Electra Battery Materials (ELBM) Registration Filing summary

Company overview and business model

• Operates in battery materials refining, focusing on both primary mining and recycling of battery scrap and end-of-life batteries, with assets primarily in North America.

• Main assets include a hydrometallurgical refinery in Ontario, Canada, and mineral properties in the Idaho Cobalt Belt, notably the Iron Creek Project.

• Strategic goal is to become the first North American refiner of battery-grade cobalt sulfate and to build a critical minerals supply chain for the EV market.

• Multi-phase growth plan includes refinery expansion, increased cobalt production, black mass recycling, and future nickel sulfate production.

Financial performance and metrics

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

• Will require additional financing in 2025 to continue operations, complete refinery construction, and maintain compliance with debt covenants.

• As of June 25, 2025, 17,962,173 common shares were issued and outstanding.

• Recent private placement raised $3.5 million in gross proceeds at $1.12 per unit, with proceeds allocated to refinery advancement and general purposes.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used to complete construction of the Ontario sulfate refinery, for working capital, and general corporate purposes.

• Management retains broad discretion over allocation of proceeds, with potential for reallocation based on business needs.