Electra Announces Nasdaq Listing Application And Share Consolidation

Electra Battery Materials Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") announced that in preparation for a potential listing of its common shares on The Nasdaq Stock Market LLC ("Nasdaq"), the Company will undertake a consolidation (the "Consolidation") of its outstanding common share capital on the basis of one (1) post-Consolidation share for every eighteen (18) pre-Consolidation shares. The Consolidation was previously approved by shareholders of the Company at the annual general and special meeting held on December 2, 2021.

HIGHLIGHTS

• Uplisting from OTC to Nasdaq provides growth-oriented companies greater exposure to largest capital market in the world
• The resulting smaller share count and higher share price is more palatable to U.S. institutional investors. The revised capital structure and resulting higher share price may provide increased ability for U.S. institutional investors to become shareholders of Electra
• Target date of April 11 for share consolidation and the Company hopes to complete the Nasdaq listing by the end of April

"The decision to list on the Nasdaq will provide Electra with greater visibility through a leading capital market trading platform that is suited for growth-oriented companies like ours," said Trent Mell. "With the commissioning of Phase 1 of our Battery Materials Park expected in December, increased exposure to the largest market in the world coincides with first cash flow. Electra is uniquely positioned to provide a reliable, domestic and low carbon supply of refined battery grade materials for lithium-ion batteries, starting with cobalt at the end of 2022, recycled battery material in 2023 and battery grade nickel thereafter."

Subject to the approval of the TSX Venture Exchange, on or about April 11, 2022, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbols. As of the date of this news release, the Company has 562,414,189 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 31,245,232 common shares issued and outstanding. The exercise price and number of common shares issuable upon the exercise of the Company's outstanding options, warrants and convertible notes will also be proportionally adjusted upon completion of the Consolidation.

"In conjunction with the uplisting, the Company is required to complete a share consolidation to meet the minimum price threshold for a Nasdaq listing. The resulting smaller share count and higher share price is more palatable to U.S. institutional investors, which will be important for our future growth plans."

A letter of transmittal will be mailed to registered shareholders once the Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates evidencing their pre-Consolidation shares for new share certificates representing the number of post-Consolidation shares to which they are entitled.

Beneficial shareholders holding their shares through a brokerage may be subject to different procedures for obtaining their post-Consolidation shares. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary.

Readers are cautioned that while the Company has applied for listing on Nasdaq, completion of a listing is subject to regulatory approvals and the satisfaction of applicable listing requirements. There can be no assurance that a listing will be completed, and in the event a listing is completed it is contemplated that the common shares of the Company would continue to trade in Canada on the TSX Venture Exchange.

About Electra Battery Materials

Electra is planning to build a fully integrated, localized and environmentally sustainable battery materials park. Leveraging the Company's own mining assets and business partners, the Electra Battery Materials Park is expected to host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA. Electra Battery Materials is an integral part of the North American battery supply chain, providing low-carbon, sustainable and traceable raw materials for the region's fast growing electric vehicle industry.

On behalf of Electra Battery Materials.

Trent Mell

Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statement

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 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. 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.sedar.com. Although Electra Battery Materials Corporation 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, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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