Electra Battery Materials has signed a supply agreement with LG Energy Solution to deliver battery-grade cobalt through at least 2029. The agreement commits Electra to provide 60% of the cobalt sulfates produced at its cobalt refinery in Ontario, which is currently under construction.
The refinery, located 500 km north of Toronto, is projected to produce 6,500 tonnes of cobalt sulfate annually at full capacity, addressing the majority of the global market currently dominated by Chinese suppliers. Construction faced delays due to cost overruns, but work resumed in November 2025 after Electra secured funding for the $250 million project, with commissioning expected by the fourth quarter of 2026.
Following the announcement, Electra’s shares rose by 7.5% to C$1.00, resulting in a market capitalization of over C$100 million ($74 million).
