Ms. Heather Smiles reports

ELECTRA BATTERY MATERIALS ANNOUNCES AMENDMENT TO SENIOR SECURED CREDIT FACILITY

Electra Battery Materials Corp. has entered into an amendment to its credit and guaranty agreement dated Oct. 22, 2025, among the Company, certain of its subsidiaries, the lenders party thereto, Glas USA LLC as administrative agent and GLAS Trust Company LLC as collateral agent. The amendment provides the company with additional flexibility with respect to its working capital and government financing initiatives within the framework of the existing senior secured credit agreement, supporting the company's ability to finalize related government funding arrangements.

Pursuant to the amendment, the parties have agreed to, among other things, amend certain provisions of the credit agreement to provide the company with increased capacity to incur certain permitted indebtedness and greater flexibility to grant liens and make payments in connection with such permitted indebtedness.

The amendment increases the amount of permitted indebtedness that the company can incur for government financing arrangements and permits payments and liens to secure a portion of such permitted indebtedness on a pari passu basis with the existing secured lenders pursuant to the terms of a pari passu arrangement.

All of the existing guarantees, security and other obligations contemplated under the credit agreement remain in full force and effect and have been reaffirmed in connection with the amendment. Except as expressly amended, all other terms of the credit agreement remain unchanged.

A copy of the amendment is available under the company's profile on SEDAR+ and on EDGAR.

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.

We seek Safe Harbor.