Ms. Heather Smiles reports

ELECTRA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FOR UP TO US$3.5 MILLION

Electra Battery Materials Corp. intends to complete a non-brokered private placement to raise aggregate gross proceeds of up to $3.5-million (U.S.).

The offering will consist of units of the company to be issued at a price of $1.12 (U.S.) per unit. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of $1.40 (U.S.) at any time for a period of 18 months following the issue date.

Interested investors may reflect orders by contacting Heather Smiles at info@electrabmc.com or 1-416-900-3891. All orders must be received by 12 p.m. ET today. The net proceeds raised from the offering will be used to advance the company's refinery project site in Temiskaming Shores, Ont., and for general corporate purposes.

The units are being offered on a private placement basis to purchasers in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption outlined in Part 5A of NI 45-106. The units are also being offered to purchasers resident outside of Canada pursuant to Ontario Securities Commission Rule 72-503 -- Distributions Outside Canada.

There is an offering document related to the portion of the offering conducted under the listed issuer financing exemption accessible under the company's SEDAR+ profile and on the company's website. Prospective investors should read this offering document before making an investment decision.

The common shares and warrants underlying the units issued under the listed issuer financing exemption will not be subject to a hold period, in accordance with Canadian securities laws, and are expected to be immediately freely tradeable if sold to purchasers resident in Canada. All other securities issued in the offering will be subject to a statutory hold period of four months and one day following issuance, to the extent required by applicable securities laws, and will be free of any hold period under applicable Canadian securities legislation if sold to purchasers outside of Canada.

About Electra Battery Materials Corp.

Electra is a leader in advancing North America's critical-minerals supply chain for lithium-ion batteries. Currently focused on developing North America's only cobalt sulphate refinery, Electra is executing a phased strategy to onshore critical-minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulphate refinery, Electra's strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Becancour, Que., and exploring nickel sulphate production potential in North America.

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