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Trent Mell, Electra Battery Materials CEO Our battery recycling refinery doesn’t stop at lithium, nickel and cobalt - we also recover copper, graphite and, yes, manganese. twitter.com/TrentMell/status/16358102...
Trent Mell komt zeker over en ik denk dat ze alles onder controle hebben. Focus ligt nu op refining en recycling. Cobalt mining even 'op de achtergrond'. Goed interview.aktien-boersen.blogspot.com/2023/03/c...
Electra Battery Materials has confirmed that its next quarterly earnings report will be published on Friday, March 31st, 2023.
Electra Battery Materials reports strong net income for 2022 versus net loss in 2021 www.proactiveinvestors.ca/companies/n...
nine_inch_nerd schreef op 5 april 2023 13:11 :
Electra Battery Materials reports strong net income for 2022 versus net loss in 2021 www.proactiveinvestors.ca/companies/n... electrabmc.com/wp-content/uploads/202...
Geen Lithium, maar Cobalt... en Recycling!Apple will use 100 percent recycled cobalt in batteries by 2025 www.apple.com/newsroom/2023/04/apple-... Electra nu ca +10%. Toeval?
Nog een lange weg te gaan met veel uitdagingen. 2024 zal meer duidelijk maken.www.sudburyminingsolutions.com/top-st... Inflation pressures put the squeeze on Temiskaming refinery project Electra Battery Materials to release engineering study on capital costs of battery materials industrial park Spring construction at Electra Battery Materials' refinery expansion project in Temiskaming (Company photo) Electra Battery Materials should have a better handle on the final price tag on its Temiskaming refinery expansion when an engineering report comes out in a few weeks. In a webcast last week to analysts on its fourth quarter results, the Toronto company said it expects to deliver an update in the second quarter on the financing required to finish construction of the refinery and place a timeline to put it into production. “Costs are going up and we are delayed but we will get there,” said Electra CEO Trent Mell. Just outside the town of Cobalt, Electra is refurbishing and expanding the former Yukon refinery, which had been mothballed since 2015. The company acquired the facility in 2017 to be the cornerstone of its vision for a battery minerals industrial park to feed the North American electric vehicle sector. Since China processes a majority of the world’s nickel, cobalt and manganese, Electra wants to a bite out of that market with the Temiskaming plant. Electra currently has 38 staff at the site. The plan is eventually have 200 to 300 on the payroll. The company said “considerable” progress despite a rate of inflation not seen since the 1970s, a tough financing environment, and some supply chain impediments that’s resulted in delays in equipment reaching the site on time. Risks are part of the process, Mell said, in building any project these days. When factoring in the lingering impact of the pandemic, it’s created “a tumultuous environment, for sure.” But Mell said they’ll soon come up with concrete plan to share, Construction-wise, the company reports its metallurgical lab is commissioned along with the new solvent extraction building and a cobalt sulphate load-out facility, which will house their final cobalt product. About 95 per cent of the procurement work is done. Processing equipment continues to arrive on site. Some was discovered damaged on arrival. There have been significant delays in getting solvent extraction tanks shipped over from India. They were supposed to arrive last October. It now looks like June. There’s been a world-wide shortage of computer chips needed for the automated equipment at the plant. The arrival date of these chips has been pushed back from January to June. Mell said they have a number of financing streams to explore with government and various strategic equity partners. In summing up a busy 2022, the capper was the pre-Christmas kickoff of its black mass recycling trials. It involves taking the powdery residue extracted from shredded lithium-ion batteries and recovering the high value metals, such as nickel, cobalt, lithium, copper and graphite, and running it through Electra’s proprietary refining process. They are currently running a two-shift schedule for the black mass operation, expected to continue on a demonstration-scale level through to August. The company said it’s getting better than anticipated metal recoveries and expects those results will improve. They’ve produced its first nickel MHP product and down the road, they’ll be producing lithium carbonate and manganese, copper and graphite products as well. The first shipments of the nickel product is heading out the door sometime in the second quarter. The company said it’s working on a model for a larger commercial-scale black mass facility. Mell said it’s been rewarding and exciting to watch the day-by-day progress. “We’re getting better batch by batch,” he said, and it’s getting the market’s attention. Mell said these products are “very marketable and sought after by the industry,” particularly auto and battery manufacturers who want to recycle as much waste battery material as possible to create a closed loop supply chain. A huge impetus for Electra is the U.S. Inflation Reduction Act and the US$391-billion pool of available government money. Washington wants to “on-shore” everything it needs to fill the industry supply chain for the climate and clean energy tech transition. Canadian companies like Electra would part of that chain based on the Free Trade Agreement. Last September, Electra inked a three-year strategic supply agreement with LG Energy Solution, the world’s second-largest EV battery manufacturer, to supply Temiskaming-produced cobalt sulfate to the South Korean multinational. Also in the cards is an upcoming technical study for expansion into Quebec. Electra has been invited to build a second refinery at an emerging battery industrial park being built in Bécancour, Que. Vale is building a nickel plant there. Electra will release a prefeasibility study on this endeavour later this year.
