Electra Battery Materials (ELBM) AGM 2025 summary

Opening remarks and agenda

• Emphasized the strategic importance of developing a secure, sustainable North American critical minerals supply chain, with a focus on battery materials and cobalt sulfate production.

Financial performance review

• Projected generous profit margins and free cash flow, with a 100+ year operating life for the refinery.

• Gross profit margin estimated at 45%, excluding overhead and financing costs.

• US $70 million required to complete refinery construction, with $34 million in government funding arranged.

Strategic initiatives and plans

• Advancing cobalt sulfate production and planning for future nickel and recycling capabilities.

• Commercial agreements secured for 100% of feedstock with ERG and Glencore, and offtake with LG Energy Solution.

• 30% capacity increase planned with minimal capital expenditure; permit amendments expected within 12 months.

• Pipeline of projects includes battery recycling, Idaho cobalt properties, and Bécancour cobalt processing.

• Feasibility study completed for modular battery recycling facility; first North American recovery of nickel-cobalt MHP and lithium carbonate achieved.

• Aki Battery Recycling joint venture to process lithium-ion battery waste and recover key minerals.

• Idaho Cobalt Belt exploration permit secured, with significant resource expansion potential.

• Scoping study completed for North American nickel sulfate refinery; three source options developed.

• Bécancour project targets up to 10ktpa cobalt sulfate capacity, leveraging hydroelectric power and integration with POSCO.