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.

• Owns a hydrometallurgical refinery in Ontario and mineral properties in the Idaho Cobalt Belt, including the Iron Creek Project.

• Aims to become the first North American refiner of battery-grade cobalt sulfate and expand into nickel sulfate and battery recycling.

• Multi-phase strategy includes refinery expansion, black mass recycling, and construction of a nickel sulfate plant.

Financial performance and metrics

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

• Will require additional financing in 2025 to complete refinery construction, advance recycling, and maintain liquidity covenants.

• As of September 23, 2025, had 17,962,172 common shares outstanding.

Use of proceeds and capital allocation

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

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