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Electra Battery Materials signs benefits agreement with Metis Nation of Ontario

Published: 07:45 26 Jul 2022 EDT

Electra Battery Materials Corporation -
Electra is advancing with the commissioning of a battery materials refinery in Temiskaming Shores with a plant capacity of 5,100 tonnes of cobalt in sulfate

Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) said it has signed a benefits agreement with the Metis Nation of Ontario, providing employment, training, procurement, and business opportunities related to the construction and expansion of the company's battery materials refinery north of Toronto Temiskaming Shores.

"Signing our first Benefits Agreement marks an important milestone for Electra as we advance with the commissioning of our refinery," Trent Mell CEO of Electra Battery Materials said in a statement.

 "It demonstrates our commitment to operations that are environmentally, culturally, and socially responsible, and also reflects our commitment to working with Indigenous communities in respectful and mutually beneficial ways," he added.

READ: Electra Battery Materials pledges to adopt comprehensive slate of ESG policies

In connection with the agreement, Electra has agreed to issue 20,000 common shares to the Metis Nation of Ontario, subject to the approval of the TSX Venture Exchange. Once issued, the common shares will be subject to a statutory hold period of four-months-and-one-day in accordance with applicable securities laws.

"We welcome the signing of the Benefits Agreement and Electra's commitment to support economic, cultural, and educational activities in the region," said Lorette McKnight, president of the Metis Nation of Ontario Temiskaming Metis Council.

"The construction of a battery materials plant in Ontario on the James Bay and Abitibi/Temiscamingue Metis Traditional Territories represents an exciting development that will create many opportunities while also supporting environmental sustainability through reducing carbon emissions as a result of the adoption of electric vehicles," McKnight added.

Electra is advancing with the commissioning of a battery materials refinery in Temiskaming Shores, Ontario with a plant capacity of 5,100 tonnes of cobalt in sulfate. It also intends to launch a battery materials recycling demonstration plant in the fall of 2022.

The company said that as part of its commitment to supporting local communities near its refinery, it has awarded its 2022 Electra Excellence Bursaries to a deserving student from the graduating class of each of the following schools: Englehart High School, Timiskaming District Secondary School, Kirkland Lake District Composite School, and Ecole Secondaire Catholique Sainte-Marie.

Electra said it granted each deserving student a $1,000 bursary based on their commitment to learning and an intention to pursue a post-secondary education.

Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, The company is executing a multi-pronged strategy focused on onshoring the electric vehicle supply chain.

Contact the author at jon.hopkins@proactiveinvestors.com

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