Electra Battery Materials Corporation has approved a $73 million (€62 million) construction budget and established an execution schedule to achieve mechanical completion of its cobalt sulfate refinery north of Toronto, Canada, marking a significant step toward bringing North America’s first battery-grade cobalt refinery into operation.

Commissioning activities are expected to commence in the fourth quarter of 2026. Mechanical completion is targeted for the second quarter of 2027. Production ramp-up is expected to start during the third quarter of 2027. Achievement of Commercial Production is targeted for the fourth quarter of 2027. The project schedule establishes a clear pathway from construction execution in 2026 to commercial operations in 2027.

“Our mandate is clear. We are advancing this Refinery to completion with a defined budget, schedule and execution plan,” said CEO Trent Mell. “This is a fully permitted brownfield asset with substantial infrastructure in place and funding commitments from allied governments. With major equipment procured and construction sequencing defined and baselined, we are positioned to transition from reactivation to full execution.”

The approved $73 million construction budget reflects updated detailed engineering, contractor input, and current market pricing. It is intended to fund all remaining construction activities through mechanical completion. Select commissioning activities are expected to begin prior to mechanical completion, with integrated commissioning and production ramp-up to follow completion of major construction works.

The majority of major mechanical and electrical equipment has been procured and long-lead items delivered to site, significantly reducing procurement and supply chain risk. Engineering and construction sequencing is substantially advanced and baselined, providing enhanced cost visibility and schedule certainty.

Construction will proceed under a defined execution plan with the following target milestones:

  • Q1 2026 – Award of SMPEI contract (structural, mechanical, piping, electrical, and instrumentation)
  • Q2 2026 – Full site mobilization
  • Q4 2026 – Early commissioning of select utilities and circuits
  • Q2 2027 – Mechanical completion
  • Q3 2027 – Start of production ramp-up
  • Q4 2027 – Commercial production

The refinery is designed to initially produce 5,120 tonnes per annum of contained cobalt in the form of battery-grade cobalt sulfate. At nameplate capacity, the Refinery is expected to generate meaningful revenue from battery-grade cobalt sulfate supply to North American and allied markets.

The crystallizer circuit has a nameplate capacity of 6,500 tonnes per annum, providing a pathway to expand production by approximately 27% beyond initial nameplate capacity. Electra is targeting optimization toward the full 6,500 tonne per annum level in 2028 through incremental capital investments, operational improvements, and debottlenecking initiatives.