Electra Establishes At-The-Market Offering

Rhea-AI Summary

Electra Battery Materials (NASDAQ: ELBM) established an At-The-Market (ATM) offering on Dec 22, 2025 to sell common shares for up to US$5,500,000 through H.C. Wainwright & Co. under a June 26, 2025 agreement.

Sales will occur at prevailing market prices under an SEC-declared Form F-3 registration (File No. 333-288364) effective Dec 11, 2025, and a prospectus supplement filed Dec 11, 2025. A 3.0% cash commission on gross proceeds will be paid to Wainwright. No sales will occur on TSX Venture or other Canadian markets. Net proceeds will be used as described in the prospectus.

Positive

• Provides up to $5.5M of accessible capital
• Flexible issuance: at-the-market sales timed to market conditions

Negative

• Share dilution risk from up to $5.5M issuance
• Costs: 3.0% cash commission on gross proceeds

Key Figures

ATM size US$5,500,000 Aggregate offering price under new at-the-market program

ATM commission 3.0% Cash commission to H.C. Wainwright on ATM gross proceeds

Shelf capacity US$50,000,000 Form F-3/A shelf for common shares, warrants and units

ATM component US$5,500,000 Included in Form F-3/A shelf as at-the-market program

Equity financing US$34.5 million October 2025 unit financing noted in filings

Debt restructuring ≈US$40 million Debt restructuring referenced in prospectus supplement summary

Resale registration shares 108,836,744 shares Common shares covered by Form F-3 resale registration

Shares outstanding 93,653,238 shares Common shares outstanding as of Nov 21, 2025

Market Reality Check

$0.9100 Last Close

Volume Volume 679,892 vs 20-day avg 947,473 (relative volume 0.72x), not elevated into this ATM announcement. normal

Technical Price 0.91 is trading below the 200-day MA at 1.18, indicating a pre-news downtrend.

Peers on Argus 2 Up

ELBM was up 8.27% while key peers like GTI (-18.18%) and LITM (-2.15%) were down. Sector scanner showed upside in names like FMST and GRO, but overall moves did not consistently match ELBM, pointing to a stock-specific reaction.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 25	Supply agreement	Positive	+5.2%	Cooperation agreement to integrate ELBM cobalt sulfate with pCAM operations.
Nov 17	Investor outreach	Neutral	-7.3%	Participation in multiple industry forums to engage stakeholders on minerals.
Nov 13	Earnings update	Positive	-6.5%	Q3 2025 filing with financing progress and refinery construction update.
Nov 10	Construction tender	Positive	+5.8%	Major SMPEI tender to advance full construction of cobalt refinery.
Nov 05	Refinery restart	Positive	+7.0%	Reactivation of cobalt sulfate refinery construction with project financing.

Pattern Detected

Recent project and partnership updates (refinery reactivation, construction tenders, supply agreements) have often coincided with positive next-day moves, while the Q3 financial report saw a negative reaction, suggesting sensitivity to financing and balance sheet disclosures.

Recent Company History

Over the last two months, ELBM news has focused on advancing its cobalt sulfate refinery and commercial positioning. On Nov 5, construction reactivation with financing support was followed by a 7.03% gain. A major SMPEI construction tender on Nov 10 and a supply-chain agreement on Nov 25 saw moves of 5.77% and 5.23%, respectively. In contrast, Q3 2025 financials filed on Nov 13 coincided with a -6.52% move. Today’s ATM offering fits into this ongoing funding and build-out narrative.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-11-24

An effective Form F-3 resale registration covers up to 108,836,744 common shares held by existing investors, who may sell from time to time. Electra receives no proceeds from these resales other than any cash paid upon warrant exercises, adding potential secondary supply alongside the newly established ATM program.

Market Pulse Summary

This announcement establishes an ATM facility of up to US$5.5M under an effective Form F-3, adding another capital-raising tool alongside a broader US$50M shelf and prior US$34.5M financing and debt restructuring. Filings highlight substantial registered resale capacity of 108,836,744 shares and risk factors including going-concern and listing challenges. Investors monitoring this story may focus on actual ATM usage, progress at the Ontario refinery, and any updates to financing needs or risk disclosures.

