[SCHEDULE 13D] Electra Battery Materials Corporation SEC Filing

Rhea-AI Filing Summary

O’Connor, a distinct business unit of UBS Asset Management Americas (LLC), has filed a Schedule 13D for Electra Battery Materials Corp. (ELBM). The reporting person now beneficially owns 918,210 common shares, equal to 4.9% of ELBM’s outstanding shares. The stake comprises:

• 141,400 common shares held outright;
• $11.463 million principal amount of convertible notes (the “Notes”);
• 2025 warrants for 75,000 shares;
• 2028 warrants for 555,679 shares.

The Notes and warrants together provide an additional 776,810 shares that are included in the beneficial-ownership calculation under Rule 13d-3(d)(1)(i). All voting and dispositive power is held solely by the reporting person; no shared power is reported.

O’Connor acquired the securities for investment purposes in the ordinary course of business, spending approximately $353,374 in cash for the common shares and 2025 warrants, and exchanging previously held convertible notes for the remaining Notes and 2028 warrants. The filing states no intent to influence control or management. Transactions over the past 60 days were conducted exclusively in the open market, and the fund is the only party entitled to dividends or sale proceeds.

The filing is dated 21 July 2025 (event date) and signed by Charles Mathys, Chief Compliance Officer, on 24 July 2025.

Positive

• Institutional support: UBS Asset Management unit now holds 4.9% of ELBM, potentially enhancing market confidence.
• Additional funding capacity: $11.463 m in convertible notes and sizable warrant positions may provide future capital to the issuer if converted or exercised.

Negative

• Potential dilution: 776,810 additional shares could enter the float upon conversion/exercise, increasing share count by ~4.3%.
• Concentration risk limited: Stake remains below 5%, offering limited influence or strategic partnership benefits to ELBM.

Insights

Financial Analyst

TL;DR: UBS-O’Connor quietly amassed a 4.9% ELBM stake via cash, notes and warrants; purely investment, adds institutional credibility.

The 13D confirms that UBS-affiliated O’Connor controls nearly 1 million ELBM shares on a fully converted basis, stopping just below the 5% threshold that would trigger additional regulatory scrutiny in Canada. The mix of cash purchase and conversion of existing notes signals confidence in Electra’s long-term prospects while limiting near-term cash outlay. A $11.5 m note position plus large warrant blocks mean potential future dilution if exercised, yet also secure funding flexibility for the issuer. Because the filer claims no activist intent, the disclosure is neutral-to-positive: it broadens ELBM’s institutional holder base without signalling governance conflict. Impact is moderate, chiefly through the market’s perception of UBS sponsorship rather than immediate balance-sheet change.

Corporate Governance Specialist

TL;DR: Filing shows passive stance; sole voting power avoids complex group dynamics—low governance risk.

O’Connor asserts exclusive voting and dispositive power and disclaims any group formation, indicating minimal likelihood of control contests. Keeping ownership at 4.9% also circumvents poison-pill or Canadian take-over bid thresholds, reducing regulatory friction. No litigation or disciplinary history is reported for the filer, lowering compliance red flags. Overall governance impact is light; investors should watch for future increases that may alter control calculus.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

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)

