UBS Unit Discloses 4.9% Economic Interest in Electra Battery Materials

Rhea-AI Filing Summary

Amendment No. 1 to a Schedule 13D filed by OCONNOR, a distinct business unit of UBS Asset Management Americas (LLC), updates the reporting of its holdings in Electra Battery Materials Corp (ELBM). The filing reports beneficial ownership of 918,210 common shares, representing 4.9% of the class when including an aggregate 776,810 common shares obtainable upon exercise of warrants and conversion of notes held by the reporting person. The percent calculation uses 17,962,173 common shares outstanding as disclosed by the issuer on August 15, 2025. The amendment mainly supplements Items 3 and 6 of the original Schedule 13D and otherwise leaves prior disclosures unchanged. The filing is signed by Charles Mathys as Chief Compliance Officer on 08/25/2025.

Positive

• Disclosure completeness: Amendment clarifies beneficial ownership including 776,810 shares obtainable from warrants and notes
• Transparency: Percent of class calculation uses issuer-stated 17,962,173 common shares outstanding providing a clear basis for the 4.9% figure

Negative

• No new material intent disclosed: Amendment does not state any change in purpose, transactions, or plans relating to governance or control
• Limited detail on source/terms: Although Items 3 and 6 are supplemented, the provided excerpt does not include the full descriptions of funds, arrangements, or exhibits

Insights

Financial Analyst

TL;DR Ownership disclosure shows a non-controlling ~4.9% stake including convertible instruments, altering share count but not indicating active control.

The filing clarifies that total economic and voting exposure includes 776,810 shares from warrants and notes, which the reporting person treats as obtainable and therefore adds to the outstanding share base for percent calculation. Reporting 918,210 shares (4.9%) is material enough to require Schedule 13D treatment but remains below typical control thresholds. The amendment primarily supplements source-of-funds/arrangements information (Items 3 and 6) while preserving prior disclosures; there is no new operational, financial, or transactional detail disclosed here about Electra Battery Materials.

Corporate Governance Expert

TL;DR This amendment documents beneficial ownership and convertible exposure without signaling a change in governance intent.

The report confirms both direct holdings and potential dilution from convertible instruments under the reporting person’s control, which is important for governance transparency. At 4.9% reported interest, the filing notifies the market and the issuer but does not by itself indicate a solicitation of control or a formal governance proposal. The amendment states it supplements Items 3 and 6 of the original Schedule 13D; no contracts, agreements, or new intentions affecting board control are detailed in the provided text.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

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)

08/21/2025

(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. 1 (the 'Amendment') amends and supplements the Schedule 13D filed by the Reporting Person on July 25, 2025 (the 'Original Schedule 13D' and, as amended and supplemented by this Amendment, the '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 No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
Item 2.	Identity and Background
(a)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(b)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(c)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(d)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(e)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(f)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 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 5.	Interest in Securities of the Issuer
(a)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(b)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(c)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(d)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
(e)	Per Comment in Item 1: Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D.
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:	08/25/2025

FAQ

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

The filing reports beneficial ownership of 918,210 common shares, representing 4.9% of the class when including convertible instruments.

How is the 4.9% ownership calculated in the Schedule 13D/A?

The percent is calculated using 17,962,173 common shares outstanding plus an aggregate 776,810 common shares obtainable upon exercise/conversion held by the reporting person.

Does the amendment state any change in the reporting person’s intentions toward ELBM?

No. The amendment states it supplements prior disclosures and expressly indicates it does not modify previously reported information except as provided.

Which items of the original Schedule 13D are supplemented by this amendment?

Item 3 (Source and Amount of Funds) and Item 6 (Contracts, Arrangements, Understandings) are amended and supplemented by inclusion of information set forth in Item 4 of this amendment.

Who signed the Schedule 13D/A and when?

The filing is signed by Charles Mathys, Chief Compliance Officer on 08/25/2025.