Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) provided an update on October 26, 2026, on the construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario, a critical minerals processing facility supported by the governments of the United States, Canada, and Ontario.

The site workforce has grown to 130 people, up from approximately 60 at the time of the Company's August update. Construction is advancing across all process areas, and the project continues to track within its USD 73 million budget.

Safety record maintained during period of heavier site activity

Since the August update, work has moved from foundations and steel erection to equipment installation, building enclosure, and electrical and instrumentation installation.

Construction is proceeding with zero lost-time incidents through a period of heavier site activity and a growing number of new workers and work areas that change as construction progresses.

Progress across the refinery's process areas

Within the existing refinery, flushing and removal of redundant brownfield equipment and piping is largely complete, and partition walls for the motor control centre room are complete.

In the solvent extraction building, interior structural steel installation is complete, allowing piping and electrical work to progress. Alignment of the modules is complete, and fiberglass-reinforced plastic (FRP) lamination of the process equipment has commenced.

Mechanical equipment within the crystallization circuit is installed in the crystallizer building. Process ductwork is on site and being staged for installation, off-site pipe fabrication is well underway, and the building enclosure, including wall cladding and roofing, is nearing completion.

The product silo building has been erected, and roof decking and cladding are being installed to enclose the dry product storage, handling, and final packaging areas.

On the electrical and instrumentation front, installation of interior and exterior cable trays within the refinery is nearing completion, and the main power cable from the refinery to the solvent extraction electrical house is complete.

Phase II construction of the tailings storage facility is underway, with civil works approximately 40% complete.

Schedule pressure from FRP piping, though company expects only modest adjustment

Schedule pressure has emerged from the projected timing for fabrication and installation of FRP process piping in the solvent extraction area. Following the recent award of the FRP contract, Electra is evaluating measures to accelerate this work.

With major permits in hand, major long-lead equipment largely on site, and the remaining process areas advancing, the Company expects any schedule adjustment, if required, to be modest.

"North America needs a domestic source of battery-grade cobalt, and this refinery is becoming that source," said Trent Mell, CEO. "The progress to date reflects a focused team and a strong group of contractors working safely and moving this project toward commissioning. With feed secured, key offtake committed, and strategic partners alongside us, we are confident in the path ahead."

Contractors and construction packages

Electra is executing the project through a series of construction packages tied to the refinery's principal process areas. The major construction contractors by work area are WB Melback Corporation for solvent extraction, Pro Pipe Construction Ltd., a subsidiary of Dalcon Construction, for the crystallizer, Kilmarnock Enterprises for the existing refinery, MECC for electrical work, and Pedersen Construction for the tailings storage facility.

Electra has also executed an agreement with FRP Systems Ltd. of Thunder Bay, Ontario, for the FRP process piping. Remaining engineering activity is largely focused on field-driven changes and construction support.

"Every area of the site is active, and the focus is moving from infrastructure to equipment," said Paolo Toscano, Vice President, Projects & Engineering. "Mechanical equipment is now installed in the crystallizer, the solvent extraction area is taking shape, and our commissioning team is already validating instruments and developing the laboratory methods we will use to certify product. We are building this refinery safely and with the operating team that will run it."

Owner's team and operating readiness grow

Alongside the skilled trades on site, Electra's owner's team continues to grow, with recent additions in health, safety and environment, maintenance, and the laboratory.

The operating team, led by General Manager and Commissioning Leader Garzon Duenas, is developing the commissioning execution plan and operational readiness program, supported by a newly appointed Commissioning Lead.

Metso has been engaged to provide site advisory services through mechanical completion and commissioning, and a tender for commissioning services is being prepared.

Readiness work is also advancing on site. The laboratory has completed analytical method development for battery-grade cobalt sulfate, Rockwell Automation control system work is progressing, and instrument validation is underway.

Commercial agreements secure feed and offtake

On the commercial side, the Company's agreement with Glencore AG, announced August 20, 2026, secures 100% of the cobalt hydroxide feedstock required for commissioning and ramp-up through 2027 and provides long-term supply through 2031. Approximately 60% of planned cobalt sulfate production through 2029 is committed to LG Energy Solution under a binding term sheet signed in March 2026.

The term sheet with WMC Group AG, announced October 13, 2026, contemplates a five-year working capital and commercial partnership covering feedstock finance, logistics, and marketing.

WMC has committed to make an investment in Electra upon execution of definitive agreements. Douglas Geniti, based in New York, is supporting customer development, including defense and industrial offtake.

A permitted brownfield facility with defined production capacity

Electra's refinery is a permitted brownfield facility designed to process approximately 18,000 tonnes of cobalt hydroxide feed per year to produce 5,120 tonnes per year of contained cobalt in battery-grade cobalt sulfate.

Stay Ahead of Canada's Industrial Build-Out Before the Market Leaves You Behind

While manufacturers and industrial leaders race to establish new facilities across Canada, the true advantage lies with those who identify opportunities early. Which new projects are transitioning from announcement to construction? Where are government incentives directing investment next? Generic market analyses won't provide the insights you need; project-level intelligence will.

The Global Project Tracking (GPT) platform by Blackridge Research offers a live, continuously updated overview of the industrial sector, from infrastructure developments to manufacturing expansions. Every data point is sourced, verified, and aligned with actual project timelines, ensuring your strategy is grounded in facts, not just predictions.

Whether you're a materials supplier, an investor, or a contractor pursuing your next significant industrial project, the Global Project Tracking (GPT) platform by Blackridge Research provides you with comprehensive access to the Canada industrial project pipeline.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

Book a Free Demo today and discover how the Global Project Tracking (GPT) platform by Blackridge Research can help you capture the industrial opportunity before your competitors do.