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  • Pages
  • Editions
01 Cover
02 Welcome Letter / Sections
03 Article & Interview Directory
04 Section 1: Introduction
05 Introduction to Mining in Ontario
06 Government of Ontario Interview
07 Ontario Mining Association (OMA) Interview
08 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Interview
09 Navigating Uncertainty
10 Ormston List Frawley LLP Interview
11 PDAC Interview
12 Section 2: Production and Development in Ontario
13 Production in Ontario
14 Map of Ontario Mines
15 Newmont Interview
16 Barrick Gold Interview
17 Wesdome Gold Mines Interview
18 Alamos Gold Interview
19 Evolution Mining Interview
20 A New Wave of Ontario Gold Mines
21 Argonaut Gold Interview
22 Equinox Gold Interview
23 Industry Thoughts: Production and Development in Ontario
24 Section 3: Mining Finance
25 Mining Finance and Investment
26 Insights from the Toronto Stock Exchange
27 PearTree Securities Interview
28 Triple Flag Interview
29 Red Cloud Securities Interview
30 IBK Capital Interview
31 Stifel Interview
32 Roth Canada Interview
33 Industry Thoughts: Mining Finance Trends
34 Section 4: Toronto's Global Reach
35 Toronto’s Global Reach
36 Toronto's Global Reach Map
37 Rupert Resources Interview
38 Eloro Resources Interview
39 Industry Thoughts: Global Operations Based in Ontario
40 Eyes on Latin America
41 Torex Gold Resources Interview
42 Minera Alamos Interview
43 Sable Resources Interview
44 Section 5: Junior Exploration
45 Junior Exploration
46 Great Bear Resources Interview
47 Exploring Across Canada
48 O3 Mining Interview
49 Purepoint Uranium Group Interview
50 ALX Resources Interview
51 Industry Thoughts: Gold Juniors Have Their Say
52 Gold Juniors Replacing Depleting Resources
53 Moneta Gold Interview
54 Goldshore Resources Interview
55 Galleon Gold Interview
56 Element79 Gold Interview
57 Signature Resources Interview
58 Section 6: ESG and the Battery Materials Supply Chain
59 Transition Metals on the Rise
60 Conquest Resources Interview
61 Generation Mining Interview
62 Inventus Mining Interview
63 Noble Mineral Exploration Interview
64 The Move to Combat Climate Change Gathers Pace
65 Insights from Onyen Corporation
66 Thorn Associates Interview
67 Leading the Charge
68 Electra Battery Materials Interview
69 Frontier Lithium Interview
70 Industry Thoughts: Entering The Transition Economy
71 The Battery Material Supply Chain
72 ION Energy Interview
73 Clean Air Metals Interview
74 Section 7: Services, Technology and Innovation
75 Engineering, Construction & Consultancies
76 Ausenco Interview
77 Cementation Americas Interview
78 PCL Construction Interview
79 Redpath Mining Interview
80 Technological Advancements & Innovation
81 Industry Thoughts: Canadian Associations
82 EY Interview
83 Maestro Digital Mine Interview
84 Centric Mining Systems Interview
85 Industry Thoughts: OEMs Have Their Say
86 Drone Delivery Canada Interview
87 Sofvie Interview
88 Novamera Interview
89 Industry Thoughts: Paving the Way for ESG Reporting
90 Section 8: Company Profiles
91 Wesdome Company Profile
92 ION Energy Company Profile
93 PearTree Securities Company Profile
94 Ormston List Frawley Company Profile
95 Maestro Digital Mine Company Profile
96 Sofvie Company Profile
97 Credits

Trent Mell, President & CEO,

ELECTRA BATTERY MATERIALS

"We have all the ingredients to become a one-stop-shop for cathode material and battery recycling, the only one of its kind in North America."

Why did you decide to change names from First Cobalt to Electra Battery Materials Corporation?

