Amendment: OCONNOR Reports 918,210 ELBM Shares Including Convertible Instruments

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13D reports that OCONNOR, a business unit of UBS Asset Management Americas (LLC), beneficially owns 918,210 common shares of Electra Battery Materials Corp (ticker ELBM), representing 4.9% of the class on a calculated basis. The reported position includes 776,810 shares that are obtainable upon exercise of warrants and conversion of notes held by the reporting person, which were added to the outstanding share count for the ownership percentage calculation. The filing amends prior Schedule 13D information and directs readers to attached exhibits for full details of the transactions, purposes and agreements referenced.

Positive

• Transparent disclosure of aggregate beneficial ownership including shares obtainable upon exercise of warrants and conversion of notes
• Clarifies percentage calculation by stating the outstanding share base and the Rule 13d-3(d)(1)(i) adjustment used

Negative

• None.

Insights

Financial Analyst

TL;DR: Disclosure updates reveal a sub-5% economic stake including contingent shares from warrants and notes.

The amendment clarifies the reporting person's aggregate position at 918,210 shares or 4.9% of electra's common shares when including 776,810 shares obtainable through warrants and note conversions. This method of calculation follows Rule 13d-3(d)(1)(i) by adding potentially issuable shares to the outstanding base for percentage computation. The filing does not indicate a change in voting control or a new cooperative arrangement; it supplements prior Schedule 13D disclosures and points to exhibits for contractual details. For investors, the update improves transparency about convertible instruments that affect potential dilution.

Corporate Governance Expert

TL;DR: Governance disclosure updated; ownership remains below a 5% threshold and no new control claim is asserted.

The amendment restates the reporting person's beneficial ownership and explicitly incorporates warrants and note conversion rights into the share count used to compute the 4.9% figure. The filing is procedural and compliance-oriented, amending earlier Schedule 13D entries and referencing exhibits for the contractual terms and purpose language. The statement by the reporting person and the chief compliance officer signature indicate formal certification of the amendment. There is no explicit claim of acting as a group or of intent to change control disclosed in this amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Electra Battery Materials Corp

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

28474P706

(CUSIP Number)

Charles Mathys
One North Wacker Drive,
Chicago, IL, 60606
(312) 525-4114

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/17/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 28474P706

1

Name of reporting person

OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC)

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 918,210.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 918,210.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

918,210.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Voting and dispositive power includes an aggregate 776,810 obtainable upon the exercise of the Warrants and the conversion of the Notes beneficially owned by the Reporting Person, with each subject to the Blockers. Percent of class is calculated based on (i) 17,962,173 Common Shares outstanding as of August 15, 2025, as disclosed on the Issuer's Report of Foreign Private Issuer filed the SEC on August 15, 2025, plus (ii) an aggregate 776,810 Common Shares obtainable upon the exercise of the Warrants and the conversion of the Notes beneficially owned by the Reporting Person, which Common Shares have been added to the total Common Shares outstanding pursuant to Rule 13d-3(d)(1)(i) under the Act.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: Electra Battery Materials Corp
(c)	Address of Issuer's Principal Executive Offices: SUITE 3200, BAY ADELAIDE CENTRE, SUITE 3200, BAY ADELAIDE CENTRE, TORONTO, ONTARIO, CANADA , M5H 0B4.
Item 1 Comment: This Amendment No. 2 (the 'Amendment') amends and supplements the Schedule 13D filed by the Reporting Person on July 25, 2025 (as amended and supplemented by Amendment No. 1, the 'Original Schedule 13D'), with respect to the Common Shares. Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings ascribed to them in the Original Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Original Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Original Schedule 13D is hereby amended and supplemented by including the information set forth in Item 4 of this Amendment.
Item 4.	Purpose of Transaction
	See attached Exhibit 'Items_1_through_7_Full_Details' for complete description.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Original Schedule 13D is hereby amended and supplemented by including the information set forth in Item 4 of this Amendment.
Item 7.	Material to be Filed as Exhibits.
	See attached Exhibit 'Items_1_through_7_Full_Details' for complete description.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC)

Signature:	/s/ Charles Mathys
Name/Title:	Charles Mathys, Chief Compliance Officer
Date:	09/18/2025

FAQ

What ownership stake does OCONNOR report in Electra Battery Materials (ELBM)?

The filing reports 918,210 common shares beneficially owned, representing 4.9% of the class when including shares obtainable from warrants and note conversions.

Does the 4.9% position include convertible securities for ELBM?

Yes. The position includes an aggregate of 776,810 common shares obtainable upon exercise of warrants and conversion of notes held by the reporting person.

Is this filing a new Schedule 13D or an amendment?

This document is Amendment No. 2 to a previously filed Schedule 13D and supplements information reported in the original filing.

Who signed the Schedule 13D/A for OCONNOR?

Charles Mathys, Chief Compliance Officer, signed the amendment on behalf of OCONNOR.

What basis was used to calculate the percent of class for ELBM?

Percent of class was calculated using 17,962,173 common shares outstanding as of August 15, 2025 plus the 776,810 obtainable shares, per the filing.