Electra Battery Materials Completes Financing and Debt Restructuring

Electra Battery Materials Corporation announced the closing of a US$34.5 million financing and a US$40 million debt equitization, fully funding the construction and commissioning of North America’s first cobalt sulfate refinery. The transactions, which include significant insider participation, have transformed the company’s balance sheet, reducing total debt from US$67 million to US$27 million. The refinery, located in Temiskaming Shores, Ontario, is a critical asset for strengthening North America’s battery and defense supply chains. The company has secured over US$80 million from investors and government commitments, ensuring the project is fully funded. The financing and debt restructuring significantly de-risk Electra’s path forward, providing greater flexibility to advance construction and prepare for commissioning. The company also added three new directors to its board, enhancing its leadership in critical mineral supply, industrial policy, and national security.