TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra”, “Company”) today announced that it has received a $5 million investment from the Government of Canada towards the construction of North America’s first cobalt sulfate refinery. Located in Temiskaming Shores, Ontario, the facility will produce approximately five percent of the global supply of battery grade cobalt needed for electric vehicles. The investment will be provided in the form of a grant from the ...

TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company) today provided an update on its battery materials recycling trial taking place at the Ontario refinery complex. Recent optimizations have resulted in additional improved recoveries of lithium, nickel, cobalt and other critical minerals, further bolstering the quality of saleable products. At this time, the plant-scale black mass recycling trial is largely complete, and the Company is compi ...

Electra Battery Materials Corporation (NASDAQ:ELBM) Q3 2023 Earnings Conference Call November 17, 2023 10:00 AM ET Company Participants Joe Racanelli - Vice President-Investor Relations Trent Mell - Chief Executive Officer Peter Park - Chief Financial Officer Mark Trevisiol - Vice President, Project Development Conference Call Participants Matthew O'Keefe - Cantor Fitzgerald David Talbot - Red Cloud Securities Operator Thank you for standing by. This is the conference operator. Welcome to the Electra Third ...

Exhibit 99.1 ELECTRA BATTERY MATERIALS CORPORATION (FORMERLY FIRST COBALT CORP.) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED) (EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS) ELECTRA BATTERY MATERIALS CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2023 (UNAUDITED) (expressed in thousands of Canadian dollars) | | | September 30, | | December 31, | | --- | --- | --- | --- | --- | | | ...

Electra Battery Materials Corporation (NASDAQ:ELBM) Q2 2023 Earnings Conference Call August 18, 2023 10:00 AM ET Company Participants Joe Racanelli - Vice President-Investor Relations Trent Mell - Chief Executive Officer Peter Park - Chief Financial Officer Mark Trevisiol - Vice President, Project Development Conference Call Participants Heiko Ihle - H.C. Wainwright Gordon Lawson - Paradigm Capital Inc. Jake Sekelsky - Alliance Global Partners Surya Sankarasubramanian - Red Cloud Securities Matthew O'Keefe ...

Financial Performance - The company reported a net income of CAD 12,002,000 for the three months ended June 30, 2023, compared to a net income of CAD 7,534,000 for the same period in 2022, reflecting a year-over-year increase of 59.5%[4] - Operating loss for the six months ended June 30, 2023, was CAD 8,327,000, compared to CAD 6,378,000 for the same period in 2022, indicating an increase in losses of 30.6%[4] - As of June 30, 2023, Electra Battery Materials Corporation reported a net loss of CAD 9,976,000 for the period[6] - The company reported a net loss of $9,976 for the six months ended June 30, 2023, compared to a net income of $9,864 in the same period of 2022[72] - The basic loss per share for the six months ended June 30, 2023, was $(0.28), while the diluted loss per share was also $(0.28)[72] Assets and Liabilities - Total assets increased to CAD 198,977,000 as of June 30, 2023, up from CAD 187,524,000 at December 31, 2022, representing a growth of 6.5%[2] - The company’s total liabilities rose to CAD 79,840,000 as of June 30, 2023, compared to CAD 61,015,000 at December 31, 2022, marking an increase of 30.8%[2] - Shareholders' equity decreased to CAD 119,137,000 as of June 30, 2023, down from CAD 126,509,000 at December 31, 2022, a decline of 5.8%[2] - As of June 30, 2023, the accumulated deficit increased to CAD 190,755,000 from CAD 180,779,000 at the end of 2022[6] - The balance of long-term government loans payable was $4,159 as of June 30, 2023, compared to $3,777 on December 31, 2022, representing an increase of approximately 10.1%[44] Cash Flow and Financing - Cash and cash equivalents decreased to CAD 6,228,000 as of June 30, 2023, down from CAD 7,952,000 at December 31, 2022, a decline of 21.7%[2] - The company reported cash flows used in operating activities of CAD 4,997,000 for the six months ended June 30, 2023, compared to CAD 8,803,000 for the same period in 2022, a decrease of 43.5%[5] - The company completed a private placement on August 11, 2023, raising gross proceeds of CAD 21,500,000, consisting of CAD 16,500,000 from a brokered placement and CAD 5,000,000 from a non-brokered placement[13] - Electra is actively pursuing various financing alternatives, including equity and debt financing, to enhance liquidity and capital resources[13] - The company does not have sufficient financial resources to complete the construction and final commissioning of the refinery without additional financing in 2023 and 2024[11] Capital Expenditures and Investments - The total capital costs for the refinery complex under construction are estimated to be between CAD 155,000,000 and CAD 167,000,000, with approximately CAD 81,700,000 spent as of June 30, 2023[11] - The carrying value of property, plant, and equipment increased to $100,184 as of June 30, 2023, up from $82,288 on December 31, 2022, reflecting a growth of approximately 21.8%[26] - Capitalized development costs for the period ended June 30, 2023, totaled $14,978, a decrease from $64,080 as of December 31, 2022[27] Shareholder Information - The weighted average number of shares outstanding (basic) increased to 35,972,480 for the three months ended June 30, 2023, compared to 32,069,929 for the same period in 2022, an increase of 12.0%[4] - The balance of common shares increased from 35,185,977 on December 31, 2022, to 35,635,073 on June 30, 2023[6] - The total number of warrants increased from 3,464,177 at the end of 2022 to 13,279,204 by June 30, 2023, with no warrants exercised during the period[66] - The company issued 10,796,054 warrants in conjunction with 2028 Notes during the six months ended June 30, 2023[67] Strategic Initiatives - The company initiated a strategic business review process to evaluate potential strategic alternatives to maximize shareholder value[13] - The company is exploring its Idaho mineral properties as a potential future source of North American cobalt and copper[14] Other Financial Metrics - The company incurred CAD 1,291,000 in salary and benefits expenses for the three months ended June 30, 2023, compared to CAD 529,000 for the same period in 2022, an increase of 143.5%[4] - The company recorded a foreign exchange gain of $2,020 for the three months ended June 30, 2023, compared to a loss of $(342) in the same period of 2022[71] - The company incurred a fair value gain of $21,945 on convertible notes payable and warrants for the six months ended June 30, 2023[53]

