Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) and the Three Fires Group are making progress on the Aki Battery Recycling joint venture, the first Indigenous-led lithium-ion battery recycling initiative in Canada. Aki pioneers a low-emission, circular solution for managing battery waste, strengthens domestic supply chains, and reduces reliance on offshore processing.
Since launching the joint venture in 2024, the team has achieved several milestones and strategic developments, including: formally establishing Canada’s first Indigenous-led lithium-ion battery recycling venture; shortlisting technology partners following site visits and comprehensive due diligence on advanced battery recycling platforms; engaging government partners to secure funding for a bankable feasibility study; and evaluating prospective sites, with plans to co-locate or near-locate the facility alongside lithium-ion battery manufacturers and on or near First Nations lands to maximize regional impact.
The team has also integrated the venture with Electra’s hydrometallurgical refinery, enabling local processing of black mass into battery-grade materials for OEMs and creating a fully Canadian closed-loop supply chain.
Under the Aki Battery Recycling joint venture, Three Fires Group and Electra have partnered to establish a First Nations-led lithium-ion battery recycling company. Aki will process lithium-ion battery end-of-life and manufacturing scrap in a state-of-the-art pre-processing facility. This facility will dismantle battery packs and modules to produce high-grade copper, aluminum, and steel products. The team will then shred the remaining material to generate a high-value intermediate product known as black mass.
Black mass contains critical minerals such as lithium, nickel, cobalt, manganese, and graphite, which a subsequent refining process will separate into saleable products. Aki will send black mass from the pre-processing facility to Electra’s hydrometallurgical refinery north of Toronto to process it, and the team will return refined materials to battery manufacturers, establishing a localized closed-loop supply chain.
The team has appointed Reggie George as President of Aki, leveraging his decade of experience in project management and capital raising. Reggie George, a member of Kettle and Stony Point First Nation, has an accomplished track record with startups in emerging technologies. Through his work with the Three Fires Group, he has participated in more than C$3 billion in infrastructure and development projects in Ontario. The team has also appointed Andre Marais as Director of Strategy & Corporate Development for Aki. Andre Marais brings more than 15 years of experience in both technical and commercial roles.
Aki Battery Recycling centers its efforts on Indigenous economic participation in the growing battery supply chain. Through this joint venture, the team aims to create meaningful, long-term benefits for First Nations communities while pursuing innovation to enhance the sustainability of the critical minerals supply chain.
Reggie George, president of Aki, also said: “Lithium-ion battery recycling aligns with traditional values of stewardship and responsibility for the land. By reclaiming materials and minimizing waste, Aki embodies a regenerative model of economic growth that supports both people and planet. Through this venture, we are creating long-term opportunities, reclaiming ownership over our resources, and building an economy that is both clean and culturally grounded.”
Three Fires Group leads capital sourcing efforts and site selection for a state-of-the-art, environmentally friendly recycling facility in Southern Ontario. Electra contributes technical and commercial expertise as well as a refining solution to ensure that critical minerals from recycled batteries remain in the domestic supply chain. Aki’s pre-processing facility is designed for scalability and replication, with plans to expand operations in step with the growing demand for lithium-ion battery recycling.
In its initial phase, the proposed facility will recycle enough lithium-ion battery scrap to supply up to 100,000 new electric vehicles each year.
The team has shortlisted technology partners aligned with a commitment to low-emissions processing and high-quality black mass production. The site selection process is advancing, focusing on a limited number of locations in Southern Ontario near emerging gigafactories to maximize proximity to key customers and economic benefits for surrounding communities.
Building on the joint venture’s initial scoping study, the team is now engaged in discussions with government partners to secure funding for a bankable feasibility study on the pre-processing facility. The project aligns well with several Canadian funding streams, including regional economic development programs and Indigenous loan guarantee programs at both the federal and provincial levels, many of which prioritize clean technology and Indigenous-led infrastructure.
Electra’s hydrometallurgical refinery north of Toronto will process black mass produced by Aki. This processing method is anticipated to result in one of the lowest carbon footprint recycling supply chains in the world. Electra will use its proprietary process to treat the black mass, recovering critical minerals that can be reintroduced into the battery supply chain.
Unlike most other North American pre-processing facilities, Aki will operate predominantly on a tolling fee basis through long-term contracts. This operational model creates a strong alignment of interests with battery manufacturers and ensures that Aki achieves a consistent return, independent of commodity prices.
Currently, offshore markets, particularly China, process most black mass produced in North America into battery-grade materials for Asian supply chains. The circular relationship between Aki and Electra strengthens Canada’s capacity to retain and reuse critical minerals, supporting domestic industrial growth. This approach aligns with Canadian economic growth policies and reduces carbon emissions associated with transporting materials to and from Asia.
For more information about the Three Fires Group, please visit: www.ThreeFires.com. For more information, please visit www.ElectraBMC.com.
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