Latest news with #cobalt
Yahoo
an hour ago
- Automotive
- Yahoo
Electra Battery Materials gears up to restart construction on stalled Ontario cobalt plant
Electra Battery Materials Corp. is positioning itself to restart construction on its stalled cobalt sulfate refinery in Temiskaming Shores, Ont. The company said June 19 that it will invest $750,000 on an early works program this summer that includes equipment installations and concrete work critical to advancing the project after a two-year delay. Electra CEO Trent Mell said the preliminary set of projects lay the 'physical and operational groundwork to accelerate into full construction. 'We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America's only battery-grade cobalt refinery,' Mell said in a release. Sign up for Automotive News Canada Breaking Alerts and be the first to know when big news breaks in the Canadian auto industry. The summer work schedule follows a $200,000 investment in septic, power and lighting systems at the plant earlier this year, the company said. Electra's fully permitted site about 500 kilometres north of Toronto has sat largely idle since May 2023, when the company halted work because of cost overruns, equipment delays and tightening finances. It is far from the only Canadian electric-vehicle battery supply chain project facing an uphill climb as EV demand falls short of expectations. Electra estimates it will need about US $60 million to complete the refinery that will produce cobalt sulfate, a key ingredient in most of the EV batteries in use in North America today. After securing funding commitments from an unnamed strategic investor and both the Canadian and U.S. governments totaling $54 million, Electra is just $6 million short of that target. It continues to work on solutions to fill the 'remaining gap,' said Heather Smiles, company vice-president of investor relations and corporate development, in an email. The company provided no details on other possible funding sources, but said it expects to raise the additional funds needed to finish construction and begin production at the plant. If completed, the plant will be the only one of its kind in North America and one of a select few outside China. From the outset of work on the refinery in 2021, Electra has maintained that demand for cobalt sulfate produced in North America remains high. The company signed an offtake agreement in 2022 with battery-cell maker LG Energy Solution that accounts for 80 per cent of the site's production capacity of 6,500 tonnes annually. Smiles said the early works package undertaken this summer will allow full-scale construction to resume on the refinery within a few months of the company securing the necessary financing. She would not say how long the plant would take to complete once work resumes.
Yahoo
9 hours ago
- Business
- Yahoo
Electra Commences Early Works to Support Restart of North America's Only Cobalt Refinery
TORONTO, June 19, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) ('Electra' or the 'Company') announces the launch of an early works program at its cobalt refinery north of Toronto, reaffirming the Company's commitment to onshoring North America's critical minerals processing and building a resilient, domestic battery materials supply chain. The early works program encompasses targeted site-level activities designed to prepare for the restart of full-scale construction. The initiative reflects growing momentum around the project, supported by strategic funding from both the U.S. and Canadian governments. The work, budgeted at approximately C$750,000, is particularly focused on advancing the solvent extraction facility. 'The early works program represents a critical step in transitioning the refinery site back to construction mode,' said Mark Trevisiol, Vice President, Projects at Electra. 'By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place.' Work scheduled over the summer will focus on advancing high-priority activities in the solvent extraction (SX) area, which is a key component of Electra's hydrometallurgical refining circuit. Crews will relocate and install SX processing equipment previously delivered to site, pour reinforced concrete bases for the SX tanks, and complete structural roofing work on the SX building. In parallel, tender preparation and engineering support activities will proceed to facilitate the transition to full construction. These works follow a C$200,000 investment earlier this year into the septic, power and lighting systems, as well as the recent delivery and placement of the site's prefabricated electrical house, all further enhancing construction readiness. 'This project reflects our disciplined approach to advancing the refinery project,' said Electra CFO, Marty Rendall. 'The early works program enables us to build critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package.' The early works initiative is partially supported by a US$20 million award from the U.S. Department of Defense under the Defense Production Act, announced in August 2024. This funding underscores the strategic role of Electra's refinery in strengthening domestic industrial capacity and securing North America's critical minerals supply chain. The project has also received support from Canada's Strategic Innovation Fund. 'Our early works program is a clear signal: Electra is not standing still,' said Trent Mell, CEO of Electra. 