Sayona Mining and Electra Battery MC worden weer genoemd. Veel van hetzelfde nieuws, maar opnieuw een bevestiging wat er allemaal in Canada speelt nu. Hier is waar het gebeurt in Noord Amerika. www.thestar.com/business/opinion/2023...
Electra and First Nation-Owned Three Fires Group Sign MOU to Recycle Lithium-ion Battery Waste in Ontario electrabmc.com/electra-and-first-nati... Chippewas of Kettle and Stony Point First Nation, Ontario – (May 2, 2023) – Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the signing of a memorandum of understanding (“MOU”) with the Three Fires Group (“TFG”) to form a joint venture focused on the recycling of lithium-ion battery waste in Ontario underpinned by Electra’s propriety black mass processing capabilities that recover high value elements, including lithium, nickel, cobalt, and graphite. “We are excited by the opportunity to work with the Three Fires Group and solve a pressing challenge of the EV battery supply chain, namely how to recycle and repurpose battery waste,” said Trent Mell, CEO of Electra. “Our joint-venture will pave the way for producers of various lithium-ion batteries and energy storage equipment in Ontario to reduce their waste, reuse high-value and increasingly scarce commodities like nickel and cobalt, and lower carbon emissions in their manufacturing activities.” Mr. Mell added, “The Three Fires Group has developed an Indigenous leadership position in fostering the transition to clean, sustainable energy through its relationships with federal and provincial agencies and various clean energy providers. Working with the Three Fires Group will allow us to get access to a steady stream of black mass material and address the growing demand for critical minerals.” “Ontario is quickly emerging as an important centre in the global EV supply chain, potentially providing economic prosperity for generations to come,” said Reggie George, Executive Director – Special Projects and Partnerships with the Three Fires Group. “Critical to this success will be ensuring that all manufacturing activities related to the EV supply chain are carried out sustainably and responsibly. We believe First Nations should be leading the charge in ensuring a circular economy around the transition to EV’s, and we’re proud to be taking the first steps together with Electra.” Under the joint venture, Electra and the Three Fires Group will collaborate to source and process lithium-ion battery waste generated by manufacturers of current and future battery cells, electric vehicles, and energy storage systems. The waste will be processed at a facility to be located in southern Ontario to produce black mass material that will be further refined using Electra’s proprietary hydrometallurgical process at its refinery complex north of Toronto to recover high value elements, including lithium, nickel, copper, manganese, and graphite. As part of the MOU, Electra and the Three Fires Group have agreed to work together to secure a net-zero industrial facility that can be used to shred and separate lithium-ion batteries and produce black mass material. The joint-venture partners have also agreed to collaborate on the development of economic studies of sourcing of engineering, procurement, construction, and management requirements necessary to launch the battery waste recycling facility. Several electric vehicle facilities are moving forward across the treaty areas of the Three Fires Confederacy in southwestern Ontario, including recent announcements by the Volkswagen Group, LG-Stellantis, Toyota and GM CAMI. In parallel, southwestern Ontario is seeing dozens of proposals for transmission grid connected battery energy storage systems. Research firm MarketsandMarkets estimates the lithium-ion battery recycling market to grow to $35.1 billion by 2031, from $6.5 billion in 2022. De website "Three Fires Group"threefires.com
