Core Points - Electra Battery Materials Corporation held its 2025 annual general and special meeting of shareholders on June 24, 2025, in Toronto [1] - A total of 5,222,899 common shares, representing 29% of the issued and outstanding shares, were voted at the meeting, with shareholders approving all items of business [2] - All five director nominees were elected with significant support, with votes for ranging from 96.34% to 97.43% [3] Company Updates - The 2022 Amended and Restated Long-Term Incentive Plan (LTIP) was approved, increasing the number of Options from 1,429,961 to 2,500,000, PSUs from 100,000 to 125,000, and DSUs from 175,000 to 400,000, while RSUs remain at 125,000 [4] - The maximum number of common shares reserved for issuance under the LTIP has been revised from 1,829,961 to 3,150,000 [4] - The LTIP is conditionally approved by the TSX Venture Exchange and is subject to final acceptance [5] Industry Position - Electra is positioned as a leader in advancing North America's critical minerals supply chain for lithium-ion batteries, focusing on developing the only cobalt sulfate refinery in North America [6] - The company's strategy includes onshoring critical minerals refining, nickel refining, and battery recycling, with growth projects in black mass recycling and cobalt production opportunities in Quebec [6]

Core Viewpoint - Electra Battery Materials Corporation is launching an early works program at its cobalt refinery to prepare for full-scale construction, emphasizing its commitment to onshoring critical minerals processing in North America [1][2][4]. Group 1: Early Works Program - The early works program includes targeted site-level activities with a budget of approximately C$750,000, focusing on advancing the solvent extraction facility [2][3]. - Key activities will involve relocating and installing SX processing equipment, pouring concrete bases for SX tanks, and completing structural roofing work on the SX building [3][4]. - This initiative follows a previous C$200,000 investment into site infrastructure, enhancing overall construction readiness [3]. Group 2: Funding and Support - The early works program is partially funded by a US$20 million award from the U.S. Department of Defense under the Defense Production Act, highlighting the strategic importance of the refinery [4][7]. - The project has also received support from Canada's Strategic Innovation Fund, indicating strong government backing [4][7]. Group 3: Strategic Importance - Electra's refinery is positioned as North America's only battery-grade cobalt sulfate production facility, aiming to redefine critical minerals refining with low-carbon production pathways [6][8]. - The company is actively working to finalize the remaining financing needed to bring the refinery into full commercial operation, with foundational funding already secured [7].

Core Insights - Electra Battery Materials Corporation and the Three Fires Group have made significant progress on the Aki Battery Recycling joint venture, marking the first Indigenous-led lithium-ion battery recycling initiative in Canada [1][2] - The Aki venture aims to create a low-emission, circular solution for battery waste management, enhancing domestic supply chains and reducing reliance on offshore processing [1][5] Joint Venture Overview - The Aki Battery Recycling joint venture was launched in 2024, focusing on establishing a First Nations-led lithium-ion battery recycling company [2] - Aki will process end-of-life lithium-ion batteries and manufacturing scrap in a state-of-the-art facility, producing high-grade copper, aluminum, and steel products [2][3] Black Mass Production - The pre-processing facility will generate a high-value intermediate product known as black mass, which contains critical minerals such as lithium, nickel, cobalt, manganese, and graphite [3][12] - Black mass will be processed at Electra's hydrometallurgical refinery, facilitating a localized closed-loop supply chain for battery manufacturers [3][12] Leadership and Expertise - Reggie George has been appointed President of Aki, bringing over a decade of experience in project management and capital raising [4] - Andre Marais has been appointed Director of Strategy & Corporate Development, with more than 15 years of experience in technical and commercial roles [4] Indigenous Economic Participation - Aki Battery Recycling emphasizes Indigenous economic participation in the battery supply chain, aiming to create long-term benefits for First Nations communities [5][6] - The venture aligns with traditional values of stewardship and responsibility for the land, promoting a regenerative model of economic growth [7] Facility and Operations - The proposed facility will recycle enough lithium-ion battery scrap to supply up to 100,000 new electric vehicles annually [9] - Aki is evaluating prospective sites for the facility, focusing on locations near lithium-ion battery manufacturers and First Nations lands [8][10] Funding and Feasibility - Aki is engaged in discussions with government partners to secure funding for a bankable feasibility study on the pre-processing facility [11] - The project aligns with Canadian funding streams that prioritize clean technology and Indigenous-led infrastructure [11] Environmental Impact - The integration of Aki's black mass production with Electra's refining process aims to create one of the lowest carbon footprint recycling supply chains globally [12][13] - The venture addresses a critical supply chain gap in Ontario, which currently lacks battery recycling capabilities despite projected annual battery scrap generation of up to 30,000 tonnes by 2030 [10] Market Positioning - Aki will operate predominantly on a tolling fee basis through long-term contracts, ensuring stable returns independent of commodity prices [13][14] - The venture aims to strengthen Canada's capacity to retain and reuse critical minerals, supporting domestic industrial growth and reducing carbon emissions related to material transportation [14]

