Mr. Troy Grant reports

ELCORA ANNOUNCES APPROVAL OF STOCK OPTION PLAN AND RESTRICTED SHARE UNIT PLAN BY SHAREHOLDERS

Following Elcora Advanced Materials Corp.'s annual general and special meeting of shareholders held on Dec. 11, 2023, the shareholders of the company approved the adoption of the company's amended and restated stock option plan and its amended and restated restricted share unit plan (the RSU plan).

Stock option plan

Pursuant to the terms of the stock option plan, the board of directors may, from time to time, grant options to directors, officers, employees and consultants of the company, as permitted by the policies of the TSX Venture Exchange.

The stock option plan is a 10-per-cent rolling stock option plan. The maximum aggregate number of common shares that may be reserved for issuance under the stock option plan at any point in time is 10 per cent of the outstanding common shares in the capital of the company at the time of the grant of an option.

RSU plan

The maximum number of restricted share units issuable under the RSU plan is fixed at 16,837,701 (such number being 10 per cent of the number of issued and outstanding common shares as of the record date of the meeting), as permitted by the policies of the TSX Venture Exchange.

The stock option plan and RSU plan are subject to final acceptance from the TSX Venture Exchange. Further details regarding the stock option plan and RSU plan are set out in the company's management information circular of the company dated Nov. 6, 2023, that has been filed on SEDAR+.

Furthermore, each of the matters put forward before shareholders for consideration and approval at the meeting, as described in the management information circular dated Nov. 6, 2023, was duly approved by the requisite number of votes.

About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine and produce battery-related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.

We seek Safe Harbor.