Electra Battery Materials (ELBM): Whitebox reports 9.9% beneficial ownership cap

Rhea-AI Filing Summary

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.

Key Figures

Beneficially owned shares: 10,825,279 Common Shares Ownership percentage: 9.9% Shares outstanding baseline: 105,413,081 Common Shares +5 more

8 metrics

Beneficially owned shares 10,825,279 Common Shares Deemed beneficially owned by WA and WGP as of June 30, 2026

Ownership percentage 9.9% Percent of Electra Battery Materials Common Shares beneficially owned

Shares outstanding baseline 105,413,081 Common Shares Shares outstanding as of May 14, 2026, used for percent-of-class

Common Shares held by clients 6,892,107 Common Shares Electra Battery Materials Common Shares owned by WA’s clients

October 2025 Warrants 28,888,464 warrants at $1.25 per share Warrants to purchase Common Shares, subject to Beneficial Ownership Limitations

Pre-funded warrants 21,920,001 warrants at $0.000001 per share Pre-funded warrants to purchase Common Shares, subject to Beneficial Ownership Limitations

Excluded warrant shares 46,875,293 Common Shares Additional shares obtainable upon warrant exercise but excluded due to 9.9% blocker

Shares included from warrants 3,933,172 Common Shares Common Shares WA and WGP have the right to acquire counted in percent-of-class

Key Terms

Beneficial Ownership Limitations, pre-funded warrants, Schedule 13G, shared dispositive power, +1 more

5 terms

Beneficial Ownership Limitations regulatory

"Warrants are subject to a blocker which prevents the holder from exercising Warrants to the extent that, upon such exercise, the holder would beneficially own in excess of 9.9% of the Common Shares outstanding as a result of the exercise (the "Beneficial Ownership Limitations")."

Beneficial ownership limitations are rules or contractual caps that restrict how much of a company’s stock an individual or entity can be treated as owning or controlling for legal, regulatory or corporate-governance purposes. They matter to investors because such limits affect voting power, reporting obligations, takeover risk and the ability to increase a stake — like an elevator weight limit or a lane divider that prevents any one car from taking over the whole road.

pre-funded warrants financial

"21,920,001 pre-funded warrants to purchase Common Shares at an exercise price of $0.000001 per Common Share (the "Pre-Funded Warrants"..."

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

Schedule 13G regulatory

"Percent of class is calculated based on 105,413,081 Common Shares outstanding... in accordance with Rule 13d-3(d)(1)(i) , as amended."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

shared dispositive power financial

"Shared Dispositive Power 10,825,279.00"

beneficial owner regulatory

"each of WA and WGP is deemed to be the beneficial owner of 10,825,279 Common Shares..."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

FAQ

What ownership stake in ELBM does Whitebox report in this Schedule 13G/A?

Whitebox Advisors LLC and Whitebox General Partner LLC report beneficial ownership of 10,825,279 Electra Battery Materials (ELBM) Common Shares, representing 9.9% of the outstanding class as of June 30, 2026, under SEC Rule 13d-3(d)(1)(i).

How is Whitebox’s 9.9% ELBM ownership percentage calculated?

The 9.9% stake is based on 105,413,081 Common Shares outstanding as of May 14, 2026, plus 3,933,172 Common Shares Whitebox may acquire via warrants, in line with Rule 13d-3(d)(1)(i) for determining beneficial ownership.

What ELBM securities do Whitebox’s clients hold to reach 10,825,279 shares?

Whitebox’s clients hold 6,892,107 Common Shares, 28,888,464 warrants at an exercise price of $1.25, and 21,920,001 pre-funded warrants at $0.000001 per share, with warrant exercises constrained by Beneficial Ownership Limitations.

What are the Beneficial Ownership Limitations affecting Whitebox’s ELBM warrants?

The Beneficial Ownership Limitations block warrant exercises that would push holdings above 9.9% of outstanding Common Shares. As a result, 46,875,293 Common Shares otherwise obtainable from warrants are excluded from Whitebox’s reported beneficial ownership.

