Electra Battery Materials is a development-stage company building what it describes as North America's first battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario, with commercial production targeted for Q4 2027. The refinery will take cobalt hydroxide feedstock — sourced primarily from DRC mining operations — and refine it through a hydrometallurgical process into cobalt sulfate, a key input for lithium-ion battery cathodes used in EVs. The refinery is designed to produce 5,100 tpa of contained cobalt in cobalt sulfate initially, with plans to expand to 6,500 tpa. Electra has secured a feedstock supply agreement with Eurasian Resources Group for 3,000 tpa of cobalt hydroxide starting in 2026, covering full annual capacity, and an offtake agreement with LG Energy Solution for 19,000 tonnes over five years, covering 60% of production through 2029. Electra's business model centers on selling cobalt sulfate to battery manufacturers, with revenue driven by production volumes, cobalt prices, and the spread between feedstock costs and realized selling prices. Beyond primary refining, Electra is developing a battery recycling capability to process black mass from end-of-life batteries, recovering lithium, nickel, cobalt, manganese, and graphite. Electra also owns the Iron Creek cobalt-copper exploration property in Idaho. The company has not yet generated meaningful revenue and has relied on equity and debt financings, plus funding from the U.S. Department of Defense and the Canadian federal government, to fund construction.