Electra Battery Materials Corp · TSXV:ELBM
Electra Battery Materials — Investor Presentation (October 2026)
20 slides from Electra Battery Materials's investor presentation, October 2026
Slide 1: Building North America's First Cobalt Sulfate Refinery
Building North America’s First Cobalt Sulfate Refinery Commercial Production in 2027 October 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements include, without limitation, statements regarding possible events, tr
Slide 3: Why Electra
Why Electra Refined cobalt is essential for defense, industrial and consumer battery applications 13% > 90% Government-backed H2 2027 Global cobalt Cobalt sulfate refining Supported by the U.S. DoW, Expected commercial demand growth located in China Canada and Ontario production in 2025 100% 60% 5,1
Slide 4: Structural Gap in North American Midstream
Structural Gap in North American Midstream Electra will represent 100% of North American cobalt sulfate refining capacity upon commissioning o Strategic transactions, partnerships and China & Taiwan supply chain diversification are reinforcing 133,100 Western-aligned battery materials supply North A
Slide 5: A Strategic Critical Minerals Asset for North America
A Strategic Critical Minerals Asset for North America 100% of North American supply 2027 Production Fully Permitted Funded to Mechanical Completion 5
Slide 6: Electra's Milestones
Electra’s Milestones 2022 2023 2024 2025 2026 Feb-Mar Electra lists on the First plant-scale US DoW awards Canada and Ontario US$73M construction budget Nasdaq Capital Market recycling of black mass US$20M under the governments announce approved by Board of Directors under ticker ELBM completed in N
Slide 7: Catalysts
Catalysts Q4 2025 – balance sheet recapitalized & construction funded Q1 2026 – Award of major contracts including (structural, mechanical, piping, electrical, & instrumentation) Q2 2026 – Full site mobilization Q4 2026 – WMC Inventory financing & agency o Q4 2026 – Early commissioning of se
Slide 8: Feedstock and Commercial Framework
Feedstock and Commercial Framework North American Feedstock o Feedstock supply frameworks in place with Glencore and Eurasian Resources Group, with flexibility to incorporate additional sources o Long-term tolling framework with LG Energy Solution for 60% of production over the first six years 60% 4
Slide 9: Conversion Margin & Cost Breakdown
Conversion Margin & Cost Breakdown Sodium Gross Hydroxide o Tolling supports predictable refinery margin Profit 20% At a US$5/lb toll, projected gross profit of approximately 49% Tolling 60% of production reduces commodity- price exposure and supports fixed-cost coverage Sulfuric 7% Market fac
Slide 10: Commissioning to Steady-State EBITDA Profile
Commissioning to Steady-State EBITDA Profile Expected Production Project EBITDA1,2 Key Assumptions (cobalt in metric tonnes) (USD millions) US$5.00/lb gross conversion 44 margin on toll portion, largely independent of cobalt price +8 6,500 32 Indicative upside opportunity if 40% market-facing at 5,1
Slide 11: Illustrative Valuation
Illustrative Valuation 2026E peer multiples applied to Electra’s pro forma EBITDA Selected public peers - EV / 2026E EBITDA Future operating scenario 8.5x 13.8x Assumed annual pro forma EBITDA* Median Average MP Materials 59.6x US$30-35M Ecopro 37.2x Lynas 18.3x SungEel HiTech 17.6x Hanrui Cobalt Re
Slide 12: Platform Expansion
Platform Expansion Disciplined Growth Optionality 12
Slide 13: Scaling the North American Refining Platform
NICKEL SULFATE REFINING Scaling the North American Refining Platform Preliminary engineering completed for Phase 1 nickel sulfate Site, funding and commercial arrangements under evaluation Phase 1 – Nickel Refinery • Addresses the lack of commercial scale nickel sulfate refining in North America, ex
Slide 14: Critical Gap in North America
RECYCLING - REFINING o Recommissioned brownfield refinery to Critical Gap in North America operate a batch demonstration facility, producing saleable products from recycled Black mass batteries o Achieved first North American recovery of nickel-cobalt MHP and technical grade lithium carbonate, along
Slide 15: Idaho Cobalt-Copper – Strategic Upstream Optionality
MINING Idaho Cobalt-Copper – Strategic Upstream Optionality Largest unmined cobalt resources in the U.S., secured permits, scalable projects Aligns with U.S. national security objectives for domestic cobalt supply 91 fully permitted drill pads for exploration drilling to expand resources at Ir
Slide 16: Management
Management 25+ 25+ Paolo Toscano 30+ Trent Mell Peter Rawlins Founder, CEO & Director CFO VP, Projects & Engineering • Mining executive with a background in finance, law • 25+ years experience in leadership and capital markets • Metallurgicall engineer with deep expertise in delivering and corporate
Slide 17: Board of directors
Board of directors David Stetson 25+ John Pollesel 35+ Trent Mell Lead Director Founder, CEO & Director 25+ Chairman • Seasoned executive with more than three decades of • More than 30 years experience in mining, most • Mining executive with a background in finance, law leadership experience within
Slide 18: Capital Structure
Capital Structure C$ Share Price – Nasdaq/TSX.V US$ Capitalization and Market Facts $1.40 $1.00 Ticker NASDAQ & TSX-V ELBM $1.20 Cash & Available Project Cash1 US$68M $0.80 $1.00 Shares Outstanding 107M $0.80 $0.60 Lender Equity Rights 26M $0.60 Warrants @ US$1.25/Oct 2028 101M $0.40 $0.40 Shares Fu
Slide 19: Electra's Execution Strategy
Electra’s Execution Strategy Cobalt Refining - 2026-2027 Focus • Commission North America’s first cobalt sulfate refinery • Establish cash flow and operating track record Margin & Supply Security - Optimization Phase • Enhance unit economics through feedstock optimization and commercial contracts •
Slide 20: Heather Smiles, VP External Affairs & Corporate Development
Heather Smiles, VP External Affairs & Corporate Development Info@ElectraBMC.com +1 416 900 3891
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