Electra Greenlights US$73M Cobalt Sulfate Refinery, Targets Q4 2027 Production
Electra’s board approved a US$73M (C$100M) construction budget for its north-of-Toronto cobalt sulfate refinery, with commissioning set for Q4 2026 and commercial operations targeted Q4 2027. The 5,120 tpa initial capacity can expand to 6,500 tpa, backed by US$82M in government grants, loans and equity.
1. Construction Budget and Timeline
Electra’s board has sanctioned a US$73 million (C$100 million) construction budget to complete its cobalt sulfate refinery north of Toronto. Major milestones include commissioning activities in Q4 2026, mechanical completion in Q2 2027, production ramp-up in Q3 2027 and commercial production in Q4 2027.
2. Project Funding and Government Support
The refinery has secured US$82 million in aggregate support, comprised of US$48 million in government grants and loans plus US$34 million raised in equity during October 2025. Discussions are underway to amend senior secured credit facility terms to permit up to US$27 million in additional government-backed debt financing.
3. Refinery Capacity and Expansion Potential
Initial nameplate capacity is 5,120 tonnes per annum of battery-grade cobalt sulfate, with a crystallizer circuit rated at 6,500 tpa—27% above base capacity. Electra plans to optimize and debottleneck operations by 2028 to reach the full 6,500 tpa through incremental capital investments.
4. Procurement and Execution Plan
Most major mechanical and electrical equipment is already procured and delivered, reducing supply chain risk. The structural, mechanical, piping, electrical and instrumentation contract is slated for Q1 2026, followed by full site mobilization in Q2 2026 under a baselined execution sequencing plan.