To date, Electra has arranged US$54 million in non-dilutive funding, including US$34 million in government support – comprised of both a binding contract and a non-binding letter of intent – and a US$20 million strategic investment proposal. In 2023, Electra estimated the capital cost to complete the cobalt refinery at approximately US$60 million, excluding first fills and commissioning costs. Additional non-dilutive funding options are in active development.
MP, Honourable Marc G. Serrés, said:
“Canada, with its abundance of critical mineral resources, is uniquely positioned to play an important role in the global energy transition. It is important that the government be there. Electra’s project will provide Canada with a high-quality critical mineral input that will contribute to the net-zero economy and strengthen our mining industry.”
Trent Mell, CEO of Electra, said:
“We are grateful for the Government of Canada’s continued support. This site visit demonstrates government engagement in building a domestic critical minerals supply chain. We are proud to be leading the way with a facility that will produce sustainable, battery-grade material for the EV market.”
During the MPs’ site tour, Electra’s team shared updates on progress toward commissioning and discussed the critical role the refinery will play in strengthening North America’s electric vehicle supply chain. With more than 90% of cobalt sulfate production in China, Electra will be one of the few providers of cobalt in the industry without any Foreign Entity of Concern involvement, and the only one of its kind on the continent.
Marty Rendall, Chief Financial Officer of Electa, said:
“We are pleased with the commitments we have secured to date. Our full financing solution is advancing as planned and we look forward to sharing additional updates with the market in the near future.”
Once fully commissioned, Electra’s facility is expected to produce 6500 t of cobalt per year, which would support the production of up to 1 million EVs annually. The refinery project is located north of Toronto, in the town of Temiskaming Shores, and is projected to have the lowest carbon footprint of any refinery of its kind in the world.