07/21/2025

(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 (as defined herein) and the conversion of the Notes (as defined herein) beneficially owned by the Reporting Person, with each subject to the Blockers (as defined herein). Percent of class is calculated based on (i) 17,962,173 Common Shares outstanding as of June 25, 2025, as disclosed on the Issuer's registration statement on Form F-3 filed the SEC on June 27, 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, 40 TEMPERANCE ST., TORONTO, ONTARIO, CANADA , M5H 0B4.
Item 2.	Identity and Background
(a)	See attached Exhibit 'Items 1 through 7 Full Details' for complete description.
(b)	The business address of the Reporting Person is 787 Seventh Avenue, New York, NY 10019. The business address of each Covered Person is set forth on Appendix A and is incorporated herein by reference.
(c)	The principal business of the Reporting Person is providing investment management services for investment advisory clients through separately managed accounts, funds and other investment vehicles worldwide.
(d)	Neither the Reporting Person, nor, to the best of its knowledge, any Covered Person, during the last five years, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Neither the Reporting Person, nor, to the best of its knowledge, any Covered Person, during the last five years, has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	See Item 2(a) above. The citizenship of each Covered Person is set forth on Appendix A and is incorporated herein by reference.
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Person acquired the Common Shares and 2025 Warrants (as defined below) for cash using the general working capital of the Fund. A total of approximately $353,374 in cash was paid to acquire such Common Shares and 2025 Warrants. The Reporting Person acquired a portion of the Notes (as defined below) and all of the 2028 Warrants (as defined below) from the Issuer in exchange for outstanding convertible notes previously acquired for cash. The remaining Notes were acquired in satisfaction of cash interest otherwise payable on the Notes.
Item 4.	Purpose of Transaction
	The Reporting Person originally acquired the securities reported herein for investment purposes in the ordinary course of business and not with the purpose, nor with the effect, of changing or influencing the control or management of the Issuer. See attached Exhibit 'Items_1_through_7_Full_Details' for complete description.
Item 5.	Interest in Securities of the Issuer
(a)	See attached Exhibit 'Items 1 through 7 Full Details' for complete description.
(b)	The information contained in rows (7) through (10) of the cover page to this Schedule 13D is incorporated herein by reference in its entirety.
(c)	All transactions in the Common Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth in Appendix B, and are incorporated herein by reference.
(d)	No person other than the Reporting Person and the Fund are known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common Shares held by the Fund. The Fund does not have such right with respect to more than 5% of the Common Shares outstanding.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Item 4 is incorporated herein by reference. The Reporting Person currently beneficially owns the following securities: (i) 141,400 Common Shares; (ii) $11,463,000 principal amount of the Notes issued under that certain Indenture, dated as of February 13, 2023, by and between, the Issuer, the guarantors party thereto, and GLAS Trust Company LLC, as Trustee and Collateral Trustee, attached as Exhibit 99.2 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on February 14, 2023, which has been supplemented by that certain Supplemental Indenture, dated as of November 27, 2024, by and between, the Issuer, the guarantors party thereto, and GLAS Trust Company LLC, as Trustee and Collateral Trustee, attached as in Exhibit 99.2 to the Report of Foreign Private Issuer on Amended Form 6-K/A filed with the SEC on November 27, 2024; (iii) 2025 Warrants to purchase 75,000 Common Shares issued pursuant to that certain Warrant Indenture, dated as of November 15, 2022, by and between the Issuer and TSX Trust Company, attached as Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6 K filed with the SEC on November 15, 2022; and (iv) 2028 Warrants to purchase 555,679 Common Shares issued pursuant to that certain Warrant Indenture, dated as of February 13, 2023, by and between the Issuer and TSX Trust Company, attached as Exhibit 99.2 to the Report of Foreign Private Issuer on Form 6 K filed with the SEC on February 14, 2023, which has been supplemented by (x) that certain First Supplemental Indenture, dated as of January 12, 2024, by and between the Issuer and TSX Trust Company attached as Exhibit 2.4 to the Issur Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on April 24, 2025 and (y) that certain Second Supplemental Indenture, dated as of November 27, 2024, by and between the Issuer and TSX Trust Company attached as Exhibit 2.5 to the Issur Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on April 24, 2025. See attached Exhibit 'Items_1_through_7_Full_Details' for complete description.
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 OConnor
Date:	07/24/2025

FAQ

How many Electra Battery Materials (ELBM) shares does UBS-O’Connor own?

918,210 shares on a fully converted basis, equal to 4.9% of the class.

What securities make up the UBS-O’Connor ELBM position?

141,400 common shares, $11.463 m convertible notes, 2025 warrants for 75,000 shares, and 2028 warrants for 555,679 shares.

Did UBS-O’Connor acquire ELBM for activist purposes?

No. The filing states the stake was acquired solely for investment purposes, with no intent to influence control.

What was the cash outlay for the ELBM shares and 2025 warrants?

Approximately $353,374 in cash.

Could UBS-O’Connor’s warrants and notes dilute existing ELBM shareholders?

Yes. Exercise and conversion would add 776,810 shares, increasing the outstanding share count by about 4.3%.

When was the triggering event for this Schedule 13D?

The event date is 21 July 2025; the filing was signed on 24 July 2025.