The First Nation-Owned Three Fires Group is a business organization that is owned and operated by three First Nations communities in Ontario, Canada. The three communities that make up the group are the Chippewas of Kettle and Stony Point First Nation, the Chippewas of the Thames First Nation, and the Oneida Nation of the Thames. The Three Fires Group operates in a variety of industries, including construction, real estate development, environmental services, and transportation. They have a strong commitment to sustainable business practices and the preservation of the environment. One of the notable projects undertaken by the Three Fires Group is the development of the Indigenous-owned and operated Komoka Wellness Centre, which includes a medical clinic, a fitness centre, and a pharmacy. The centre aims to provide culturally appropriate healthcare services to the Indigenous community in the region. Overall, the First Nation-Owned Three Fires Group is an example of Indigenous entrepreneurship and economic self-determination, where First Nations communities are taking ownership of their economic futures and creating opportunities for themselves and their members.
HODL and waiting! I'd say.This includes a $5 billion investment to build the first large-scale electric vehicle battery manufacturing plant. The largest EV investment in Ontario’s history and is expected to directly employ an estimated 2,500 people. news.ontario.ca/en/release/1002283/pr...
Mooi artikel waaruit weer blijkt dat de Canadese regio Quebec een belangrijke rol kan gaan spelen komend decennium, waarbij tevens het streven onafhankelijk te zijn van China een katalysator is. Mogelijkheden voor bv: Sayona Mining, Electra Battery Materials en Nano One.“I think Bécancour is going to become – maybe I’m too optimistic – a true centre of battery materials for North America,” says Mr. Fitzgibbon, a chartered accountant and former investment banker. “I look at it from a capital investment perspective, and this is du jamais vu” (meaning it’s unheard of). The desire by Western automakers to cut their dependence on China and map out new EV supply chains in Europe and North America has triggered a reset of their global footprints. Companies are scrambling to secure lithium, nickel and other minerals needed for battery production. And they’re forging alliances with new partners, plotting new factories to feed their dealer showrooms. It’s a once-in-a-lifetime shift that’s being fuelled by government backing on an unprecedented scale. www.theglobeandmail.com/business/arti...
Zware dag na communiceren cijfer en update. Veel wisten we al, maar beleggers zijn niet tevreden. Long.Electra Provides Update on Refinery Project and Black Mass Economics; Launches Strategic Review Process Thu, May 11, 2023 at 1:00 PM GMT+2TORONTO, May 11, 2023--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) ("Electra" or the "Company") today released updated economics and capital spend estimates for its refinery complex currently under construction north of Toronto. Pending completion, Electra’s refinery complex will be the first in North America to integrate the production of critical minerals, including cobalt sulfate and nickel sulfate, needed for the electric vehicle battery supply chain and the processing of black mass material designed to recover high value elements found in recycled lithium-ion batteries, including lithium, nickel, cobalt, manganese, graphite, and copper. "Consistent with our recent disclosure, we completed a re-baseline engineering report to fully determine the impacts supply chain delays, inflationary price pressures, and scope changes have had on the capital budget required to complete our cobalt refinery project," said Trent Mell, CEO of Electra. "In tandem, we also completed a desktop scoping study to assess the potential economics to process black mass material from recycled lithium-ion batteries at our refinery complex. "As expected, the capital spend requirements for completing our refinery project have risen beyond our initial forecasts due to higher material and labor costs, scope expansion, and supply chain disruptions over the past 