CORRECTING and REPLACING Electra Acquires New Cobalt Project and Provides Update on Exploration Activities in Idaho

Toronto, December 15, 2022–(BUSINESS WIRE)– Due to revised “CAS Properties” section (2nd paragraph, last sentence) and “Iron Creek and Ruby Drilling” section (2nd paragraph), replace release with the following amendments: please. Also, replace the image caption with the corrected caption.

This press release features multimedia. Read the full release here:

Figure 1. CAS properties showing the relative positions of Iron Creek and Ruby’s target area. Locations of historical drilled veins hosting Co-Au mineralization are shown along with the cut lines used in Figure 2. (Image: Business Wire)

Here are the updated releases:

Electra Acquires New Cobalt Project, Provides Update on Exploration Activity in Idaho

Electra Battery Materials Corporation (NASDAQ: ELBM, TSX-V: ELBM) (“Elektra” or the “Company”) today announced the acquisition of a cobalt asset in proximity to its project in Idaho, marking the latest in exploration activity in the Idaho Cobalt Belt, home to the largest unmined cobalt resources in the United States. provided information.


  • optional 5.3 km2 The land package adjacent to the Iron Creek deposit has historical drilling highlights including 6.25 meters at 0.51% cobalt in past drilling and 7.5 ppm gold at 77.5-83.8 meters

  • Additional mineralization was blocked in the eastern extension of the Iron Creek resource area for 5.6 m with 0.25% cobalt in IC22-01 from 228.8 m to 234.3 m.

  • Additional mineralization was intercepted at 4.3 m with 0.25% cobalt in IC22-04 from 211.4 m to 215.8 m at the ruby ​​target 1.5 km southeast of the Iron Creek deposit.

  • A 10-year 92 drilling pad operation with the United States Department of Agriculture and Forest Service (USFS) to conduct systematic exploration at camp scale at additional exploration targets within 32.6 km of Iron Creek, Ruby, CAS, and Electra Allow the plan to proceed.2 land package

“The passage of the Control Inflation Act has made sourcing domestic supplies of cobalt even more important,” said Trent Mel, CEO of Electra. While we are focused on the commissioning of our cobalt sulfate smelter and the start-up of a battery materials recycling demonstration plant in the coming weeks, further exploration activity in the Idaho Cobalt Belt is an important part of our long-term growth and commitment. The key is the onshore EV battery supply chain.”

CAS property

Following a successful 2022 field season, the Company has entered into an option agreement to acquire the CAS Property, a land package of 5.3 sq km mining rights adjacent to Electra’s Iron Creek deposit (Figure 1) . The CAS property includes outcrops of mesothermal quartz veins with cobalt and gold mineralization. Previous reports have completed 2,622 meters of drilling in 19 holes. This historic drilling intercepted gold and cobalt anomalous zones associated with veins up to 6.25 m long with 0.51% cobalt and 7.5 ppm gold from 77.5 to 83.8 m. Material from historic drilling is no longer available for check analysis, and these results cannot be verified by Elektra and are therefore unreliable at this time.

CAS rights are acquired for US$1.5 million, payable over 10 years upon completion of specified milestones. The underlying claim owner retains his 1.5% of her NSR which Electra can purchase for his US$500,000 within one year of commercial production from the CAS property. Terms to acquire CAS have reached March 2022 and were formally approved by Electra’s board of directors this week.

With this latest transaction, Electra’s land package now covers 32.6 km2 of future assets of known provenance for cobalt, copper and gold. Combined with Electra’s Iron Creek and Ruby traits, the addition of CAS gives Electra three important cobalt-producing regions in close proximity to each other, potentially expanding the camp’s cobalt resources.

Iron Creek and Ruby Digging

At both Iron Creek and Ruby, all drill holes completed by Electra in 2022 blocked significant cobalt mineralization. At Iron Creek, the intercept shows that the Iron Creek system remains open to the east and the Ruby system remains open to the west (Fig. 2). Iron Creek and Ruby may be structurally disconnected parts of the same deposit. Given the potential benefits this represents, additional research is needed to investigate the gap between the two target areas.

Final drilling assays for the 2022 season include 5.6 m in 0.25% cobalt from 228.8 m to 234.3 m in Iron Creek borehole IC22-01 and 211.4 to 215.8 m in Ruby borehole IC22-04. 4.3 m with 0.25% cobalt was included.

