- Partner News
- Media Releases
- Mainstream News
TORONTO, ON – (August 11, 2022) – Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the filing of its financial results for the second quarter ended June 30, 2022, and provided an update on the commissioning of its cobalt refinery located north of Toronto. All amounts are in Canadian currency unless stated.
“We made considerable progress on our battery materials refinery project in Q2, completing 80 per cent of testing of existing brownfield equipment for recommissioning, 80 per cent of all procurement, and 85 per cent of detailed engineering,” said Trent Mell, CEO of Electra Battery Materials. “But consistent with the realities facing companies who are constructing projects around the world today, we experienced the dual impacts of inflationary price pressures and supply chain disruptions firsthand during the second quarter.
“Most notably, delivery of critical equipment for our refinery project was impacted by quality control issues experienced by a major supplier that will result in completing the commissioning project in the spring of 2023. Equally significant, rising prices for input costs, such as steel, copper, piping, and contract labour rates, that were unanticipated when we first developed our capital budget, will increase project capital costs from our previous estimate of US$67 million to US$76 to $80 million.
“The extended project timeline will not, however, impact our plans to proceed with our battery recycling demonstration plant in Q3 or evaluate assay results from our Ruby drill program to assess potential new exploration initiatives in the Idaho Cobalt Belt.”
Mr. Mell concluded, “The pace of EV supply chain investments in North America has resulted in strong interest in Electra’s cobalt, nickel and recycling business plans. We have several advanced discussions underway, including with two customers who have signed non-binding MOUs. Additional details on the progress of these developments will be disclosed in due course.”
ELECTRA Q2 2022 HIGHLIGHTS AND DEVELOPMENTS
Highlights Subsequent to Quarter End
For complete details of the consolidated financial statements and the associated management’s discussion and analysis, please refer to the Company’s filing on SEDAR (www.sedar.com) or the Company’s website (www.ElectraBMC.com).
Electra will host a conference call on August 12, 2022 at 10:00 am ET to review its second quarter performance and discuss near-term outlook.
Dial-in and Webcast Details:
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America’s only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra’s refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.electrabmc.com.
Vice President, Investor Relations
78 total views, 2 views today