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Nice video. I think the only items that are keeping investors at bay, are they are not fully funded and they do not have any receivables coming in. Once all this comes to fruit, we are going up faster than a SpaceX rocket.
We need a breakout, but we need to crush the shorts first.
I picked up a couple of hundred
of shares this morning..
Sorry, my allergies are acting up. Hehehehe
I'm surprised it's holding pretty steady.
I definitely agree with you. It's taking longer than expected and that's why our stock is down. Once they get this project going and they show they are producing income, this will take off like a rocket.
I hope Canada steps up with a good amount of money and gets us closer to fully funding this. With the government contributing, I think it will make it easier to get the balance of the funding from private placement.
It usually doesn't hold but I am rooting for it.
Electra Announces Agreement Regarding Outstanding Convertible Notes Interest and Filing of Second Quarter 2024 Financial Reports
Source: Business Wire
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce that the Company and the holders of US$51 million principal amount of 8.99% senior secured convertible notes have agreed that all accrued interest owing to August 15, 2024, on the convertible notes will be “paid-in-kind,” not in cash, and added to the outstanding principal amount of the notes. As a result of this agreement, the Company will issue additional notes in the principal amount of US$6.5 million. The Company also announces the filing of its second quarter financial results.
David Allen, Electra’s CFO, said regarding the noteholder agreement, “We are grateful for our lenders’ continued support of our vision and business plan. This agreement allows us to preserve liquidity and allocate capital towards funding the completion of the cobalt refinery project rather than paying interest in cash.”
Electra’s CEO, Trent Mell, said “The cobalt refinery continues to be our primary focus, with the objective of resuming construction shortly after funding is secured. We have maintained rigorous management of our financial resources throughout the quarter and the recent agreement with our lenders further reflects this rigor. The Canadian Refinery is our flagship asset and will be the first of its kind in North America. Beyond refining cobalt hydroxide to produce cobalt sulfate for the battery market, we are exploring battery recycling to close the loop within the supply chain. In June, the Government of Canada entered a $5 million funding agreement with Electra to support the next phase of our battery recycling program. This continued support demonstrates a recognized importance of onshoring the battery supply chain and reducing reliance on China.
“Recent market reports have alluded to a slowing of EV growth rates for some EV manufacturers, but the outlook remains exceptionally strong,” Mell continued. “With global demand for EVs expected to increase by 22% in 2024, according to Rho Motion, and more than 90% of cobalt chemical, the material used for batteries, coming from refineries in China, the urgency to diversify the supply chain to meet the growth challenges ahead is becoming more pressing.
Mell concluded, “Through our partnerships with ERG and Glencore, we have secured feed material to meet the full capacity of our refinery. Customer demand for our cobalt sulfate production far exceeds our production capacity and LG Energy Solutions has already secured up to 80% of our production. We are strategically positioned to be a foundational component of the North American battery supply chain.”
The 8.99% senior secured convertible notes were issued pursuant to an indenture dated February 13, 2023, entered into among the Company, GLAS Trust Company LLC, as trustee for the notes and the noteholders. A supplemental indenture to the note indenture will be entered into which will govern the additional notes, a copy of which will be filed on SEDAR+ at www.sedarplus.com and with on EDGAR at www.sec.gov.
The payment in kind and the issuance of additional notes is subject to certain conditions, including the approval of the TSX Venture Exchange.
The Company’s cash balance at the end of the quarter was C$4.8M. The Company’s second quarter 2024 financial reports are available on SEDAR+ (www.sedarplus.com) and the Company’s website (www.ElectraBMC.com).
Electra’s is recommissioning and expanding its refinery, and its long-term vision includes additional phases to potentially provide recycled battery materials and battery grade nickel to the North American and global electric vehicle battery market:
Completion of the recommissioning of the refinery to produce at an initial rate of 5,000 tonnes per annum of battery cobalt contained in cobalt sulfate from cobalt hydroxide.
12-month permit amendment process and expansion of certain circuits to increase cobalt production to 6,500 tonnes per annum of battery grade cobalt sulfate, reaching the nameplate capacity of the crystallization circuit.
Recycling of black mass, recovering lithium, nickel, cobalt and other critical metals, supported by a planned joint venture with the Three Fires Group to collaborate to source battery waste and produce black mass for refining at Electra’s refinery.
Expansion to a second cobalt sulfate facility in Bécancour, Quebec and a strategically located North American nickel sulfate refinery.
Throughout 2023, Electra operated a plant scale battery recycling trial at its refinery, processing more than 40 tonnes of black mass material to recover valuable elements such as lithium, nickel, cobalt, manganese, graphite, and copper. The goal was to make high-quality nickel, cobalt, and lithium products. While the current phase of the recycling project is now largely complete, ongoing work aims to unlock additional value from the final saleable products and completed advanced engineering studies.
