Electra Battery Materials : 2025 Financials and MD&A (Electra 2025 Financials and MDA)

About this update from Electra Battery Materials Corp

ELECTRA BATTERY MATERIALS CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 and 2024 (EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS) (expressed in thousands of Canadian dollars) Contents General 3 Company Information 3 Highlights 3 Projects & Outlook 7 Summary of Quarterly Results 10 Results of Operations for the Three Months Ended December 31, 2025 10 Summary of Twelve Months Ended December 31, 2025 and 2024 Results 11 Results of Operations for the Twelve Months Ended December 31, 2025 11 Selected Quarterly Financial Information 12 Capital Structure, Resources & Liquidity 13 Capital Structure 13 Liquidity 15 Commitments 15 Related Party Transactions 16 Off Balance Sheet Arrangements 16 Financial Instruments 16 Risk Management 17 Financial Risk Factors 17 Business Risks and Uncertainties 17 Research and Development, Patents and Licenses, etc 20 Trend Information 20 Significant Accounting Estimates 20 Future Changes in Accounting Policies & Initial Adoption 21 Internal Control Over Financial Reporting 21 Cautionary Statement Regarding Forward-Looking Statements 22 Page 2 of 22 (expressed in thousands of Canadian dollars) ‌General This Management's Discussion and Analysis ("MD&A") of Electra Battery Materials Corporation ("Electra" or the "Company") was prepared as at March 27, 2026, and provides analysis of the Company's financial results for the three and twelve months ended December 31, 2025 and 2024. The information herein should be read in conjunction with the consolidated financial statements for the years ended December 31, 2025, and 2024 with accompanying notes which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All dollar figures, excluding share prices, are expressed in thousands of Canadian dollars unless otherwise stated. Financial Statements are available at https://www.sedarplus.com and the Company's website https://www.electrabmc.com. ‌Company Information Electra Battery Materials Corporation was incorporated on July 13, 2011, under the Business Corporations Act of British Columbia (the "Act"). On September 4, 2018, the Company filed a Certificate of Continuance into Canada and adopted Articles of Continuance as a Federal Company under the Canada Business Corporati...

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