Former national security advisor to join Electra Battery Materials board

TORONTO - Electra Battery Materials Corporation (NASDAQ:ELBM; TSX-V:ELBM), a $19.36 million market cap company currently trading at $1.07, announced Tuesday the nomination of Jody Thomas to its Board of Directors. Thomas previously served as National Security and Intelligence Advisor to the Prime Minister of Canada. According to InvestingPro analysis, the stock appears undervalued against its Fair Value.

Thomas brings experience from her roles as Deputy Minister of National Defence and Commissioner of the Canadian Coast Guard. She was the first woman to serve aboard a Canadian military vessel after joining the naval reserves at age 17. Her appointment comes as the company faces significant challenges, with InvestingPro data showing the company is quickly burning through cash while operating with substantial debt obligations.

"As we execute on our critical minerals strategy and supply chain development plans, the insights she brings from decades at the highest levels of national defense and intelligence will be invaluable," said Electra CEO Trent Mell in a press release statement.

Thomas’s nomination follows recent appointments of David Stetson, former CEO of Alpha Metallurgical Resources, and Gerard Hueber, Retired Rear Admiral, U.S. Navy, to Electra’s board.

Thomas will stand for election at Electra’s Annual General and Special Meeting of shareholders on October 15, 2025. If approved, the board will consist of seven directors.

Electra is developing a cobalt sulfate refinery in North America and pursuing initiatives in nickel refining and battery recycling. The company aims to reduce reliance on foreign supply chains for critical minerals used in lithium-ion batteries. Despite a challenging year with a -58.1% stock return, analysts maintain optimistic price targets ranging from $2.11 to $2.52. Get more detailed insights and 8 additional key ProTips with InvestingPro.

In other recent news, Electra Battery Materials Corporation has made significant strides with its cobalt refinery project. The company announced amendments to its restructuring terms, converting approximately $41.3 million of outstanding secured convertible notes into around 55 million units. Each unit includes one common share and a warrant exercisable at $1.25 per share. Electra also secured C$17.5 million in proposed funding from Invest Ontario to support the construction of its cobalt sulfate refinery, which aims to produce enough material to support manufacturing up to 1 million electric vehicles annually.

Additionally, Electra disclosed details of a $30 million financing package as part of its financial restructuring efforts, engaging Cantor Fitzgerald Canada Corporation and ECM Capital Advisors Ltd. as co-lead agents for a private placement. The company has also completed its early works program at the refinery, setting the stage for a full construction restart. In leadership news, Electra announced the nomination of Rear Admiral Gerard Hueber (Retired) to its Board of Directors, bringing his extensive experience in naval power requirements and capabilities. These developments mark a series of strategic moves by Electra to advance its position in the battery materials industry.

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