Electra Secures 10-Year Exploration Permit for Idaho Copper and Cobalt Properties

Exploration Permit Unlocks Potential for U.S. Critical Mineral Production
Electra Battery Materials Corporation has been granted a 10-year exploration permit by the U.S. Forestry Service, allowing it to continue advancing its exploration in the Idaho Cobalt Belt, particularly its Iron Creek and Ruby projects. The permit, which covers 91 designated drill pad locations and an area of 73.15 km², provides the company with regulatory certainty, enabling a long-term exploration strategy. This development is seen as a significant step toward enhancing the U.S. domestic supply of critical minerals like copper and cobalt, which are crucial for industries such as electric vehicles (EVs) and renewable energy infrastructure.

Key Exploration Sites and Resource Potential
The permit will allow Electra to conduct activities including drilling at 91 sites, setting up temporary access roads, and constructing staging areas. Iron Creek, one of the primary areas within the Idaho Cobalt Belt, is home to some of the largest primary cobalt resources in the United States. The area’s potential is underscored by historical underground development at Iron Creek, which includes 600 meters of drifting in three adits. Electra’s holdings in Idaho also include the Ruby and Redcastle properties, further enhancing the company’s position in the region.

Strategic Importance for U.S. Mineral Security
This 10-year exploration permit aligns with the U.S. government’s broader strategy to secure reliable access to critical minerals. The demand for cobalt and copper is surging, driven by the shift toward electric vehicles and renewable energy solutions. The importance of domestic critical mineral production was highlighted in the 2017 Executive Order 13817, which prioritized the development of U.S. mineral resources. Electra’s efforts are seen as part of a critical push to reduce dependence on foreign sources of cobalt and copper, which are essential for the battery and green energy sectors.

Mineral Resource Update and Future Drilling Plans
In March 2023, Electra released an updated Mineral Resource Estimate (MRE) for the Iron Creek project, which showed substantial increases in the Indicated category for both cobalt and copper. The updated MRE indicates:

• Indicated Mineral Resource: 4.5 million tonnes at 0.19% cobalt and 0.73% copper, amounting to 18.4 million pounds of cobalt and 71.5 million pounds of copper.
• Inferred Mineral Resource: 1.2 million tonnes at 0.08% cobalt and 1.34% copper, amounting to 2.1 million pounds of cobalt and 36.5 million pounds of copper.
  These findings have increased the project’s potential for future development, with additional drilling recommended to further expand the resource base, particularly at the Ruby site.

Electra’s Role in North American Battery Supply Chain
Electra is advancing toward becoming a key player in North America’s battery supply chain, with a focus on securing a sustainable, domestic supply of cobalt and copper. The company is also moving forward with its plans to construct North America’s first battery-grade cobalt refinery, which will further strengthen its role in the battery materials sector. CEO Trent Mell emphasized that the 10-year permit positions Electra to play a pivotal role in meeting the growing demand for critical minerals, which will be vital for the transition to a green economy.