Core Viewpoint - Electra Battery Materials Corporation has completed a feasibility level Class 3 Engineering Study for a modular battery recycling facility, which will enhance North America's battery materials supply chain and energy security [1][4]. Facility and Process - The new facility will recover lithium, nickel, cobalt, manganese, and graphite from lithium-ion battery manufacturing scrap and end-of-life batteries using a proprietary hydrometallurgical process validated through a year-long pilot program [2][5]. - The next phase will involve operating the recycling process under continuous conditions to simulate commercial-scale throughput, funded in part by Natural Resources Canada [3]. Strategic Integration - The cobalt recovered will directly feed into Electra's adjacent cobalt sulfate refinery, which is under advanced construction, thereby creating a closed-loop supply chain for battery materials [4][5]. - Electra's partnership with Aki Battery Recycling ensures a reliable supply of black mass feedstock, supporting both near-term and long-term commercial ambitions [6][13]. Collaboration and Market Engagement - Electra plans to present the engineering study results to downstream partners, including battery manufacturers and OEMs, to determine the optimal scale and timing of the facility [7]. - The study was completed in partnership with Green Li-ion, leading to proprietary improvements that enhance Electra's competitive position in the recycling value chain [8]. National Security and Strategic Minerals - Electra supports North American energy independence amid global competition, particularly against China's dominance in critical mineral processing [9][10]. - The integrated black mass refining program aligns with strategic priorities in Canada and the U.S., emphasizing the importance of cobalt in various applications, including electric vehicles and military-grade batteries [10][11]. Economic and Community Impact - The collaboration with Aki Battery Recycling not only secures a sustainable supply of raw materials but also provides economic benefits to Indigenous communities [6][13][14]. - Electra is committed to building a resilient and inclusive battery materials supply chain in North America, aligning innovation with sustainability and Indigenous economic development [7][14].

Core Insights - Electra Battery Materials Corporation commends the Ontario government's C$500 million Critical Minerals Processing Fund, which aims to build a domestic supply chain for clean energy technologies [1] - The fund is expected to enhance local industry capabilities and support the growth of electric vehicle and battery manufacturing in Ontario [2] - Electra's CEO highlighted the importance of a North America-first approach to secure critical mineral supply chains amid global competition, particularly against China's dominance [6] Group 1: Government Initiatives - The C$500 million fund represents a significant investment in critical mineral processing, aligning with Electra's mission to create a sustainable battery materials supply chain [1][2] - The fund is anticipated to generate economic opportunities in Northern Ontario communities, supporting clean energy and electric vehicle manufacturing [2] Group 2: Company Strategy and Positioning - Electra is focused on developing North America's only cobalt sulfate refinery and aims to onshore critical minerals refining to reduce foreign reliance [7] - The company is also exploring nickel refining and battery recycling, with projects including black mass recycling and potential cobalt production in Quebec [7] Group 3: Industry Engagement - At the 2025 SelectUSA Investment Summit, Electra's CEO engaged with key stakeholders, emphasizing the urgency of reducing foreign dependence on critical minerals [4] - The company looks forward to collaborating with newly appointed federal cabinet ministers to advance clean energy and critical minerals priorities [5]

Core Insights - Electra Battery Materials Corporation commends the Ontario government's C$500 million Critical Minerals Processing Fund, which aims to build a domestic supply chain for clean energy technologies [1][2] - The fund is expected to enhance local industry capabilities and create economic opportunities in Northern Ontario, aligning with Electra's mission to develop a sustainable North American battery materials supply chain [2] Industry Developments - The prioritization of critical mineral processing in Ontario will accelerate strategic mineral processing projects that support the electric vehicle and battery manufacturing ecosystem [2] - At the 2025 SelectUSA Investment Summit, Electra's CEO engaged with key stakeholders, highlighting the urgency to reduce foreign dependence on critical minerals [4] Company Strategy - Electra is focused on developing North America's only cobalt sulfate refinery and aims to onshore critical minerals refining to reduce reliance on foreign supply chains [7] - The company is also exploring opportunities for nickel refining and battery recycling, including integrating black mass recycling at its existing refining complex [7] Leadership and Collaboration - Electra expresses support for newly appointed federal cabinet ministers, emphasizing the importance of their leadership in advancing clean energy and critical minerals priorities [5] - The company is committed to collaborating with all levels of government to support industrial innovation and energy security [5][6]

ELECTRA BATTERY MATERIALS CORPORATION Exhibit 99.1 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED) (EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS) NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that ...

