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WebsiteIntroduction
Electra Battery Materials Corporation (ticker: ELBM) is a Canadian multinational focused on the mining, refining, and recycling of raw materials for electric vehicle (EV) batteries. Headquartered in Toronto, Ontario, the company operates North America’s only fully permitted metallurgical refinery that produces battery-grade cobalt and nickel sulfate. It also owns the Iron Creek cobalt-copper deposit located in Idaho, U.S.
Corporate Structure
Electra Battery Materials employs between 11 and 50 people. Founder and CEO Trent Mell leads a leadership team that includes Mark Trevisiol (Vice President) and George Puvvada (Vice President of Metallurgy & Technology). The company is publicly traded on the Toronto Stock Exchange and the Nasdaq under the ticker symbol ELBM.
Cobalt refinery by Marek Okon
Recent Developments and News
On August 19, 2024, the U.S. Department of Defense awarded Electra US$20 million to facilitate the completion of its Ontario refinery and commence cobalt sulfate production. In June 2025, Electra commenced preliminary discussions with the Quebec government regarding the construction of a second cobalt refinery in the BĂ©cancour Industrial Park.
At the 2025 Eurasia Group US-Canada Summit, Electra highlighted its role in supporting a resilient North American battery ecosystem, emphasizing:
- The development of the continent’s first cobalt sulfate refinery in Ontario
- Scaling battery recycling through the Aki Battery Recycling joint venture
- Ensuring secure supply chains for electric vehicle and defense applications
Electra also received C$17.5 million from Invest Ontario to support the construction of its Temiskaming Shores refinery and submitted Form 6-K reports to the U.S. Securities and Exchange Commission on October 2 and October 6, 2025, in advance of its Annual General Meeting scheduled for October 15, 2025.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share Price (Oct 13, 2025) | C$3.32 |
| Year-to-Date Change | +101.21% |
| Volume | 7,080,102 |
| Market Cap (intraday) | US$29.87 million |
| Exchange | Nasdaq |
Electra’s strategy is focused on vertical integration: sourcing cobalt and nickel from its own mining assets, refining at its Ontario facility, and recycling spent lithium-ion batteries. The U.S. Department of Defense grant and provincial funding may mitigate project financing risks and strengthen relationships with key customers in the defense and electric vehicle sectors. The Form 6-K filings issued in early October 2025 provided updates on these strategic milestones to investors.
Market Position and Industry Context
Electra responds to North America’s demand for sustainable and traceable battery materials. Its Ontario refinery provides a domestic source of materials compared to overseas alternatives, which aligns with policy trends favoring localized critical-minerals processing. By integrating mining, refining, and recycling, the company positions itself amid the continent’s clean energy and advanced manufacturing supply chains.
tl;dr
Electra Battery Materials has secured US$20 million from the U.S. Department of Defense and C$17.5 million from Invest Ontario to advance its Ontario cobalt sulfate refinery. The company filed SEC 6-K reports on October 2 and October 6, 2025, ahead of its Annual General Meeting on October 15, 2025. Shares trade at C$3.32 (+101.21% YTD) as Electra continues to integrate mining, refining, and recycling operations for North America’s electric vehicle and defense battery markets.
