Electra Battery Materials (ELBM) Corporate presentation summary

Strategic context and market positioning

• Will represent 100% of North American cobalt sulfate refining capacity upon commissioning, addressing a critical midstream gap in the battery supply chain.

• Production will account for approximately 27% of the ex-China cobalt sulfate market share.

• North America currently has no operating cobalt sulfate refining capacity, with most global capacity concentrated in Asia.

• Project is aligned with U.S. and allied government initiatives to secure non-Chinese cobalt supply.

Project development and funding

• Fully permitted brownfield refinery with a US$73 million construction budget, funded through mechanical completion.

• US$48 million in government grants and loans, plus US$34 million in equity financing, provide total committed capital of US$82 million.

• Mechanical completion targeted for Q2 2027, with commercial production ramping up in Q4 2027.

• Commissioning and ramp-up capital estimated at ~US$15 million, expected to be managed through available liquidity.

Operations, commercial framework, and economics

• Initial annual production of 5,120 tonnes, expanding to 6,500 tonnes via crystallizer optimization.

• Long-term tolling agreement with LG Energy Solution for 60% of production over the first five years; remaining 40% available for OEM and defense customers.

• Gross conversion margin anchored by tolling structure, limiting exposure to cobalt price volatility.

• Steady-state EBITDA potential of $30–35 million annually at full capacity, with margin largely independent of cobalt price.