08:30 AM EDT, 03/10/2026 (MT Newswires) -- Electra Battery Materials Corporation ( ELBM ) , a player in advancing North America's critical minerals processing, announced Tuesday that LG Energy Solution, a global manufacturer of lithium-ion batteries, has reaffirmed its partnership with Electra through the signing of a new binding term sheet that details an updated contract period for the long-term supply of battery-grade cobalt from Electra's Ontario refinery.

Trent Mell, CEO of Electra Battery Materials ( ELBM ), said. "As we advance construction of North America's only cobalt sulfate refinery, this offtake agreement reflects growing demand for secure and responsibly sourced cobalt and reinforces Electra's position as a first mover in domestic critical minerals processing. With a fully permitted and funded project now under active construction, our focus is on disciplined execution, meeting key build milestones, and delivering a strategic asset that supports North America's critical minerals security priorities."

Tuesday's statement noted the updated agreement includes a firm commitment for 60% of Electra's cobalt sulfate production through to 2029, keeping roughly 40% of capacity uncommitted and providing flexibility for Electra to capture potential upside in pricing cycles. The agreement also includes an option to extend the terms through to 2032. It noted the price of cobalt sulfate has increased over 90% since the beginning of 2025, providing a constructive backdrop for Electra's refining business.

This agreement follows the initial three-year agreement signed in 2022 and the five-year extension announced in July 2023, reflecting the Ontario refinery's updated production timelines under contract.

Shares in ELBM were at last look up 0.1% in US premarket, having lost more than 4% and touched 52 week lows there yesterday. They were unchanged at $0.93, but near 52 week lows, in Canada.