18 months. Offsetting this development are the compelling economics identified by our desktop scoping study to build a permanent black mass processing operation, given its low capital intensity estimated at US$6 million and its high rate of internal return of more than 120%. Leveraging existing infrastructure, equipment, permits, and personnel, Electra can quickly transition from a plant-scale demonstration facility to a scalable, continuous battery recycling operation in 12 months from financing. "Development of both studies marks a significant step towards the completion of our integrated refinery complex and reduces considerable uncertainty from our efforts to secure the remaining capital needed from various stakeholders. We can now accelerate our funding efforts with government, commercial, and strategic partners, and prioritize the processing of black mass material given the anticipated payback of less than two years and estimated EBITDA of US$10 million per year," Mr. Mell also said. Black Mass Economics Electra launched a black mass trial late in 2022 at its Ontario refinery complex to recover high-value elements found in shredded lithium-ion batteries. Using its proprietary hydrometallurgical process, Electra successfully completed the first plant-scale recycling of black mass material in North America and confirmed the recovery of a number of critical metals, including lithium, nickel, cobalt, copper, manganese, and graphite, needed for North America’s EV battery supply chain, surpassing initial expectations. To date, Electra has produced quality nickel-cobalt mixed hydroxide, graphite, and lithium carbonate products in its black mass recycling trial. The Company expects to begin commercial shipments of product to customers in Q2 2023. Electra completed an desktop scoping study to evaluate the potential economics of developing a standalone black mass process plant within its refinery complex capable of processing 2,500 tonnes of black mass material per annum. The Phase 1 facility could be scaled over time as the market for battery recycling expands. Highlights from Electra’s desktop scoping study include: Electra’s desktop scoping study was based on a number of assumptions, including annual processing of 2,500 tonnes of black mass, metal prices using analysts’ long-term forecasts, recovery rates consistent with those achieved to date, and US$9.2 million of committed capital comprised of US$5.9 million for capital costs and US$3.3 million in working capital. At this time, black mass recycling capabilities remain at the evaluation stage and the decision to commercialize these capabilities remains subject to financing and additional engineering work to incorporate process modifications arising from the demonstration plant and the successful evaluation of samples by customers. Subject to these two conditions, expansion to 2,500 tonnes per annum could occur in 2024 pending the securing of financing for the project and installation of additional vessels and equipment within the existing footprint of the refinery complex being utilized for the black mass trial. From an ESG perspective, Electra’s hydrometallurgical recycling plant is estimated to be five times less carbon intensive than a comparable production facility using a pyrometallurgical process with a similar electricity grid as found in China and four times lower than a similar facility in the state of Michigan. Electra’s proprietary hydrometallurgical process produces less waste and enables the recovery of high value lithium and by-products that pyrometallurgical process cannot recover. Refinery Project Capital Spend Update Electra launched a project in June 2021 to expand and recommission an idled refinery capable of producing 5,000 tonnes of cobalt contained in cobalt sulfate per year. Electra’s refinery, which is located in Temiskaming Shores, Ontario, is a fully permitted facility with the capacity, once fully constructed, to expand to 6,500 tonnes of cobalt contained in cobalt sulfate per year.
