Government of Canada to Fund Electra, Glencore and Talon Metals Study

TORONTO, March 1, 2022 /CNW/ - Electra Battery Materials Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") is pleased to announce a financial commitment of C$250,000 from the Government of Canada in support of a recently announced battery materials park study.

The Battery Materials Park Study was initially announced on February 23^rd 2022 as a partnership with the Government of Ontario, Glencore plc and Talon Metals. Project contributions from all parties total C$950,000 and will be completed in phases during the second and third quarter of 2022. The project will now be expanded to encompass additional ESG studies as well as further engineering and cost studies associated with the construction of a nickel sulfate plant and a battery precursor cathode active materials plant adjacent to Electra's cobalt refinery and recycling plant. The culmination of this work would result in the creation of North America's first integrated, localized and environmentally sustainable battery materials park.

Statement from Trent Mell, CEO:

"We are pleased that the Government of Canada supports our vision of an integrated battery materials park, bringing together chemical refining, battery recycling and cathode precursor production as a means of establishing a world class battery supply chain with an ultra low carbon footprint. The Federal Government has been one of our biggest champions and we are grateful for their support with this collaborative five-party consortium working to build out the missing pieces of the North American battery supply chain.

"Canada is home to an abundance of nickel, North America's only battery grade cobalt refinery and clean hydroelectric power. The goal is to leverage Electra's existing footprint in order to bridge North America's mineral wealth with a growing domestic EV production base, completing the onshoring of the entire electric vehicle value chain and reducing vulnerabilities on foreign supply."

Statement from Michael Insulan, Vice President, Commercial:

"Having the full weight and support from Canada for our ambitions is a clear message to the market that Electra will play a significant role in the evolution of the North American automotive supply chain as the transition to electric vehicles continues. Partnering with Canada, Ontario, Glencore and Talon on this study provides a clear path towards subsequent implementation of the Battery Materials Park project. It is essential for a low-carbon future that we process materials to battery grade specification here in North America."

Electra's strategy is to produce sufficient battery material to supply 1.5 million electric vehicle batteries on an annual basis. The Company's cobalt sulfate facility is on schedule to be commissioned in 2022. The cobalt plant will be the first in Electra's four-phase Battery Materials Park project. In the coming years, Electra intends to build further processing capacity for nickel sulfate, recycling of primary and secondary battery scrap materials and precursor production.

About Electra Battery Materials

Electra is building North America's only fully integrated, localized and environmentally sustainable battery materials park. Leveraging the Company's own mining assets and business partners, the Electra Battery Materials Park will host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA. Electra Battery Materials is an integral part of the North American battery supply chain, providing low-carbon, sustainable and traceable raw materials for the region's fast growing electric vehicle industry.

On behalf of Electra Battery Materials.

Trent Mell
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Electra Battery Materials Corporation

visit www.ElectraBMC.com or contact: Investor Relations, Sabrina Gunness, [email protected], +1.416.900.3891