Electra Battery Materials Corp. Q3 FY2022 earnings call

• Secured a three-year supply agreement with LG Energy Solution for 7,000 tons of battery-grade cobalt sulfate starting in 2023, running through 2025, representing ~60% of production.
• Refinery commissioning progress: 90% of brownfield equipment commissioned, targeting spring 2023 commissioning with 2023 cobalt production target of 1,800-2,100 tons.
• Black mass recycling initiative: Plan to process 75 tons of black mass in a demonstration plant using existing refinery assets, targeting recovery of nickel, cobalt, lithium, copper, and graphite.
• Exploration in Idaho Cobalt Belt: Identified a new mineralization zone at Ruby with promising grades, similar in size to Iron Creek deposit, warranting further exploration.
• Near-term milestones: Black mass recycling progress, preparation of sustainability report, refinery commissioning, exploration at Ruby, and Bécancour pre-feasibility study.

No detailed product segment financial performance or revenue contribution % provided in the transcript.

• Targets spring 2023 commissioning of the refinery and 1,800-2,100 tons of cobalt production in 2023.
• Black mass demonstration plant aims for high recovery rates of battery materials.
• Anticipates finalizing downstream agreements by year-end, potentially leading to refinery expansion or development of the Bécancour facility in Quebec.

• Allocation of capital between refinery construction and exploration activities.
• Dependence on market conditions affecting exploration efforts for the Idaho Cobalt Belt asset.
• Uncertainties in refining black mass process details that could impact future contracts.

Q: Jake Sekelsky asks about black mass cycling program recoveries, test work, black mass supplier discussions, and Iron Creek qualification for DOE programs.

A: Trent Mell and Mark Trevisiol respond that recovery targets are in the high to mid-90s range, black mass is sourced from battery shredders with potential for future ties to cell plants, and Iron Creek's qualification for DOE funding is in an early stage with focus on extraction funding once resource is established