ELBM Electra Battery Materials Corporation

Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce the commencement of a feasibility level engineering study to build a battery recycling refinery adjacent to its cobalt refinery north of Toronto. The study will build on the technology and expertise accumulated during a year-long black mass recycling trial, whereby Electra produced technical grade lithium and a nickel and cobalt product from end of life lithium batteries.

Electra is establishing relationships with North American battery makers, offering a closed-loop partnership to return critical minerals back into the domestic supply chain. Currently, most black mass produced from battery scrap is shipped to Asia for refining, depriving automakers of the ability to control their critical minerals supply chain. Electra’s joint venture with the Three Fires Group, Aki Battery Recycling, will build a pretreatment facility for battery scrap, with the resulting black mass material shipped to Electra for refining.

“Having developed a proprietary hydrometallurgical process, this feasibility study is a critical step in advancing towards a commercial recycling facility,” said Mark Trevisiol, Electra’s Vice President of Project Development. “It builds on the knowledge gained from our previous 40-tonne demonstration plant and allows us to optimize our processes for a scalable commercial operation. As a first mover in North American cobalt sulfate production, we are leveraging our expertise in the domestic refining of black mass and further solidifying our leadership in sustainable battery material solutions.”

Dr. George Puvvada, Electra’s Vice President of Metallurgy & Technology, added, “At Electra, we are applying in-house innovation and technology in an incremental fashion to our existing hydrometallurgical process. This approach is about leveraging a strong, established foundation and the expertise of our experienced team to minimize risk. By doing so, we enhance efficiency, create higher-value products, and reinforce our position at the forefront of the battery materials sector.”

Electra has retained Green Li-ion to assist with the engineering and feasibility studies. Green Li-ion is a U.S.-based company in the business of providing engineered services and recycling technology solutions. Green Li-ion also has an operating black mass processing facility in Atoka, Oklahoma. Subject to the outcome of the feasibility study among other considerations, Electra may elect to purchase processing equipment through Green Li-ion for operation at Electra’s Refinery Site in Ontario.

“Electra’s core strategy is to reduce North America’s reliance on critical minerals from China by building a reliable and resilient domestic supply chain,” said Electra CEO, Trent Mell. “Through our proprietary hydrometallurgical process, tailored to meet the needs of a growing recycling market, we have consistently demonstrated the capability to produce high-quality, saleable products, including technical-grade lithium carbonate, nickel-cobalt MHP, and graphite.”

Black mass, the material remaining once lithium-ion batteries or battery scrap material are shredded and all casings separated, contains high-value elements, including lithium, nickel, cobalt, manganese, copper, and graphite, which can be recovered and recycled to make new batteries. In 2023, Electra commenced the processing of 40 tonnes of black mass at its refining complex north of Toronto to trial its proprietary recycling process. In June of 2024, the Company received C$5 million from Natural Resources Canada to accelerate the next phase of its recycling project – demonstration on a continuous basis that the Company’s hydrometallurgical black mass process is scalable, profitable, and can be implemented at other locations.

Electra’s immediate priority is to complete construction of North America’s first battery grade cobalt refinery. The Company’s longer-term vision includes battery recycling and nickel production, thereby onshoring additional critical mineral refining processes needed for the North American electric vehicle battery supply chain.

About Electra Battery Materials

Electra is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra’s strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential within North America. For more information, please visit www.ElectraBMC.com.

ContactHeather SmilesVice President, Investor Relations & Corporate Development Electra Battery Materialsinfo@ElectraBMC.com1.416.900.3891

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This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with on EDGAR at www.sec.gov. Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.