'The early works program lays the physical and operational groundwork to accelerate into full construction. We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America's only battery-grade cobalt refinery.' Electra's refinery is the only project in North America designed to produce battery-grade cobalt sulfate at scale. By integrating advanced hydrometallurgical processing and pursuing low-carbon production pathways, Electra is redefining how critical minerals are refined, offering a cleaner, traceable alternative to overseas supply chains. Following a temporary pause in construction in 2023, Electra has continued to make strategic progress toward completing the remaining financing needed to bring the cobalt sulfate refinery into full commercial operation. With foundational funding already secured, including significant contributions from both the U.S. and Canadian governments, the Company is actively advancing complementary funding initiatives to support project completion. Backed by strong government endorsements and the refinery already significantly advanced, Electra expects it will be able to finalize the balance of the financing required to move the refinery into production. About Electra Battery Materials Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America's only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra's strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visit ContactHeather SmilesVice President, Investor Relations & Corporate Development Electra Battery Materialsinfo@ 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. This news release may contain forward-looking statements and forward-looking information (together, 'forward-looking statements') within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as 'plans', 'expects', 'estimates', 'intends', 'anticipates', 'believes' or variations of such words, or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'occur' or 'be achieved'. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at and on EDGAR at Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A photo accompanying this announcement is available at
Yahoo
2 days ago
- Business
- Yahoo
If You Invested $1000 in Wheaton Precious Metals Corp. 10 Years Ago, This Is How Much You'd Have Now
How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well. Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks. What if you'd invested in Wheaton Precious Metals Corp. (WPM) ten years ago? It may not have been easy to hold on to WPM for all that time, but if you did, how much would your investment be worth today? With that in mind, let's take a look at Wheaton Precious Metals Corp.'s main business drivers. Wheaton Precious Metals is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and company enters into purchase agreements ('PMPAs') to purchase the entireity or a portion of the precious metals or cobalt production from mines located across the globe for an upfront payment and an additional payment upon the delivery of the precious metal or cobalt. As of Dec. 31, 2024, Wheaton Precious Metals holds 38 long-term agreements, comprising 30 precious metal purchase deals, 3 early deposit agreements, and 5 royalties, spanning 18 operating mines, 23 development projects, and 4 mines which are closed or in care-and-maintenance. Following the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered that is fixed by contract, generally at or below the prevailing market price. The company's production profile is driven by the volume of metal production at its various mining assets. The primary drivers of the company's financial results are the volume of metal production at the various mines to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. The company offers investors leverage to increasing precious metals prices, a sustainable dividend payout as well as organic and acquisition growth opportunities. Wheaton's operating costs are contractually set at the time the stream is entered into, which enables investors to benefit from cost predictability and strong margin growth amid rising metal prices. Wheaton is focused on adding additional production capacity from high-quality accretive metals. Its business model focuses on reducing risk while leveraging higher commodity prices. The company continues to add streams which bring immediate production, as well as medium and longer-term growth to its robust portfolio of assets. While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Wheaton Precious Metals Corp. ten years ago, you're probably feeling pretty good about your investment today. A $1000 investment made in June 2015 would be worth $5,002.18, or a gain of 400.22%, as of June 17, 2025, according to our calculations. This return excludes dividends but includes price appreciation. Compare this to the S&P 500's rally of 187.80% and gold's return of 173.85% over the same time frame. Analysts are forecasting more upside for WPM too. Wheaton Precious Metals is poised to gain from its diversified portfolio of high-quality and long-life assets. The company continues to add streams, which lead to immediate production, as well as medium and long-term growth, to its portfolio of assets. Its debt-free balance sheet will enable further acquisitions. Even though the company has been bearing the brunt of the suspension of operations at the Minto mine and the temporary halting of production at Aljustrel, this will be offset by growth from operating assets, including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato. It expects production to increase 40% over the next five years and be more than 870,000 GEOs by 2029, aided by contributions from assets, including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato mines. Estimates have lately moved north. The stock has jumped 17.06% over the past four weeks. Additionally, no earnings estimate has gone lower in the past two months, compared to 9 higher, for fiscal 2025; the consensus estimate has moved up as well. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
3 days ago
- Business
- Yahoo
Is Magna Mining a Good Stock to Buy?
