Electra Battery Materials Corporation has announced a budget and a schedule for construction of its cobalt sulfate refinery north of Toronto.

The company’s board of directors recently approved a $100-million budget for the project. Full mobilization of construction machinery is planned for the second quarter of this year, with commercial operations scheduled for the fourth quarter of 2027.

“Our mandate is clear. We are advancing this refinery to completion with a defined budget, schedule and execution plan,” said CEO Trent Mell. “This is a fully permitted brownfield asset with substantial infrastructure in place and funding commitments from allied governments. With major equipment procured and construction sequencing defined and baselined, we are positioned to transition from reactivation to full execution.”

Electra says the construction budget reflects updated detailed engineering, contractor input, and current market pricing, and is intended to fund all remaining construction activities through mechanical completion.

In addition, most of the major mechanical and electrical equipment needed for the project has been procured and long-lead items delivered to site, significantly reducing procurement and supply chain risk.

The refinery is designed to initially produce 5,120 tonnes of contained cobalt yearly in the form of battery-grade cobalt sulfate.

Once fully ramped up to 6,500 tonnes, the facility is expected to represent an estimated 27% of world supply excluding China and approximately 5% of total global cobalt sulfate supply, based on current market data and demand forecasts.

Construction is being delivered under a joint engineering, procurement and construction management framework led by EXP in collaboration with Electra’s internal owner’s team.

Construction restart activities commenced in the fourth quarter of 2025, focused on early works and site readiness. The award of the structural, mechanical, piping, electrical, and instrumentation contract is expected in the first quarter of 2026, followed by full site mobilization.

“Cobalt refining is a strategic capability for North America,” said Mell. “By bringing this facility into commercial operation in 2027, we will establish the only battery-grade cobalt sulfate production capacity in the region, strengthening allied supply chains and anchoring critical minerals partnerships within North America.”