Electra Battery Materials Corporation announced on February 20, 2026 that it has upsized its at‑the‑market (ATM) offering to a total aggregate price of up to US$25 million, up from the earlier program that authorized up to US$5.5 million. The new program will be executed through H.C. Wainwright & Co., LLC, allowing the company to sell additional common shares at prevailing market prices.
The net proceeds are earmarked for working capital and general corporate purposes, with a primary focus on the commissioning of the company’s Ontario cobalt sulfate refinery. The refinery is positioned as North America’s first facility of its kind and is a cornerstone of Electra’s strategy to secure a domestic supply chain for electric‑vehicle battery materials.
Electra’s capital‑raising trajectory includes a debt‑to‑equity conversion announced in August 2025, in which approximately US$40 million of convertible debt was converted into equity at a price of US$0.60 per share. That same month the company completed a US$30 million equity financing consisting of units priced at US$0.75 each, each unit comprising one common share and one warrant. These actions strengthened the balance sheet and provided the liquidity needed to advance the refinery project.
Investors reacted to the announcement with concerns about dilution, leading to a decline in the company’s shares during after‑hours trading. The market’s sensitivity reflects the sizable increase in the offering size and the potential impact on shareholder equity.
The refinery’s mechanical completion is targeted for Q3 2027. A contract for engineering and management services for the final construction phase was awarded in February 2026, and the ATM proceeds will support the remaining capital expenditures required to reach that milestone.
The upsized ATM offering underscores Electra’s ongoing need for capital to fund pre‑revenue operations and critical project milestones. By raising funds opportunistically at market prices, the company gains liquidity while accepting the dilution risk that accompanies large equity issuances. This financing move is a key component of Electra’s broader strategy to bring the Ontario refinery online and to position itself as a leading supplier of cobalt sulfate for the electric‑vehicle battery market.
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