Written by Aditya Raghunath at The Motley Fool Canada Valued at a market cap of $362 million, Magna Mining (TSXV:NICU) is a Canadian mineral exploration and development company founded in 2016 by Jason Jessup, a 20-year veteran of the Sudbury mining district. It focuses on acquiring, exploring, and developing mineral properties in the world-renowned Sudbury region, which has arguably contributed more to Canada's mineral development than any other single location. Magna's primary assets include two strategic properties with existing NI 43-101 (a securities regulation) compliant mineral resource estimates. Magna holds a 100% interest in the Crean Hill Project, located on the southwest corner of the Sudbury Basin, which historically produced over 20 million tonnes of ore for Inco during an 80-year period until 2002. The company also owns an 84% interest in the Shakespeare Mine, located 70 kilometres southwest of the Sudbury Basin within a 180-square-kilometre land package. Magna Mining targets critical minerals, including nickel, copper, cobalt, gold, and platinum group metals, which are commodities essential for electric vehicle battery production and the clean energy transition. It benefits from Sudbury's world-class geology, established mining infrastructure, and supportive local communities, which have backed mining operations for over a century. With over 1.7 billion tonnes historically mined from the region and 10 active producing mines, Magna Mining is well-positioned to capitalize on the district's continued mineral potential. Over the last five years, Magna Mining stock has returned nearly 90% to shareholders. Let's see why you should invest in this Canadian penny stock right now. Magna Mining achieved a key milestone in Q1, completing its transformational acquisition of KGHM International's Sudbury Basin assets. The $33.5 million financing package, comprising $23.5 million in convertible debentures and $10 million in equity, positioned Magna as Canada's newest operator in copper, nickel, and precious metals mining. The acquisition includes the producing Macready West copper mine and the permitted Lavac and Podolsky mines, which are currently under care and maintenance, plus five exploration properties. This strategic move transforms Magna from an exploration company into an active producer, generating immediate cash flow. Post-acquisition operations at Macready West produced 790,000 pounds of copper equivalent payable in March alone, processing 20,388 tonnes at 3.01% copper equivalent grade. The mine generated $0.3 million in cash margin during its first month under Magna's ownership, with all-in sustaining costs of $6.65 per pound. Management implemented immediate operational improvements, including transitioning from a 12-hour shift to a 24/7 operation schedule and increasing development output by 10–15%. The company identified the asset as previously under-capitalized by KGHM, viewing it as non-core, creating optimization opportunities. Magna's current focus is on underground development to access the western extension of the 700-copper zone, with two drill rigs active to support production. At Lavac, three drill rigs are targeting near-surface footwall copper zones to support restart studies. With $38.3 million in cash on hand, Magna expects to provide production guidance in the third quarter of 2025, positioning it for a strong 2026 performance as operational improvements take effect. Analysts expect Magna's revenue to increase from $68 million in 2024 to $395 million in 2028. Its adjusted earnings are forecast to grow from $0.05 per share to $0.59 per share in this period. If the penny stock is priced at just 10 times forward earnings, which is reasonable, it should trade around $5.90 per share, indicating an upside potential of 190% from current levels. The post Is Magna Mining a Good Stock to Buy? appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Sign in to access your portfolio
The Australian
4 days ago
- Business
- The Australian
LAT strikes bedrock anomalies in Finland
Latitude 66 completes RC drilling at the K6 prospect, testing gold-cobalt targets The results confirm the extension of the mineralised gold trend from the K1 deposit to the K6 prospects is about 2.5km Future work at K6E will focus on refining the structural model through detailed mapping and reprocessing of geophysical datasets Special report: A recently completed reverse circulation drilling program at Latitude's K6 prospect has successfully tested gold-cobalt prospective targets, confirming the extension of the mineralised gold trend stretches for 2.5km. The program comprised 12 vertical RC drill holes, totalling 315m, and was designed to test the K6E and K6W prospects. Drilling focused on zones defined by discrete induced polarisation (IP) chargeability anomalies coincident with surface boulder samples returning up to 8.8g/t gold and 0.6% copper. RC drilling intersected zones of anomalous gold, cobalt and copper mineralisation across both targets and confirms the presence of a chargeable source close to surface. The tenor and distribution of mineralisation suggests the intersected mineralisation may represent a distal expression of a more robust, deeper mineralised system. A secondary objective of the program was to evaluate RC drilling as a lower-cost, higher-productivity alternative to diamond core drilling for early-stage exploration in the Finnish environment. RC drilling, though uncommon in European terrains, achieves significantly faster drilling rates and is about half the cost of comparable diamond core drilling. Latitude 66 (ASX:LAT) believes the drilling at K6E and K6W demonstrated the effectiveness of the RC drilling technique for shallow testing and confirmed its suitability for rapid first-pass exploration across the broader KSB project area. LAT managing director Grant Coyle said the trial of RC drilling has proven successful at the flagship KSB project in northern Finland, where RC drilling is not widely used outside of mine development drilling. 'This is an exciting step forward in improving efficient early-stage drilling that has the potential to accelerate exploration and resource growth for the KSB project,' Coyle said. 'The results from this program have provided valuable information to understand the characteristics of mineralisation and will guide our future follow up work on the K6 Prospect area nearby to the K1, K2 and K3 deposits.' Location of drill areas K6E and K6W. Pic: LAT What else is happening? Future work at K6E will focus on refining the structural model through detailed mapping and reprocessing of geophysical datasets to further understand the interpreted fold hinge and associated lithological contacts. This next phase of exploration will aim to determine whether the down-dip chargeability anomaly corresponds to a more robust zone of mineralisation and to assess the broader mineral potential of the K6 corridor. This article was developed in collaboration with Latitude 66, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
