Electra Battery Materials Corporation (TSX-V:ELBM, OTCQX:ELBMF) said it remains on schedule to commission North America's first battery-grade cobalt sulfate refinery - the second largest outside of China - in December 2022.
Electra is planning to build a fully integrated, localized and environmentally sustainable battery materials park north of Toronto. Leveraging the company's own mining assets and business partners, the Electra Battery Materials Park is expected 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.
“The company is focused on building a North American integrated battery materials complex for the electric vehicle supply chain (and) is in the process of constructing its expanded hydrometallurgical refinery and exploring and developing its mineral properties,” Electra Battery said in conjunction with the release of its audited financial results for the year to December 31, 2021.
The company completed a refinery construction financing package comprising convertible notes and an offering of common shares for total gross proceeds of US$45 in September last year.
“With the completion of financing activities in 2021 and committed government funding, the company currently has all the liquidity required to cover the estimated refinery project construction capital costs to reach commissioning,” it added.
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As of December 31, 2021, Electra Battery had cash of CA$58.6 million.
The company said it may utilize its existing at-the-market equity program (2022 ATM Program) to raise funds for other initiatives such as advancing its battery recycling strategy and completing exploration drilling at its Iron Creek cobalt-copper project in Idaho, US.
“The company launched a new 2022 ATM Program in January 2022 for the issuance of up to $20 million in common shares from treasury. The company has issued a total of 2,754,300 common shares under the 2022 ATM Program at an average price of $0.2964 per share, providing gross proceeds of $816,243,” it said, adding that a commission of $20,406 was paid to CIBC Capital Markets in relation to these distributions.
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