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Investing.com - H.C. Wainwright has reiterated a Buy rating and $2.10 price target on Electra Battery Materials Corp. (NASDAQ:ELBM) following a new supply chain agreement. This target represents a 123% upside from the current price of $0.94, aligning with the broader analyst consensus that remains strongly bullish on the stock despite its 49.6% year-to-date decline. According to InvestingPro data, ELBM’s RSI indicates the stock is currently in oversold territory.
The company signed a Supply Chain Cooperation Agreement with privately-held Positive Materials Inc. on November 25, according to H.C. Wainwright. This agreement will integrate Electra’s battery-grade sulfate into Positive Materials’ precursor cathode active material (pCam) manufacturing operations.
The new deal complements Electra’s existing offtake agreement with LG Energy Solution (KS:373220), the research firm noted in its analysis of the partnership.
Electra’s management continues to engage with multiple parties on potential commercial arrangements that could expand the refinery’s customer base in the longer term, according to the analyst report.
In the near term, the company is focusing on aligning necessary product specifications and processing pathways to meet customer needs, which factored into H.C. Wainwright maintaining its positive outlook on the stock.
In other recent news, Electra Battery Materials Corporation reported a net loss of $4.7 million for the third quarter of 2025, compared to a net loss of $2.9 million in the same period of 2024. Despite the increased loss, H.C. Wainwright maintained a Buy rating on the stock, though it lowered the price target to $2.10 from $2.20. Electra has also resumed construction of North America’s first cobalt sulfate refinery after securing approximately $82 million in project financing. The facility, expected to be operational by 2027, aims to produce 6,500 tonnes of battery-grade cobalt annually.
Additionally, Electra has issued a major tender for the installation of processing systems at the refinery, covering structural, mechanical, piping, electrical, and instrumentation work. In a strategic move, the company appointed Paolo Toscano as Vice President of Projects and Engineering, leveraging his 30 years of experience in mining and metals projects. Electra also successfully secured $30 million through a private placement, with strong participation from existing and new institutional investors. This financing was conducted with Cantor Fitzgerald Canada Corporation and ECM Capital Advisors Ltd. as co-lead agents.
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