Electra Provides Refinery Update and Files 2023 Financial Reports

Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today provided an update on its Refinery project and announced the filing of their full year 2023 financial reports. Electra continues to move ahead with its plans to become the first refiner of battery grade cobalt sulfate in North America by recommissioning and expanding its Refinery, located in Temiskaming Shores, Ontario, Canada. Once commissioned, the facility will produce approximately five percent of the global supply of battery grade cobalt needed for electric vehicles.

“Electra achieved a number of milestones in 2023, including the delivery of almost all long lead order equipment to complete construction of the cobalt refinery, operating the first plant-scale black mass refinery in North America and expanding a long-term offtake agreement with LG Energy Solution to five years and 80% of future production,” said Electra CEO, Trent Mell.

“Most recently, we announced a long-term supply agreement with Eurasian Resources Group for cobalt hydroxide feed material, supporting our efforts to onshore the battery supply chain and reduce reliance on foreign refiners. We also received an additional C$5 million dollar investment from the Government of Canada, showing their continued commitment to building a strong, domestic EV supply chain. Our near-term focus remains on completing the financing package to complete the cobalt sulfate refinery.

“Battery recycling is a part of our long-term plan for the battery materials complex and with the work we have put into this arena, we are in a position to add a recycling circuit as the availability of waste and scrap materials grows,” Mr. Mell continued. “In 2023, Electra refined 40 tonnes of black mass in a plant scale setting, believed to be the first of its kind in North America, recovering lithium, nickel, cobalt and other critical minerals. We are working closely with the Three Fires Group on a joint venture focused on collection and primary recycling of battery scrap, which would provide a steady source of black mass feed material into the refinery. Following commissioning and the planned ramp-up to 6,500tpa of cobalt in sulfate, along with adding the recycling component, the refinery’s future as an integrated facility will allow Electra to make battery grade material for cell manufacturers from a variety of sources.