Electra Battery Materials (ELBM) Registration Filing summary

Company overview and business model

• Operates in battery materials refining, focusing on cobalt and nickel from mining and recycling battery scrap, with assets primarily in North America.

• Main assets include a hydrometallurgical cobalt sulfate refinery in Ontario and the Iron Creek cobalt-copper project in Idaho.

• Strategy involves phased expansion of the refinery, black mass recycling, and future construction of a nickel sulfate plant.

• Aims to be the first North American producer of battery-grade cobalt sulfate and a key supplier to the EV battery market.

• Joint venture with Three Fires Group Inc. to produce black mass from battery manufacturing scrap.

Financial performance and metrics

• Negative cash flow from operating activities of C$17,012,000 for the year ended December 31, 2024.

• Capital costs for refinery expansion estimated at C$155–167 million due to supply chain disruptions and inflation.

• October 2025 Financing raised US$34.5 million through a private placement of 46,000,000 units at US$0.75 per unit.

• Pro forma cash and cash equivalents as of September 30, 2025, were US$32.7 million after financing and restructuring.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used to complete construction and ramp-up of the Ontario refinery, advance black mass recycling, pay restructuring expenses, and for general working capital.

• Management has broad discretion in the application of proceeds, with potential for re-allocation based on business needs.