(All amounts in US$ unless otherwise stated) TORONTO, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced that its Board of Directors has approved a $73 million construction budget and established an execution schedule to achieve mechanical completion of its cobalt sulfate Refinery north of Toronto, marking a significant step toward bringing North America’s first battery-grade cobalt refinery into operation. Commiss ...

TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) has announced that it has upsized its previously announced At the Market Offering Program (the “ATM”), pursuant to which the Company may offer and sell, at its discretion and from time to time, through H.C. Wainwright & Co., LLC (“Wainwright”), common shares in the capital of the Company (the “Common Shares”) having an aggregate offering price of up to US$25,000,000. The ...

Core Viewpoint - Electra Battery Materials Corporation is actively participating in key global mining and battery materials conferences to advance its strategy of onshoring North American critical minerals refining and strengthening relationships with stakeholders [2][3][4]. Upcoming Engagements - Electra will attend the Investing in African Mining, Indaba from February 9-12, focusing on future cobalt hydroxide feed supply for its North American refinery, with initial deliveries targeted for 2027 [3]. - At the BMO Global Metals, Mining and Critical Minerals Conference, CEO Trent Mell will engage in one-on-one meetings with institutional investors to discuss the company's strategy and recent progress [4]. - During the PDAC 2026 Convention from March 1-4, Electra's leadership will meet with government and industry participants to discuss long-term critical minerals supply in North America [5]. - VP, Commercial, Michael Insulan will present at the Tokyo Battery Summit on March 17-18, addressing North American resource policy and supply-chain resilience [5]. Corporate Update - The company has engaged Epstein Research for three months starting February 1, 2026, to enhance awareness through social media and produce content, with a total compensation of US$7,500 for the term [6]. Project Focus - Electra is constructing North America's only cobalt sulfate refinery and holds significant land in Idaho's Cobalt Belt, positioning itself as a cornerstone for cobalt and copper production [8]. - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth in nickel refining and other battery materials [9].

Core Viewpoint - Electra Battery Materials Corporation announces the resignation of CFO Marty Rendall, effective end of February 2026, to pursue another executive opportunity, with David Allen returning as Interim CFO to ensure leadership continuity during a critical construction phase [1][2][3]. Company Leadership Changes - CFO Marty Rendall will resign at the end of February 2026 to take on a new role in a larger organization, but will assist in the transition until then [1]. - David Allen, who previously served as CFO from 2023 to late 2024, will return as Interim CFO effective February 28, 2026 [2]. Contributions and Transition - Marty Rendall is credited with strengthening the company's balance sheet, completing essential capital raises, and advancing the refinery construction strategy, leaving the company in a stronger position [3]. - The return of David Allen as Interim CFO is expected to provide stability and continuity as the company progresses with the construction of North America's first cobalt sulfate refinery [3]. Company Focus and Strategy - Electra Battery Materials is focused on constructing North America's only cobalt sulfate refinery, aiming to enhance the domestic supply chain for critical minerals and reduce reliance on foreign sources [4]. - The company also holds significant land in Idaho's Cobalt Belt, positioning itself as a key player in North American cobalt and copper production [4]. - Electra is exploring black mass recycling to recover critical materials from end-of-life batteries and is evaluating growth opportunities in nickel refining and other battery materials [5].

Core Insights - Electra Battery Materials Corporation has awarded a contract worth US$6.1 million (C$8.3 million) to EXP Services Inc. for engineering, project management, and construction management services for its Ontario battery materials refinery project [1] - The partnership with EXP is aimed at enhancing project execution capabilities as Electra moves towards the final phase of its cobalt sulfate refinery development, which is expected to reach mechanical completion and commissioning in 2027 [2][3] Company Developments - Electra is focused on commissioning its cobalt sulfate refinery in 2027, which is positioned as a strategic asset to support North America's military and industrial base amid increasing demand for critical minerals [3] - The refinery, located in Temiskaming Shores, Ontario, is the only facility of its kind under development in North America, with significant construction milestones already achieved [3] - The company is targeting mechanical completion of the refinery in the first half of 2027, with an expected annual production of 5,100 tonnes of battery-grade cobalt sulfate, with plans for expansion to 6,500 tonnes [4] Industry Positioning - Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries, focusing on onshoring critical minerals refining to reduce reliance on foreign supply chains [5] - The company also holds significant land in the Idaho Cobalt Belt, positioning it as a potential cornerstone for North American cobalt and copper production [5] - Additionally, Electra is exploring black mass recycling opportunities to recover lithium and other critical minerals from end-of-life batteries, while evaluating growth opportunities in nickel refining [6]

