Electra Provides Update on Refinery Construction and Commissioning

Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") today announced that as part of its growth strategy in support of the onshoring of electric vehicle supply chains in North America it has begun preliminary discussions with the Government of Quebec to build a new cobalt refinery in Bécancour, Quebec that will integrate with an emerging battery materials park in the province.

"Given a forecasted deficit in domestic cobalt sulfate production by 2025, we have received significant interest from industry and government stakeholders to build a second refinery in North America ," said Trent Mell , CEO of Electra Battery Materials.  "The industrial park in Bécancour, Quebec is quickly becoming an important future hub for EV battery materials in North America given its numerous advantages, including a deep-water port, extensive infrastructure, hydro-electric power, strong support from the Quebec government, and a qualified work force. In light of the considerable progress Electra has made towards commissioning its first cobalt sulfate refinery north of Toronto , we are a logical partner for the Bécancour industrial park."

Bécancour is emerging as an important hub for the supply of low-carbon battery materials to the EV supply chain in North America . To date, the Bécancour industrial park has attracted commitments and investments from global automotive and chemical processing companies to establish facilities to produce precursor cathode active materials (PCAM) and cathode active materials (CAM) essential in the production of lithium-ion batteries. Materials needed for PCAM and CAM production would originate from nickel and cobalt sulfate refineries not yet available in the Bécancour industrial park.

In support of the preliminary discussions the Company has undertaken with the Government of Québec, Electra will undertake a study to determine annual production requirements for the industrial park, capital costs for the refinery, flow sheet modifications for alternate sources of feed material, permitting requirements, synergies from integration with other battery materials companies in Bécancour, and potential funding opportunities from the federal and provincial levels of government.

Earlier this year, the Canadian government earmarked C$3.8 billion towards the development of a Critical Minerals Strategy. Electra's study is expected to be completed by the end of 2022.

In support of today's announcement and the upcoming study, Electra is pleased to announce the appointment of David Marshall as Vice President, Engineering.  Mr. Marshall is a 31-year industry veteran with extensive experience in engineering studies, project management and project delivery for mineral processing and mining operations. He spent 29 years with Vale in a number of senior project management roles, including Project Director for the Sudbury Clean AER Project, a C$1 billion project with a 1,000-person team aimed reducing sulphur dioxide and metals particulate emissions from existing operations in Sudbury . Mr. Marshall was also Project Director for the Copper Cliff Mine South Shaft Project, a project aimed at reconditioning and refurbishing existing mine workings to support future operations. Most recently, he was a project manager with BBA Consultants.

"We are delighted to have a senior industry executive of Dave's calibre join Electra," said Mr. Mell. "He brings a wealth of experience and has successfully led a number of large, multimillion dollar projects involving hundreds of personnel, contractors and suppliers, ensuring that projects were completed on time and delivered expected internal rates of return. Dave's first project with Electra will be completion of the Quebec study to determine the viability of a battery materials refinery in Bécancour. We look forward to Dave's many contributions to the Electra team."

Mr. Marshall is a Professional Engineer, having obtained a B.Sc. in civil engineering from the University of Waterloo . He also holds an MBA from Laurentian University .

In accordance with the Company's long term incentive plan, Electra has granted Mr. Marshall incentive stock options to purchase an aggregate of 30,000 common shares of Electra exercisable at the previous day's closing price of $4.38 for a period of five years. The stock options will vest in three equal tranches on the first, second and third anniversary of the grant date. Long-term incentive grants are a key retention and incentive tool for key employees and new hires and remain subject to the approval of the TSX Venture Exchange.

Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. Electra is specifically focused on creating the first integrated battery materials park in North America , providing refined cobalt, nickel and recycled battery materials to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA .

On behalf of Electra Battery Materials Corporation

Joe Racanelli
Vice President, Investor Relations

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.

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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SOURCE Electra Battery Materials Corporation

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Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") today announced the appointment of Craig Cunningham a finance executive with 17 years of experience as Chief Financial Officer effective today.

