Mr. Trent Mell reports

ELECTRA APPOINTS PETER RAWLINS AS CHIEF FINANCIAL OFFICER; REPORTS SECOND QUARTER 2026 RESULTS

Electra Battery Materials Corp. has appointed Peter Rawlins as chief financial officer, effective Aug. 26, 2026.

Mr. Rawlins brings over two decades of mining finance, capital markets and strategic advisory experience. He spent 19 years at CIBC, most recently as managing director, global mining and forest products in capital markets, where he advised mining clients on a broad range of financing, transaction and growth initiatives, including project and acquisition financings, corporate finance solutions and streaming transactions.

Mr. Rawlins is a seasoned banking executive covering mining clients who also has leadership experience on the corporate side, working with two junior mining companies. He is recognized for developing strong client relationships across the mining and banking communities and for helping companies evaluate financing alternatives, strengthen financial strategy and support disciplined growth.

Following CIBC, Mr. Rawlins subsequently served as vice-president and treasurer at Artemis Gold, helping the company secure the project financing for the Blackwater project. Most recently, he was senior vice-president and CFO of Premium Nickel, leading several successful equity financings to help maintain the drill program and recapitalization. His experience includes financial leadership at dual-listed companies, including U.S. GAAP (generally accepted accounting principles) reporting. He holds degrees from Western University, the University of Windsor and Rochester Institute of Technology.

Mr. Rawlins succeeds David Allen, who returned from retirement in February to serve as interim chief financial officer, having previously served as the company's CFO from 2023 to late 2024. Mr. Allen will continue with Electra on a part-time basis through completion of construction, working alongside the project team to support on-time, on-budget delivery of the Ontario critical minerals refinery and to mentor the company's finance group.

"Electra is a very different company today," said Trent Mell, chief executive officer. "We recapitalized the balance sheet, secured the funding required for the refinery construction and restarted full-scale execution. Our immediate priority remains disciplined delivery of the refinery. At the same time, our opportunities in battery recycling and nickel processing are gaining traction, and we intend to be positioned to advance our next project as the refinery moves into production.

"Peter's combination of project finance, capital markets and public-company experience is particularly well suited to that next phase. He brings the financial leadership and network needed both to support delivery of the cobalt refinery and to help advance and finance our broader project critical minerals pipeline. I also want to thank David Allen, who returned at an important moment and will remain with us to help see the project through."

"What attracted me to Electra is the vision, dedication and tenacity of the leadership team," said Mr. Rawlins. "Electra has advanced a strategically important critical minerals project to a stage that few development companies reach. Its cobalt sulphate refinery has the potential to become an important part of North America's battery and defence supply chains and a platform for further growth initiatives.

"I look forward to working with the team to complete the refinery as our first priority. In addition, other important priorities are strengthening the finance function by taking a disciplined approach to the balance sheet, working capital and liquidity management, project finance and capital markets, and helping transform Electra's government and industry relationships into long-term value for shareholders. These priorities will help position the company for the next phase of growth."

Funding and project status

In October, 2025, Electra completed a comprehensive recapitalization, closing a $34.5-million (U.S.) equity financing and converting approximately $40-million (U.S.) of its senior secured convertible notes into equity. Together with $20-million (U.S.) from the U.S. Department of War and $28-million (U.S.) in combined support from the government of Canada and Invest Ontario, the company arranged approximately $82-million (U.S.) in aggregate funding for the construction of North America's first cobalt sulphate refinery.

Construction remains on schedule and on budget. Early commissioning activities are expected to begin in the fourth quarter of 2026, with mechanical completion targeted for the second quarter of 2027 and commercial production anticipated in the fourth quarter of 2027.

Company files second quarter 2026 financial results

Today, the company also announced the filing of its financial results for the three and six months ended June 30, 2026. During the quarter, Electra continued to advance its Ontario cobalt sulphate refinery, strengthened its funding position through a definitive $20-million (Canadian) agreement with the government of Canada and maintained financial flexibility through its capital markets initiatives. The company also advanced its longer-term critical minerals strategy, launching an engineering study for a potential nickel refinery in the southeastern United States.

Q2 2026 highlights:

• Electra awarded additional construction contracts across key process areas, bringing the total value of refinery construction packages to approximately $46-million (Canadian);
• Completed definitive documentation for $20-million (Canadian) investment agreement with the government of Canada under the Strategic Response Fund;
• The company reported cash and cash equivalents of $36-million (Canadian) as at June 30, 2026, including approximately $2.1-million (U.S.) in gross proceeds generated through its at-the-market equity program; refinery construction is further supported by approximately $65-million (Canadian) ($48-million (U.S.)) in aggregate reimbursable government funding.

"Our focus remains on disciplined execution -- advancing the refinery on schedule and within budget while maintaining the financial flexibility needed to deliver the project," said Mr. Allen, interim CFO. "The progress made during the quarter and our strongly supported funding position reinforce that objective."

The company's Q2 2026 financial reports are available on SEDAR+ and the company's website.

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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