Cobalt And Copper Mineralization Extended At Idaho Project

TORONTO - Electra Battery Materials Corporation is pleased to announce that drill results to the west of its Iron Creek cobalt-copper project has successfully extended mineralization by 130 meters along strike and by 110 meters at depth. Iron Creek is a high grade cobalt-copper underground deposit located on private land within the Idaho Cobalt Belt, an under explored and highly prospective cobalt and copper belt extending 60 kilometers along strike that could help America reduce reliance on foreign supply of a mineral that is critical to the electric vehicle revolution. Broad widths of copper mineralization continue to be intercepted along with high grade cobalt intercepts (all widths reported are true widths): 29m of 0.70% Cu, including 0.51% Co over 1.5m and 2.19% Cu over 3m; 25m of 0.63% Cu, including 0.27% Co over 1.2m and 1.72% Cu over 3.7m; and 17m of 0.42% Cu, including 2.18% Cu over 1.5m.

Cobalt mineralization in the footwall area of the deposit indicate that lenses of high-grade cobalt mineralization remain open at depth. Extends known strike extent from 900m to over 1 kilometer, with mineralization open along strike and not offset by faulting; mineralization also extended by 110 meters at depth, with multiple high-grade copper lenses in the hangingwall. Currently awaiting drill results from the eastern extension of the deposit, where higher grade cobalt mineralization is frequently encountered.

"Drill results from the western side of the deposit confirm that we have continuity of mineralization in an area that has been historically under explored," said Dan Pace, Principal Geologist. "The extension of mineralization at depth was expected though the high grade cobalt intercepts in this copper-rich area of the deposit are a nice surprise and lends support to the view that cobalt is not confined to the east and that we could identify new high grade cobalt lenses with further drilling west and at depth."

"At a time of heightened geopolitical tensions, American must commit to securing a domestic supply of critical minerals for the green energy transition," said Trent Mell, CEO. "Idaho is arguably the most prospective location in the world to identify new primary sources of cobalt outside the DRC. Electra's ultra low carbon refinery in Canada will create the first domestic supply of battery grade cobalt for EVs later this year and Idaho can become an important part of a continental onshoring strategy that is both in the national interest and good for the environment."

Electra Battery Materials' Iron Creek Project is located in the Idaho Cobalt Belt and is one of the few primary cobalt deposits in the world. The Company completed 30,000 meters of drilling from 2017 to 2019 before pausing exploration to focus on developing its battery materials park in Canada, which will be commissioned in phases starting in Q4 2022.

Iron Creek currently has an NI 43-101 compliant Mineral Resource Estimate, outlining an Indicated Resource of 2.2 million tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3 million pounds of contained cobalt and Inferred Resource of 2.7 million tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper) for an additional 12.7 million pounds of contained cobalt. There is potential to extend mineralization in all directions with ongoing drilling.