Cobalt Mineralization Confirmed At New Target

TORONTO - Electra Battery Materials Corporation reported the existence of a new cobalt zone in the Idaho Cobalt Belt, following the receipt of assay results from drilling at its Ruby prospect. The new drill intercepts are located in close proximity to the Company's flagship Iron Creek cobalt-copper deposit. Results from Electra's summer exploration program support a more extensive drill campaign to determine the full extent of Ruby's mineralization.

"Significant investments are being made in North America to onshore the electric vehicle supply chain, and the State of Idaho has an important role to play in developing a domestic supply of critical metals such as cobalt," said Trent Mell, CEO. "We are very excited that drilling of our Ruby prospect supports our thesis that there are new cobalt targets in the Idaho Cobalt Belt. The assay results pave the way for additional drilling and underscore the potential for Idaho to become and important source of cobalt in the U.S. and reduce North America's reliance on foreign supply."

"Drill results confirmed the presence of significant cobalt mineralization identified in the chargeability anomaly imaged in this year's 3D-induced polarization survey," said Dan Pace, Principal Geologist. "Additional drilling is warranted to evaluate the extent of the mineralization, which has a similar geophysical footprint to the Iron Creek deposit."