Electra Battery Materials Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") is pleased to announce the final approval of its updated Closure Plan for its Canadian hydrometallurgical facility. This important milestone keeps the project on track for commissioning in December 2022.

HIGHLIGHTS

• Closure Plan for the refinery expansion and recommissioning was approved on March 4, 2022.
  
  
• Electra has been working within the existing refinery footprint to recommission electrical, mechanical and instrumentation equipment. This approval enables Electra to accelerate new construction and industrial activities at site. The pouring of concrete pads for the solvent extraction plant is expected to begin within the next few weeks, with the building shell completed by early summer.

Under the Mining Act, all land affected by development activity by processing facilities in the province must be rehabilitated after operations have ceased. A closure plan outlines how the affected land will be rehabilitated and the costs associated with doing so. A closure plan must be developed and approved by the government before certain aspects of development can take place.

Electra's business strategy is to produce sufficient battery material to supply 1.5 million electric vehicles on an annual basis. The Company's cobalt sulfate refinery is on schedule to commence commissioning in Q4 2022. In mid 2022, the Company will perform bulk sample testing of black mass from recycled lithium batteries, based on extensive testwork conducted over an 18-month period. Commercialization of the battery recycling plant is expected in 2023.

In February, Electra announced the launch of a battery materials park study in partnership with Glencore, Talon Metals, the Government of Canada and the Government of Ontario. The group is collaborating on engineering, permitting, socio-economic and cost studies associated with the construction of a nickel sulfate plant as well as a battery precursor cathode active materials (PCAM) plant adjacent to Electra's cobalt refinery and recycling plant.

About Electra Battery Materials

Electra is planning to build a fully integrated, localized and environmentally sustainable battery materials park. Leveraging the Company's own mining assets and business partners, the Electra Battery Materials Park will host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA. Electra Battery Materials is an integral part of the North American battery supply chain, providing low-carbon, sustainable and traceable raw materials for the region's fast growing electric vehicle industry.

On behalf of Electra Battery Materials.

Trent Mell
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.