Vervolg Electra’s progress on its refinery project is reflected the following achievements: The project has been de-risked through the delivery of most long lead equipment and by commissioning the legacy refinery operations for the black mass demonstration plant. There remains, however, a significant amount of construction work to complete and commission the solvent extraction plant and the crystallizer circuit. On February 14, 2023 Electra announced that due to the receipt of damaged equipment critical to the completion of the refinery project, ongoing supply chain disruptions causing delays in the delivery of equipment, including components to process control systems, and inflationary pressure on capital costs, the Company withdrew its previous guidance relating to the refinery project’s estimated capital spend and construction timelines. Subsequent inspection of the damaged equipment has determined that the falling film evaporator vessel is suitable for installation. The damaged equipment will require onsite repairs before it can be commissioned. Also on February 14, 2023 Electra announced the launch of a re-baseline engineering report to identify the refinery’s updated project scope, scheduling, and capital expenditures. This updated re-baseline engineering work, which has been undertaken by the refinery project’s engineering, procurement, and construction management (EPCM) contractor, has now been completed and has been reviewed by an independent, third-party estimator. The re-baseline engineering report has determined that the total capital costs is now estimated at US$110 to $121 million, of which approximately US$48.6 million has been spent as of April 30, 2023. The increase in capital costs has been driven by changes in scope, including increasing production capacity from 5,000 to 6,500 tonne per annum of cobalt contained in cobalt sulfate, supply chain disruptions, and inflationary price pressures over the past 18 months that negatively impacted all aspects of the refinery project, including contractor labour rate, costs for concrete, steel, piping, and freight. The Company had disclosed previously that estimated capital costs for completing its refinery project would be between US$76 and US$80 million. Selected additional capital costs for completing the refinery project include: The Company will require additional capital to complete construction and final commissioning. Discussions are underway with various commercial partners, government agencies and other parties to address the funding shortfall. Until such time as additional funding is secured, operational costs related to the development of the refinery are expected to be less during the next 12 months than in previous comparable periods. As at March 31, Electra held cash and marketable securities totaling $12.9 million. The timeline for completing the refinery project will be contingent on securing the needed capital. Electra will provide regular updates on the progress of capital raise efforts and status its refinery complex projects. Strategic Business Review Process During the quarter, Electra initiated a process to evaluate potential strategic alternatives to maximize shareholder value, and retained BMO Capital Markets to assist with the process. The Company’s Board of Directors will evaluate a range of alternatives identified by the process, including but not limited to a potential equity/debt investment from a strategic partner, sale of all or selected portions of the Company’s assets, and merger opportunities with other entities. During this process, the Company intends to continue processing black mass while implementing cost control measures and limiting expenditures on the cobalt refinery project, with a view to preserving liquidity until a strategic process is complete. There can be no assurance that the strategic review process will culminate in any transaction or alternative.
Twee zwarte dagen! Of rood...eigenlijk. Doosje maar dicht doen en over 5 jaar maar eens kijken... Formule moet slagen.
Ben aan het zoeken waar die dalingen aan liggen. Moeilijk. Maar ik vind een opmerking: “looks like they can pay interest with shares instead of cash”
De podcast. Voor het archief.Electra Battery Materials Corporation (ELBM) Q1 2023 Earnings Call Transcript Electra Battery Materials Corporation (NASDAQ:ELBM) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Joe Racanelli - Vice President-Investor Relations Trent Mell - Chief Executive Officer Renata Cardoso - Vice President-Sustainability Craig Cunningham - Chief Financial Officer Mark Trevisiol - Vice President, Project Development Conference Call Participants Matthew O'Keefe - Cantor Fitzgerald Jake Sekelsky - Alliance Global Partners Gordon Lawson - Paradigm Capital Operator Thank you for standing by. This is the conference operator. Welcome to the Electra First Quarter 2023 Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Joe Racanelli, Vice President, Investor Relations with Electra Battery Materials Corporation. Please go ahead. Joe Racanelli Thank you, Jillian, and thank you everyone for joining us this morning. We released our results for the first quarter last night. The material is available both on SEDAR and our website. Today with me are Trent Mell, company's CEO; as well as Craig Cunningham our CFO. And joining us for the first time is Renata Cardoso, our VP of Sustainability. We will be using a presentation this morning, and I encourage you to follow along from our website. At the end of management's discussion, we will be opening up the call to questions from analysts who do cover us. I'd now like to turn the call over to Trent for his opening remarks. Trent Mell Thank you, Joe, and good morning everybody. Lots to discuss today, and thank you for joining us. We will, as always open the call up to analysts for questions. But before doing that, I'd like to review some of the developments we've had in what remains a busy time for us and an active Q1. So first quarter, yeah, like I said remains busy as we were in 2022. Probably the most notable milestone for us was our battery recycling or black mass refining demonstration plant, huge