Mr. Trent Mell reports

ELECTRA US$30 MILLION FINANCING FULLY SUBSCRIBED

Electra Battery Materials Corp.'s previously announced best-efforts brokered private placement financing is fully subscribed, with investor orders totalling $30-million (U.S.). Electra received strong participation from both existing shareholders and new institutional investors.

"We are grateful for the strong support of our shareholders and encouraged by the confidence shown by new institutional investors participating in this financing," said Trent Mell, Electra chief executive officer. "This comes at a pivotal moment for Electra, as we move toward commissioning North America's first cobalt sulphate refinery. With a strengthened board of directors and a favourable policy environment supporting critical minerals development, we are well positioned to deliver long-term value for shareholders and play a meaningful role in the clean energy transition."

The offering is being conducted with Cantor Fitzgerald Canada Corp. and ECM Capital Advisors Ltd. acting as co-lead agents, together with a syndicate of agents, and forms a key part of Electra's comprehensive plan to strengthen its capital structure and secure funding to advance the commissioning of North America's first battery-grade cobalt sulfate refinery, located in Temiskaming Shores, Ont. See Sept. 12, 2025, news release for additional details of the offering.

Although the order book is fully subscribed, the company notes that participation in the offering may still be available for qualified investors through the exercise of the agents' option to sell up to an additional 15 per cent of units to be issued under the offering at the issue price. Interested investors who wish to be considered for participation under the agents' option should contact the company or its agents as soon as possible.

Existing shareholders wishing to participate in the offering have until Sept. 26, 2025, at 5 p.m. ET. Shareholders who wish to subscribe should contact the company as soon as possible to confirm their interest.

The offering is expected to close on or about Oct. 17, 2025, concurrently with the closing of Electra's previously announced financial restructuring. Closing remains subject to the receipt of shareholder approval at the special meeting scheduled for Oct. 15, 2025, as well as other customary conditions, including regulatory approvals from the TSX Venture Exchange and notification to the Nasdaq Stock Market.

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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