8/11/2023 0 Comments First cobalt stock![]() ![]() Net income for FY2022 was $12.6 million or $0.38 per share. and CIBC World Markets Corp., respectively, in relation to these distributions. Commissions of $76,246 and US$10,894 were paid to CIBC World Markets Inc. Issued a total of 571,317 common shares on the TSX Venture Exchange at an average price of C$5.34 per share and 135,670 common shares on the Nasdaq Capital Markets at an average price of US$3.21 during the year under its at-the-market equity program launched in January 2022, providing gross proceeds of $3,049,834 and US$435,756. Launched a black mass recycling trial at the Company’s Ontario refinery complex to recover high-value elements found in shredded lithium-ion batteries, including lithium, nickel, cobalt, copper, manganese, and graphite, using Electra’s proprietary hydrometallurgical process.Īcquired the option to purchase the CAS cobalt-copper project in Idaho, property located in close proximity to the Company’s other exploration projects in Idaho, for up to US$1.5 million payable over 10 years upon completion of specific milestones. Gross proceeds raised through the offering will be used to fund the commissioning of Electra’s cobalt sulfate refinery. Raised gross proceeds of US$5.5 million (~CAD$7.3 million) through an overnight marketed offering of 2.35 million units with each unit comprised of one common share and one share purchase share warrant entitling the holder to purchase one common share at a price of US$3.10 through November 15, 2025. Electra’s cash balance at the end of Q4 2022 does not include the remaining $5.1 million of government investments expected to be received or the net proceeds of US$14 million received from the convertible debt financing completed in February 2023. Held cash and marketable securities of $8.4 million as at December 31, 2022, down from $19.7 million as at September 30, 2022. Net income in Q4 2022 was driven by a gain of $11.9 million on the fair value of the of the embedded derivative liability portion of Electra’s convertible debt and an impairment reversal of $1.3 million recognized on the planned sale of the remaining Cobalt Camp exploration patents to Kuya Silver. These compare to a net loss of $15.5 million or $0.55 per share for Q4 2021. Net income for the period was $10.3 million or $0.31 per share. Mell concluded, “Key to our ongoing success will be to leverage our hydrometallurgical process expertise and the benefits of operating in North American jurisdictions where low-carbon production is possible due to an abundance of renewable energy sources.”ĮLECTRA Q4 2022 HIGHLIGHTS AND DEVELOPMENTS ![]() “Over the longer term, we are encouraged by the opportunity to expand into the production of related battery materials, including nickel sulfate at our refinery complex in Ontario, and by the prospects of developing a new cobalt sulfate refinery as part of the battery industrial park being built in Bécancour, Quebec.” Most notably, we anticipate completion of a re-baseline engineering report on our refinery project as well as the first shipment of products produced in our black mass trial in the near term. Mell added, ”Although some of our progress was impeded by supply chain disruptions, receipt of damaged equipment, and the impact of inflationary price pressures on our refinery project, we remain particularly encouraged by our near- and long-term prospects. Inflation Reduction Act, which has provided a boost for our industry and includes a number of incentives that will spur further growth of the EV supply chain in North America for years to come.” ![]() Equally significant, we benefitted from the adoption of the U.S. “Most notably, we made considerable progress towards our vision of commissioning North America’s first cobalt sulfate refinery, we launched a plant-scale black mass recycling trial at our refinery complex north of Toronto that has already produced a number of encouraging results, and we signed a three-year strategic supply agreement with LG Energy Solution, the world’s second-largest EV battery manufacturer. “2022 was a remarkable year for Electra, filled with achievements and developments that augur extremely well for our Company and our prospects of becoming a key link in the North American EV battery supply chain,” said Trent Mell, Electra’s CEO. All amounts are in Canadian currency unless otherwise stated. Electra Battery Materials Corporation (NASDAQ: ELBM TSX-V: ELBM) (“Electra” or the “Company”) today reported its financial results for the quarter and year ended December 31, 2022, and provided an update on the commissioning of its cobalt refinery and its black mass recycling trial. ![]()
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