Electra Approves $73M Budget and $82M Funding to Restart Cobalt Refinery
Electra approved a US$73 million construction budget and secured US$82 million funding—including US$20 million U.S. and US$28 million Canadian support—to restart construction of its Ontario cobalt sulfate refinery targeting mechanical completion in Q2 2027. The company converted US$40 million of debt to equity and initiated feasibility studies for battery recycling.
1. 2025 Recapitalization and Balance Sheet Strengthening
During 2025, Electra completed a comprehensive recapitalization, converting US$40 million of convertible debt to equity, reducing note obligations by roughly 60%, and established an ATM equity program to secure ongoing project funding and improve financial flexibility for refinery and recycling initiatives.
2. Regulated Refinery Construction Restart
In November 2025 the board approved a US$73 million construction budget and execution strategy for its Ontario cobalt sulfate refinery, supported by US$82 million financing from the U.S. Department of War, Canadian government entities, and October 2025 equity financing, with mechanical completion targeted for Q2 2027 and initial commissioning in Q4 2026.
3. Domestic Feedstock Testing and Partnerships
Electra initiated metallurgical testing of cobalt feedstock from its Iron Creek project in Idaho and the historic Cobalt Camp in Ontario, advanced mineral deposit modelling, and signed a supply cooperation agreement with Positive Materials Inc. to evaluate battery-grade cobalt sulfate partnerships for its North American supply chain.
4. Battery Recycling Feasibility Initiative
Building on a 2023 black mass trial and a C$5 million federal contribution, Electra completed a Class 3 engineering study for a modular battery recycling facility adjacent to its refinery, outlining a design capable of processing scrap and end-of-life batteries to recover lithium, nickel, cobalt, copper, manganese, and graphite.