"Craig is a welcome addition to the Electra senior leadership team, bringing executive level leadership and more than 17 years of accounting, finance, operational, and capital markets experience," said Trent Mell , CEO of Electra Battery Materials. "We look forward to his many contributions as we execute on our strategy of becoming North America's first integrated battery materials park."

Prior to joining Electra, Mr. Cunningham was Vice President and Regional Financial Officer at Kinross Gold where he oversaw finance, information technology, supply chain and logistics, and administration functions in Russia.  Mr. Cunningham was responsible for accounting, budgeting, and procurement for key development projects as well as the integration of significant acquisitions. Mr. Cunningham held a series of progressively responsible roles while at Kinross beginning in 2010, including responsibility for projects designed to improve operational performance, maximize cash flow, and optimize working capital.   Previously, Mr. Cunningham served in controller, risk management, and audit roles at Kik Custom Products, Loblaw Companies, and PricewaterhouseCoopers.

"The adoption of electric vehicles will have a profound impact in tackling climate change and reducing carbon emissions globally," said Mr. Cunningham. "I am excited to be joining Electra, a company at the forefront of developing a secure and low-carbon supply chain of battery materials for the EV industry in North America , and where I can best utilize my strategic, entrepreneurial, and business skills and experience."

Mr. Cunningham is a Chartered Professional Accountant and a graduate of the Ivey Business School, Western University (Executive Master of Business Administration) and the Goodman School of Business, Brock University (Bachelor of Accounting, Honours).

In accordance with the Company's long term incentive plan, Electra has granted Mr. Cunningham incentive stock options to purchase an aggregate of 40,000 common shares of Electra exercisable at the previous day's closing price of $4.90 for a period of five years. The stock options will vest in three equal tranches on the first, second and third anniversary of the grant date. Long-term incentive grants are a key retention and incentive tool for key employees and new hires and remain subject to the approval of the TSX Venture Exchange.

About Electra Battery Materials

Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. Electra is specifically focused on creating the first integrated battery materials park in North America , providing refined cobalt, nickel and recycled battery materials to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA .

On behalf of Electra Battery Materials Corporation

Joe Racanelli
Vice President, Investor Relations

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 Statements

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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SOURCE Electra Battery Materials Corporation

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Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) (the "Company" or "Electra") today announced the introduction of a comprehensive set of olicies and frameworks that underpin the Company's commitment to Environmental, Social and Governance (ESG) best practices. Approved by the Company's Board of Directors, the policies cover Human Rights, Supply Chain, Environment, and Sustainability matters. In support of the rollout of the policies, the Company is also launching a whistleblower channel, open for internal and external stakeholders and accessible from Electra's website ( https:electrabmc.comesg ).

"Given our focus of developing a low carbon, fully-integrated battery materials park for the North American electric vehicle industry, it is important that we have stringent ESG policies in place and conduct ourselves in accordance with industry best practices when it comes to sustainability, ethical sourcing, and respect for human rights," said Trent Mell , CEO of Electra Battery Materials. "The rollout of our new policies and the launch of a whistleblower channel reflect our strong commitment to ESG."

Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") today provided an update on its plans to develop a low carbon, fully-integrated battery materials park for the North American electric vehicle industry and announced the filing of its financial results for the first quarter ended March 31, 2022 .

"Despite supply chain disruptions and inflationary price pressures caused by the lingering effects of the global pandemic and recent geopolitical developments Electra made considerable progress in Q1, advancing the construction of our expanded cobalt refinery," said Trent Mell , CEO of Electra Battery Materials Corporation.  "Most notably, we received our Industrial Sewage Works permit, started construction of the solvent extraction plant, and received approval of our Closure Plan. Completion of these milestones paves the way for the commissioning of our refinery expansion in Q4 2022, consistent with our expected timelines."

Mr. Mell added, "We have sustained this momentum into Q2 with our successful listing on NASDAQ, strengthening of our senior leadership team, and signing an offtake agreement for nickel and cobalt produced at our battery recycling plant starting in 2023. We anticipate building on this progress through 2022 and beyond as construction of the refinery is completed and we begin production."

