Ms. Heather Smiles reports

ELECTRA RECEIVES EXTENSION FROM NASDAQ TO RESOLVE MINIMUM PRICE REQUIREMENT

Electra Battery Materials Corp. has received an additional 180 days notice (the extension) from The Nasdaq Stock Market LLC to regain compliance with the minimum bid price requirement of $1 (U.S.) per share under Nasdaq's Listing Rule 5550(a)(2).

The extension has no immediate effect on the listing or trading of the company's common shares on the Nasdaq, and the company's operations are not affected by the receipt of the extension. Pursuant to the extension, the company has until Sept. 16, 2024, to regain compliance with the minimum bid requirement, during which time the shares will continue to trade on Nasdaq.

If at any time before Sept. 16, 2024, the bid price of the shares closes at or above $1 (U.S.) per share for a minimum of 10 consecutive business days, the company will regain compliance with the minimum bid requirement. The extension does not have any impact on the listing of the shares on the TSX Venture Exchange.

Company update

Further to its news releases dated Feb. 27, 2024, and March 13, 2024, the company has issued an aggregate of 843,039 shares at a deemed issue price of 64.39 cents per share in satisfaction of a portion of the interest payable to certain of the holders of $51-million (U.S.) principal amount of 8.99 per cent senior secured convertible notes. The deemed issue price was calculated at 95 per cent of the simple average of the volume-weighted average trading price of the shares for each of the five trading days ending on, and including, March 20, 2024.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America's only cobalt sulfate 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 sulfate 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 sulfate processing into Becancour, Quebec.

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