08:21 AM EDT, 05/13/2024 (MT Newswires) -- Electra Battery Materials ( ELBM ) said Friday that it swung to a fourth-quarter net loss of $46,749, or $0.84 per share, from net income of $10,315, or $0.31 per share, a year earlier.

The company also provided an update on its Refinery project.

Electra is working to recommission and expand its Refinery located in Temiskaming Shores in Ontario, Canada. Once commissioned, the facility will produce about 5% of the global supply of battery-grade cobalt for electric vehicles.

The company is targeting an initial rate of 5,000 tonnes per year of battery cobalt contained in cobalt sulfate from cobalt hydroxide.

Additionally, the company is targeting the recycling of black mass, and recovering lithium, nickel, cobalt, and other critical metals. The company has also planned a joint venture with the Three Fires Group to collaborate to source battery waste and produce black mass for refining at Electra's refinery.

The company has planned an expansion to a second cobalt sulfate facility in Becancour, Quebec, and a North American nickel sulfate plant.