What is the projected timeline and total capital need for commissioning the cobalt sulfate refinery, and does this financing fully cover those requirements?

Projected timeline & capital need – Electra’s filing indicates that the commissioning of North America’s first battery‑grade cobalt‑sulfate refinery is slated for late 2025 into early 2026. The company has repeatedly signaled a “Q4‑2025 start‑up” in investor presentations, and the current financing package is timed to bridge the gap between the construction phase and the commercial‑ready milestone.

Financing sufficiency – The $30 million equity infusion (including a $10 million conditional lender commitment) together with the 60 % debt‑to‑equity conversion is earmarked specifically to “provide the funding required to advance the commissioning.” In practice, the refinery’s total capital outlay is expected to be in the $70‑$80 million range — the $30 million covers roughly 35‑45 % of the overall requirement, while the debt reduction frees up additional borrowing capacity. Thus, the current financing does not fully fund the entire project; it is a catalyst that de‑levers the balance sheet and positions Electra to draw down the remaining capital through senior debt or strategic partners as the commissioning window approaches.

Trading implications – The news lifts equity‑side sentiment (70 % bullish) as the company mitigates near‑term liquidity risk and moves closer to revenue generation. Short‑to‑medium‑term buyers can consider adding ELBM on a pull‑back to support levels (≈ $1.10‑$1.15 CAD), anticipating a price rally once a firm commissioning date is confirmed and the remaining financing pipeline is clarified. However, watch for dilution warnings and the need to secure the balance of the $40‑$50 million gap; any delay in additional debt or partner funding could pressure the stock and keep volatility elevated.