Ms. Heather Smiles reports

ELECTRA ANNOUNCES RESULTS OF SPECIAL MEETING

Electra Battery Materials Corp. has released the results of its special meeting of shareholders held today in Toronto.

A total of 13,792,275 common shares in the capital of the company, or 24 per cent of Electra's issued and outstanding common shares, were represented in person or by proxy at the meeting. Shareholders voted in favour of all items of business put forth at the meeting, being: (i) an amendment to the articles of the company to complete a reverse stock split of the issued and outstanding common shares of the company at a ratio of one postreverse split common share for three to five prereverse split common shares, as determined by the board of directors of the company; and (ii) the 2024 employee share purchase plan for the company. The company's full voting results at the meeting are available on SEDAR+.

Following receipt of shareholder approval, the company's board of directors has concluded that the reverse split of the issued and outstanding common shares of the company is in the best interests of the shareholders. The company is proceeding with the reverse split on the basis of four prereverse split common shares to one postreverse split common share.

The reverse split will not affect the total shareholders equity; however, the conclusion of the reverse split will support the company's efforts to regain compliance with the minimum bid requirement. Following receipt of notice, received Sept. 17, 2024, from the Nasdaq Stock Market LLC of non-compliance with the minimum bid price requirement of $1 (U.S.) per share under Nasdaq listing Rule 5550(a)(2), the company submitted an appeal of Nasdaq's determination. A hearing on the appeal was held on Nov. 5, 2024, and the company was notified it has been granted until Jan. 15, 2025, to regain compliance with the minimum bid requirement, subject to certain conditions. This matter does not impact the listing of the shares on the TSX Venture Exchange. Failure to regain compliance will result in delisting from the Nasdaq.

Heather Smiles, vice-president, investor relations and corporate development, commented: "We recognize the significant visibility and access to the U.S. market that our Nasdaq listing offers Electra and are committed to taking the necessary actions to preserve this listing. We are grateful for the support of our shareholders as we navigate this process."

The 2024 ESP plan was conditionally approved by the TSX Venture Exchange on Nov. 4, 2024, and remains subject to final acceptance of the TSX-V. The reverse split remains subject to TSX-V approval.

Corporate update

The company also confirms the former engagement with Epstein Research, a research and analysis firm owned by Peter Epstein, based in Montebello, N.Y., and active in the metal and mining industry. Epstein Research increases awareness of the company through social media platforms, and produces management interviews and written, visual and video content. The engagement commenced on Sept. 1, 2024, and ended on Nov. 30, 2024, during which time Epstein Research was paid an aggregate of $6,000 (U.S.), representing a monthly cash fee of $2,000 (U.S.). The company is at arm's length from Epstein Research and Peter Epstein, and the compensation paid to Epstein Research did not include any securities of the company.

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, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for electric vehicle battery material refining. In addition to building North America's only cobalt sulphate refinery, its strategy includes integrating black mass recycling, potential cobalt sulphate processing in Becancour, Que., and exploring nickel sulphate production potential within North America.

We seek Safe Harbor.