Electra Reports Quarterly Update on Capital Markets Activity

Electra paid approximately US$7,000 in commissions on its quarterly at-the-market share distributions.

Rhea-AI Summary

Electra Battery Materials (ELBM) raised approximately US$92,000 in gross proceeds through its at-the-market equity program during the quarter ended September 30, 2026.

The company issued 150,003 common shares at a weighted average price of US$0.6152 per share. Its average issuance price since the program began is US$0.87 per share. Employees purchased 37,341 common shares during the third quarter, with a corresponding 37,341 shares acquired by Electra under its Employee Share Purchase Program. On September 30, Electra granted 112,676 deferred share units to non-employee directors. These units will be settled in common shares when a director leaves the board, subject to the plan’s terms.

Positive

• Minor pointAt-the-market share sales raised approximately US$92,000 in gross proceeds during the quarter ended September 30, 2026.

Negative

• Minor pointIssuance of 150,003 common shares at a weighted average US$0.6152 per share diluted existing holders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Director grants of 112,676 deferred share units will settle in common shares upon board departure, subject to plan terms.
• Minor pointAt-the-market distributions incurred approximately US$7,000 in commissions during the quarter ended September 30, 2026.

Key Figures

Employee share purchases: 37,341 common shares Director deferred share units: 112,676 DSUs ATM program capacity: Up to US$25 million +4 more

Employee share purchases

37,341 common shares

Third quarter under the Employee Share Purchase Program

Director deferred share units

112,676 DSUs

Granted September 30, 2026

ATM program capacity

Up to US$25 million

Common shares from treasury under the ATM program

ATM gross proceeds

Approximately US$92,000

Quarter ended September 30, 2026

ATM shares issued

150,003 common shares

Quarter ended September 30, 2026

ATM weighted average price

US$0.6152 per common share

Quarter ended September 30, 2026

ATM commissions

Approximately US$7,000

Paid in connection with quarter distributions

Key Terms

at-the-market equity program, deferred share units, volume-weighted average price

3 terms

at-the-market equity program financial

"its at-the-market equity program (“ATM”)"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

deferred share units financial

"granted 112,676 deferred share units (“DSUs”)"

Deferred share units are promises that give an executive or director the right to receive company shares or their cash value at a future date, often when they retire or leave the company. Think of them as a paycheck held in a savings account that converts into stock later; they matter to investors because they tie pay to long-term performance, create potential future dilution of shares, and represent a delayed cash or share obligation the company must eventually fulfill.

volume-weighted average price financial

"at the five-day volume-weighted average price"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Oct. 02, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) reported on its capital markets activity for the previous quarter, including activity under its at-the-market equity program (“ATM”) and equity participation by employees and directors.

The Company’s equity participation programs support alignment between employees, directors and shareholders through market-based equity ownership. Under the Company’s Employee Share Purchase Program (“ESP”), a total of 37,341 common shares (“Common Shares”) were purchased by employees during the third quarter, with a corresponding 37,341 Common Shares acquired by the Company in accordance with the program. Employee participation included meaningful purchases by Company management. Approved by shareholders at the Company’s annual general meeting on June 23, 2026, the ESP enables employees to acquire Common Shares. Purchases were made at the five-day volume-weighted average price as of September 30, 2026.

On September 30, 2026, Electra also granted 112,676 deferred share units (“DSUs”) to its non-employee directors under the Company’s Deferred Share Unit Plan. The grants further align the interests of the Board of Directors with those of shareholders. The DSUs were granted based on the market price as of September 30, 2026, and will be settled in Common Shares when a director ceases to serve on the Board, subject to the terms of the plan.

The ATM program, initiated in late 2025, provides the Company with flexibility to issue and sell, from time to time, up to US$25 million of its Common Shares from treasury at the Company’s discretion, pursuant to an agreement with H.C. Wainwright & Co., LLC. During the quarter ended September 30, 2026, the Company generated gross proceeds of approximately US$92,000 through the issuance of 150,003 Common Shares under the ATM on the Nasdaq Stock Market LLC at a weighted average price of US$0.6152 per Common Share. The most recent transaction under the ATM was on August 28, 2026. Since inception, the Company’s average issuance price under the ATM is US$0.87 per Common Share. Commissions of approximately US$7,000 were paid in connection with these distributions during the quarter.

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. For more information, please visit www.ElectraBMC.com.

Contact

Heather Smiles
Vice President, External Affairs & 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Electra raise through its ATM program in the quarter ended September 30, 2026?

Electra raised approximately US$92,000 in gross proceeds by issuing 150,003 common shares at a weighted average price of US$0.6152 per share. Commissions associated with those distributions were approximately US$7,000.

How much stock can Electra sell under its ATM program?

Electra’s at-the-market program permits sales of up to US$25 million of common shares from treasury at the company’s discretion. The program began in late 2025 under an agreement with H.C. Wainwright & Co.

How were Electra employee share purchases priced in the third quarter of 2026?

Employee Share Purchase Program purchases used the five-day volume-weighted average price as of September 30, 2026, an average weighted by trading volume. Shareholders approved the program at the annual general meeting on June 23, 2026.