07:42 AM EST, 11/05/2025 (MT Newswires) -- Electra Battery Materials ( ELBM ) traded 6% higher at last look Wednesday in Nasdaq pre-market trading as the company resumed construction of its cobalt sulfate refinery in Ontario after securing US$82 million in project financing.

The funds include $48 million in support from the U.S., Canadian and Ontario governments, Electra said.

The refinery is expected to produce 6,500 tonnes per year of battery-grade cobalt. Commissioning is targeted in 2027, Electra added.

"Today, government support, private investment, and industrial policy are aligned to make completion of this refinery possible and to deliver a critical asset for North America," chief executive officer Trent Mell said. "Once operational, this refinery will prove that midstream processing can be successfully onshored, creating a foundation for future growth."

Work is now underway to advance site preparations, reinstate mechanical, electrical, and instrumentation systems, and maintain project momentum through the winter, Electra said.