Mr. Trent Mell reports

INDUSTRY LEADER DAVID STETSON JOINS ELECTRA BOARD OF DIRECTORS

Electra Battery Materials Corp. has appointed David Stetson to its board of directors. Mr. Stetson is a seasoned executive with decades of leadership experience in the natural resource sector, including 14 years as a chief executive officer.

During his tenure as CEO of Alpha Metallurgical Resources, the company's market capitalization increased from $50-million to more than $4-billion (U.S.). He led the company through a complex restructuring, eliminated $800-million (U.S.) of debt and transitioned to chairman until his retirement in late 2024.

More recently, he served on the board of Mallinckrodt Pharmaceuticals, chaired the compliance and corporate governance committee, and served on the transaction committee. He played a significant role in helping the company reduce its indebtedness and complete its merger with Endo Pharmaceuticals.

Mr. Stetson brings a distinguished record of driving operational improvements, building resilient organizations and creating value for shareholders. He earned a bachelor of science degree from Murray State University, a juris doctorate from the Brandeis school of law at the University of Louisville and a master of business administration degree from the University of Notre Dame.

"On behalf of the board, I am delighted to welcome David to Electra," said John Pollesel, chair of Electra's board. "His proven expertise in guiding companies through expansion and delivering sustainable, long-term value will be instrumental as we bolster our financial foundation and deepen Electra's role in North America's critical minerals supply chain."

"David's appointment marks an important step forward for Electra as we strengthen our balance sheet and sharpen our focus on core operations," said Electra chief executive officer Trent Mell. "His track record of building strong, resilient companies, together with his industry leadership, strategic insight, and ability to develop and mentor high performing teams, will be a tremendous asset as we advance our strategy and position Electra for long-term growth."

"I am thrilled to join Trent and the team at Electra at such a pivotal time for the company," said Mr. Stetson. "Electra is uniquely positioned to advance North America's critical mineral priorities by building secure, domestic supply chains that are essential to both the energy transition and national security. I look forward to working alongside my fellow directors and Electra's leadership to build on the strong foundation already in place and create lasting value for all stakeholders."

Electra's appointment of Mr. Stetson comes following the recently announced recapitalization process with the holders of the company's senior secured convertible notes, designed to strengthen the company's balance sheet and provide a more stable financial foundation (see Aug. 21, 2025, press release). This process, which includes new financing arrangements to support operations and strategic initiatives and a significant reduction in the company's debt profile, marks an important step toward positioning Electra for long-term success.

Company update

The company also announces the closing of its previously disclosed bridge financing to support operations during the company's restructuring and recapitalization with the lenders. Pursuant to the bridge financing, the lenders have purchased an aggregate principal amount of $2-million (U.S.) of unsecured 90-day 12.00 per cent promissory notes. Mr. Stetson is a board nominee of the lenders pursuant to the bridge financing; however, the addition of Mr. Stetson to the board also reinforces Electra's continuing commitment to disciplined execution as the company advances on its path of transformation and growth. Details of the bridge notes are available in the company's Aug. 21, 2025, press release.

About Electra Battery Materials Corp.

Electra is a leader in advancing North America's critical mineral 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 mineral 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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