and ECM Capital Advisors, also have a 15% overallotment option.

The offering is supported by a $10-million conditional commitment from existing lenders and is expected to raise at least $30-million. Proceeds will go towards completing and ramping up the cobalt refinery, advancing the company’s black mass recycling programme, repaying $2 million in short-term notes, and general corporate purposes. If gross proceeds exceed $34.5-million, the excess will be used to repurchase senior secured convertible notes.

The financing is expected to close on October 15, alongside the completion of the company’s restructuring plan, subject to shareholder approval and regulatory clearances.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada (independent feasibility study); Knight Piésold (geotechnical drilling); Story Environmental (permit to take water); and Metso Outotec (design and manufacturing of solvent extraction cells, as well as technical support for the layout of a new solvent extraction plant and its process control).

Contact Details for Project Information
Electra Battery Materials Corporation, tel+1416900 3891 or email info@ElectraBMC.com.