Electra has successfully kept the project on schedule to commence dry commissioning in December, despite global supply chain disruptions. Cost pressures have emerged from systemic inflation, constrained global supply chains and the sanctions on trade with Russia , increasing the average cost of project inputs, such as steel, copper, nickel and freight rates, all of which have put the original budget at risk. Labour and contractor rates are also higher with recent 8 to 9% wage settlements with construction trades, as well, a number of concurrent development projects in Canada have created a very competitive market for experienced trades. Based on trends in the market, management believes that the US$67 million capital budget could be exceeded by approximately 5 to 10%. The Company's early decision to create an experienced owner's team has helped mitigate some of these impacts and management believes the Company is well positioned to navigate a more complex landscape.

Q1 2022 HIGHLIGHTS

• Held cash of $51.9 million as at March 31, 2022 , a total that does not include the remaining $6.5 million of government investments expected to be received.
  
  
• Total incurred costs for the refinery construction project at quarter end were $25 million .
  
  
• Net income for the period was $2.3 million or $0.08 per basic share.
  
  
• Received Industrial Sewage Works Permit and approval for the Refinery Closure Plan.
  
  
• Commenced construction of foundation works for a new solvent extraction plant expected to be commissioned in December 2022 .
  
  
• Drill results to the west of the Iron Creek cobalt-copper project successfully extended mineralization by 130 metres along strike and by 110 metres at depth. Drill results subsequent to quarter end successfully extended mineralization by an additional 180 metres to the east of the deposit as well as down dip from the eastern edge of the resource zone.
  
  
• Announced the launch of a battery materials park study in partnership with the Government of Canada , the Government of Ontario , Glencore Plc and Talon Metals. The group is collaborating on engineering, permitting, socio-economic and cost studies associated with the construction of a nickel sulfate plant as well as co-location by a global battery precursor cathode active materials (PCAM) manufacturer adjacent to Electra's cobalt refinery and recycling plant.
  
  
• Signed a battery recycling and cobalt sulphate supply agreement with Japanese conglomerate Marubeni Corporation.
  
  
• Launched a new at-the-market equity program for the issuance of up to $20 million in common shares from treasury. As at May 26, 2022 the Company has issued a total of 448,517 common shares at an average price of $5.65 per share for gross proceeds of $2.5 million .

Highlights Subsequent to Quarter End

• Signed a two-year offtake agreement for nickel and cobalt produced from recycled battery material. Electra expects to commission its recycling plant in 2023. A demonstration plant is expected to begin operation in 2022 at a cost of $3 million using existing equipment.
  
  
• Commenced trading on Nasdaq Capital Market effective April 27, 2022 under the ticker symbol "ELBM" and consolidated its outstanding common shares on the basis of one post-consolidated share for every 18 pre-consolidated shares.
  
  
• Strengthened the management team with the appointment of Renata Cardoso as Vice President Sustainability and Low Carbon, Joe Racanelli as Vice President, Investor Relations, and Zoran Jankovic , PhD, as Process Lab Superintendent at the Refinery.
  
  
• Strengthened the Refinery Site owner's team with the addition of tradespeople, engineers, human resources, and training personnel.

For complete details of the consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR ( www.sedar.com ) or the Company's website ( www.ElectraBMC.com ).

About Electra Battery Materials

Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. Electra is specifically focused on creating the first integrated battery materials park in North America , providing refined cobalt, nickel and recycled battery materials to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA .

On behalf of Electra Battery Materials Corporation

Joe Racanelli
Vice President, Investor Relations

For more information visit www.ElectraBMC.com

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 Statements

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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SOURCE Electra Battery Materials Corporation

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Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") announces that it has updated its at-the-market equity program (the "ATM Program") to issue up to C$20,000,000 (or its equivalent in U.S. currency) of common shares ("Common Shares") in the United States and Canada from time to time, at Electra's discretion. The update is to permit sales of Common Shares under the ATM Program into the United States following Electra's listing on the Nasdaq Capital Market ("Nasdaq") on April 27, 2022 .

