Electra lines up $12M funding for Ontario cobalt refinery

Electra Battery Materials (NASDAQ, TSXV: ELBM) has lined up C$17.5 million ($12.6 million) in Ontario government funding for its proposed cobalt refinery in Temiskaming Shores — seen as a critical project to the province’s critical mineral processing supply chain. Shares of the company shot up.

Under a term sheet with Invest Ontario signed on Friday, the province would commit to this funding as part of a trilateral package of government support, following the US Department of Defense’s $20 million award in August 2024 and ongoing discussions with the Government of Canada. In total, the company could receive as much as C$64 million ($48m) in government contributions, representing more than half of the C$100 million investment required to complete the project.