Does Whitebox have sole or shared voting and dispositive power over ELBM shares?

Whitebox Advisors LLC and Whitebox General Partner LLC report 0 shares with sole voting or dispositive power and 10,825,279 shares with shared voting and shared dispositive power over Electra Battery Materials (ELBM) Common Shares.

Who ultimately benefits from the ELBM shares held by Whitebox’s clients?

Whitebox states that its clients have the right to receive, or direct the receipt of, dividends and sale proceeds from the ELBM Common Shares that may be deemed beneficially owned by the reporting persons.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:18 PM Accepted by SEC EDGAR 08/14/2026 - 04:10 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

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)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 28474P706

1

Names of Reporting Persons

WHITEBOX ADVISORS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,825,279.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,825,279.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,825,279.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 28474P706

1

Names of Reporting Persons

WHITEBOX GENERAL PARTNER LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,825,279.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,825,279.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,825,279.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Electra Battery Materials Corp
(b)	Address of issuer's principal executive offices: 133 Richmond Street West, Suite 602, Toronto, Ontario, Canada, M5H 2L3
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Whitebox Advisors LLC, a Delaware limited liability company ("WA"); and (ii) Whitebox General Partner LLC, a Delaware limited liability company ("WGP" and, together with WA, the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The address of the business office of WA and WGP is: 3033 Excelsior Boulevard Suite 500 Minneapolis, MN 55416
(c)	Citizenship: WA and WGP are organized under the laws of the State of Delaware.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 28474P706
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2026, each of WA and WGP is deemed to be the beneficial owner of 10,825,279 Common Shares, as a result of WA's clients' ownership of: (i) 6,892,107 Common Shares; (ii) 28,888,464 warrants to purchase Common Shares at an exercise price of $1.25 per Common Share (the "October 2025 Warrants"); and (iii) 21,920,001 pre-funded warrants to purchase Common Shares at an exercise price of $0.000001 per Common Share (the "Pre-Funded Warrants" and, together with the October 2025 Warrants, the "Warrants"), with each of (ii) and (iii) subject to the Beneficial Ownership Limitations (defined below). Warrants are subject to a blocker which prevents the holder from exercising Warrants to the extent that, upon such exercise, the holder would beneficially own in excess of 9.9% of the Common Shares outstanding as a result of the exercise (the "Beneficial Ownership Limitations"). Accordingly, the amount of Common Shares beneficially owned by the Reporting Persons reported herein excludes an aggregate of 46,875,293 Common Shares obtainable upon the exercise of the Warrants owned by WA's clients, which are subject to the Beneficial Ownership Limitations.
(b)	Percent of class: As of June 30, 2026, each of WA and WGP is deemed to beneficially own 9.9% of the Common Shares outstanding. Percent of class is calculated based on 105,413,081 Common Shares outstanding as of May 14, 2026, as disclosed on exhibit 99.2 to the Issuer's report of foreign private issuer on Form 6-K filed with the SEC on May 14, 2026, plus the 3,933,172 Common Shares that WA and WGP have the right to acquire upon exercise of Warrants, subject to the Beneficial Ownership Limitations, which amount has been added to the Common Shares outstanding in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: WA and WGP: 0
	(ii) Shared power to vote or to direct the vote: WA and WGP: 10,825,279
	(iii) Sole power to dispose or to direct the disposition of: WA and WGP: 0
	(iv) Shared power to dispose or to direct the disposition of: WA and WGP: 10,825,279
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. WA's clients are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

WHITEBOX ADVISORS LLC

Signature:	/s/ Muqu Karim
Name/Title:	Muqu Karim, Chief Operating Officer & Chief Financial Officer
Date:	08/14/2026

WHITEBOX GENERAL PARTNER LLC

Signature:	/s/ Muqu Karim
Name/Title:	Muqu Karim, Authorized Signatory
Date:	08/14/2026

Exhibit Information

Exhibit A - Joint Filing Agreement, dated August 14, 2026, by and among the Reporting Persons