Electra Battery Materials Corporation (NYSE: ELBM), an EV-battery provider, started trading on Nasdaq on April 27, 2022. The stock had been constantly declining the day after. However, today the EOBM stock has been gaining despite the entire market being red.
CEO’s Statement on Listing
“Listing on the Nasdaq is a significant milestone for Electra and a natural next step in the evolution of the Company. With the heightened interest in electric vehicles, decarbonization, critical minerals and onshoring supply chains, we felt it was important to increase our presence in our primary market for our ultra low carbon battery materials. We are pleased to offer our shareholders the ability to trade on a major U.S. exchange and the expected increase in liquidity will support our Company well over the long-term. We look forward to introducing Electra to a new and larger investor base.” said Mr. Trent Mell, CEO of Electra
On May 9, 2022, Electra Battery announced that drilling at its cobalt-copper mineral project in Idaho has successfully extended mineralization by an additional 180 metres to the east of the current deposit as well as down dip from the eastern edge of the resource zone.
- Cobalt is an essential ingredient in long range electric vehicle batteries and the U.S. automotive industry is entirely reliant on foreign supplies of this critical mineral.
- Five of six exploration holes drilled in the most recent drill campaign intersected high grade cobalt mineralization, including:
- 5 metres at 0.2% cobalt in hole IC21-04
- 4 metres at 0.4% cobalt in hole IC21-05
- 4 metres at 0.2% cobalt in hole IC21-05A
- Cobalt mineralization remains open along strike in both directions and the final three holes to be reported intersected the mineralized stratigraphy over a depth extent of 400 meters to the east of the current resource.
The ELBM stock was up by 6.47% and traded at CA$5.10 (up by 0.31 points) at 10:51 a.m. EDT in the market trading session today. The market capitalization of the stock stood at CA$157.16 million. The share volume traded for the ELBM stock was 164,256, much higher than the average share volume of 66,365.