Electra Battery Materials upsizes share offering to $25 million

Electra Battery Materials Corporation (NASDAQ: ELBM) increased its at-the-market offering program to $25 million from a previous amount, according to a company statement. The program allows the company to sell common shares through H.C. Wainwright & Co. at market prices on the Nasdaq Capital Market.

The offering operates under an agreement with Wainwright dated June 26, 2025. The $25 million total includes previous sales of $5.5 million made under a prospectus supplement from December 11, 2025.

The program uses a registration statement filed with the Securities and Exchange Commission that became effective December 11, 2025. A new prospectus supplement was filed February 20, 2026. Shares will be sold at prevailing market prices, which may vary between purchasers and during the distribution period.

No shares will be sold on the TSX Venture Exchange or other Canadian trading markets under this program.

Electra plans to use proceeds for working capital and general corporate purposes, which may include commissioning its Ontario, Canada sulfate refinery. The company stated its existing cash and other liquidity sources, potentially including government debt financing, should be sufficient to fund the refinery's planned mechanical completion, though these plans may change.

The Toronto-based company operates in the critical minerals supply chain for lithium-ion batteries and is developing what it describes as North America's only cobalt sulfate refinery.

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