Electra’s low carbon hydrometallurgical refinery in Canada is permitted and has an estimated current replacement value of approximately US$200 million. The Company requires approximately US$60 million to complete construction. The cobalt refinery project continues to be derisked through the on-site receipt of most long lead-time equipment and by the 2023 commissioning of the legacy refinery operations for the black mass demonstration plant.
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, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. Keys to its strategy are integrating black mass recycling, expanding cobalt sulfate processing into Bécancour, Quebec, and exploring nickel sulfate production potential within North America. For more information, please 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.
Electra Identifies New Copper Showing in Idaho and Extends Redcastle Agreement
https://www.electrabmc.com/news-releases/news/electra-identifies-new-copper-showing-in-idaho-and-extends-redcastle-agreement
Yes, when we actually start producing and selling. Until then, we are at the mercy of the current and new loans and interest rates.
Electra Awarded $5 Million from Government of Canada to Advance Development of Proprietary Battery Metals Recycling Technology
https://electrabmc.com/news-releases/news/electra-awarded-5-million-from-government-of-canada-to-advance-development-of-proprietary-battery-metals-recycling-technology
Electra and Eurasian Resources Group Sign Cobalt Supply Agreement
https://electrabmc.com/electra-and-eurasian-resources-group-sign-cobalt-supply-agreement/
This is my right off for this year.
Electra Provides Corporate Update
https://electrabmc.com/electra-provides-corporate-update-5/
I'm sure this grant will help.
Electra Receives $5 Million Grant from Government of Canada to Support the Development of the North American Electric Vehicle Supply Chain
https://electrabmc.com/electra-receives-5-million-grant-from-government-of-canada-to-support-the-development-of-the-north-american-electric-vehicle-supply-chain/
Very true. Also, once they start showing some receivables this should start getting some legs. I just can't stand going thru the pain. Once we start seeing some light, something pulls us back.
Just need 10 more of these for that $1
Electra Provides Update on Black Mass Recycling
https://electrabmc.com/electra-provides-update-on-black-mass-recycling/
It looks like we got some life today. I'm guessing it dropped because traders were selling their losses for the year end. I'm hoping...
Electra Appoints 30-year Finance Veteran as CFO and Provides Financing Update
https://electrabmc.com/electra-appoints-30-year-finance-veteran-as-cfo-and-provides-financing-update/
Electra and Rock Tech Lithium sign Lithium Recycling MOU for North American Market
https://electrabmc.com/electra-and-rock-tech-lithium-sign-lithium-recycling-mou-for-north-american-market/
Corrected: Release the earnings today and call tomorrow.
Electra Battery Materials Q3 2023 Results Call Today.
https://electrabmc.com/electra-battery-materials-q3-2023-results-call/
We are going to need to wait until they start getting some cash flow going. Once they start billing and showing income, we will start seeing this stock rise. Until then, we are going to have to take it....
I thought we would be further along on stock price and production but didn't anticipate high interest rates and costs. We will get thru this and we will be rewarded. It will just be much further down the road than originally thought/hope for.
Electra Provides Update on Cobalt Refinery Project
https://electrabmc.com/electra-provides-update-on-cobalt-refinery-project/
All this started when Trent sold us out for $1.10 per share and the market price was $ 1.76 on 8/2. If he really believes in this company, he should have sold those shares for more. I voted against him in the proxy. We need someone who believes in the company.
I just did the same @.69
Electra Battery Materials Reports Q2 2023 Results and Provides Update on Cobalt Refinery Project and Black Mass Recycling Trial
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2062-tsx-venture/elbm/146667-electra-reports-q2-2023-results-and-provides-update-on-cobalt-refinery-project-and-black-mass-recycling-trial.html
I think it was you that said once they start showing revenue, it will move and I agree. I'm just buying and holding for payday. I may have to wait a few more years.
I just picked up a couple of hundred shares this morning.
I bought 300 shares this morning @$.87. Long term this will pay off, but in the short term we are going to be in pain.
Electra Announces Upsized Brokered Private Placement and Coincident Non-Brokered Placement for Gross Proceeds of up to $21.5 Million
https://electrabmc.com/electra-announces-upsized-brokered-private-placement-and-coincident-non-brokered-placement-for-gross-proceeds-of-up-to-21-5-million/
Electra Enhances Terms of Cobalt Supply Agreement with LG Energy Solution – Agreement extended to 5 years and supply increased to 19K tonnes
https://electrabmc.com/electra-enhances-terms-of-cobalt-supply-agreement-with-lg-energy-solution/
Jervous also mines in Idaho for Cobalt. They are in the same zone as elbm. As far as the recycling plant goes, I do not know of anyone else at this time doing what they are/will be doing.
I hope we get some momentum going. Looks like people are taking their profits.
Electra Makes First Customer Shipment of Recycled Nickel-Cobalt Produced at its Refinery Complex
https://electrabmc.com/category/press-release/
We are showing some life today. I'm guessing it has to do with the market but with this stock who knows.
At this point, I will take anyone with deep pockets.