Electra Battery Materials Corporation has finalized definitive agreements with Invest Ontario for C$17.5 million in funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario.

The funding agreement provides capital required to advance structural steel erection, concrete work, equipment installation and piping at the brownfield facility. Electra targets the commencement of select commissioning activities at the refinery in the fourth quarter of 2026, followed by mechanical completion in the second quarter of 2027, full commissioning and production ramp-up in the third quarter of 2027, and commercial production in the fourth quarter of 2027.

Once operational, the facility is expected to be the only refinery in North America producing battery-grade cobalt sulfate. It is designed to initially produce 5,120 tonnes annually of contained cobalt, with crystallizer nameplate capacity of up to 6,500 tonnes annually. To support operations, Electra has secured 100% of the cobalt feedstock required for commissioning and ramp-up through 2031 under an extended supply agreement with Glencore for approximately 10,000 tonnes of contained cobalt over five years.

The Ontario funding follows a binding investment agreement executed with the Government of Canada on May 4, 2026, which provided $20 million in federal funding toward the completion and commissioning of the refinery. On-site construction has also advanced through a C$25 million construction package awarded to WB Melback Corporation on May 13, 2026, to complete the solvent extraction building at the complex.

“We are focused on completing North America’s first cobalt sulfate refinery and creating the long term employment and economic activities that come with it,” said Trent Mell, CEO of Electra. “This project leverages those advantages to establish essential critical mineral processing capacity that strengthens North America’s supply security.”

“At a time when secure supply chains have never mattered more, Electra’s cobalt refinery will onshore a key capability needed to support North America’s manufacturing sectors,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We congratulate the team on this latest milestone and look forward to seeing this project strengthen Ontario’s critical mineral processing capacity, while generating lasting economic benefits for Northern workers.”

— Vic Fedeli, Minister of Economic Development, Job Creation and Trade

The completion of the funding agreement reinforces the province's critical minerals strategy and positions the Temiskaming Shores facility to supply allied manufacturers with a secure, transparent source of battery-grade cobalt sulfate.

Read the full announcement: Electra and Ontario Advance North America’s Critical Minerals Future with $17.5 Million Funding Agreement