Electra Battery Materials Upsizes At-The-Market Offering to US$25M for Refinery
Electra Battery Materials has increased its At-The-Market program to US$25M, up from US$5.5M sold under its December 2025 prospectus supplement. Proceeds will fund working capital and commissioning of its Ontario cobalt sulfate refinery, with existing liquidity expected to cover mechanical completion.
1. ATM Upsize Details
Electra Battery Materials has amended its At-The-Market Offering Agreement to increase the aggregate offering size to US$25.0 million, inclusive of US$5.5 million already issued under the December 11, 2025 prospectus supplement. The program allows the sale of common shares at the company’s discretion through H.C. Wainwright & Co. up to the new limit.
2. Offering Terms and Distribution
Sales under the offering will occur as at-the-market transactions on the Nasdaq Capital Market at prevailing market prices, without any sales on the TSX Venture Exchange or other Canadian markets. The program is conducted under a Form F-3 registration statement declared effective by the SEC on December 11, 2025.
3. Use of Proceeds and Outlook
Net proceeds are earmarked for working capital and general corporate purposes, including expenditures related to commissioning the Ontario cobalt sulfate refinery. Management believes current cash, equivalents and potential government-backed debt financing will be sufficient to achieve mechanical completion of the refinery, though assumptions may change.