Whitebox Advisors LLC and Whitebox General Partner LLC report beneficial ownership of Electra Battery Materials Corp common shares. As of June 30, 2026, they are deemed to beneficially own 10,825,279 Common Shares, representing 9.9% of the class. This position reflects WA clients’ holdings of 6,892,107 Common Shares and warrants that are subject to a 9.9% Beneficial Ownership Limitation blocker. An additional 46,875,293 Common Shares obtainable upon warrant exercise are excluded from beneficial ownership because of this blocker. Voting and dispositive power over the 10,825,279 shares is shared, with no sole power reported.
Electra Battery Materials Corporation reported net income of $9,028 for Q2 2026 and $37,170 for the first half of 2026, reversing prior-year losses mainly due to a $48,541 non‑cash gain from changes in the fair value of US warrants. Core operations still generated an operating loss of $7,864 for the six months.
Total assets were $196,256 at June 30, 2026, including cash and cash equivalents of $35,872. Shareholders’ equity increased to $97,300 from $46,250 at year‑end, supported by warrant fair‑value movements and equity issuance, while total liabilities declined to $98,956, including a $41,302 term loan and $33,117 of US warrant liabilities.
The company is advancing its Ontario cobalt sulfate refinery under a Board‑approved construction budget of US$73 million, targeting early commissioning in Q4 2026 and commercial production in Q4 2027. Management cites substantial doubt about the company’s ability to continue as a going concern due to recurring operating losses, negative operating cash flows and dependence on additional financing, despite having secured about US$82,000 of aggregate governmental and equity support. Electra also faces a Nasdaq minimum bid‑price deficiency with a compliance deadline of September 14, 2026.
Electra Battery Materials Corporation reports that the U.S. Department of Commerce’s Bureau of Industry and Security issued a temporary final rule under Section 101 of the Defense Production Act restricting exports of domestically produced battery black mass. The rule requires U.S.-generated black mass to be sold to U.S. buyers and remain in the country unless BIS grants an adjustment or exception, and is scheduled to remain in effect for one year.
Electra states that this policy directly aligns with its strategy to develop U.S. refining capacity for nickel and recycled battery materials, potentially improving access to domestic black mass feedstock for its proposed battery-grade nickel refinery in the southeastern United States. The company has demonstrated hydrometallurgical recovery of critical minerals from black mass at its refinery complex north of Toronto and plans to process mixed hydroxide precipitate, mixed sulfide precipitate and, over time, increasing U.S. recycling volumes. Electra intends to participate in the rule’s 90-day public comment process and continues to advance its North American critical minerals platform, including its cobalt sulfate refinery project in Ontario and its Idaho Cobalt Belt properties.
Electra Battery Materials Corporation entered into a first amendment to its senior secured Credit and Guaranty Agreement dated October 22, 2025. The amendment is intended to provide additional flexibility for working capital and government financing initiatives, supporting the company’s ability to finalize related government funding arrangements.
The amendment increases the company’s capacity to incur certain permitted indebtedness and allows liens and payments securing a portion of such government-related debt on a pari passu basis with existing secured lenders, under a defined pari passu arrangement. It also defines “Permitted Working Capital Obligations” as asset-backed working capital facilities with an aggregate original principal amount not to exceed $45,000,000, subject to documentation acceptable to the requisite lenders. All existing guarantees, security and other obligations under the Credit Agreement are reaffirmed and otherwise unchanged.
A related First Lien Intercreditor Agreement sets priority rules among Credit Agreement Obligations, Royalty Agreement Obligations and Ontario IO Loan Obligations, including Principal Caps of US$50,000,000 for Credit Agreement Obligations, US$12,500,000 for Royalty Agreement Obligations and CA$22,000,000 for IO Obligations, and allocates how collateral proceeds are shared and applied, including in insolvency or DIP financing scenarios.
Electra Battery Materials Corporation reported quarterly activity in its capital markets programs, highlighting employee and director equity participation and use of its at-the-market equity facility. During the second quarter, employees purchased 26,256 common shares through the Employee Share Purchase Program, matched by 26,256 shares acquired by the Company under the plan.
