Slides
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Advancing North America’s Only Cobalt Sulfate Refinery Commercial Production in 2027
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Forward Looking Statements 2 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, trends and opportunities; the state of the cobalt market and global market conditions; the proposed development of the Electra Refinery and Electra Battery Materials Park; the processing of raw material feedstocks; the opportunity to restart the Electra refinery and related targeted metrics; anticipated recovery and earnings levels; the Company’s operations outlook, capital expenditures and allocation; results of exploration activities; potential acquisitions; statements of intention with respect to Electra’s business and operations; successful development of assets; currency fluctuations; government policy, taxation and regulation (including environmental regulation); and the ability to secure financing. This presentation also includes forward-looking statements regarding the approved construction budget and the expected sufficiency of such budget to fund remaining construction activities through mechanical completion; the timing of, and ability to achieve, key project milestones (including award of major contracts, site mobilization, commissioning activities, mechanical completion, commercial production and ramp-up); the expected timing for achieving targeted throughput rates and production volumes; estimated additional capital required to support commissioning, ramp-up and initial working capital; the completion of engineering studies and implementation of incremental capital investments and debottlenecking; the availability of equipment, reagents and other inputs; the availability, timing, cost and continuity of feedstock supply; expectations regarding commercial arrangements and counterparties (including the Company’s agreement with LG Energy Solution); and the availability, timing and receipt of financial support from governmental and other sources. Forward-looking statements are generally identified by the use of words such as “plans,” “expects,” “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “believes,” “suggesting,” or variations of such words, or statements that certain actions, events or results “may,” “could,” “would,” “might,” “will,” “occur” or “be achieved.” All statements other than statements of historical fact are forward-looking statements. Forward- looking statements are based on management’s current expectations and assumptions, including, without limitation: that the Company will be able to execute its construction plan substantially as contemplated; that contractors, suppliers and service providers will perform in accordance with their contractual commitments; that required materials, equipment and labour will be available on acceptable terms and within expected timeframes; that no material changes to project scope, cost estimates, applicable laws or regulatory requirements will occur; that the Company will obtain and maintain all required permits, approvals and authorizations; that sufficient liquidity will be available to meet project and operating requirements, including additional capital required for commissioning, ramp-up and working capital; that commissioning and ramp-up will proceed as expected and the facility will achieve planned operating performance, product specifications and throughput; and that commercial counterparties will perform in accordance with their arrangements. Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown risks and other factors could cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These include, among others: changes in supply and demand for cobalt, nickel and other battery raw materials; results of metallurgical and engineering studies; construction execution and schedule risks (including contractor performance, supply chain constraints, labour availability and unforeseen site or technical conditions); cost estimate and budget risks (including inflation, market pricing changes, scope changes and foreign exchange); financing and liquidity risks (including the timing and availability of grant or loan proceeds, compliance with conditions and covenants, and the ability to obtain additional financing on acceptable terms); commissioning, ramp-up and operational performance risks (including achieving targeted throughput rates, product quality and recovery capabilities); feedstock availability, logistics and pricing risks; risks relating to commercial arrangements and counterparty performance; changes in competitive pressures and industry growth; capital market conditions; geopolitical risks; unexpected geological or environmental conditions; changes in government legislation, taxation and regulation; success in attracting and retaining officers and highly skilled personnel; dependence on management; disruptions to technology networks and operating systems; natural events such as s evere weather, fires, floods and earthquakes; integration of new technology; business and industry trends, including product development initiatives; and risks associated with obtaining necessary licenses or permits. Many of t hese uncertainties and contingencies could cause actual results to differ materially from those anticipated in forward-looking statements. There can be no assurance that such statements will prove to be accurate, and readers should not