accomplishments there that we will talk about later in the call. But that first of its kind, plant-scale recycling demo in North America to our knowledge, first MHP production, we produced a very high-quality lithium carbonate. We produced a graphite product and the demo plant has allowed us to continue to develop our IP and improve our process in a large-scale environment. I do have Mark Trevisiol online who can take some questions on that later on. We also closed a convertible debt, retiring our old debt, generating proceeds of US$14 million off of that. Other developments in the quarter included the sale of some non-core assets in the Canadian cobalt belt, particularly silver. We also released a new resource estimate for our Iron Creek, copper and cobalt asset, an asset that continues to show big prospectivity with validation of what we believe to be a sister to our Iron Creek, an area known as Ruby. And then, really pleased to have Renata, our VP of Sustainability and Low Carbon on the call with us. She is truly a global leader in sustainability and a great fit for us because one of our key differentiators is our low-carbon footprint. I don't think anybody on the planet can have as good or better of a footprint as our, and it's something that we brag about with good reasons. So, Renata is going to talk to you not just about that, but some of the developments we've made in our own sustainability journey which as she likes to remind me is a journey that has no end. And at the end of the call, we're going to talk a little bit about some of the more recent developments. The Board tech committee recently approved a rebase line review of our top capital cost estimates for the refinery project. We'll talk a little bit more about the desktop study on black mass, and I'll touch upon the strategic review, which we also announced in today's press release. So with that, I will turn it over to you Renata.
Renata Cardoso Thank you, Trent. Good morning everyone. Moving on to slide 6. As we said before, Electra has a deep commitment to sustainability and contributing to the global energy transition. This commitment is reflected in our core values and our mission, as you can see on screen. Our mission, which is focused on providing low-carbon ethical and traceable materials to the global battery supply chain is at the heart of everything we do and highlights some of the priority topics that we covered in our sustainability report. Moving on to slide 7. We present our approach to sustainability. Our framework, that was developed in partnership with our stakeholders and encompasses a number of critical aspects, such as climate change, human rights, health and safety and respect to indigenous peoples. This framework helped us to underpin our ESG activities in 2022, when we developed our ESG policies, implemented our whistleblower channel and became members of the responsible minerals initiative, RMI, which allows us to assess our suppliers' compliance to OECD guidelines. Moving on to slide 8. We can see a summary of our ESG scorecard that you can find in our sustainability report. Our results you see here, reflect our construction phase. So numbers will change to reflect the future developments of our plans. However, it's very important to highlight our safety record of zero high-consequence work-related injuries informing how well our sites are managing this major priority for us now and always. For those unaware, our sustainability report was released in January and is available from our website. That concludes my remarks. I will now turn it over to Craig, who will review our financial highlights. Craig Cunningham Thank you, Renata. Thanks everyone for joining us this morning. As Joe mentioned, we filed our Q1 statement at the end of yesterday and let's take everyone through some of our highlights. To begin, we'll start with liquidity. Liquidity position is on slide 10. At the end of Q1, we had approximately $12.9 million of cash and marketable securities. This was up from $8.4 million held at the end of the prior quarter. The increase was primarily driven by the $51 million convertible debt offering that we closed on in February. That offering provided us $50 million in net $50 million in gross cash proceeds. The increase was partially offset by refinery commissioning costs, expenses related to the black mass trial, and higher general and administrative costs for the period. I'd also like to point out that at the end of Q1 that cash balance did not include any amount of the $5.1 million that we are still yet to receive from government investments but should be received in the coming quarters. So, at the start of Q2, our cash and marketable securities position has declined, while we have continued to settle a number of our advancements on the refinery. Cash management is maintained -- cash measure is a key part of the company. We will be continuing to undertake measures to protect the cash and reduce some of our exposures. As mentioned, we completed our $51 million convertible debt financing. If we move to slide 11, we will be able to see a summary of some of these terms there. Although we did go over these in Q4 it will provide a quick update and some additional information there. Again when we completed the $51 million in financing in February, we retired the original $36 million of outstanding 2026 notes at par value, plus the accrued interest. The conversion price ratio used in the new 2028 notes is $2.48. In addition to the notes investors were entitled to 10.8 million of warrants. Those warrants are available for five years with the same strike price of $2.48. Additionally, these notes allowed us to have a lower minimum cash balance of $2 million. You will notice in our Q1 result the impact of settling the 2026 notes and creation of the 2028 notes resulted in a $19.9 million one-time loss recognition. This relates to the settlement and then initial recognition of the 2028 notes. That is a non-cash loss primarily driven from the fair valuation method used in the package of financing. I would now turn over the updates to Trent, who will take you through the refinery project economics.
