444Critical Daily — October 27, 2025

North America's supply chain independence gained critical momentum as Electra Battery Materials announced it is now fully funded to complete the continent's first cobalt sulfate refinery. This follows months of strategic financing and government backing. Concurrently, NioCorp Developments hosted an investor webcast detailing its $10 million Pentagon-funded program to establish a domestic scandium supply, showcasing the direct link between defense needs and mining project de-risking. In a win for U.S. domestic copper and cobalt, the federal government officially reinstated key Right-of-Way permits for the Ambler Access Road in Alaska, unlocking a strategic mining district.

North America’s First Cobalt Refinery is Now Fully Funded

Electra Battery Materials announced it has secured all necessary capital, totaling over $80 million, to complete and commission North America's first cobalt sulfate refinery in Temiskaming Shores, Ontario. The financing included a $34.5 million private placement and a $40 million debt equitization, complementing prior support from the U.S. and Canadian governments. The facility, which is expected to produce up to 6,500 tonnes/year of battery-grade cobalt, is a critical asset for both the EV and national defense supply chains.

NioCorp Details Pentagon Scandium Mine-to-Alloy Program

NioCorp Developments held a webcast updating investors on its Elk Creek Project. Management emphasized the $10 million Pentagon program (under the Defense Production Act, Title III) to partner with Lockheed Martin Skunk Works on developing prototype aluminum-scandium alloy components for fighter aircraft. The funding requires NioCorp to establish a domestic mine-to-master-alloy supply chain, solidifying the Nebraska project's role as the nation's only domestic source for scandium and magnetic rare earths (NdPr, Dy, Tb).

Federal Permits Reinstated for Alaska's Strategic Ambler Access Road

Trilogy Metals announced that the Alaska Industrial Development and Export Authority (AIDEA) has executed the federal Right-of-Way permits for the Ambler Access Road. The reinstatement of these permits, following a Presidential decision earlier this month, restores the 50-year right-of-way across federal lands. The road is essential to unlocking the Ambler Mining District, a region with world-class deposits of copper, zinc, and cobalt—all critical to U.S. defense and energy infrastructure.

Australia's EFA and U.S. EXIM Back New Rare Earth Project Financing

The coordinated financing strategy between the U.S. and Australia is expanding. Export Finance Australia (EFA) issued a conditional Letter of Support for up to A$80 million (US$52 million) in debt financing for the Astron/Energy Fuels Donald Rare Earths Project in Victoria. EFA’s support comes alongside the U.S. EXIM Bank's commitment of over $2.2 billion in Letters of Interest for Australian projects, demonstrating a "single-point-of-entry" for allied financing against Chinese market dominance.

Cobalt Refinery Eliminates Processing Chokepoint

Electra's announcement removes a massive execution risk from North America's battery supply chain. The fully-funded status ensures the continent will have the processing capacity for battery-grade cobalt, directly mitigating the geopolitical risks posed by the DRC's export quotas and China's refining dominance. This provides EV manufacturers with a crucial North American option.

Scandium: Defense Production Risk Reduced

The NioCorp-Lockheed partnership is a prime example of successful, direct government intervention. By using DPA funds to sponsor the "mine-to-alloy" development, the Pentagon has not only guaranteed a research partner but has also helped de-risk the financing for the entire NioCorp project, demonstrating the strategic value of scandium and other co-produced critical metals (niobium, titanium).

The Ambler Road Opens a Strategic Corridor

The reinstatement of the Ambler Access Road permits in Alaska unlocks one of the world's most promising copper and cobalt mining districts. This move, which was reversed from a previous cancellation, confirms the current U.S. administration's willingness to overcome permitting hurdles for assets deemed essential for national defense and the clean energy transition.

Delivered daily from Trail, BC, Canada — the operational center of the North American critical minerals corridor.

This briefing is for informational purposes only and is not legal, investment, or policy advice. Information is believed accurate at time of publication. Sources are publicly available.