Electra Battery Materials (ELBM) Q2 2026 earnings summary

Executive summary

• Appointed Peter Rawlins as CFO, bringing extensive mining finance and capital markets experience, effective August 26, 2026.

• David Allen, former CFO, will remain part-time to support refinery construction and mentor the finance team.

• Focus remains on disciplined delivery of the Ontario cobalt sulfate refinery and advancing battery recycling and nickel processing projects.

Financial highlights

• Completed a US$34.5 million equity financing and converted approximately US$40 million of senior secured convertible notes into equity in October 2025.

• Secured US$20 million from the U.S. Department of War and US$28 million from Canadian government and Invest Ontario, totaling approximately US$82 million for refinery construction.

• Reported cash and cash equivalents of C$36 million as of June 30, 2026, including US$2.1 million from at-the-market equity program.

• Refinery construction supported by approximately C$65 million (US$48 million) in reimbursable government funding.

Outlook and guidance

• Early commissioning of the cobalt sulfate refinery expected in Q4 2026, with mechanical completion in Q2 2027 and commercial production anticipated in Q4 2027.

• Priorities include disciplined balance sheet management, working capital and liquidity, and advancing government and industry relationships for long-term growth.