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Electra Battery Materials Reports Q1 2023 Results and Provides Update on Cobalt Refinery Project and Black Mass Recycling Trial
TORONTO / May 10, 2023 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today reported its finan
About this update from Electra Battery Materials Corp
[{"type":"text","content":"TORONTO / May 10, 2023 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today reported its financial results for the first quarter ended March 31, 2023, and provided an update on the commissioning of its cobalt refinery and its black mass recycling trial. All amounts are in Canadian currency unless otherwise stated. “Our performance in the first quarter was marked by a number of significant milestones relating to our lithium-ion battery material recycling trial,” said Trent Mell, Electra’s CEO. “Most notably, we completed the first plant-scale recycling of black mass material in North America and we produced high quality lithium-carbonate, graphite, and nickel-cobalt mixed hydroxide products that met or exceeded standards we achieved previously in a lab-setting. “We expect to sustain this momentum with the first delivery of recycled products to customers in the coming weeks and the completion of a scoping study assessing the economic potential of black mass processing at our refinery complex north of Toronto,” Mr. Mell concluded. ELECTRA Q1 2023 HIGHLIGHTS AND DEVELOPMENTS Net loss for the period was $21.8 million or $0.61 per share. Included in the net loss was the impact of a debt offering transaction completed in the period involving a non-cash settlement of 2026 Notes in exchange for 2028 Notes at a loss of $19.9 million. Results for Q1 2023 compare to net income of $2.3 million or $0.08 per share for Q1 2022, which was driven by a gain of $4 million on the fair value of the embedded derivative liability portion of Electra’s convertible debt. Held cash and marketable securities of $12.9 million as at March 31, 2023, up from $8.4 million as at December 31, 2022. Electra’s cash balance at the end of Q1 2023 does not include the remaining $5.1 million of government investments expected to be received. Successfully completed the first plant-scale recycling of black mass material in North America and confirmed the recovery of critical metals, including lithium, nickel, cobalt, copper, manganese, and graphite, needed for the EV battery supply chain using Electra’s proprietary hydrometallurgical process. To date, Electra has produced high quality nickel-cobalt mixed hydroxide, graphite, and lithium carbonate products in its black mass recycling trial at its refinery co...