Mr. Joe Racanelli reports

ELECTRA PROVIDES NOTICE OF CHANGE OF AUDITORS

Electra Battery Materials Corp. has changed its auditor from KPMG LLP (former auditor) to MNP LLP, chartered professional accountants (successor auditor), effective Sept. 18, 2023.

At the request of the corporation, the former auditor resigned as the auditor of Electra effective Sept. 14, 2023. Electra's board of directors appointed the successor auditor as the corporation's auditor effective Sept. 18, 2023, until the next annual general meeting of the corporation.

The former auditor did not issue any modified opinions on the annual financial statements of the corporation for the two fiscal years preceding the date its resignation nor for any interim financial information for any subsequent period preceding the date of its resignation. There are no reportable events, including disagreements, consultations or unresolved issues as defined in National Instrument 51-102, Continuous Disclosure Obligations (Part 4.11), between the corporation and its former auditor.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, has been reviewed by the board of directors of the corporation and filed on SEDAR.

2022 at-the-market (ATM) offering disclosure

Electra also discloses that, further to its previous at-the-market offering of common shares in place pursuant to an amended and restated equity distribution agreement dated May 17, 2022, between the corporation, and CIBC World Markets Inc. and CIBC World Markets Corp., as placement agents in Canada and the United States, respectively, during the period beginning Oct. 1, 2022, and ended Dec. 26, 2022, the termination date of the distribution agreement, the corporation issued a total of 34,600 common shares on the TSX Venture Exchange at an average price of $3.95 per common share and 34,870 common shares on the Nasdaq Stock Market at an average price of $2.92 (U.S.) under the ATM offering, for gross proceeds of $136,607 and $101,894 (U.S.). Commissions of $3,415 and $2,547 (U.S.) were paid to CIBC World Markets Inc. and CIBC World Markets Corp., respectively, in relation to these distributions.

About Electra Battery Materials Corp.

Electra is a processor of low-carbon, ethically sourced battery materials. Currently commissioning North America's only cobalt sulphate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulphate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho cobalt belt, and expanding cobalt sulphate processing into Becancour, Que.

We seek Safe Harbor.