All intercepts reported in this release are drilled thickness. True thickness is estimated to be 50-65% of the intercept reported in IC22-01 and 65-95% of the intercept reported in IC22-04 based on the contact angle of the sulfide zone with respect to the core axis . Cobalt intercept is calculated using a cobalt cutoff of 0.18% and considering one sample interval of internal dilution. We have engaged an independent engineering firm to complete an updated 43-101 technical report on the project. An updated report is planned for the first quarter of 2023.

Allow update

The company is currently in the process of clearing permits with the USFS for 92 drill pads, including Iron Creek, Ruby and CAS, which could be investigated over a decade. A document on the scope of the permit was released by the USFS during his 30-day public comment period, which began on November 24, 2022.

About Iron Creek

The Iron Creek project consists of mining patents and exploration rights over an area of ​​3,300 hectares covering the strike range of formations that host mineralization. Iron Creek’s historic underground development includes 600 meters of drifting from three mine shafts. All-weather roads connect the property to national highways and the nearby towns of Challis and Salmon. According to the U.S. Geological Survey, Iron Creek is one of several cobalt copper resources and prospects within the Idaho Cobalt Belt, a future mineralization system containing the largest major source of cobalt in the United States. A corporate video of the Iron Creek project can be found at and on our social media sites.

Quality assurance and quality control

Blanks, replicates, and standards were inserted into the sample chain at the core processing site as part of the QA/QC program representing approximately 15% of all samples analyzed. All samples were submitted by company staff to his ALS laboratory in Twin Falls, Idaho. Drill core samples are dried, weighed, crushed to 70% passing 2mm, split into 250g pulp and crushed to minus 75 microns passing 85%. Samples from Hall IC22-01 were dissolved with sodium peroxide fusion by gravimetric dilution in glassless labware and analyzed using the super-trace method by ICP-MS and ICP-AES. IC22-04 was dissolved by 4-acid digestion and analyzed by ICP-AES and ICP-MS.

Qualified person statement

Dan Pace, a Registered Member of the Society for Mining, Metallurgy & Exploration and a Certified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release. Mr. Pace is employed full-time as Elektra’s lead geologist.

About Electra Battery Materials

Electra is a processor of ethically sourced, low carbon battery materials. Electra, which currently operates North America’s only cobalt sulfate refinery, is executing a multipronged strategy focused on onshoring his chain of electric vehicle supply. Key to that strategy is the integration of Black He mass recycling and nickel sulfate production at Elektra’s refinery north of Toronto, the advance of Iron Creek, a cobalt copper exploration stage project in the Idaho cobalt belt, to Becancourt, Quebec. expansion of cobalt sulfate treatment. For more information, please visit

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Notes on resource estimation

Readers are cautioned that Mineral Resources are not Economic Mineral Reserves and that the economic viability of non-Mineral Resources has not been demonstrated. Mineral resource estimates can be significantly influenced by geological, environmental, permitting, legal, property, socio-political, marketing, or other related issues. Mineral Resource estimates are classified according to the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and are incorporated by reference into NI 43-101. Under Canadian regulations, an inferred Mineral Resource estimate may not form the basis of a feasibility study, pre-feasibility study, or economic study, other than a preliminary economic evaluation as defined in NI 43-101. You can not. Readers are cautioned not to assume that further work on the resources described will lead to economically exploitable mineral reserves. A portion of a Mineral Resource whose quantity and grade or quality is inferred on the basis of geological evidence and sampling that has been obtained. shall not be converted. It is reasonably expected that the majority of Inferred Mineral Resources can be upgraded to Indicated Mineral Resources. Please note that, unlike the requirements of the Securities and Exchange Commission (SEC), the resource information contained in this news release may not be comparable to similar disclosures by US companies subject to the SEC. Information Reporting and Disclosure Requirements.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws and the Private Securities Litigation Reform Act of 1995. may be included. Historical facts are forward-looking statements. Forward-looking statements generally refer to the use of words such as “plans,” “anticipates,” “estimates,” “intends,” “expects,” “believes,” or variations of such words, or specific actions. can be identified by the description of , an event or result is defined as “could,” “could,” “could,” “could,” “occur,” or “achieve.” Factors that could cause these forward-looking statements to differ materially are set out in management’s discussion and analysis of Electra’s risk factors and other disclosures. believes that the information and assumptions used in making these forward-looking statements are reasonable, but undue reliance should not be placed on these statements and these statements are not forward-looking statements. applies only as of the date of this news release. o You can give assurances that such events will occur within the disclosed time, or that they will not occur at all. Except as required by applicable law, Electra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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