Core Insights - Electra Battery Materials Corporation is advancing the construction of North America's first cobalt sulfate refinery, which is a key part of its strategy to enhance the critical minerals supply chain in North America [1][7]. Construction Progress - Construction crews have completed the installation of exterior pipe racks connecting various components of the refinery, with ongoing work focused on civil, structural, concrete, and tankage installations [4]. - The project is progressing well, with construction financing and permits secured, and most long-lead equipment already obtained [5]. Strategic Importance - The cobalt sulfate refinery is crucial for building a resilient North American supply chain for critical minerals, aligning with government and industry efforts to secure domestic processing capacity amid geopolitical changes [7]. - Once operational, the facility is expected to produce battery-grade cobalt, enhancing supply reliability for North American markets [7]. Future Plans - The company is also exploring black mass recycling opportunities to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other downstream battery materials [9].

Core Viewpoint - Electra Battery Materials Corporation has initiated an At the Market Offering (ATM) to raise up to US$5,500,000 through the sale of common shares, with a cash commission of 3.0% payable to H.C. Wainwright & Co. for their services [1][4]. Group 1: Offering Details - The ATM is established under a previously announced agreement with H.C. Wainwright & Co., allowing the company to sell common shares at its discretion [1]. - The offering is registered in the United States under a registration statement filed with the SEC, which was declared effective on December 11, 2025 [2]. - Sales of common shares will occur at market prices on the Nasdaq Stock Market, and no shares will be sold on the TSX Venture Exchange or other Canadian markets [3]. Group 2: Use of Proceeds - The company intends to utilize the net proceeds from the ATM as outlined in the Prospectus [4]. Group 3: Company Overview - Electra Battery Materials is focused on advancing North America's critical minerals supply chain for lithium-ion batteries, with a primary project being the construction of North America's only cobalt sulfate refinery [6]. - The company holds significant land in Idaho's Cobalt Belt, positioning itself as a key player in North American cobalt and copper production [6]. - Electra is also exploring black mass recycling to recover critical materials from end-of-life batteries and evaluating growth opportunities in nickel refining and other battery materials [7].

Core Insights - Electra Battery Materials Corporation and Positive Materials Inc. have signed a Supply Chain Cooperation Agreement to enhance North America's lithium-ion battery and energy storage industries [1][2] - The partnership aims to establish a North American commercial and technical relationship for cobalt sulfate production, emphasizing ethical sourcing and strengthening the critical minerals supply chain [2][3] Company Overview - Electra is constructing North America's first battery-grade cobalt sulfate refinery, which is part of a strategy to localize critical minerals refining and reduce reliance on foreign supply chains [7] - The company is also involved in black mass recycling to recover critical materials from end-of-life batteries and is exploring growth opportunities in nickel refining and other battery materials [8] Project Details - Project Positive aims to build a sustainable pCAM manufacturing facility in Belledune, New Brunswick, utilizing proven technology [10] - The collaboration will focus on integrating Electra's cobalt sulfate with Positive's pCAM operations, aligning product specifications to meet customer needs [5][6] Strategic Goals - The agreement reflects a commitment to process ethically sourced battery raw materials domestically, enhancing the resilience and competitiveness of North America's critical minerals supply chain [2][4] - Electra's engagement with downstream clients and innovators ensures alignment across the value chain from mine to market, contributing to North America's broader battery materials strategy [6]

Core Insights - Electra Battery Materials Corporation is actively participating in strategic industry events to foster relationships with investors, policymakers, and industry partners focused on developing a secure domestic critical minerals supply chain [1][3]. Upcoming Engagements - Electra will engage in the SelectUSA Investment Summit on November 17, connecting Canadian companies with U.S. Economic Development Organizations to explore cross-border investment opportunities [6]. - The company will participate in the Ontario Critical Minerals Forum on November 18-19, where it will discuss building a circular battery materials supply chain and the role of Indigenous participation in sustainable clean energy [6]. - During Benchmark Week from November 18-20, Electra leadership will meet with global industry and investment leaders to discuss market trends and strategies for enhancing onshore refining and recycling capacity [6]. - Electra's CEO will attend the Northern Miner – International Metals Symposium in London from November 30 to December 1, highlighting Ontario's role in the global battery materials landscape and discussing collaborative opportunities with investors and strategic partners [6]. Company Overview - Electra is focused on constructing North America's only cobalt sulfate refinery as part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains [4]. - The company holds a significant land package in Idaho's Cobalt Belt, positioning itself as a potential cornerstone for North American cobalt and copper production [4]. - Electra is advancing black mass recycling opportunities to recover critical materials from end-of-life batteries and is evaluating growth opportunities in nickel refining and other downstream battery materials [5].