The Company also granted 91,954 deferred share units to non-employee directors based on the June 30 market price, to be settled in common shares when directors leave the Board. Under its US$25 million at-the-market program, Electra issued 3,009,295 common shares on Nasdaq at a weighted average price of US$0.68, raising approximately US$2.1 million in gross proceeds and paying about US$70,000 in commissions.
Electra Battery Materials Corporation reported voting results from its June 23, 2026 annual and special shareholder meeting. Holders of 48,202,558 common shares, representing 46.47% of issued shares, were represented. Shareholders elected seven directors and reappointed MNP LLP as auditor with 98.66% of votes for.
Shareholders approved the 2022 Amended and Restated LTIP, an Employee Share Purchase Plan, and ratified grants of 1,600,000 options, 190,459 deferred share units, and 174,000 restricted share units. They also approved a special resolution authorizing, but not requiring, a reverse split of common shares at a ratio between 1-for-2 and 1-for-6, which the board may implement at its discretion.
Electra Battery Materials Corporation has launched an engineering study for a potential battery-grade nickel refinery in the southeastern United States. The work will assess technical requirements, capital needs and development options for a domestic refining operation.
The proposed refinery is being evaluated for about 15,000 tonnes per year of nickel sulfate and metal plus 1,000 tonnes per year of cobalt metal, using conventional hydrometallurgical technologies and experience from Electra’s cobalt sulfate refinery project. Findings will guide future decisions on whether to advance the project and under what conditions.
Electra reiterates that its cobalt sulfate refinery in North America remains the primary development priority and is expected to begin commissioning in Q2 2027. The company frames nickel refining, use of globally sourced MHP and MSP feedstocks, and black mass recycling as part of a broader strategy to onshore critical battery materials supply chains.
Electra Battery Materials Corporation reported that it has awarded a structural, mechanical and piping construction package valued at approximately C$12.4 million to Ontario-based Kilmarnock Enterprises for its cobalt sulfate refinery north of Toronto. With this award, Electra has now committed about C$46 million to refinery-related construction packages.
The SMP contract covers refinery retrofit, installation and commissioning readiness, including concrete and civil work, structural steel, process equipment installation, piping fabrication and commissioning support. Electra has issued a Limited Notice to Proceed while a definitive construction agreement is finalized, and states the refinery project remains in line with the budget and schedule announced in February.
Electra Battery Materials Corporation is calling an annual general and special meeting on June 23, 2026, asking shareholders to approve several key governance and capital-structure items. Holders of common shares at the April 30, 2026 record date can vote in person or by proxy.
The agenda includes electing seven directors, reappointing MNP LLP as auditor, and approving an expanded 2022 Amended and Restated Long‑Term Incentive Plan with a reserve of up to 10,990,784 shares and sub‑limits for options, RSUs, PSUs and DSUs. Shareholders will also vote on increasing the 2024 Employee Share Purchase Plan reserve to 400,000 shares.
They are being asked to ratify previously granted “over‑allocated” awards and to approve a reverse split of the common shares at a ratio between one‑for‑two and one‑for‑six. The reverse split is intended to help regain compliance with Nasdaq’s US$1.00 minimum bid requirement ahead of a September 14, 2026 deadline, while also adjusting the capital structure after prior restructuring transactions.
Whitebox Advisors LLC and Whitebox General Partner LLC amend their Schedule 13G to report beneficial ownership of 10,497,541 Common Shares of Electra Battery Materials Corp as of March 31, 2026, equal to 9.9% of the class. The filing cites 103,738,330 Common Shares outstanding as of December 31, 2025 and adds 2,297,442 shares the reporting persons have the right to acquire upon exercise of certain warrants, in accordance with Rule 13d-3(d)(1)(i).
The filing states certain warrants (aggregate 48,511,023 underlying shares) are excluded from the reported beneficial ownership because of a blocker described as the Beneficial Ownership Limitations, which prevents exercise that would result in ownership over 9.9%. The reporting persons disclose shared voting and dispositive power for the reported 10,497,541 shares.