Core Viewpoint - Electra Battery Materials Corporation is making significant progress in establishing a North American supply chain for critical minerals, particularly focusing on cobalt sulfate refining and battery materials recycling to support the clean energy transition [3][4]. Financial Highlights - The company reported a cash position of C$3.2 million at the end of the first quarter of 2025 [12]. - Electra has secured up to US$54 million in non-dilutive funding, including US$34 million in government support and a US$20 million strategic investment proposal [4]. Operational Developments - The current priority is the recommissioning and expansion of the cobalt sulfate refinery in Temiskaming Shores, Ontario, requiring approximately US$60 million to complete [3]. - Electra has established partnerships with Glencore and Eurasian Resources Group (ERG) for cobalt feed sourcing and has a long-term offtake agreement with LG Energy Solution [5]. Recycling Initiatives - The company operated a year-long plant-scale recycling program in 2023, successfully recovering critical metals needed for lithium-ion batteries [6]. - An engineering study for a new battery recycling refinery adjacent to the cobalt refinery commenced in January 2025, building on previous technology and expertise [8]. Strategic Partnerships and Exploration - Electra signed a Memorandum of Understanding (MOU) with Nord Precious Metals to process cobalt-bearing silver concentrates [7]. - The company is exploring its CAS Property in the Idaho Cobalt Belt, highlighting high-grade gold values that reinforce its critical minerals strategy [10][11]. Leadership Changes - In early 2025, Electra strengthened its leadership team by appointing Marty Rendall as CFO and Alden Greenhouse to the Board of Directors [7].

Financial Risks and Funding - The Company has a history of operating losses and has not generated any revenue to date, indicating a significant financial risk [24]. - The Company requires substantial additional funding to continue operations and complete the construction of the Refinery, with no assurance that such financing will be available [26]. - The Company has a minimum reportable cash balance requirement of US$2,000,000 starting in 2026, which adds pressure to its financial position [30]. - The Company may face dilution of shareholder value if additional capital is raised through equity or debt securities [35]. - The Company may not be able to meet its debt service obligations if cash flow from refinery operations is insufficient [33]. - Global instability and macroeconomic trends, including inflation and rising interest rates, could negatively impact the Company’s financial condition and operational results [61]. - The market price of the Company's common shares is volatile, influenced by macroeconomic developments and market perceptions, which may not reflect the Company's long-term value [91]. - The Company may face substantial decommissioning and reclamation costs due to increasing regulatory requirements for financial assurances [82]. - An additional $55.7 million to $62 million is required to complete construction of the Refinery, with management seeking a largely non-dilutive funding solution [161]. Operational and Market Risks - The success of the Refinery is uncertain and depends on the demand for cobalt, which is largely driven by the electric vehicle market [42]. - The Company’s operational risks include potential liabilities from environmental contamination and other unforeseen events, which may not be fully insured [43]. - The prices of commodities, including cobalt, are volatile and could adversely affect the Company's financial condition and operations [36]. - The Company’s operations are significantly affected by the availability and costs of consumables such as concrete, steel, copper, and diesel fuel, which are subject to volatility and may impact profitability [49]. - The mining industry is subject to cyclical volatility, and current high demand for cobalt may not be sustainable in the long term [73]. - Compliance with extensive mining regulations increases operational costs and may impact the Company’s exploration and development decisions [75]. - The Company operates in a highly competitive market, particularly in sourcing mine production for the Refinery, with competition from larger companies that have greater financial resources [80]. Environmental and Community Challenges - The Company faces reputational risks due to increasing public concern regarding the environmental impact of mining activities, which could adversely affect investor confidence and community relations [55]. - The Company’s ability to develop its mining properties may be challenged by community stakeholders, including First Nations, which could delay or hinder operations [52]. - Environmental regulations are becoming stricter, which may lead to increased capital expenditures and operating costs for the Company [84]. Technological and Developmental Aspects - The Company is focused on building a diversified portfolio of assets in the electric vehicle supply chain, primarily in North America [103]. - The exploration and development of mineral resources is speculative, with no guarantee of discovering commercial quantities of minerals [72]. - The Company launched its black mass recycling demonstration plant, aiming to process up to 75 tonnes of material and recover high-value elements [130]. - The Company successfully completed the first plant-scale recycling of black mass material in North America, recovering critical metals including nickel, cobalt, and manganese [134]. - The Company is working towards a battery recycling refinery capable of processing 2,500 tonnes of black mass material per annum, with a feasibility study currently underway [211]. Strategic Partnerships and Agreements - The Company signed a Cobalt Supply Agreement with LG Energy Solution to supply 19,000 tonnes of battery grade cobalt over a five-year period starting in 2025 [125]. - The Company announced a joint venture with Three Fires Group Inc. to focus on the primary recycling of lithium-ion battery waste in Ontario, leveraging its proprietary black mass refining capabilities [148]. - A binding letter of intent was signed with Eurasian Resources Group for a three-year supply agreement to deliver 3,000 tonnes per annum of IRA-compliant cobalt to Electra's refinery starting in 2026 [174]. - The Company signed a memorandum of understanding with Rock Tech Lithium to supply recycled lithium for upgrading to battery-grade lithium chemicals, with processing expected to commence in 2026 [163]. Regulatory and Compliance Matters - The Company faces significant challenges in obtaining necessary governmental permits, which are complex and time-consuming, potentially delaying projects like the Iron Creek Project and the Refinery [76]. - The Company received its Industrial Sewage Works Environmental Compliance Approval from the Ontario Ministry of the Environment, Conservation and Parks [108]. - The Company has secured necessary permits for the Refinery operations, including Air and Noise permits and Industrial Sewage Works approvals [204]. Financial Commitments and Investments - The Company announced a financial commitment of $250,000 from the Government of Ontario to support a battery materials park study [110]. - The Company received a $5 million investment commitment from the Government of Canada for the construction of North America's first cobalt sulfate refinery, expected to produce approximately 5% of the global supply of battery-grade cobalt [170]. - The Company was awarded US$20 million by the U.S. Department of Defense to expand domestic production capability for battery-grade materials [178]. - The Company closed a private placement offering, issuing $51 million principal amount of 8.99% senior secured convertible notes due February 2028, with net proceeds of approximately $13.7 million for capital expenditures [138]. Production and Capacity Developments - The total capital costs for the Refinery are now estimated to be between $155 million and $167 million, with approximately $85.6 million capitalized as of December 31, 2023 [137]. - The Company aims to produce 5,000 tonnes per annum of battery-grade cobalt contained in cobalt sulfate from its Refinery, with plans to increase production to 6,500 tonnes per annum in Phase 2 [199]. - The Company has achieved a 30% increase in cobalt crystallizer capacity, raising the installed capacity to 6,500 tonnes of annual contained cobalt production [200]. - The Company has successfully processed 40 tonnes of black mass material, achieving improved recovery rates for targeted metals, including a nearly 20% enhancement in lithium carbonate product quality [214]. - The Company achieved greater than 99% purity in lithium carbonate product from its black mass recycling project, enhancing its ability to produce high-quality battery-grade products [182]. Management and Corporate Structure - The Company appointed Michael Green as Construction Director to oversee the completion of the cobalt sulfate refinery in Temiskaming Shores [183]. - The Company completed a consolidation of its share capital on the basis of one post-Consolidation Common Share for every eighteen pre-Consolidation Common Shares [112]. - The Company announced a reverse share split of four pre-split shares for every one post-split share effective December 31, 2024 [187]. - The Company is classified as a passive foreign investment company (PFIC), which may subject U.S. holders to adverse federal income tax consequences [98]. - The Company is a foreign private issuer, resulting in different U.S. securities laws and potentially limiting the information available to U.S. shareholders [99].

