Mr. Trent Mell reports

ELECTRA NAMES PAOLO TOSCANO VICE PRESIDENT, PROJECTS AND ENGINEERING TO OVERSEE CONSTRUCTION OF NORTH AMERICA'S FIRST COBALT SULFATE REFINERY

Electra Battery Materials Corp. has appointed Paolo Toscano, PEng, as vice-president, projects and engineering, effective immediately. With more than three decades of experience leading large-scale mining and metals projects across North America, Mr. Toscano will oversee the construction and commissioning of North America's first cobalt sulphate refinery in Temiskaming Shores, Ontario.

"As Electra looks to accelerate construction of North America's first cobalt sulphate refinery, we are focused on executing quickly, safely and with discipline," said Trent Mell, chief executive officer. "Paolo brings exactly the kind of leadership this phase demands. His combination of technical depth, operational rigor and ability to unite teams around a common goal will drive the team to bring our refinery into production with the discipline and urgency needed. His track record of delivering complex projects on time and to the highest safety standards are aligned with Electra's mission to strengthen North America's critical minerals independence and build a more resilient domestic supply chain."

Mr. Toscano is an accomplished professional engineer, metallurgist and mining executive with a record of technical excellence, operational discipline and strategic leadership. Over the past 30 years, he has directed complex projects from feasibility through construction and operations. Prior to joining Electra, Mr. Toscano served as senior vice-president, project engineering and construction, at Marathon Gold (now Equinox Gold), where he led a multidisciplinary team through construction and into operations at the Valentine gold project in Newfoundland and Labrador safely and efficiently.

Previously, Mr. Toscano also held senior roles at Alamos Gold, Ausenco Engineering, New Gold (Rainy River Resources) and SNC-Lavalin, where he advanced major gold and base metal projects through feasibility, design and construction. His experience includes leading process and metallurgical design for globally recognized projects such as the Eleonore gold and Paracatu plant expansions. As principal consultant at Toscano Consulting, he has advised mining and engineering firms on project execution strategies, feasibility assessments, and environmental and regulatory compliance, helping clients improve performance and optimize long-term value.

Mr. Toscano holds a master of applied science in materials science from the University of Toronto and a bachelor of engineering in metallurgy from McGill University. He is a licensed professional engineer (PEng) in Ontario and has been recognized by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) with multiple awards for his contributions to metallurgical innovation and research excellence.

Company update

Electra also wishes to provide an update on the proposed reverse split of the issued and outstanding common shares of the company. At the special meeting of shareholders of the company held on Oct. 15, 2025, shareholders approved the reverse split at a ratio of one postreverse split common share for up to 3.5 prereverse split common shares, as may be determined by the board of directors of the company in its sole discretion, if at all. Electra has elected not to proceed with the reverse split at this time. Electra remains committed to strengthening its presence in the United States capital markets and is committed to the standards of transparency, governance and financial discipline expected of a Nasdaq-listed issuer.

The company will continue to monitor market conditions and regulatory requirements and may re-evaluate the split decision if circumstances warrant. The board retains full discretion to effect the reverse split in the future should it determine that doing so is in the best interests of the company and its shareholders. The board continues to monitor relevant factors, including market dynamics, capital structure and long-term objectives.

In accordance with the company's long-term incentive plan approved by shareholders at the annual general meeting on June 24, 2025, Electra has issued 2,669,000 incentive stock options, 179,000 restricted share units (RSUs) and 271,000 deferred share units (DSUs) to certain directors, officers, employees and contractors.

These long-term incentive awards are a key element of Electra's compensation strategy and are designed to retain and motivate high performing personnel while aligning their interests with those of shareholders. The RSUs will vest in two equal tranches on the first and second anniversaries of the grant date and may be settled in cash or shares at the discretion of the company. The DSUs will be settled in shares when the holder ceases to serve as a director. The options are exercisable for three years at today's closing price of $1.97 and will vest in two equal tranches on the first and second anniversaries of the grant date. Completion of the incentive grants remains subject to the approval of the TSX Venture Exchange.

About Electra Battery Materials Corp.

Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries. The company's primary focus is constructing North America's only cobalt sulphate refinery, as part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to the refinery, Electra holds a significant land package in Idaho's cobalt belt, including its Iron Creek project and surrounding properties, positioning the company as a potential cornerstone for North American cobalt and copper production.

Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials.

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