Electra Upsizes At-The-Market Offering

Rhea-AI Summary

Electra (NASDAQ: ELBM) has upsized its At-The-Market offering to an aggregate of US$25,000,000, which includes prior sales of up to US$5,500,000. The ATM allows discretionary sales of common shares through H.C. Wainwright at prevailing market prices in the U.S. Proceeds are intended for working capital and commissioning the Ontario sulfate refinery. The company said existing cash and potential government debt financing are currently expected to fund planned mechanical completion, but assumptions may change.

Positive

• Up to US$25.0M incremental liquidity available
• Proceeds earmarked for refinery commissioning and working capital
• Flexibility to sell shares discretely over time via ATM

Negative

• Potential shareholder dilution from ATM share sales
• Sales priced at market may vary during distribution
• Funding depends on assumptions and possible government debt support

Key Figures

Upsized ATM capacity: US$25,000,000 Prior ATM size: US$5,500,000 Sales agent commission: 3.0% +5 more

8 metrics

Upsized ATM capacity US$25,000,000 Aggregate offering price under 2026 ATM program

Prior ATM size US$5,500,000 Maximum gross proceeds under Dec 11, 2025 prospectus supplement

Sales agent commission 3.0% Cash commission on gross proceeds under ATM agreements

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

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

Illustrative ATM shares 6,474,396 shares Example shares for US$5.5M ATM at US$0.8495 price

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

Recent financing US$34,500,000 Equity financing tied to 2025 debt restructuring

Market Reality Check

Price: $0.8380 Vol: Volume 519,662 is below 2...

low vol

$0.8380 Last Close

Volume Volume 519,662 is below 20-day average 1,160,729, suggesting limited pre-news positioning. low

Technical Price 0.838 is trading below the 200-day MA 1.13 and 90% below the 52-week high 8.70, near the 52-week low 0.77.

Peers on Argus

ELBM was down 0.88% with mixed basic materials peers in momentum: 1 peer down an...

2 Up 1 Down

ELBM was down 0.88% with mixed basic materials peers in momentum: 1 peer down and 2 up. This points to a stock-specific reaction rather than a broad sector move.

Previous Offering Reports

1 past event · Latest: Dec 22 (Negative)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Dec 22	ATM program launch	Negative	-1.9%	Established US$5.5M ATM equity program via H.C. Wainwright.

Pattern Detected

Prior ATM-related offering news led to a modest negative move, indicating some sensitivity to dilution headlines.

Recent Company History

Over recent months, Electra has focused on financing and building its Ontario cobalt sulfate refinery, supported by construction updates and conference participation. On Dec 22, 2025, the company established an ATM facility of up to US$5,500,000, which saw a -1.88% move the next day. Today’s upsized ATM continues that capital-raising theme, leveraging the same Form F-3 framework while the refinery advances toward its targeted 2027 commissioning.

Historical Comparison

-1.9% avg move · Past offering news (ATM launch) produced a -1.88% move. The current upsized ATM extends the same dil...

offering

-1.9%

Average Historical Move offering

Past offering news (ATM launch) produced a -1.88% move. The current upsized ATM extends the same dilution and funding theme for the refinery project.

Financing progressed from establishing a US$5.5M ATM in 2025 to upsizing the program to US$25M in 2026 under the same Form F-3 structure.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-11-24

An effective Form F-3 shelf dated Nov 24, 2025 covers resale of up to 108,836,744 common shares held by existing investors. Electra receives no proceeds from these resales other than any cash from warrant exercises, while continuing to pursue refinery expansion and recycling initiatives.

Market Pulse Summary

This announcement upsizes Electra’s ATM program to US$25M, expanding its flexibility to raise equity...

Analysis

This announcement upsizes Electra’s ATM program to US$25M, expanding its flexibility to raise equity as it advances the Ontario refinery toward planned 2027 commissioning. The move follows a prior US$5.5M ATM and a broader US$50M shelf, all under the same Form F-3 structure. Investors may track actual ATM usage, construction milestones, and balance-sheet updates from future SEC filings to assess dilution versus project progress.

Key Terms

at the market offering, form f-3, registration statement, prospectus supplement, +3 more

7 terms

at the market offering financial

"has upsized its previously announced At the Market Offering Program (the “ATM”)"

An at-the-market offering is a way a company raises cash by selling newly issued shares directly into the open market at prevailing prices, rather than all at once in a single deal. Think of it like turning a faucet on to drip shares into trading at current prices when needed; it gives the company flexibility to raise funds over time but can dilute existing shareholders and potentially affect the stock price, which investors should monitor.

form f-3 regulatory

"pursuant to a 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.

registration statement regulatory

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

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.

prospectus supplement regulatory

"together with the prospectus supplement filed with the SEC on February 20, 2026"

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.

base prospectus regulatory

"including the prospectus contained therein (the “Base Prospectus”)"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

rule 415(a)(4) regulatory

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

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.

nasdaq capital market market

"including sales made directly on or through the Nasdaq Capital Market."

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

AI-generated analysis. Not financial advice.

TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) has announced that it has upsized its previously announced At the Market Offering Program (the “ATM”), pursuant to which the Company may offer and sell, at its discretion and from time to time, through H.C. Wainwright & Co., LLC (“Wainwright”), common shares in the capital of the Company (the “Common Shares”) having an aggregate offering price of up to US$25,000,000. The ATM was established pursuant to an At The Market Offering Agreement (the “ATM Agreement”) entered into with Wainwright and dated June 26, 2025. The US$25,000,000 aggregate offering amount includes the amount of sales previously made by the Company under the ATM Agreement pursuant to the Company’s prospectus supplement dated December 11, 2025, covering sales having an aggregate offering price of up to US$5,500,000.

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 February 20, 2026 (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 Capital Market. 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 will be sold in the ATM on the TSX Venture Exchange or any other trading market in Canada.

The Company intends to use the net proceeds from the ATM for working capital and general corporate purposes, which may include expenditures related to the commissioning of our Ontario, Canada sulfate refinery. Based on our current operating plan and assumptions, we believe that our existing cash, cash equivalents and other sources of liquidity, which may include debt financing provided by government entities, will be sufficient to fund the refinery’s planned mechanical completion, however such plans and assumptions are subject to change.

You can review the Company’s 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. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra’s strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visitwww.ElectraBMC.com.

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 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 timeframes 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 does Electra's upsized US$25,000,000 ATM (ELBM) mean for shareholders?

It increases potential share issuance up to US$25.0 million, which may dilute existing holders. According to the company, sales will be made at prevailing market prices and may be executed from time to time through Wainwright.

How much has Electra already sold under the prior ATM for ELBM?

Electra previously sold up to US$5.5 million under the ATM prior to the upsizing. According to the company, the US$25.0 million aggregate offering amount includes those prior sales.

What will Electra use proceeds from the ELBM ATM for?

Proceeds are intended for working capital and expenditures to commission the Ontario sulfate refinery. According to the company, funds may cover commissioning activities and general corporate needs.

Will Electra's ATM (ELBM) shares be sold on Canadian exchanges?

No; the ATM sales will not occur on the TSX Venture Exchange or other Canadian markets. According to the company, sales are being made in the United States under the SEC registration.

How will Electra price shares sold under the ELBM ATM?

Shares will be distributed at prevailing market prices at the time of each sale, so prices may differ between purchasers. According to the company, transactions qualify as at-the-market offerings under Rule 415.

Does Electra have enough cash to finish the refinery with the ATM proceeds?

The company believes existing cash, equivalents and potential government debt will be sufficient for planned mechanical completion. According to the company, these plans and assumptions are subject to change.