Financial Data and Key Metrics Changes - At the end of Q1 2023, the company had approximately $12.9 million in cash and marketable securities, an increase from $8.4 million at the end of the previous quarter [12] - The company experienced a one-time loss recognition of $19.9 million due to the settlement of the 2026 notes and the creation of the 2028 notes, primarily driven by the fair valuation method used [15] Business Line Data and Key Metrics Changes - The company closed a convertible debt offering generating proceeds of $14 million, which was used to retire old debt and fund ongoing projects [8] - The black mass scoping study indicated potential EBITDA of approximately $12.6 million in year one and $9.9 million in year two from processing 2,500 tonnes of recycled material per year [23] Market Data and Key Metrics Changes - The outlook for the EV battery market remains extremely bullish, bolstered by the US Inflation Reduction Act and other incentives across North America [28] - The company noted that access to capital has become considerably more challenging due to tougher equity markets for small caps and higher interest rates [27] Company Strategy and Development Direction - The company is committed to completing the refinery project and capitalizing on its first-mover advantage in the black mass recycling market [28] - A strategic review has been launched to evaluate potential alternatives to address the funding shortfall for the refinery project [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the construction of the refinery is currently stalled due to cash issues, but once funding is secured, completion could take approximately 14 months [55] - The company is focused on managing capital and expenditures while preparing to resume construction once the remaining capital is lined up [45] Other Important Information - The company has developed a sustainability framework in partnership with stakeholders, focusing on climate change, human rights, and health and safety [10] - The black mass trial project has generated considerable interest, and the company is looking to build a black mass operation using existing refinery infrastructure at an estimated cost of approximately $6 million [48] Q&A Session Summary Question: What is the timeline for completing the refinery once funding is secured? - Management indicated that a conservative estimate for completion might be around 14 months, depending on funding alignment and crew availability [55] Question: What are the potential funding sources being considered? - Management mentioned discussions with various partners, including traditional lenders and automakers, to secure funding for the refinery project [56] Question: How does the $6 million CapEx for the black mass operation translate into EBITDA? - Management explained that the $6 million investment is expected to generate significant cash flow quickly due to leveraging existing infrastructure, which minimizes capital expenditure [57][59] Question: Will the completion of the refinery be necessary for engaging in black mass processes? - Management clarified that the refinery is operational and can process material concurrently with the black mass project, allowing for quicker cash flow generation [61] Question: What is the company's approach to the Three Fires agreement? - The company is collaborating with Three Fires to build shredding capabilities and secure a captive feed source, which aligns with their strategic goals [97]

Electra Q1 Earnings Call Presentation May 11, 2023 Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements and forward-looking information made by, or on behalf of, the Company. There can be no assurance that forward-looking statements and forward-looking information will prove to be accurate, as actual results and future events could differ materially from thos ...

