Electra Battery Materials (ELBM) Q4 2024 earnings summary

Executive summary

• Arranged over US$54 million in non-dilutive funding, including US$34 million in government support and a US$20 million strategic investment proposal, covering most of the capital needed to complete North America's first cobalt sulfate refinery.

• Achieved significant progress in battery recycling, producing high-purity lithium carbonate and nickel/cobalt products from black mass, exceeding market specifications.

• Entered a joint venture with Three Fires Group to establish a battery recycling facility, advancing sustainable innovation.

• Expanded exploration in the Idaho Cobalt Belt, securing a 10-year exploration permit and identifying new mineralization zones.

• Completed a fully subscribed private placement in March 2025, raising US$3.5 million.

Financial highlights

• Cash position as of December 31, 2024, was C$3.7 million.

• Payment of interest on senior secured debt through equity or debt issuance and deferral of interest to February 2027.

Outlook and guidance

• Plans to complete refinery recommissioning to produce 5,000 tonnes per annum of battery cobalt, with expansion to 6,500 tonnes per annum after permit amendments.

• Feasibility study underway for a battery recycling refinery adjacent to the cobalt refinery, leveraging prior technology and expertise.

• Long-term vision includes expanding recycled battery materials and battery-grade nickel production for the EV market.