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Electra Battery Materials Reports Q3 Results and Provides Update on Cobalt Refinery Project and Black Mass Recycling Demonstration
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the filing of its financial results for the third
About this update from Electra Battery Materials Corp
[{"type":"text","content":"Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the filing of its financial results for the third quarter ended September 30, 2022, and provided an update on the commissioning of its cobalt refinery and launch of its black mass recycling demonstration plant. All amounts are in Canadian currency unless stated. “Our performance in the third quarter was marked by considerable progress against our strategy and each of our primary objectives,” said Trent Mell, Electra’s CEO. “Most notably, we signed a definitive supply agreement with LG Energy Solution, the world’s second-largest EV battery manufacturer, completed more than 85% of the recommissioning of existing brownfield equipment at our battery materials refinery complex, confirmed cobalt mineralization at a second zone located in close proximity to our flagship deposit in the Idaho Cobalt Belt, and completed a scoping study on the production of nickel sulfate at our battery materials refinery complex that suggested compelling economics. This progress is considerable for a company of our size and is indicative of the level of commitment by our employees to sustain the first mover advantage Electra has established.” Mr. Mell added, “The adoption of the U.S. Inflation Reduction Act provides strong incentives for the onshoring of the EV battery supply chain, which is already proving to be an important tailwind for our near-term prospects. “In the coming weeks, we expect to launch our black mass recycling demonstration plant where we will apply our lab-tested hydrometallurgical process to separate up to 75 tonnes of high-value material contained in recycled lithium-ion batteries into discrete metals, including nickel, cobalt, copper, graphite and lithium, for resale and new cashflow opportunities. This demonstration plant will run in parallel with the ongoing commissioning of our cobalt sulfate refinery, the first of its kind in North America, which is expected to be completed in the spring of 2023.” Mr. Mell concluded, “Over the longer term, we are encouraged by the opportunities to expand into nickel sulfate production at our refinery in Ontario giving the findings of our scoping study and expand into cobalt sulfate production in Bécancour, Quebec based on preliminary work completed to date.” ELECTRA Q3 2022 HIGHL...