Electra Makes First Customer Shipment of Recycled Nickel-Cobalt Produced at its Refinery Complex
July 17 2023 - 7:00AM
Business Wire
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V:
ELBM) (“Electra” or the “Company”) today announced the first
customer shipment of nickel-cobalt produced at its refinery complex
north of Toronto from recycled battery material. Using Electra’s
proprietary hydrometallurgical process, the nickel-cobalt mixed
hydroxide precipitate product (“MHP”) was produced in the Company’s
black mass recycling trial currently underway at its permitted,
low-carbon hydrometallurgical refinery.
“The first customer delivery of product from our refinery marks
another important milestone on the path to commercializing our
black mass refining capabilities,” said Trent Mell, CEO of Electra.
“Since the trial’s launch late in 2022, we have proven that our
proprietary hydrometallurgical process works successfully, produces
high-quality products, including lithium carbonate and
nickel-cobalt MHP, and supports compelling economics.”
Black mass is the industry term used to describe the material
remaining once expired lithium-ion batteries are shredded and all
casings removed. Black mass contains high-value elements, including
nickel, cobalt, lithium, manganese and graphite, that once
recovered, can be recycled to new produce new lithium-ion
batteries.
Electra launched its black mass trial at the end of December
2022, with the goal of validating its hydrometallurgical process in
a plant-scale setting and testing its refinery equipment.
Electra’s achievements since the start of its black mass trial
include:
- On February 14, 2023, Electra confirmed that it had
successfully completed the first plant-scale recycling of black
mass material in North America and recovered critical metals needed
for the electric vehicle battery supply chain using its proprietary
hydrometallurgical process.
- On March 13, 2023, Electra announced that it recovered lithium,
a critical mineral needed for the electric vehicle EV battery
supply chain. The recovery and subsequent production of a
high-quality lithium carbonate product in a plant-scale setting
validate Electra’s proprietary hydrometallurgical process.
- Also, in March 2023 Electra produced a mixed hydroxide
precipitate (MHP) at contained metal grades for nickel and cobalt
above quoted market specifications.
- Recoveries within the MHP circuit, which produces the highest
value product in the black mass recycling process, have been
equivalent to and at times superior to bench scale results achieved
previously.
- On May 11, 2023, Electra released highlights of a desktop
scoping study based on a on a number of assumptions, including
annual processing of 2,500 tonnes of black mass, metal prices using
analysts’ long-term forecasts, recovery rates consistent with those
achieved to date, and US$9.2 million of committed capital comprised
of US$5.9 million for capital costs and US$3.3 million in working
capital.
- On June 26, 2023 Electra announced that it had received a
commitment for a strategic investment from the Three Fires Group
Inc., which is expected to help accelerate the Company’s battery
recycling strategy in North America. Following a successful black
mass recycling trial, the parties intend to prioritize development
of a permanent 2,500 tonne per annum recycling refinery while
Electra continues to advance construction of its cobalt sulfate
refinery. Completion of the investment with Three Fires Group Inc.
remains subject to Electra securing additional financing of not
less than $10,000,000, and applicable regulatory approvals.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery
materials. Currently focused on developing North America’s only
cobalt sulfate refinery and operating a black mass demonstration
plant, Electra is executing a multipronged strategy focused on
onshoring the electric vehicle supply chain. Keys to its strategy
are integrating black mass recycling and nickel sulfate production
at Electra’s cobalt refinery located north of Toronto, advancing
Iron Creek, its cobalt-copper exploration-stage project in the
Idaho Cobalt Belt, and expanding cobalt sulfate processing into
Bécancour, Quebec. For more information visit
www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as “plans”,
“expects”, “estimates”, “intends”, “anticipates”, “believes” or
variations of such words, or statements that certain actions,
events or results “may”, “could”, “would”, “might”, “occur” or “be
achieved”. Such forward-looking statements include, without
limitation, statements regarding the potential for development and
commercialization of black mass recycling. Forward-looking
statements are based on certain assumptions, and involve risks,
uncertainties and other factors that could cause actual results,
performance, and opportunities to differ materially from those
implied by such forward-looking statements. Among the bases for
assumptions with respect to the potential for additional government
funding are discussions and indications of support from government
actors based on certain milestones being achieved. Factors that
could cause actual results to differ materially from these
forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
Electra Battery Materials Corporation, filed on SEDAR at
www.sedar.com and with on EDGAR at www.sec.gov. Other factors that
could lead actual results to differ materially include changes with
respect to government or investor expectations or actions as
compared to communicated intentions, and general macroeconomic and
other trends that can affect levels of government or private
investment. Although the Company believes that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, the Company disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230717522392/en/
Joe Racanelli Vice President, Investor Relations
info@ElectraBMC.com 1.416.900.3891
Electra Battery Materials (NASDAQ:ELBM)
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