Financial Performance - Net loss for the three months ended September 30, 2025, was CAD 4,735,000, compared to a net loss of CAD 2,941,000 for the same period in 2024, reflecting an increase in loss of approximately 60.9%[5] - For the nine months ended September 30, 2025, the net loss was CAD 19,420,000, slightly improved from CAD 20,781,000 in the same period of 2024, indicating a decrease in loss of about 6.5%[5] - The operating loss for the three months ended September 30, 2025, was $4,058,000, compared to an operating loss of $3,505,000 for the same period in 2024[102] - For the nine months ended September 30, 2025, the total operating loss was $11,297,000, compared to $10,267,000 for the same period in 2024[103] - The company reported a loss before taxes of $19,420,000 for the nine months ended September 30, 2025, compared to a loss of $20,781,000 for the same period in 2024[103] Revenue and Assets - For the three months ended September 30, 2025, the Company reported revenue of $1,065 million, a 31% increase from $812 million in the same period of 2024[105] - For the nine months ended September 30, 2025, revenue reached $2,395 million, up 44% from $1,649 million in the prior year[105] - Total assets decreased to CAD 148,082,000 as of September 30, 2025, down from CAD 151,447,000 as of December 31, 2024, representing a decline of approximately 2.4%[3] Liabilities and Equity - Current liabilities increased significantly to CAD 88,098,000, compared to CAD 71,973,000 as of December 31, 2024, marking an increase of about 22.5%[3] - Shareholders' equity decreased to CAD 48,035,000 as of September 30, 2025, down from CAD 64,318,000 as of December 31, 2024, a decline of approximately 25.4%[3] - Total liabilities as of September 30, 2025, amounted to $94,277, with convertible notes payable accounting for $65,867[80] Cash Flow and Financing - Cash and cash equivalents decreased to CAD 3,044,000 as of September 30, 2025, from CAD 3,717,000 as of December 31, 2024, a decrease of about 18.1%[3] - Cash used in operating activities for the nine months ended September 30, 2025, was CAD 6,917, an improvement from CAD 10,891 in the prior year[10] - The company reported a cash inflow of CAD 7,339 from financing activities for the nine months ended September 30, 2025, compared to CAD 5,199 in the same period of 2024[10] - The Company closed a financing of $34,500 million on October 22, 2025, issuing 46,000,000 units at a price of $0.75 per unit[107] Government Support and Loans - The company received a government loan of CAD 5,267 from FedNor in 2024 to support its operations[19] - The balance of Government Loans as of September 30, 2025, is $5,008, and Government Grants total $3,124, resulting in a combined total of $8,132[38] Shareholder and Stock Options - The weighted average number of common shares outstanding increased to 17,809,773 for the three months ended September 30, 2025, compared to 14,317,536 for the same period in 2024, an increase of about 24.8%[5] - The Company issued 17,962,172 common shares as of September 30, 2025, an increase from 14,809,197 shares as of December 31, 2024, following a share consolidation[54] - The company granted 125,000 stock options at an exercise price of $2.60, with a fair value of $190, during the nine months ended September 30, 2025[61] Commitments and Future Plans - As of September 30, 2025, the total commitments amount to $139,293,000, including convertible notes payments of $122,186,000[97] - The company is constructing an expanded hydrometallurgical cobalt refinery in Ontario, Canada, and is exploring various optimizations for a recycled battery material program[15] Market and Financial Instruments - The fair value of the 2027 convertible notes is influenced by an equity volatility of 65%, with a potential increase of $207 or a decrease of $234 if volatility changes by 10%[88] - The fair value of the 2028 warrants is estimated using an equity volatility of 64%, with a potential increase of $57 or a decrease of $134 if volatility changes by 10%[90]