Progress during the quarter reflects Electra's renewed momentum in establishing a North American battery materials supply chain. Alongside the Company's significant financial accomplishments, recent strategic activities include feedstock testing from Ontario and Idaho, underpinning the long-term importance of domestic mineral assets and reinforcing Electra's role in reducing North America's reliance on foreign sources of critical battery materials.
Highlights:
US$13 (C$17.5) Million Commitment from Ontario: On September 12, Electra signed a term sheet with the Ontario government to advance its cobalt refinery. The investment complements previously announced government backing, including a US$20 million award from the U.S. Department of Defense and a US$15 million (C$20 million) commitment from the Government of Canada, for aggregate US$48 million of government support.
US$34.5 Million Financing Completed: In August 2025, the Company launched a US$34.5 million financing coinciding with a balance sheet restructuring, reducing the Company's debt to approximately US$28 million and which is intended to provide the remaining financing for the refinery construction. Both transactions closed in October, subsequent to the quarter end. The oversubscribed private placement demonstrated market support for Electra's long-term strategy and positioned the Company to resume construction and commissioning activities.
Bench Strength Added to Board: The Company also augmented its Board of Directors during the quarter with the additions of David Stetson, a seasoned executive with over 20 years of experience in the energy and mining sectors; Gerard Hueber, a retired U.S. Navy Rear Admiral and former Raytheon executive; and Jody Thomas, Canada's former National Security and Intelligence Advisor to the Prime Minister. Their appointments bring valuable expertise in operations, policy, and finance, and support strong governance and oversight as Electra transitions into execution.
North American Feedstock Testing: In July, Electra commenced metallurgical testing of North American cobalt feedstock from two sources, its Iron Creek project in Idaho ...