place undue reliance on forward-looking statements. All forward-looking statements in this presentation are qualified in their entirety by these cautionary statements and by the risk factors set out in the Company’s Annual Information Form, management’s discussion and analysis and other public disclosure documents filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. This presentation may also contain forward-looking statements attributed to third-party industry sources. Market and industry data included herein have been obtained from publicly available and other sources believed to be reliable; however, the Company has not independently verified such data, analyzed or verified underlying reports or assumptions, and does not make any representation as to their accuracy. This presentation includes certain non-GAAP financial measures or ratios, including EBITDA with respect to projected production from the Company’s Cobalt Sulfate Plant. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers. The Company believes such measures assist investors in evaluating its prospects. Estimates and projections are based on key assumptions, including timing and adherence to construction schedules, commissioning ramp-up curves, operating costs and recovery capabilities. As the plant is not in production, prospective non-GAAP measures may not be reconciled to the nearest comparable IFRS measure, and the equivalent historical non-GAAP measure is nil. This presentation is for informational purposes only, is an overview and does not contain all information that a prospective investor may require. Timelines are for planning purposes only and are subject to material revision as technical reports and assessments are completed. Future project phases are contingent upon completion of preceding phases. Nothing herein constitutes an offer to sell or a solicitation of an offer to buy securities in any jurisdiction. Forward-looking statements apply only as of the date hereof. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
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Structural Gap in North American Refining 3* Planned North American battery gigafactory cobalt direct and indirect demand (NCM 811 chemistry). Source: Electra Battery Materials, 2023 North America 6,500 Finland 16,900 China & Taiwan 133,100 6,500 Other 16,900 Battery grade sulfate capacity (t Co) o Cobalt demand for Precursor Cathode A ctive Materials (PCAM) plant expected to reach up to 180,000t cobalt by 2030* o Finland hosts the only significant cobalt sulfate refining outside of Asia; most is consumed in Europe o Once fully commissioned, Electra’s cobalt sulfate production will be ~27% of the ex- China market share o China has already instituted export bans and tight controls on certain rare earths and critical minerals Global Ex-China Electra will represent 100% of North American cobalt sulfate refining capacity upon commissioning Electra to commission to 5,120t Expansion to 6,500t via crystallizer optimization
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Upstream Secured – Midstream Gap Remains Strategic Context • U.S. and allied governments have intensified engagement with major c obalt-producing nations to secure non-Chinese cobalt units • Strategic transactions and partnerships reinforce Western- aligned supply The Structural Gap • Securing upstream supply does not solve the midstream bottleneck • Battery- grade cobalt refining capacity remains heavily concentrated in Asia • North America has no operating cobalt sulfate refining capacity E lectra’s refinery provides the midstream capability required to convert secure upstream cobalt units into battery-grade cobalt sulfate for North American markets THE PROBLEM 4
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North America’s Only Cobalt Sulfate Refinery 5 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 Infrastructure • US$48M in support from U.S. and Canadian g overnments • Purpose- built for secure, domestic critical minerals processing using responsibly sourced OECD/RMI compliant cobalt • Designed to expand with upstream feedstock and r ecycling over time THE SOLUTION
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Capital Framework Execution Readiness Transition to Operations Construction Plan & Budget 6 • US$73 million construction budget approved by Board of Directors • Reflects updated detailed engineering, contractor input and current market pricing • Funds all remaining construction activities through mechanical completion • Major mechanical and e lectrical equipment procured and delivered • Construction sequencing d efined and baselined • Project controls and cost tr acking systems implemented • Mechanical completion t argeted Q2 2027 • Commissioning and ramp to commercial production in 2027 • Commissioning and ramp c apital estimated at ~US$15 million • Production of 5,120 tonnes annually, with phase 2 expansion to 6,500t Fully permitted brownfield refinery
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Project Schedule o Q1 2026 – A ward of SMPEI contract (structural, mechanical, piping, electrical, and instrumentation) o Q2 2026 – F ull site mobilization o Q4 2026 – E arly commissioning of select utilities and circuits o Q2 2027 – M echanical completion o Q3 2027 – S tart of production ramp -up o Q4 2027 – C ommercial production 7
