Mr. Paolo Toscano reports

ELECTRA PROVIDES CONSTRUCTION PROGRESS UPDATE ON NORTH AMERICA'S ONLY COBALT SULFATE REFINERY

Electra Battery Materials Corp. has provided a construction progress update for its cobalt sulphate refinery project in Ontario. The project continues to advance beyond detailed engineering, with procurement and installation activities progressing in line with the company's previously announced construction plan and budget.

The refinery is expected to become North America's only battery-grade cobalt sulphate production facility, with mechanical completion targeted for the second quarter of 2027 and commissioning activities beginning in advance of that milestone.

"Steady progress continues at the North American refinery project site," said Paolo Toscano, vice-president, projects and engineering. "With early works now largely complete, including key infrastructure installations and engineering milestones, the project is well positioned to transition into its next phase of construction."

Engineering work across several process and infrastructure systems is delivering results. The fire suppression system design has been completed as well as the piping and instrumentation design (P&ID). The finalized P&ID is now being integrated into the refinery's 3-D plant model. Electra also completed a comprehensive tailings area test work program, including test pits, boreholes and laboratory testing of site samples. The resulting data have been delivered to the engineering team to support detailed design of the tailings management area.

Within the refinery's solvent extraction (SX) building, survey and layout work has been completed for anchor bolt placement supporting the pregnant leach solution (PLS) filter platform, and the raffinate tanks have been positioned, grouted and anchored in place. These steps establish key equipment foundations within the SX circuit ahead of coming mechanical installation activities.

Installation of several effluent tanks has now been completed, expanding the site's process water and effluent management infrastructure and building on earlier completed site works, including installation of structural pipe racks connecting major process buildings, clarifier tank installations, and upgrades to site power infrastructure and construction support facilities.

Purchase orders for key process systems have been awarded, including for the plant control system, bag breaker system, neutralization clarifier, SX strip solution filter and PLS filter platform. In total, these awards represent approximately $1.9-million in equipment and installation packages and further position the project for coming construction activities.

Procurement efforts build on previously disclosed progress, with the majority of major mechanical and electrical equipment already secured and delivered to site, significantly reducing supply chain risk as construction advances.

Earlier this year, Electra's board of directors approved a $73-million (U.S.) construction budget and execution schedule designed to advance the refinery through mechanical completion in the second quarter of 2027, with commissioning activities beginning in late 2026 and production ramp-up expected in 2027.

Once operational, the facility will establish a critical piece of North America's battery materials supply chain by producing battery-grade cobalt sulphate for the region's growing electric vehicle and energy storage markets.

Nasdaq notice update

The company also announces that, on March 16, 2026, it received a notice from The Nasdaq Stock Market LLC stating that the company is not in compliance with the minimum bid price requirement of $1 (U.S.) per share under Nasdaq's Listing Rule 5550(a)(2) based upon the closing bid price of the company's common shares for the 30 consecutive business days prior to the date of the notice.

The notice has no immediate effect on the listing or trading of the company's common shares on the Nasdaq Capital Market, and the company's operations are not affected by the receipt of the notice. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has 180 calendar days from the date of the notice, or until Sept. 14, 2026, to regain compliance with the minimum bid requirement, during which time the company's common shares will continue to trade on Nasdaq.

If, at any time before Sept. 14, 2026, the bid price of the common shares closes at or above $1 (U.S.) per share for a minimum of 10 consecutive business days, the company will regain compliance with the minimum bid requirement. If the company does not regain compliance with the minimum bid requirement by Sept. 14, 2026, the company may be eligible, upon satisfaction of certain Nasdaq listing requirements, for an additional period of 180 calendar days to regain compliance.

The company will closely monitor the situation and is considering various strategies to regain compliance with the minimum bid requirement under Nasdaq's listing rules. This notice does not have any impact on the listing of the company's common shares on the TSX Venture Exchange.

About Electra Battery Materials Corp.

Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries. The company's primary focus is constructing North America's only cobalt sulphate refinery, as part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to the refinery, Electra holds a significant land package in Idaho's Cobalt belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production.

Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials.

We seek Safe Harbor.