Ms. Heather Smiles reports

ELECTRA PROVIDES CORPORATE UPDATE

Electra Battery Materials Corp. has received the approval of the TSX Venture Exchange to issue common shares in the capital of the company in satisfaction of $400,732 (U.S.) of interest payable to certain of the holders of $51-million (U.S.) principal amount of 8.99 per cent senior secured convertible notes pursuant to the terms of the previously announced agreement (Feb. 27, 2024).

The issuance of shares is anticipated to occur on March 21, 2024, at a deemed value equivalent to the greater of (i) 30 cents; or (ii) 95 per cent of the simple average of the volume-weighted average trading price of the common shares for each of the five trading days ending on, and including, the trading day immediately prior to the date of issuance.

We seek Safe Harbor.