Electra Battery Materials Corporation (NASDAQ:ELBM, TSXV:ELBM) ("Electra" or the "Company") is pleased to announce that it has finalized definitive agreements with Invest Ontario, an agency of the Government of Ontario, for C$17.5M in previously announced funding to support construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario.

Construction of Electra’s cobalt sulfate refinery is advancing, with structural steel erection, concrete work, equipment installation and piping underway. Select commissioning activities are targeted to begin in the fourth quarter of 2026, followed by mechanical completion in the second quarter of 2027, full commissioning and production ramp-up in the third quarter of 2027, and commercial production in the fourth quarter of 2027.

Electra has also secured 100% of the cobalt feedstock required for commissioning and ramp-up through 2027 under an extended supply agreement with Glencore. The agreement provides for approximately 10,000 tonnes of contained cobalt over five years and establishes Glencore as a significant long-term supplier through 2031. Together with committed demand for a majority of the refinery’s planned production, the agreement strengthens an integrated supply chain connecting global cobalt production with North American refining and downstream battery markets.