Electra Battery Materials (ELBM) Q3 2025 earnings summary

Executive summary

• Secured US$13 million commitment from Ontario, adding to US$48 million total government support for the cobalt refinery project.

• Completed US$34.5 million financing and balance sheet restructuring, reducing debt to US$28 million and providing funds for refinery construction.

• Strengthened board with experienced leaders in mining, energy, defense, and national security.

• Advanced North American feedstock testing and resumed construction at the Ontario refinery.

Financial highlights

• Cash balance of C$3 million as of September 30, 2025.

• Closed US$34.5 million equity financing and completed balance sheet restructuring after quarter-end.

• Aggregate government support totals US$48 million.

Outlook and guidance

• Believes funding is sufficient to complete construction and commissioning of the cobalt sulfate refinery.

• Focus remains on delivering North America's first cobalt sulfate refinery and creating long-term value.