Electra Battery Materials Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") is pleased to announce it has received its Industrial Sewage Works permit and has filed its final Closure Plan for its refinery expansion project.

Completion of these regulatory milestones associated with the restart of the Company's hydrometallurgical facility is an important step in the execution of Electra's strategic business plan, which includes the integration of the Refinery into a larger battery materials park located on Company land in Ontario, Canada.

HIGHLIGHTS

• Industrial Sewage Works Environmental Compliance Approval was issued by the Ontario Ministry of the Environment, Conservation and Parks
  
  
• The Company was invited to file its Final Closure Plan for the Refinery, which was formally submitted on January 19, 2022. This is subject to a 45-day review period beginning from that date by the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry
  
  
• The Company will amend its existing permit to take water to ensure alignment of volumes across all operating permits

"Achieving these important regulatory milestones is a critical step as we bring North America's only cobalt sulfate refinery online this year," said Trent Mell, CEO. "Throughout the permitting process, we have consulted and worked closely with our stakeholders including Indigenous communities, neighbours, and local governments. Electra is committed to being an industry leader with respect to ESG practices, which will be reflected in how we engage with stakeholders and how we run our operations with a view to minimizing our impact on the environment."

As part of the regulatory roadmap required to restart the Refinery, Electra was invited to file its final Closure Plan with the Ministry of Northern Development, Mines, Natural Resources and Forestry. A closure plan outlines how the affected land will be rehabilitated and the costs associated with doing so. As part the formal filing process, financial assurance covering the total estimated costs of all future closure activities has been posted with the Ministry. Electra does not anticipate that any substantive issues will be raised during the 45-day review period.

The receipt of the Industrial Sewage Works Environmental Compliance Approval (ECA) is a major achievement for the Company.  It governs how process water and tailings will be managed to ensure the environment is protected.  In conjunction with securing this ECA, in the coming days Electra will be filing an amendment to its current permit to take water. The amendment will align the volumes in the water permit to those included in the final approved Industrial Sewage Works ECA. 

The Company's cobalt sulfate refinery is on schedule to commence commissioning in 2022. This facility is the first phase in Electra's four-phase Battery Materials Park strategy. In the coming years, Electra intends to build further processing capacity for the recycling of primary and secondary battery scrap materials, production of nickel sulfate and precursor cathode active material (PCAM) production.

About Electra Battery Materials

Electra is building North America's only 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 Corporation.

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.