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Construction Funding & Liquidity Overview 8 ~US$15 Million which includes: • Operational readiness • Commissioning activities • Initial working capital Construction Capital Ramp and Working Capital Construction Budget (to Mechanical Completion) • US$73 Million Committed Capital Sources • US$48 million – Government grants and loans • US$34 million – Equity financing (October 2025) Total Committed Capital • US$82 Million Expected to be managed through available liquidity and customary working capital facilities as operations commence Product working capital anticipated to be supported by tolling framework Construction capital funded with committed funding sources
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Electra’s Execution Strategy Cobalt Refining - 2026-2027 Focus • Commission North America’s only cobalt sulfate re finery • Establish cash flow and operating track record • Anchor commercial relationships through tolling s tructure Margin & Supply Security - Optimization Phase • Enhance unit economics through feedstock o ptimization and commercial contracts • Integrate recycling over time to strengthen margins Platform Expansion - Longer-Term Growth • Expand refining capabilities • Nickel sulfate and cobalt metal production 9
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A Strategic Critical Minerals Asset for North America 10 100% of North American supply 600+ acres Expansion footprint US$73M Construction Budget 2027 Production
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Feedstock and Commercial Framework 11 60% 40% North American Feedstock Market facing and defense contracts Feedstock supply frameworks in place with Glencore and Eurasian Resources Group, with flexibility to incorporate additional sources 01 Long-term tolling framework with LG Energy Solution for 60% of production over the first five years 02 Expressions of interest and non-binding indications of demand at 2x initial nameplate capacity. 04 03 Remaining production available for market- facing OEM and defense customers
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Conversion Margin & Cost Breakdown 12 21% 7% 10% 5% 11% 45% Sodium Hydroxide Sulfuric Acid Other Consumables Gas & ElectricityFixed Costs & G&A* Gross Profit * Excludes corporate overhead, sustaining or growth capital, financing costs, and taxes o Tolling structure anchors gross conversion margin o Limited direct exposure to cobalt price volatility on startup o Reagent pricing exposure actively managed o Margin enhancement potential as throughput stabilizes Steady-state cost structure forecast at nameplate capacity
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1,858 5,120 6,500 2027 2028 2029 Expected Production (cobalt in metric tonnes) 33 2027 2028 2029 7 26 EBITDA1,2 (USD millions) 1. A 2% annual inflation target rate has been applied to all revenue and cost line items. 2. O perating costs and recoveries reflect internal technical estimates (commercially sensitive). See the Forward-Looking Statements slide for additional commentary. Illustrative steady-state EBITDA potential: $30-35M Commissioning to Steady-State EBITDA Profile Key Assumptions US$4.50-5.50/lb gross conversion margin Margin largely independent of cobalt price under tolling framework Expansion in Year 2-3 to 6,500t crystallizer capacity Stand-Alone Asset Assumption, excludes corporate G&A, Iron Creek & other growth projects 13
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Platform Expansion Growth Opportunities 14 Disciplined Growth Optionality
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Scaling the North American Refining Platform 15 Leveraging infrastructure supports a scalable North American refining platform nd establishes a North American hub to decouple supply chain from Chinese dominance. Potential for multi-product refining capabilities could expand Electra’s role as North American supplier of battery materials including cobalt and nickel.
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o The f irst wave of battery scrap will come from cell manufacturing plants o The Ak i Battery Recycling joint venture will source and process lithium-ion battery waste into black mass at a state-of-the-art facility in southern Ontario o Planned S tellantis/LGES and VW/PowerCo battery plants are located on traditional lands of Three Fires’ First Nations shareholders o Advanced b attery shredding will recover key minerals like lithium, nickel, and cobalt, reducing EV supply chain emissions and reliance on foreign sources for critical materials. • Lead the capital resourcing • Secure land for the future facility • Technical and commercial expertise • Refine black mass from future Aki facility 16 Shredding Refining PCAM CAM Cells Consumer Recycling Indigenous JV to Supply Black Mass to Refinery RECYCLING - SHREDDING
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17 Recommissioned brownfield refinery to operate a batch demonstration facility, producing saleable products from recycled batteries 01 Achieved first North American recovery of nickel-cobalt MHP and technical grade lithium carbonate, along with manganese and graphite by-products 02 Completed feasibility-level engineering study defining commercial-scale flow sheet and process design 03 04 Government of Canada funding supporting pilot-scale operations and commercialization pathway Lithium carbonate ~95% of value ~35% of volume Black mass GraphiteNickel & Cobalt in MHP Critical Gap in North America RECYCLING - REFINING