Trent Mell Thanks Craig. All right back to the refinery. I do have Dave Marshall on the line for questions as well later on. Dave, our VP Engineering led the rebase line review with our EPCM contractor EXP. And so by way of reminder on slide 13, we did withdraw our guidance on February 14, became apparent that just with the ongoing supply chain issues that we're all well aware of compounded by the receipt of some damaged equipment inflation the likes I haven't seen since the -- I guess since the 1980s and all of the pressures that that put against us that we needed to pull that and review our capital cost estimate. So, we'll go through that a little bit now. The study was completed at eighth day with EXP. We then had a third-party estimator complete an independent review as well of that and following which it's gone through a tech committee. So, we had a pretty good scrubbing of the numbers. And with the amount of detailed engineering and procurement done and much of the long lead stuff now on site or in transit, we're feeling pretty good about where we are in terms of our estimation. So, as I say it was completed with a -- I do estimate now of $110 million to $121 million. We spent just under $50 million of that. We do have some additional funds as Craig outlined that are coming in, but it is apparent that we are going to need more money in order to complete that process. And if you look to slide 14, you can see how the variances stack up against different components of the project. And they take freight as an example never predicted 5x increase in the cost of freight, but these are the kinds of things that replicated higher labor costs higher steel, concrete, and so on. And so it's been some challenges, but we're making our way through it. And I think we've got a pretty good idea of what the way forward looks like. Another perspective looking at it again through slide 15, gives you the workup to both the low end of the range and the higher end of the range. What we've done here is we went right back to the original estimate just for transparency to show where we were with our study documents. Our control budget by way of reminder wasn't $62 million, but $80 million when we started construction. But this just shows you the workup of the study, it doesn't quite show the control but where we think we're coming in right now. And again Dave is here, if you wanted to work through that there's more details in the press release. So, as I said, we're going to need more capital. If you look on slide 16, in terms of our next step, it does now focus our attention with some of our partners on funding the gap. We've got commercial partners that we've been talking to for some time. Government agencies, federal, provincial, US as well that are in the mix and then some strategic partners as well. Until that time, things are going to be a little bit slower in terms of how we execute. We've got a small team on site that continue working that through. But it is really a question now just managing the capital managing our expenditures and getting ready to resume construction once we've lined up the remaining portions of the capital. So we can come back to that in the questions. Let's maybe turn it back to Craig now if I may on the black mass study starting on slide 17 and 18. Craig Cunningham Thank you, Trent. In addition to the update on the refinery which we released yesterday and Trent just walked through we'd like to provide a overview of our black mass scoping study. As a reminder, we started this scoping study based off of the very positive results we had seen from our demonstration plant, which we commissioned in December and have been running throughout the quarter. We have received a lot of interest related to that capability from various stakeholders within the supply chain for EVs. The recovery and production of lithium-carbonate products as shown on slide 18 was also something that has generated considerable interest. So the success of our black mass trial project is a significant underpinning to as joining at an MOU with the Three Fires Group which we also recently announced. If we move to slide 19. There's a summary of the highlights of the scoping study and what some of the indications could be for a potential black mass recycling plant located in our Temiskaming facility. As you can see on slide 19 the scoping study is based on processing 2,500 tonnes of recycled material per year indicating on some compelling economics. Most notably we'd be building or permit black mass operation using our existing footprints at our refinery. They would cost in the range of approximately US$6 million to complete and construct and will deliver attractive rate of return and a payback period of less than two years. Some of the -- to focus the economic highlights of that potential opportunity we would be predicting an EBITDA in year one approximately $12.6 million and in year two of $9.9 million and carrying forward in a similar fashion that way. Some of the key assumptions that are built into the model are using analyst consensus for estimates on commodity prices over the coming years as well as consensus prices on reagents for the same period. Moving to slide 20 the next steps with our like mass trial. The results we've achieved today in black mass trial are rather encouraging. We -- rather encouraging and supportive of the market outlook. Looking ahead we anticipate the first commercial deliveries of products produced through the demonstration plant to happen in Q2. And we also expect to continue to refine our hydrometallurgical process through our batch analysis and improve our processes. Pending completion of our trial we will evaluate the results and demonstrate a path towards commercialization of this technology and potential opportunity. This concludes my comments. And I would like to turn the call back to Trent for his closing remarks.
