Ms. Heather Smiles reports

ELECTRA PROVIDES CORPORATE UPDATE

Electra Battery Materials Corp., in accordance with its long-term incentive plan approved by shareholders at the company's Oct. 24, 2023, annual general meeting, has issued 3,150,225 incentive stock options and 104,938 restricted share units (RSUs) to certain directors, officers, employees and contractors of the company. The company will also settle a total of $157,357 of earned performance-based incentive cash payments to certain non-officer employees by issuing a total of 194,268 common shares of the company at a deemed price of 81 cents per share to these individuals.

The grants are an important long-term retention and incentive tool for key personnel and are intended to align interests with shareholders.

The RSUs will vest on the first anniversary of the grant date and will be settled in cash or shares at the discretion of the company. The options will be exercisable for four years at today's closing price of 81 cents and will vest in two equal tranches, on the first and second anniversary of the grant date.

Completion of the share settlement and the incentive grants remain subject to the approval of the TSX Venture Exchange.

About Electra Battery Materials Corp.

Electra is a processor of low-carbon, ethically sourced battery materials. Currently focused on developing North America's only cobalt sulphate refinery and a black mass refinery, Electra is executing a multipronged strategy to onshore the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulphate production at Electra's cobalt 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.

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