Electra Battery Materials (ELBM) Corporate presentation summary

Strategic context and market positioning

• Will be the only cobalt sulfate refinery in North America, addressing a critical midstream gap in the battery supply chain.

• Upon commissioning, will represent 100% of North American cobalt sulfate refining capacity, with plans to expand to 6,500 tonnes annually.

• Production will account for approximately 27% of the ex-China market share for cobalt sulfate.

• Supported by $48M in U.S. and Canadian government funding and fully permitted for a 5,120 tpa facility.

• Strategic partnerships and tolling agreements secure feedstock and commercial offtake, including a long-term deal with LG Energy Solution for 60% of production.

Project execution and financials

• Construction budget of $73M is fully funded, with mechanical completion targeted for Q2 2027 and commercial production in Q4 2027.

• Major equipment has been procured, and project controls are in place to manage costs and execution.

• Additional $15M allocated for commissioning, ramp-up, and initial working capital, expected to be managed through available liquidity.

• EBITDA projected to reach $30–35M at steady-state, with gross conversion margins largely independent of cobalt price due to tolling structure.

• Expansion to 6,500 tonnes expected in years 2–3, leveraging crystallizer optimization.

Platform expansion and growth opportunities

• Plans to expand refining capabilities to include nickel sulfate and cobalt metal production.

• Recycling initiatives include a joint venture with Indigenous partners to process battery waste into black mass for refining.

• Demonstrated first North American recovery of nickel-cobalt MHP and technical-grade lithium carbonate from recycled batteries.

• Completed engineering studies for commercial-scale recycling and nickel sulfate refining, with potential for U.S.-based expansion.

• Idaho Cobalt-Copper properties provide strategic upstream optionality, with ongoing exploration and resource expansion.