[Condensed Interim Consolidated Financial Statements](index=1&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2023, Electra's total assets increased to **C$198.8 million** from **C$187.5 million** at year-end 2022, driven by growth in property, plant, and equipment related to refinery construction. Total liabilities rose significantly to **C$92.3 million** from **C$61.0 million**, primarily due to the issuance of new long-term convertible notes. Consequently, total shareholders' equity decreased to **C$106.5 million** from **C$126.5 million**, reflecting the net loss for the period Financial Position Summary (in thousands of CAD) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$198,766** | **$187,524** | | Cash and cash equivalents | $11,229 | $7,952 | | Property, plant and equipment | $93,190 | $82,288 | | **Total Liabilities** | **$92,295** | **$61,015** | | Long-term convertible notes payable | $56,699 | $- | | **Total Shareholders' Equity** | **$106,471** | **$126,509** | - The company's financial position reflects ongoing investment in its refinery, financed through a significant increase in convertible debt, which has also led to a reduction in shareholder equity due to operating losses[2](index=2&type=chunk) [Condensed Interim Consolidated Statements of Income (Loss) and Other Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Income%20(Loss)%20and%20Other%20Comprehensive%20Income%20(Loss)) For the three months ended March 31, 2023, the company reported a net loss of **C$21.8 million**, a stark contrast to the **C$2.3 million** net income in the same period of 2022. The loss was primarily driven by a **C$16.3 million** finance cost related to convertible notes and increased operating expenses, particularly in salaries and benefits. This resulted in a basic loss per share of **C$0.61**, compared to an income of **C$0.08** per share in Q1 2022 Q1 Income (Loss) Summary (in thousands of CAD, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Operating loss | $(3,808) | $(2,474) | | Finance costs - convertible notes | $(16,319) | $3,980 | | **Net income (loss)** | **$(21,803)** | **$2,330** | | **Basic income (loss) per share** | **$(0.61)** | **$0.08** | | Diluted loss per share | $(0.61) | $(0.04) | - The significant swing from net income to a substantial net loss year-over-year is mainly attributable to non-cash finance costs associated with the company's convertible note financing arrangement[4](index=4&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2023, cash and cash equivalents increased by **C$3.3 million** to **C$11.2 million**. Cash used in operating activities was **C$1.0 million**, and **C$12.2 million** was used in investing activities, primarily for additions to property, plant, and equipment. These outflows were offset by **C$16.5 million** in net cash provided by financing activities, which included proceeds from a new convertible notes issuance, partially used to repay previous notes Q1 Cash Flow Summary (in thousands of CAD) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Cash Flows used in operating activities | $(965) | $(3,504) | | Cash Flows used in investing activities | $(12,247) | $(5,086) | | Cash Flows provided by financing activities | $16,486 | $1,620 | | **Changes in cash during the period** | **$3,274** | **$(6,970)** | - The company is heavily reliant on financing activities to fund its capital-intensive refinery construction, as shown by the **C$12.2 million** in PP&E additions and the **C$16.5 million** net cash from financing[5](index=5&type=chunk) [Condensed Interim Consolidated Statements of Shareholders' Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity decreased from **C$126.5 million** at the end of 2022 to **C$106.5 million** as of March 31, 2023. The primary driver for this **C$20.0 million** reduction was the net loss of **C$21.8 million** for the period. This was slightly offset by share-based payment expenses and shares issued upon the conversion of convertible notes Changes in Shareholders' Equity (in thousands of CAD) | Description | Amount | | :--- | :--- | | Balance – December 31, 2022 | $126,509 | | Net loss for the period | $(21,803) | | Share based payment expense | $218 | | Directors fees paid in DSUs | $885 | | Shares issued for Convertible Notes Conversion | $662 | | **Balance – March 31, 2023** | **$106,471** | [Notes to the Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Note 1: Nature of Operations](index=6&type=section&id=1.