Electra Battery Materials

Building North America’s First Battery Materials Park

ELECTRA CHARGES FORWARD WITH A GOVERNMENT-FUNDED BOOST FOR TRANSPORTATION'S FUTURE

A SIGNIFICANT MILESTONE IN NORTH AMERICAN EV SUPPLY CHAIN DEVELOPMENT

In a colossal leap towards reshaping the electric vehicle (EV) industry landscape, Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) triumphantly announced the acquisition of a $5 million grant from the Government of Canada. This generous endowment aims to establish North America's first-ever cobalt sulphate refinery strategically situated in Temiskaming Shores, Ontario. When operational, this avant-garde facility will contribute five percent to the global supply of pristine battery-grade cobalt, pivotal for powering electric vehicles. The Federal Economic Development Initiative for Northern Ontario (FedNor) is the source of the investment, highlighting Canada's accelerated surge past China in the global battery supply chain hierarchy. This sizable allocation of funds showcases the unwavering support from the Canadian government towards fostering a robust, self-reliant EV supply chain within domestic borders.

GOVERNMENT LEADERS UPHOLD THE GREEN ECONOMY AGENDA

The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor underlined the significant economic opportunities this investment will usher into Northern Ontario, revolutionizing the region into a cornerstone of the country's transition towards a green economy. Further benefits include the provision of quality employment for middle-class households. Echoing the sentiment, The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, identified the construction of a low-carbon economy as a generational boon for Canada. His views emphasize that extending support to trailblazers like Electra is a strategic move to anchor secure and fluorescent EV value chains, propelling sustainable economic development nationwide.

A SYMBIOSIS OF INNOVATION, VISION, AND STRATEGY

Poised to be North America's maiden unit integrating black mass material processing for recovering precious elements from recycled lithium-ion batteries, Electra's refinery complex will concurrently produce critical minerals such as cobalt sulphate and nickel sulphate. The operations undertaken throughout 2023, processing beyond 40 tonnes of black mass material, signify a herald towards ecological responsibility and resource optimization. Moreover, the alliance with LG Energy Solution stands as a testament to Electra's strategic acumen, foreseeing the provision of cobalt for up to 1.5 million electric vehicles annually. This impressive feat is accompanied by an agreement to supply 19,000 tonnes of cobalt in sulphate starting in 2025, which will envelop nearly 80% of Electra's projected yearly production.

CANADA'S STRATEGIC STANCE AND ECONOMIC BOOST

Complementing the recent funding announcement, Marc G. Serré and Anthony Rota, both respected Members of Parliament, collectively affirmed the Government of Canada's commitment to invigorating innovation and fortifying the green economy within Northern Ontario. Simultaneously, the financial infusion is anticipated to instigate considerable economic expansion, job creation, and a surge in the regional economy's vigour. Viviane Lapointe, a Member of Parliament for Sudbury, delineated the government's initiative as a tangible demonstration of commitment to the region and the nation's prospective vehicle supply chain. The implications of such investments are profound, with prospects of escalating our economy while navigating towards an eco-friendlier and sustainable future.

TECHNOLOGICAL ADVANCEMENT AND ETHICAL SOURCING AT THE HELM

Electra Battery Materials Corporation distinguishes itself as a pioneer processor of low-carbon, ethically-sourced battery materials, fervently progressing towards realizing North America's sole cobalt sulphate refinery in collaboration with a black mass refinery. Their multipronged strategy emphatically includes onshoring of the electric vehicle supply chain, asserted by the integration of black mass recycling and nickel sulphate production at the refinery north of Toronto, among other initiatives. The cobalt project's risk has been significantly mitigated with a contemporary replacement cost exceeding $250 million and the successful delivery of long-lead equipment. Integrated with the commissioning of legacy refinery operations for the black mass demonstration plant, Electra aims to solidify its footing as a leading entity steering the sustainable future of electric vehicles. For additional insight into Electra's mission and strategies, interested parties are directed to visit their website at www.ElectraBMC.com, and they should note that forward-looking statements involve inherent risks and uncertainties. 

CONTACT: Heather Smiles, Vice President, Investor Relations & Corporate Development, Electra Battery Materials, info@ElectraBMC.com, 1.416.900.3891

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