Electra Battery Materials Corp · TSXV:ELBM
Electra Battery Materials — Investor Presentation (May 2026)
25 slides from Electra Battery Materials's investor presentation, May 2026
Slide 1: Advancing North America's Only Cobalt Sulfate Refinery
Advancing North America’s Only Cobalt Sulfate Refinery Commercial Production in 2027 May 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: Structural Gap in North American Refining
Structural Gap in North American Refining Electra will represent 100% of North American cobalt sulfate refining capacity upon commissioning o Cobalt demand for Precursor Cathode Active Materials (PCAM) plant expected to China & Taiwan reach up to 180,000t cobalt by 2030* 133,100 North America 6,500
Slide 4: Upstream Secured – Midstream Gap Remains
THE PROBLEM Upstream Secured – Midstream Gap Remains Strategic Context • U.S. and allied governments have intensified engagement with major cobalt-producing nations to secure non-Chinese cobalt units • Strategic transactions and partnerships reinforce Western-aligned supply The Structural Gap • Secu
Slide 5: North America's Only Cobalt Sulfate Refinery
THE SOLUTION North America’s Only Cobalt Sulfate Refinery A Government-Backed Refining Platform • First battery-grade cobalt refinery in North America • Funded through mechanical completion • Operating permits for 5,120 tpa facility in hand • Targeting commissioning in H1’2027 Strategic, Onshore Inf
Slide 6: A Strategic Critical Minerals Asset for North America
A Strategic Critical Minerals Asset for North America 2027 Production US$73M Construction Budget 600+ acres Expansion footprint 100% of North American supply 6
Slide 7: Construction Plan & Budget
Construction Plan & Budget Fully permitted brownfield refinery Capital Framework Execution Readiness Transition to Operations • US$73 million construction • Major mechanical and • Mechanical completion budget approved by Board of electrical equipment targeted Q2 2027 Directors procured and delivered
Slide 8: Project Schedule
Project Schedule o Q1 2026 – Award of SMPEI contract (structural, mechanical, piping, electrical, and instrumentation) o Q2 2026 – Full site mobilization o Q4 2026 – Early commissioning of select utilities and circuits o Q2 2027 – Mechanical completion o Q3 2027 – Start of production ramp-up o Q4 20
Slide 9: Construction Funding & Liquidity Overview
Construction Funding & Liquidity Overview Construction Capital Ramp and Working Capital Construction Budget (to Mechanical Completion) ~US$15 Million which includes: • US$73 Million • Operational readiness Committed Capital Sources • Commissioning activities • US$48 million – Government grants and l
Slide 10: Electra's Execution Strategy
Electra’s Execution Strategy Cobalt Refining - 2026-2027 Focus • Commission North America’s only cobalt sulfate refinery • Establish cash flow and operating track record • Anchor commercial relationships through tolling structure Margin & Supply Security - Optimization Phase • Enhance unit economics
Slide 11: Feedstock and Commercial Framework
Feedstock and Commercial Framework Feedstock supply frameworks in place with 01 Glencore and Eurasian Resources Group, with flexibility to incorporate additional sources North American Feedstock Long-term tolling framework with LG Energy 02 Solution for 60% of production over the first five years 03
Slide 12: Conversion Margin & Cost Breakdown
Conversion Margin & Cost Breakdown Sodium Hydroxide 21% Gross o Tolling structure anchors gross conversion Profit margin 45% Sulfuric 7% o Limited direct exposure to cobalt price Acid volatility on startup 10% o Reagent pricing exposure actively managed Other o Margin enhancement potential as 5% Con
Slide 13: Commissioning to Steady-State EBITDA Profile
Commissioning to Steady-State EBITDA Profile Key Assumptions Expected Production EBITDA1,2 US$4.50-5.50/lb gross (cobalt in metric tonnes) (USD millions) conversion margin Margin largely independent of 33 cobalt price under tolling 6,500 framework 26 5,120 Expansion in Year 2-3 to 6,500t crystallize
Slide 14: Platform Expansion
Growth Opportunities Platform Expansion Disciplined Growth Optionality 14
Slide 15: Scaling the North American Refining Platform
Scaling the North American Refining Platform Leveraging infrastructure supports a scalable North Potential for multi-product American refining platform refining capabilities could nd establishes a North expand Electra’s role as American hub to decouple North American supplier supply chain from Chine
Slide 16: Indigenous JV to Supply Black Mass to Refinery
RECYCLING - SHREDDING Indigenous JV to Supply 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
Slide 17: Critical Gap in North America
RECYCLING - REFINING Recommissioned brownfield refinery to Critical Gap in North America 01 operate a batch demonstration facility, producing saleable products from recycled Black mass batteries Achieved first North American recovery of nickel-cobalt MHP and technical grade lithium 02 carbonate, alo
Slide 18: Platform Expansion Optionality
NICKEL SULFATE REFINING Platform Expansion Optionality 01 No operating nickel sulfate refining capacity in North America at commercial scale Engineering study completed evaluating integration at Electra’s existing refinery complex. Existing site 02 infrastructure and permitting framework provide pot
Slide 19: Idaho Cobalt-Copper – Strategic Upstream Optionality
MINING Idaho Cobalt-Copper – Strategic Upstream Optionality Largest unmined cobalt resources in 01 the U.S., secured permits, scalable Blackbird Idaho Cobalt projects Operation Blackpine Salmon Iron Creek Ruby Aligns with U.S. national security 02 28 objectives for domestic cobalt supply 10 km 93 Ex
Slide 20: Idaho Cobalt-Copper Properties
MINING Idaho Cobalt-Copper Properties o Several cobalt/copper/gold deposits and prospects within Electra’s consolidated Idaho Copper Cobalt Properties (over 70,000 ha in size) o 91 fully permitted drill pads for exploration drilling to expand resources at Iron Creek and is open in all directions o N
Slide 21: Management
Management Trent Mell CEO and Director 25+ years in global mining & finance, leading the buildout of North America’s first battery-grade cobalt refinery David Allen Paolo Toscano, P.Eng. Dr. George Puvvada, P.Eng. CFO VP Projects and Engineering 30+ years’ in metals and mining VP, Metallurgy & Techn
Slide 22: Board of Directors
Board of Directors David Stetson Chairman Former CEO Alpha Metallurgical Resources 20+ years as a seasoned executive in mining and finance driving disciplined growth in critical minerals Trent Mell John Pollesel Alden Greenhouse Lead Director Director CEO and Director Former CEO, VP, Critical & Stra
Slide 23: Capital Structure
Capital Structure Share Price (TSX-V: ELBM) Capitalization and Market Facts1 $7.00 Ticker NASDAQ & TSX-V ELBM $6.00 Shares Outstanding 103M $5.00 Pre-funded warrants 26M $4.00 Shares I/O inc. Pre-funded warrants 129M $3.00 ELBM:CA 52 Week Range C$0.70-$7.75 / US$0.50-$8.70 $2.00 Current Share Price1
Slide 24: From Plan to Production
From Plan to Production • Only cobalt sulfate refinery under construction in North America • Aligned with U.S. and allied strategic supply initiatives securing upstream cobalt units • US$73M board-approved construction plan with defined capital framework • US$48M in government support; fully permitt
Slide 25: Heather Smiles, VP Investor Relations & Corporate Development
Heather Smiles, VP Investor Relations & Corporate Development Info@ElectraBMC.com +1 416 900 3891
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