%20Nature%20of%20Operations) Electra Battery Materials Corporation is focused on building a North American integrated battery materials complex for the electric vehicle supply chain, including constructing a hydrometallurgical refinery. The financial statements are prepared on a going concern basis, but the company acknowledges a material uncertainty. It currently lacks sufficient financial resources to complete the refinery's construction and commissioning, requiring additional financing in 2023 and 2024 to continue operations - The company's core business is producing battery materials (cobalt, nickel, recycled materials) for the EV supply chain[7](index=7&type=chunk)[9](index=9&type=chunk) - A material uncertainty exists regarding the company's ability to continue as a going concern. It needs to raise significant additional capital to complete its refinery project and fund operations[11](index=11&type=chunk)[12](index=12&type=chunk) - Cash requirements for the refinery expansion are now estimated to be significantly higher than the previous estimate of **C$100-105 million**[11](index=11&type=chunk) [Note 2: Significant Accounting Policies, Estimates, and Basis of Preparation](index=7&type=section&id=2.%20Significant%20Accounting%20Policies,%20Estimates,%20and%20Basis%20of%20Preparation) The condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), specifically IAS 34, Interim Financial Reporting. The accounting policies are consistent with the most recent annual statements, with the exception of new policies and valuation estimates related to the Convertible Note Arrangement that closed in February 2023. The valuation of these notes and related warrants involves significant estimation - Financial statements adhere to IFRS and IAS 34 standards[14](index=14&type=chunk) - New accounting policies and significant estimates were introduced for the Convertible Note Arrangement that closed on February 13, 2023[14](index=14&type=chunk)[18](index=18&type=chunk) [Note 4: Property, Plant and Equipment and Capital Long-Term Prepayments](index=9&type=section&id=4.%20Property,%20Plant%20and%20Equipment%20and%20Capital%20Long-Term%20Prepayments) The net book value of Property, Plant, and Equipment (PP&E) increased to **C$93.2 million** from **C$82.3 million** at year-end 2022. This increase is primarily due to **C$10.2 million** in additions to construction in progress for the refinery. During Q1 2023, the company capitalized **C$9.0 million** in development costs and **C$2.0 million** in borrowing costs related to the refinery project. Capital long-term prepayments for refinery equipment decreased to **C$2.4 million** PP&E Net Book Value (in thousands of CAD) | Date | Net Book Value | | :--- | :--- | | Dec 31, 2022 | $82,288 | | Mar 31, 2023 | $93,190 | - In Q1 2023, capitalized costs for the refinery project included **C$9,023** in development costs and **C$1,989** in borrowing costs[25](index=25&type=chunk) - Most of the company's PP&E assets relate to the refinery and are pledged as security for the convertible notes arrangement[24](index=24&type=chunk) [Note 10: Convertible Note Arrangement](index=13&type=section&id=10.%20Convertible%20Note%20Arrangement) On February 13, 2023, the company completed a major refinancing, issuing **C$68.0 million** (**US$51.0 million**) of new **8.99%** senior secured notes due 2028. Proceeds were used to repurchase and cancel the existing **US$36 million** notes due 2026. This transaction was treated as an extinguishment of the old debt and recognition of new debt, resulting in a loss of **C$19.9 million**. The new financing package also included **10.8 million** warrants and a royalty agreement. The company must maintain a minimum liquidity of **US$2.0 million** under the new terms - Issued **C$68.0M** (**US$51.0M**) of **8.99%** senior secured notes due Feb 2028, replacing the previous **6.95%** notes due 2026[40](index=40&type=chunk) - The refinancing resulted in a **C$19.9 million** loss on extinguishment of the 2026 notes and recognition of the 2028 notes[43](index=43&type=chunk)[44](index=44&type=chunk) - The new notes are secured by substantially all of the company's assets and require maintaining a minimum liquidity balance of **US$2.0 million**[49](index=49&type=chunk) Finance Costs - Convertible Notes (in thousands of CAD) | Description | Q1 2023 | | :--- | :--- | | Loss on extinguishment of 2026 Notes | $(19,944) | | Gain (loss) on financial derivative liability - 2026 Notes | $(5,076) | | Fair value gain on new convertible notes & warrants | $8,701 | | **Total Finance Costs** | **$(16,319)** | [Note 12: Share Based Payments](index=16&type=section&id=12.