Electra Battery Materials (ELBM) Q1 2026 earnings summary

Executive summary

• Advanced construction of North America's first battery-grade cobalt sulfate refinery, with key milestones achieved and a comprehensive construction budget approved.

• Strengthened commercial position through a strategic supply agreement with LG Energy Solution, securing a significant portion of future production.

• Enhanced financial flexibility via expanded capital markets initiatives and government funding support.

Financial highlights

• Ended Q1 2026 with approximately C$40.2 million in cash and cash equivalents.

• Raised approximately US$4.6 million in net proceeds through an at-the-market equity program at an average price of US$0.91 per share.

Outlook and guidance

• Refinery commissioning targeted for Q4 2026, mechanical completion for Q2 2027, and commercial production anticipated in Q4 2027.

• Initial production capacity of 5,120 tonnes per annum of battery-grade cobalt sulfate, with plans to increase to 6,500 tonnes per annum.