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Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) is based in Toronto and focuses on processing low-carbon battery materials. Founded in 2017 (formerly First Cobalt Corp.), the company operates North America’s first fully permitted metallurgical refinery for battery-grade cobalt and nickel sulfate, and is developing an integrated “Battery Materials Park” that combines cobalt and nickel sulfate production with large-scale lithium-ion battery recycling.
Corporate Structure and Leadership
Electra employs approximately 11–50 individuals and features a board of directors that underwent updates in mid-2025. In June 2025, David Stetson, the former CEO of Alpha Metallurgical Resources, was appointed Chair, alongside Jody Thomas, former National Security and Intelligence Advisor to Canada’s Prime Minister, and Gerard Hueber, a retired U.S. Navy Rear Admiral. Founder and CEO Trent Mell directs daily operations, supported by a management team specializing in hydrometallurgy, project development, and strategic partnerships.
Battery materials by John Cameron
Recent Developments and News
On October 15, 2025, Electra conducted its Annual General and Special Meeting of Shareholders in Toronto, confirming board appointments and approving its Long-Term Incentive Plan. Earlier, on September 10, 2024, the company reported receiving a non-binding term sheet for a US$20 million strategic investment facility intended for the completion of its Ontario cobalt sulfate refinery. In October 2023, Electra delivered US$5 million of long-lead equipment necessary for its refinery’s solvent extraction plant and crystallizer circuit, contributing to the production capacity that may support up to 1.5 million electric vehicles annually. At the 2025 Eurasia Group US-Canada Summit, Electra discussed its collaboration with Aki Battery Recycling and emphasized the importance of establishing a stable North American supply chain for electric vehicle batteries.
Financial and Strategic Analysis
As of market close on October 17, 2025, ELBM shares traded on NASDAQ at US$2.16, reflecting an increase of 31.71% on a volume of 3,858,454 shares. The stock has a 52-week range of US$0.77–8.70 and a five-year beta of 2.05, indicating notable volatility. Key balance-sheet metrics as of the most recent reports (Yahoo Finance, intraday) include:
- Market Capitalization: US$33.05 million
- Enterprise Value: US$71.13 million
- Total Cash: US$2.93 million
- Total Debt/Equity: 138%
- Levered Free Cash Flow (TTM): –US$15.95 million
Electra reported a negative net income along with a TTM EPS of –US$1.16 and does not issue dividends. Strategic initiatives focus on securing non-dilutive funding, including a US$20 million grant from the Department of Defense announced in August 2024, and offtake agreements, particularly with LG Energy Solution for 19,000 tonnes of cobalt sulfate starting in 2025.
Market Position and Industry Context
Electra positions itself within North America’s electric vehicle (EV) supply chain as a domestic alternative to overseas producers, especially considering that over 90% of global battery-grade cobalt is currently supplied by Chinese companies. Once fully commissioned, its Ontario refinery will combine the primary refining of cobalt and nickel with black-mass recycling of lithium-ion batteries. The company’s strategy aligns with U.S. and Canadian objectives to enhance domestic critical mineral resources, reduce carbon footprints, and strengthen supply-chain resilience for EV and defense sectors.
tl;dr
As of October 17, 2025, ELBM stock increased by 31.71% to US$2.16 on significant trading volume. Electra is advancing its Ontario cobalt sulfate refinery, having received a US$20 million grant from the Pentagon and a term sheet for an additional US$20 million strategic investment. Following its Annual General Meeting on October 15, 2025, and with ongoing offtake commitments, notably from LG Energy Solution, the company continues to prioritize securing non-dilutive financing and commissioning its facility to support North America's EV battery market.