We want to capitalize on our Battery Materials Park strategy for Canada and North America. Our refinery is one of a kind on the continent and we are now fully financed to expand and commission our refinery to produce battery-grade cobalt. This first phase will be commissioned in Q4 2022, and at full operation will produce 25,000 tonnes of cobalt sulphate per year. We are already advancing work on Phase 2, which will entail recycling lithium-ion batteries. After batteries are disassembled, the cathode and anode material are crushed into a fine material known as black mass, which must be further beneficiated through smelting or refining. The way of the future is to refine it in a hydrometallurgical facility such as ours, owing to superior ESG metrics and better metal recoveries. We have a first mover advantage given that our facility is permitted and largely built. The third phase of our growth is to produce nickel sulphate, another raw material for lithium-ion cathodes that is currently not produced in North America. This step is likely 3-4 years away and would entail building an adjacent plant producing four times more nickel than cobalt, given the widespread adoption of nickel-rich cathodes for long-range vehicles. If we can do all of this, we have all the ingredients to become a one-stop-shop for cathode material and battery recycling, the only one of its kind in North America. This same business plan was implemented in China and Finland, and it attracted the next step of the battery manufacturing chain – precursor production – to co-locate and capture operational and logistical efficiencies.

As we look toward an ambitious future, we are laser-focused on executing Phase 1 in 2022 and making our way to production and first cash flow.

What are you hoping to achieve with the Electra Battery Materials Corporation plant?

Our hydrometallurgical facility has a 10-year operating history with a replacement value of approximately US$100 million. More importantly, we have permits already in place which gives us a multi-year advantage over a greenfield project. An independent life-cycle assessment demonstrated that our greenhouse gas levels (GHGs) will be 51% lower than peer operations in China, in part because we are on a clean, hydroelectric grid.

Over the last six months we have quietly grown our footprint from 120 acres to over 600 acres to ensure that we have sufficient real estate for an industrial complex. We already have the water pipeline, roads, and power in place, and we are situated north of Toronto in the mining corridor between Sudbury and Timmins which is rich with skilled talent, contractors and suppliers. All these ingredients have given us a head start and anybody trying to replicate us is going to be five years behind.

How will demand for cobalt change in upcoming years and how will it be impacted by LFPs?

Cobalt demand will be driven by lithium batteries, particularly by electric vehicles (EV) demand growth, but also mobile electronics, motorcycles, bicycles, power tools, maritime and aviation applications, stationary storage and a whole range of industrial and consumer applications in which lithium-ion batteries have previously been absent. Today, lithium-ion batteries represent more than 50% of global cobalt demand. Laptops, cell phones, power tools and other portable electronics was the largest segment until 2020, and now EVs make up the greatest share.

As cathode chemistries have evolved, we have seen a decrease in the amount of cobalt required per kwh of battery. This has sometimes been mischaracterized as signaling the removal of cobalt entirely from the battery, but the investment decisions of the battery makers reveal that risk to the integrity of the battery are too high. Moreover, larger vehicles, longer ranges and higher EV penetration rates translate into a projected CAGR for cobalt in the battery segment of 19% through 2030. Lithium-iron-phosphate (LFP) batteries are made without nickel or cobalt, but this chemistry has been confined to entry level, short-range vehicles. While the reliability of LFP has improved, it is not likely to be widely adopted in the West, where consumers value longer range options relative to Chinese buyers. Nickel and cobalt bearing cathodes are thus projected to make up 80% of the EV market by 2030.

What is your approach to ESG and how can companies achieve the lowest carbon emissions possible?

London-based Minviro used our feasibility study and underlying data to estimate what our environmental footprint would be once in operation, and we were very pleased with the outcome. We believe that our refinery will have the most sustainable cobalt product in the world based not only on an ultra-low carbon footprint but also due to our supply chain sourcing strategy, eutrophication potential, water consumption and several other metrics. In the race towards carbon neutrality, Electra will be a leader, in no small part due to the clean electric grid we draw power from. We need to quantify that, and we will, but I am weary of many corporate claims of being or aspiring to be net zero or carbon neutral. These statements need to be backed by one of several frameworks, with a clear roadmap on how this will be achieved. Industrial activity will always have a footprint, which we need to minimize and offset. We consider ourselves an ultra-low carbon company, but we have yet to articulate what our journey to net zero will look like. This will be a priority in 2022. Bold statements do not mean much if you cannot put numbers to them.

I believe that companies like us in the battery materials space will be ESG leaders. The reason for this is that we are not selling a commodity but rather an input made to spec to an industrial user. We are part of a supply chain, the EV supply chain, that is committed to measuring the carbon footprint of vehicles from the mine site through to end-of-life battery recycling. We are collectively responsible for tracking, measuring and ultimately reducing our carbon footprint with the shared vision of a mobility revolution committed to a greener planet.

Next:

Interview: Frontier Lithium