Mineral Resource Estimate At Iron Creek Cobalt-Copper Project

TORONTO - Electra Battery Materials Corporation announced the updated mineral resource estimate (2023 MRE) for its Iron Creek Cobalt-Copper Project located in the Idaho Cobalt Belt, a 34-mile-long formation containing some of the largest primary cobalt deposits in North America, that paves the way for additional exploration activities and development of a preliminary economic assessment.

Indicated resource of 4.4 million tonnes grading at 0.19% cobalt for 18.4 million pounds cobalt and grading at 0.73% copper for 71.5 million pounds of copper. Inferred resource of 1.2 million tonnes grading at 0.08% cobalt for 2.1 million pounds of cobalt and grading at 1.34% copper for 36.5 million pounds of copper. As a result of infill and step-out drilling completed to date, Electra has upgraded 54% of the Inferred Resource category of the 2019 MRE to the Indicated category in 2023.

The mineral resource area of the Iron Creek Project covers an area of 1,652 meter strike length at a 780 meter width and extending to a height of 852 meters. Within the Iron Creek project boundary there are seven document occurrences of metallic mineralization exposed at surface or encountered by drilling. Iron Creek is main mineralized body and Ruby is the second most important occurrence. Additional drilling is recommended to connect isolated intercepts on the east and at depth with the resource area, and advance the Ruby target to increase the inferred mineral resource.

“Continued exploration and development of the Idaho Cobalt Belt will help to reduce North America’s reliance on foreign sources of cobalt supply particularly as demand for critical minerals will grows exponentially in the coming years,” said Trent Mell, CEO. “Our updated mineral resources estimate, which reflects the encouraging results of drill programs completed to date, paves the way for continued exploration activities and development of a preliminary economic assessment.”