Electra Battery Materials Corp · TSXV:ELBM
Electra Battery Materials — Investor Presentation (September 2025)
24 slides from Electra Battery Materials's investor presentation, Sep 8, 2025
Slide 1: Securing North America's Future
Securing North America’s Future September 8, 2025
Slide 2: Forward looking statements
Forward looking statements This presentation includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”). Forward-looking statements
Slide 3: Battery materials, made in North America
Battery materials, made in North America ⦿ First Mover in Critical Minerals Midstream First battery grade cobalt refinery in North America, for industrial and military applications ⦿ Government-Backed Funding from U.S. Department of Defense and Government of Canada Strategic critical minerals
Slide 4: Refinery construction ready for completion
Refinery construction ready for completion 100+ years US$250M 600+ acres asset life replacement value of land 4
Slide 5: The first of its kind
The first of its kind o Low carbon hydrometallurgical facility with an operating history Existing refinery, infrastructure, o Fully permitted site, located in Ontario, Canada, with exceptional and permits infrastructure and labour force in the region o Technically derisked with successful flowsheet
Slide 6: Electra is the midstream link between mining & lithium batteries
Electra is the midstream link between mining & lithium batteries Recycling Refining PCAM CAM Cells Consumer Primary extraction o Can process material from mines and recycled material from battery manufacturing and produce battery grade products o DRC feeds could be supplemented with North American f
Slide 7: Will be 100% of North American supply of battery grade cobalt
Will be 100% of North American supply of battery grade cobalt China & Taiwan o Cobalt demand for Precursor Cathode 131,200 Active Materials (PCAM) plant expected to 6,500 reach up to 180,000t cobalt by 2030* North America 6,500 o Finland hosts the only significant cobalt sulfate refining outside of
Slide 8: Strong profit margins & free cash flow
Strong profit margins & free cash flow Sodium Hydroxide o 100+ year operating life 21% o Toll model Gross o Lower risk commercial strategy Profit • Considerations in place to accommodate 45% Sulfuric fluctuations on sodium hydroxide and sulfuric 7% Acid acid pricing o Potential to unlock operational
Slide 9: Offers de-risked growth with re-rating potential
Offers de-risked growth with re-rating potential Production EBITDA1,2 Recycling, Refining & Processing (cobalt in metric tonnes) (USD millions) Max EV/EBITDA3,4 (2020-2025 Range) 1,000 965x 2025E/2026E 30-35 Key Assumptions 6,500 100 119x Logarithmic scale US$4.50-5.50/lb gross 87x 74x conversion ma
Slide 10: Commercial arrangements in place
Commercial arrangements in place o Feedstock requirements will be met through agreements with Eurasian Resources Group (ERG) and Glencore, two global leaders in ethical cobalt production o LG Energy Solution will purchase 60-80% of Electra’s production (15,000 to 20,000 tonnes of battery grade cobal
Slide 11: Restructuring & financing overview
Restructuring & financing overview Senior Debt: Pro forma capitalization (millions of shares) o Equitize 60% (~US$40M) at US$0.60/share Shares Outstanding 18 • Remainder (~US$27M) converted to three-year term loan Equitization 67 Equity Offering: Financing - Lenders 13 o US$30M unit offering US$10M
Slide 12: Project Funding Status
Project Funding Status Funding Sources (US$M) U.S. Department of Defense $20 Canadian Government $15 Strategic Investment Proposal1 $20 Lender Unit Backstop1 $10 Net Unit Offering1 $20 Total $85 Funding Requirements (US$M) Remaining capital costs2 $60 Escalation $9 Working Capital $4 Corporate Costs
Slide 13: Resilient, ethical and non-Chinese supply chain
Resilient, ethical and non-Chinese supply chain 51% lower refinery CO2 Removes Responsible emissions1 & ~1.0M 2 Mineral Initiative 40% lower CO2 freight combustion engines from traceability, commitment emissions the road every year1 to ethical supply chain o Proactive, risk-based approach to environ
Slide 14: Management
The team Trent Mell Marty Rendall Mark Trevisiol P.Eng Michael Insulán PhD Heather Smiles Dr. George Puvvada VP, Project Development VP, Investor Relations & Management CEO, Director CFO VP, Commercial P.Eng., PMP, PhD 25+ years in global 17+ years of experience 30+ years in mining, Economist with 2
Slide 15: Capital structure
Capital structure Share Price (TSX-V: ELBM) Capitalization and Market Facts1 $3.00 Ticker – NASDAQ & TSX-V: ELBM $2.50 Shares Outstanding 18M $2.00 52 Week Range C$1.04-$3.80 / US$0.77-$2.82 $1.50 Current Share Price C$1.35 / US$0.95 $1.00 Average 30 Day Volume 2 192,000 $0.50 ELBM:CA Market Cap C$2
Slide 16: Critical Minerals Growth Pipeline
Critical Minerals Growth Pipeline
Slide 17: Pipeline of projects for a resilient supply chain
Pipeline of projects for a resilient supply chain Recycling Idaho Cobalt North American Bécancour Cobalt Feasibility study underway for Properties Nickel Processing scalable, industrial operation Electra cobalt and Opportunity for battery Potential for North copper mineral projects American battery
Slide 18: Demonstrated recycling capacity
Demonstrated recycling capacity o Successfully demonstrated production of saleable materials from black mass, derived from battery manufacturing scrap or end-of-life batteries throughout 2023, using a low-GHG hydrometallurgical method o Achieved first North American recovery of nickel-cobalt MHP and
Slide 19: Indigenous joint venture to supply battery black mass to refinery
Indigenous joint venture to supply battery black mass to refinery Recycling Shredding Refining PCAM CAM Cells Consumer o The first wave of battery scrap will come from cell manufacturing plants o The Aki Battery Recycling joint venture will source and process • Lead the capital resourcing lithium-io
Slide 20: Opportunity for 'Made in America' critical minerals
Opportunity for ‘Made in America’ Blackbird Ram-Sunrise critical minerals Blackpine Salmon Iron Creek 28 o Idaho Cobalt Belt is America’s best opportunity to onshore cobalt supply and reduce reliance on China • Largest unmined cobalt resources in the U.S.* 10 km 93 o 53Mlbs of Cu and 14Mlbs of Co pr
Slide 21: Idaho Copper Cobalt Properties
Idaho Copper Cobalt Properties o Several cobalt/copper/gold deposits and prospects within Electra’s consolidated Idaho Copper Cobalt Properties (over 70,000 ha in size) o Exploration drilling to expand resources at Iron Creek and is open in all directions Iron Creek Ruby CAS Mineral Drilling at Ruby
Slide 22: North American nickel sulfate
North American nickel sulfate o There are no nickel sulfate refineries in North America today o Nickel is the most abundant mineral in NCM and NCA cathodes o Electra has completed a government-sponsored nickel sulfate refining scoping study o Three nickel source options developed derive CAPEX and OP
Slide 23: Bécancour cobalt sulfate opportunity
Bécancour cobalt sulfate opportunity o Co-locating with precursor makers in Quebec o Strategic location - allocated near Vale’s nickel sulfate plant (also metal dissolution) o GM, POSCO, Ford, and others are building facilities in “battery valley” o Government support, with strong relationship with
Slide 24: Heather Smiles, VP Investor Relations & Corporate Development
Heather Smiles, VP Investor Relations & Corporate Development Info@ElectraBMC.com +1 416 900 3891
Electra Battery Materials — Investor Presentation (September 2025) on 6ix