Core Points - Electra Battery Materials Corporation has successfully closed the final tranche of an oversubscribed non-brokered private placement, raising approximately US$3.5 million [1][2] - The offering consisted of 3,125,000 units issued at a price of US$1.12 per unit, with each unit comprising one common share and one transferable common share purchase warrant [2] - The net proceeds from the offering will be utilized to advance the company's Refinery project in Temiskaming Shores, Ontario, and for general corporate purposes [2] Offering Details - The offering was conducted in two tranches, with the first tranche closing on April 3, 2025, and the second on April 14, 2025 [2] - Each warrant allows the holder to purchase one common share at a price of US$1.40 for a period of eighteen months following the issue date [2] - The company paid US$219,447 in cash finders fees and issued 183,333 non-transferrable finders warrants to eligible finders [5] Related Party Transactions - Key executives and directors of the company participated in the offering, constituting a "related party transaction" under applicable securities laws [3][4] - The company did not file a material change report prior to closing due to the timing of insider participation [4] - As the transaction does not exceed 25% of the company's market capitalization, no formal valuation or minority shareholder approval is required [4] Securities Regulations - The common shares and warrants issued under the offering are not subject to a hold period under Canadian securities laws [6] - Securities issued to insiders will be subject to a statutory hold period of four months and one day from the date of issuance [6] - The offering remains subject to final approval from the TSX Venture Exchange [6] Company Overview - Electra Battery Materials is focused on advancing North America's critical minerals supply chain for lithium-ion batteries [8] - The company is developing North America's only cobalt sulfate refinery and has plans for nickel refining and battery recycling [8] - Growth projects include integrating black mass recycling and exploring opportunities for cobalt and nickel production in North America [8]