Electra Battery Materials (ELBM) Q4 2025 earnings summary

Executive summary

• Approved $73 million construction budget and restarted full-scale construction of the cobalt sulfate refinery in Ontario in November 2025.

• Completed recapitalization, converting $40 million of debt to equity and securing $82 million in funding from government and private sources.

• Advanced battery recycling initiatives, including a feasibility-level engineering study for a modular recycling facility.

• Strengthened Board with appointments bringing expertise in capital markets, defense, and critical minerals.

Financial highlights

• Cash position was C$39 million at year-end 2025, increasing to C$41 million post-reporting due to financing activities.

• Recapitalization reduced outstanding debt under notes by roughly 60%.

• Established an At-The-Market equity program for flexible capital raising.

Outlook and guidance

• Mechanical completion of the refinery targeted for Q2 2027, with commercial production expected in Q4 2027.

• Early commissioning activities to begin in Q4 2026.

• Ongoing focus on advancing construction, commissioning, and battery recycling initiatives.