Electra Refinery Construction Remains on Budget as Workforce Doubles

TORONTO, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today provided an update on construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario, a strategic critical minerals processing facility supported by the governments of the United States, Canada and Ontario. The site workforce has grown to 130 people, up from approximately 60 at the time of the Company’s August update. Construction is advancing across all process areas, and the project continues to track within its US$73 million budget.

Since the August update, work has moved from foundations and steel erection to equipment installation, building enclosure, and electrical and instrumentation installation: * Safety: Construction is proceeding with zero lost-time incidents through a period of heavier site activity, a growing number of new workers and work areas that change as construction progresses. * Existing Refinery: Flushing and removal of redundant brownfield equipment and piping within the refinery is largely complete, and partition walls for the motor control centre room are complete. * Solvent Extraction Building: Interior structural steel installation is complete, allowing piping and electrical work to progress. Alignment of the modules is complete, and fiberglass-reinforced plastic (FRP) lamination of the process equipment has commenced. * Crystallizer Building: Mechanical equipment within the crystallization circuit is installed. Process ductwork is on site and being staged for installation, off-site pipe fabrication is well underway, and the building enclosure, including wall cladding and roofing, is nearing completion. * Product Silo: The silo building has been erected, and roof decking and cladding are being installed to enclose the dry product storage, handling and final packaging areas. * Electrical and Instrumentation: Installation of interior and exterior cable trays within the refinery is nearing completion, and the main power cable from the refinery to the solvent extraction electrical house is complete. * Tailings: Phase II construction of the tailings storage facility is underway, with civil works approximately 40% complete. Schedule pressure has emerged from the projected timing for fabrication and installation of FRP process piping in the solvent extraction area. Following the recent award of the FRP contract, Electra is evaluating measures to accelerate this work. With major permits in hand, major long-lead equipment largely on site and the remaining process areas advancing, the Company expects any schedule adjustment, if required, to be modest.