Trent Mell Thank you, Craig. Now to round this slide 22 now. And before I do the concluding remarks I just want to say a word or two about black mass as well. The benefit of this picture shows you the significant advantage we have and why we were first to produce for the refined black mass on a plant scale because we've got this legacy refinery that you see before you that has been commissioned by Mark and our skilled team at site. And it really is a huge accomplishment. There's a lot of black met -- a lot of battery shredding happening in the industry but thus far nobody is doing this. Nobody is taking that black mass and refining the six critical materials -- minerals in their into their constituent elements. And so our approach has been fairly straightforward, but also different. It really is about proving out our IP. And that's what we've been doing. And once you proved your IP you can then partner. And we've had lots of visitors coming to your site receiving our product looking at what we're doing. And it's once you've done your proof and your partnerships that then you can start building out the plant. And we look to build this out on a modular basis growing with the market incrementally so that we don't get too far ahead of ourselves or where the market is. So a big, big congratulations to the team, our metallurgical team, our operating team and the leadership for pulling off what is a huge accomplishment that I would say is probably not getting enough recognition. But with that I'll move on to just some closing remarks. And the first bullet there as we said in our announcement today, we have disclosed that we've launched a strategic review to evaluate potential alternatives that could help us address our funding shortfall to complete our refinery project. The black mass does give us an alternative, but there is a bigger capital lift required on the refinery and capital requirements on the black mass as well. So I won't talk today about the process and we will report back when we do have something to say but at this point it would just be speculation and rumors. So we're going to leave it as disclosed in the press release. And now maybe some shareholders may be surprised by the development. I think it's good to take into account that the context in which we sit today when we started this project in late 2019 and into 2020 coming out of COVID real interest rates were negative. Access to capital was much different than it is today. The equity markets were favorable and we were moving into a period where chemical refineries like ours were receiving pretty generous multiples. And over the past to the 1.5 years it's been a different tone. Equity markets for small caps are getting tougher. Liquidity is harder; interest rates are harder or higher I'm sorry. And as a result access to capital has become considerably more challenging. And as I look to 2023, looming recession seems to be the growing consensus. What this company needs and the only thing we need is a stronger balance sheet. And however we want to achieve that. Everything else I think is in our favor, the macro tailwinds. We've got a process; we've got a location with permits; we've got people; and we've proven out a lot of what we have set out to do; and we're well into construction with long-lead equipment on site. But of course you need that balance sheet and that partnership to help you get that across the line. So we have anticipated for some time 2023 was going to be challenging and that's why we did start taking steps frankly some time ago to make sure we would complete our vision and succeed with what we have laid out over the last couple of years. As you know the outlook for the EV battery market is extremely bullish. We keep seeing announcements here in the continent. I think it's taken the industry by surprise that the speed at which things have picked up no doubt bolstered by the US inflation Reduction Act, and other incentives that are there across the sector in North America. So, against this more favorable outlook, we're very committed to completing the refinery project capitalizing on our first-mover advantage, moving forward with our black mass and our Bécancour plans. And with that, I'll thank you and open it up to questions.
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