%20Share%20Based%20Payments) The company manages a long-term incentive plan including stock options, RSUs, DSUs, and PSUs. In Q1 2023, it granted **366,319** stock options and **286,848** RSUs. The total number of warrants outstanding increased significantly to **13.3 million** from **3.5 million** at year-end, primarily due to the issuance of **10.8 million** warrants in conjunction with the February 2023 convertible note financing - Granted **366,319** stock options to employees with an exercise price of **$2.40** per share[56](index=56&type=chunk) - Issued **10,796,054** warrants in conjunction with the 2028 Notes offering, with a five-year term and an exercise price of **US$2.48**[41](index=41&type=chunk)[61](index=61&type=chunk) Warrants Outstanding | Date | Number of Warrants | | :--- | :--- | | Dec 31, 2022 | 3,464,177 | | Mar 31, 2023 | 13,279,204 | [Note 15: Fair Value Measurements](index=22&type=section&id=15.%20Fair%20Value%20Measurements) The company categorizes its financial instruments measured at fair value into a three-level hierarchy. Significant liabilities, including convertible notes payable (**C$54.4M**) and associated warrants (**C$11.0M**), are classified as Level 3. Their valuation relies on unobservable inputs such as equity volatility (**56%**) and credit spread (**30.1%**), making their fair value sensitive to changes in these assumptions - Convertible notes payable and warrants are classified as Level 3 fair value measurements due to reliance on significant unobservable inputs[69](index=69&type=chunk)[70](index=70&type=chunk) - Key unobservable inputs for valuing the convertible notes are equity volatility (**56%**) and credit spread (**30.1%**). A **10%** change in volatility could impact fair value by approximately **C$2.7-2.8 million**[72](index=72&type=chunk)[73](index=73&type=chunk) - Key unobservable input for valuing the warrants is equity volatility (**56%**). A **10%** change in volatility could impact fair value by approximately **C$1.5 million**[74](index=74&type=chunk)[75](index=75&type=chunk) [Note 16: Commitments](index=25&type=section&id=16.%20Commitments) As of March 31, 2023, the company has total commitments of **C$111.7 million**. The largest portion is **C$98.7 million** related to convertible notes payments, assuming they remain outstanding until maturity in 2028. Other significant commitments include **C$4.1 million** for refinery expansion purchases and **C$5.0 million** for government loan repayments Total Commitments as of March 31, 2023 (in thousands of CAD) | Commitment Type | Total Amount | | :--- | :--- | | Purchase commitments | $4,108 | | Convertible notes payments | $98,690 | | Government loan payments | $4,970 | | Royalty payments | $3,958 | | **Total** | **$111,726** | [Note 17: Segmented Information](index=26&type=section&id=17.%20Segmented%20Information) The company reports its results in two segments: Refinery and Corporate & Other. For Q1 2023, the Refinery segment incurred an operating loss of **C$1.3 million**, while the Corporate & Other segment had an operating loss of **C$2.5 million**. The majority of the company's assets (**C$103.2M**) and liabilities (**C$77.9M**) are held within the Corporate & Other segment, which includes exploration assets and corporate financing Segmented Operating Loss for Q1 2023 (in thousands of CAD) | Segment | Operating Loss | | :--- | :--- | | Refinery | $(1,273) | | Corporate & Other | $(2,535) | | **Total** | **$(3,808)** | Segmented Assets and Liabilities as of March 31, 2023 (in thousands of CAD) | Segment | Total Assets | Total Liabilities | | :--- | :--- | :--- | | Refinery | $95,551 | $14,379 | | Corporate & Other | $103,215 | $77,916 | | **Total** | **$198,766** | **$92,295** |

Electra Battery Materials Corporation (NASDAQ:ELBM) Q4 2022 Earnings Conference Call April 5, 2023 10:00 AM ET Company Participants Joe Racanelli - Vice President, Investor Relations Trent Mell - Chief Executive Officer Craig Cunningham - Chief Financial Officer Mark Trevisiol - Vice President, Project Development Conference Call Participants Heiko Ihle - H.C. Wainwright Kate Nakagawa - Cantor Fitzgerald Gordon Lawson - Paradigm Capital Operator Thank you for standing by. This is the conference operator. We ...