Sales of Common Shares, if any, under the ATM Program in the United States and Canada  will be completed in accordance with the terms of an amended and restated equity distribution agreement (the "Distribution Agreement") dated May 17, 2022 among Electra, CIBC World Markets Inc. (the "Canadian Agent") and CIBC World Markets Corp. (the "U.S. Agent", and together with the Canadian Agent, the "Agents").

Sales of Common Shares through the Agents, acting as agents, will be made through "at the market" issuances on Nasdaq, the TSX Venture Exchange ("TSX-V") or any other trading markets for Common Shares in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. The U.S. Agent is not registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agent will only sell Common Shares on marketplaces in the United States and is not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Common Shares in Canada . The Canadian Agent may only sell Common Shares on marketplaces in Canada .

The volume and timing of distributions under the ATM Program, if any, will be determined in Electra's sole discretion. The ATM Program will be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program and December 26, 2022 , unless terminated prior to such date by Electra or the Agents. Electra intends to use the net proceeds from sales of Common Shares under the ATM Program, if any, for growth initiatives relating to its battery materials complex, for Iron Creek exploration activities and for general corporate purposes.

The offering under the ATM Program is being made pursuant to an amended and restated prospectus supplement dated May 17, 2022 (the "U.S. Prospectus Supplement") to Electra's U.S. base prospectus (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (the "Registration Statement") filed with the United States Securities and Exchange Commission (the "SEC") on May 16, 2022 , and pursuant to an amended and restated prospectus supplement dated May 17, 2022 (the "Prospectus Supplement") to Electra's Canadian short form base shelf prospectus dated November 26, 2020 , as amended pursuant to amendment no. 1 dated November 30, 2021 (the "Base Shelf Prospectus" and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the "Offering Documents"). Before you invest, you should read the Offering Documents and other documents that Electra has filed for more complete information about Electra, the Distribution Agreement and the ATM Program. The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov , and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com . Alternatively, the Canadian Agent will send copies of the Offering Documents to Canadian investors upon request by contacting the Canadian Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com and the U.S. Agent will send copies of the Offering Documents to United States investors upon request by contacting the U.S. Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com .

Listing of Common Shares sold pursuant to the ATM Program on Nasdaq and TSX-V will be subject to fulfilling all applicable listing requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

About Electra Battery Materials

Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. Electra is specifically focused on creating the first integrated battery materials park in North America , providing refined cobalt, nickel and recycled battery materials to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA .

On behalf of Electra Battery Materials

Trent Mell
Chief Executive Officer

Neither the 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 Statements

This press release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. 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. Forward looking statements in this press release herein may include, but are not limited to, information concerning the expected sale of Common Shares under the ATM Program, the price, volume and timing of the sale and distribution of Common Shares under the ATM Program, the anticipated use of proceeds of any offering under the ATM Program and statements regarding the anticipated benefits and impacts of the ATM Program.   Forward-looking statements are based on Electra's current beliefs and assumptions as to the outcome and timing of future events, including, but not limited to, that Electra makes sales of Common Shares under the ATM Program, that the proceeds of any offering conducted under the ATM Program will be deployed as anticipated and the anticipated benefits and impacts of the ATM Program being realized. 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 include, among other things: the ability of Electra to successfully close a financing, including the completion of any sales under the ATM Program, the price, volume and timing of sale of Common Shares under the ATM Program not being determinable at this time, the anticipated use of proceeds from any offering made under the Offering Documents and any offerings to be conducted thereunder including the ATM Program, the benefits and impacts of the ATM Program not being as anticipated, the risks and uncertainties relating to exploration and development, the ability of Electra to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties and other such factors as are set forth in the Offering Documents, as well as the other risks described under the headings "Financial Risk Factors" and "Business Risks and Uncertainties" in Electra's MD&A for the year ended December 31, 2021 and under the heading "Risk Factors" in Electra's Annual Information Form for the year ended December 31, 2021 . Although Electra  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 press 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  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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SOURCE Electra Battery Materials Corporation

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