Electra and LG Energy Solution Update Multi-Year Cobalt Supply Agreement

Electra Battery Materials Corporation (Electra) has announced an updated, binding term sheet with LG Energy Solution (LGES) for the long-term supply of battery-grade cobalt from Electra's Ontario refinery. The new agreement extends the partnership and details an updated contract period, with a firm commitment for 60% of Electra's cobalt sulfate production through to 2029, and an option to extend through to 2032. This reaffirms LGES's role as a cornerstone customer and underscores the growing demand for secure, responsibly sourced cobalt. Electra is actively constructing North America's only cobalt sulfate refinery, with a US$73 million budget approved and targeting initial circuit commissioning in Q4 2026, with commercial production expected in Q4 2027. The refinery is designed to produce 5,120 tonnes per annum of contained cobalt. Electra is also exploring black mass recycling and other downstream battery material opportunities.