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 secured a 10-year exploration permit from the U.S. Forestry Service. This permit allows the company to advance its exploration efforts in the Idaho Cobalt Belt, focusing on the Iron Creek and Ruby projects. The exploration covers 91 drill pad locations and spans an area of 73.15 km². This regulatory approval provides Electra with long-term planning certainty, facilitating a strategic approach to enhancing the domestic supply of critical minerals such as cobalt and copper. These minerals are crucial for industries like electric vehicles (EVs) and renewable energy.

Key Exploration Sites and Resource Potential

The exploration permit enables Electra to drill at 91 designated sites, build access roads, and establish staging areas. Iron Creek, a major area within the Idaho Cobalt Belt, holds some of the largest primary cobalt resources in the U.S. This site has a history of underground development, including 600 meters of drifting across three adits. In addition to Iron Creek, Electra’s holdings include the Ruby and Redcastle properties, further solidifying its strong position in the region.

Strategic Importance for U.S. Mineral Security

The 10-year exploration permit aligns with the U.S. government’s broader strategy to ensure a stable supply of critical minerals. The demand for cobalt and copper has surged due to the shift toward electric vehicles and renewable energy solutions. Electra’s efforts are crucial in reducing the country’s reliance on foreign sources for these essential minerals, which are integral to the battery and green energy sectors. This push for domestic production echoes the objectives outlined in Executive Order 13817, which emphasizes the development of U.S. mineral resources.

Mineral Resource Update and Future Drilling Plans

Electra’s recent Mineral Resource Estimate (MRE) for the Iron Creek project, released in March 2023, showed significant increases in both cobalt and copper resources. The updated MRE includes:

• Indicated Mineral Resource: 4.5 million tonnes at 0.19% cobalt and 0.73% copper, totaling 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 suggest that the Iron Creek project has substantial growth potential, with additional drilling planned to further expand resources, particularly at the Ruby site.

Electra’s Role in North American Battery Supply Chain

Electra is positioning itself as a key player in North America’s battery supply chain by securing a sustainable, domestic supply of cobalt and copper. The company is also moving forward with plans to build North America’s first battery-grade cobalt refinery. This strategic initiative will strengthen Electra’s position in the battery materials sector. CEO Trent Mell highlighted that the 10-year exploration permit gives Electra a significant opportunity to support the growing demand for critical minerals, which are essential for the green economy transition.