Integrity Capital Group has published its October 2026 Update Report on Electra Battery Materials Corp. (TSX.V/NASDAQ: ELBM), examining the announced preliminary engineering results for the initial phase of a proposed two-phase nickel refinery.
The first phase would produce battery grade nickel sulphate containing approximately 20,000 tpa of contained nickel using conventional hydrometallurgical processes. The nickel sulphate would be sold to a precursor cathode active material producer (pCAM) that would make the powder used to produce the cathode in a lithium-ion battery.
Although nickel based battery cell manufacturing capacity in the US is expected to increase from 67GWH in 2025 to 240 GWh in 2030, there are no nickel based pCAM plants presently operational in the US.
View full report: ELBM Update Report October 2026