Key Terms

registration statement regulatory

"pursuant to a registration statement on Form F-3"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form f-3 regulatory

"registration statement on Form F-3 (File No. 333-288364)"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

securities and exchange commission regulatory

"with the Securities and Exchange Commission (the “SEC”)"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

prospectus supplement regulatory

"together with the prospectus supplement filed with the SEC"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

rule 415(a)(4) regulatory

"“at-the-market offering” as defined in Rule 415(a)(4)"

Rule 415(a)(4) is a U.S. Securities and Exchange Commission rule that lets a company add more securities to an already effective shelf registration, so those additional shares or bonds can be sold later without filing a completely new registration. For investors it matters because it gives the issuer the flexibility to raise cash quickly—like having an open credit line—while creating the possibility of dilution or changes in supply that can affect share price.

AI-generated analysis. Not financial advice.

TORONTO, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) has established an At the Market Offering (the “ATM”), pursuant to the previously announced At The Market Offering Agreement entered into with H.C. Wainwright & Co., LLC (“Wainwright”) dated June 26, 2025. Under the ATM, the Company may offer and sell, at its discretion and from time to time, through Wainwright, common shares in the capital of the Company (the “Common Shares”) having an aggregate offering price of up to US$5,500,000. A cash commission of 3.0% on the aggregate gross proceeds raised under the ATM will be paid to Wainwright in connection with its services.

The ATM is being made in the United States pursuant to a registration statement on Form F-3 (File No. 333-288364) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission (the “SEC”), and declared effective by the SEC on December 11, 2025, including the prospectus contained therein (the “Base Prospectus”), together with the prospectus supplement filed with the SEC on December 11, 2025 (the “Prospectus Supplement”, and together with the Base Prospectus, the “Prospectus”).  

Sales of Common Shares under the Prospectus, if any, will be made in transactions that are deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through the Nasdaq Stock Market LLC. The Common Shares will be distributed at market prices prevailing at the time of sale. As a result, prices for the Common Shares may vary as between purchasers and during the period of distribution. No Common Shares in the ATM will be sold on the TSX Venture Exchange or any other trading market in Canada.

If the Company chooses to sell Common Shares under the ATM, the Company intends to use the net proceeds of the ATM as set out in the Prospectus. You can review our SEC filings, the Registration Statement and the Prospectus by accessing the SEC’s internet site at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Electra Battery Materials

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 sulfate 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.

Contact
Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
info@ElectraBMC.com 
1.416.900.3891

Neither the 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. All statements, other than statements of historical facts, are forward-looking statements, including statements in this release relating to potential future sales of Common Shares under the ATM, the offering price therefor, and the use of proceeds thereof. 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 are based on certain assumptions, and 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.sedarplus.com and with on EDGAR at www.sec.gov. Although the Company 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, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

FAQ

What is the size and purpose of Electra's Dec 22, 2025 ATM offering (ELBM)?

Electra may sell up to US$5,500,000 of common shares via an ATM to raise capital; net proceeds will be used as described in the prospectus.

Which broker is managing Electra's ATM and what is the fee for ELBM?

H.C. Wainwright & Co. is the agent and will receive a 3.0% cash commission on gross proceeds.

When was Electra's registration statement for the ELBM ATM declared effective by the SEC?

The Form F-3 registration (File No. 333-288364) was declared effective by the SEC on Dec 11, 2025.

Will Electra sell ATM shares on the TSX Venture Exchange for ELBM?

No; the press release states no Common Shares will be sold on the TSX Venture Exchange or other Canadian trading markets.

How will Electra determine the sale price for shares under the ELBM ATM?

Common shares will be sold at prevailing market prices at the time of each sale, so prices may vary during distribution.

Where can investors find the prospectus and registration details for the ELBM ATM?

Investors can review the Form F-3 registration and prospectus on the SEC website (www.sec.gov) using File No. 333-288364.