Electra Battery Materials Corp. Q2 FY2022 earnings call

• Hired four new executives to senior leadership team and many more through ranks. - Refinery project: 80% of Brownfield equipment re-commissioned, 80-85% of detailed engineering done. - ESG: Hired Renata Cardoso as VP Sustainability Low Carbon, signed benefits agreement with Metis Nation of Ontario, new ESG policies on website. - Nickel: Near completion of joint study with Talon Metals and Glencore on nickel sulfate production, pre-feasibility study on Becancour, Quebec plant. - Recycling: Black mass recycling demonstration planned, modifying vessels for it. - Exploration: Positive drilling results at Ruby target in Idaho, similar to Iron Creek deposit.

As a pre-production company, Electra Battery Materials Corporation has no revenue yet. Key activities focus on refinery commissioning, ESG initiatives, nickel study, exploration in Idaho, and recycling projects.

• Refinery completion costs revised from ~USD67M to USD76M-80M (CAD100M-105M). - 2023 EBITDA guidance: $9.5M-$10.5M, production 1,800-2,100 tonnes; steady state production of 5,000 tonnes expected in 2024. - Removed EBITDA guidance for 2024 and 2025 due to market volatility.

• Geopolitical issues and supply chain disruptions affecting project costs and timelines. - Delay in tank deliveries due to quality issues, impacting refinery completion. - Commodity price volatility affecting margins.

Q: Concerns about CapEx increase for refinery, balance sheet comfort A: Spent CAD21.3M of revised CAD100M-105M, commitments at CAD30M, with multiple funding sources like federal/provincial funds, ATM, debt, and shelf prospectus available Q: Status of battery recycling project A: Modifications to vessels for recycling demonstration, ~75-80% complete, close to awarding reagent and equipment orders, expecting first products in 2-3 months Q: Color on remaining refinery spend and cost escalation A: ~CAD50M committed, remaining to be committed, with big contracts like piping and electrical/instrumentation coming up Q: Plans for Iron Creek exploration and PEA A: More steady spend on Iron Creek, aiming for PEA, with internal models showing potential for significant mineralized material Q: Capabilities to produce nickel and associated OpEx A: Near completion of joint study with Talon Metals and Glencore on nickel sulfate production, considering PCAM facility and different nickel feed options