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18 01 02 04 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 infrastructure and permitting framework provide potential capital and schedule advantages Alternative development pathway could include a U.S.-based facility aligned with domestic critical minerals policy and potential funding programs Represents multi-product expansion within established refining platform, leveraging operating expertise and future cobalt refinery cash flow 03 Platform Expansion Optionality NICKEL SULFATE REFINING
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19 10 km Blackbird Iron Creek Ruby Challis Salmon 93 28 Idaho Cobalt Operation Blackpine *USGS 2017 01 03 02 Aligns with U.S. national security objectives for domestic cobalt supply Largest unmined cobalt resources in the U.S., secured permits, scalable projects Exploration and test work underway to evaluate future feedstock potential for Electra’s refinery Idaho Cobalt-Copper – Strategic Upstream Optionality MINING
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o Several cobalt/copper/gold deposits and pr ospects within Electra’s consolidated Idaho Copper Cobalt Properties (over 70,000 ha in size) o 91 fully permitted drill pads for exploration drilling t o expand resources at Iron Creek and is open in all directions o New geological studies at Iron Creek and Ruby Z one to refine drill targets and support future feedstock consideration 20 Category Tonnes Cobalt (%) Cobalt (MIbs) Copper (%) Copper (MIbs) NSR Value (US$) Indicated 4,451,000 0.19 18.4 0.73 71.5 123.65 Inferred 1,231,000 0.08 2.1 1.34 36.5 118.48 Mineral Resource Estimate updated in Company press release dated March 10, 2023, with an NSR cut-off of US$87.00 Mineral Resources Estimate updated March 2023 Drilling at Ruby demonstrated additional resource potential Iron Creek Ruby Idaho Cobalt-Copper Properties MINING
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Management 21 CEO and Director 25+ years in global mining & finance, leading the buildout of North America’s first battery-grade cobalt refinery Trent Mell CFO 30+ years in senior finance leadership, leading Electra’s financial strategy and project financing David Allen VP, Commercial Economist with 20 years in oil, gas, & metals; leading commercial strategy for EV and battery material supply Dr. Michael Insulán, Ph.D VP, Investor Relations & Corporate Development IR and capital markets expert with 15 years in global mining and strategic communications Heather Smiles VP, Metallurgy & Technology 25+ year engineer leading Electra’s refinery expansion & cobalt qualification efforts Dr. George Puvvada, P.Eng. Lead Geoscientist Mining executive and geoscientist with 30+ years of experience; leading Electra’s exploration and growth initiatives across key markets Dr. Frank Santaguida, P.Geo. VP Projects and Engineering 30+ years’ in metals and mining projects; leading Electra’s projects and refinery construction and commissioning Paolo Toscano, P.Eng.
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Board of Directors 22 Lead Director Former CEO, Boreal Agrominerals Inc 35+ years of experience, former Vale & Finning exec, serving on multiple boards & guiding major projects John Pollesel Director VP, Critical & Strategic Minerals, Agnico Eagle Mines 25+ years in mining & finance leading strategic and critical minerals initiatives Alden Greenhouse Director Retired, Rear Admiral, US Navy 30+ years in defense strategy and global operations advancing supply chain resilience and security Gerard Hueber Chairman Former CEO Alpha Metallurgical Resources 20+ years as a seasoned executive in mining and finance driving disciplined growth in critical minerals David Stetson Director MD, Chief Energy & Sustainability Officer, Prologis 20+ years leading global energy & ESG efforts; former President, Schneider Electric Sustainability Susan Uthayakumar Director Former National Security & Intelligence Advisor 30+ years in national security and intelligence leading strategic and defense initiatives Jody Thomas CEO and Director 25+ years in global mining & finance, leading the buildout of North America’s first battery-grade cobalt refinery Trent Mell
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Capital Structure 23 1. As of 02/18/26. Source TMX 2. Combined on the NASDAQ and TSX-V Share Price (TSX-V: ELBM) Analyst Coverage Capitalization and Market Facts1 Ticker NASDAQ & TSX-V ELBM Shares Outstanding 98M Pre-funded warrants 26M Shares I/O inc. Pre-funded warrants 125M 52 Week Range C$1.04-$7.75 / US$0.77-$8.70 Current Share Price1 C$1.17 / US$0.84 Average 30 Day Volume2 38M Market Cap C$114M / US$82M Market Cap inc. Pre-funded warrants C$147M / US$106M $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 10-01-25 10-08-25 10-15-25 10-22-25 10-29-25 11-05-25 11-12-25 11-19-25 11-26-25 12-03-25 12-10-25 12-17-25 12-24-25 12-31-25 1-07-26 1-14-26 1-21-26 1-28-26 2-04-26 2-11-26 2-18-26 ELBM:CA
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From Plan to Production 24 • 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 d efined capital framework • US$48M in government support; fully permitted b rownfield site • Commissioning and ramp to commercial production i n 2027 • Multi- product refining platform with expansion optionality
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Heather Smiles, VP Investor Relations & Corporate Development Info@ElectraBMC.com +1 416 900 3891