<SEC-DOCUMENT>0001171843-25-007551.txt : 20251125
<SEC-HEADER>0001171843-25-007551.hdr.sgml : 20251125
<ACCEPTANCE-DATETIME>20251124214539
ACCESSION NUMBER:		0001171843-25-007551
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		20
FILED AS OF DATE:		20251125
DATE AS OF CHANGE:		20251124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electra Battery Materials Corp
		CENTRAL INDEX KEY:			0001907184
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288364
		FILM NUMBER:		251514936

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 3200, BAY ADELAIDE CENTRE
		STREET 2:		40 TEMPERANCE ST.
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5H 0B4
		BUSINESS PHONE:		416-900-3891

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ELECTRA HEAD OFFICE
		STREET 2:		133 RICHMOND STREET W, SUITE 602
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5H 2L3
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3/A
<SEQUENCE>1
<FILENAME>f3a_112425.htm
<DESCRIPTION>F-3/A
<TEXT>
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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>As filed with the Securities and Exchange Commission on November 24,
2025</b></p>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333-288364</b></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><b>FORM F-3/A</b></p>

<p style="margin: 0pt 0; font-size: 12pt; text-align: center"><b>(Amendment No. 4)</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 0; font-size: 18pt; text-align: center"><b> </B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><I>UNDER </I></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">_____________</P>

<P STYLE="font-size: 24pt; text-align: center; margin: 0pt 0"><b>Electra Battery Materials Corporation</b></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Exact name of Registrant as specified in its charter) </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Not applicable</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Translation of Registrant&rsquo;s name into English)</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">_____________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(State or Other Jurisdiction of</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Incorporation or Organization)</B></P></TD>
    <TD>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(I.R.S. Employer Identification Number</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(if applicable))</B></P></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>133 Richmond Street W, Suite 602</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Toronto, Ontario</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>M5H 2L3</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Canada</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(416)&nbsp;900-3891 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Address and telephone number of Registrant&rsquo;s principal executive
offices)</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>_____________</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CT Corporation System </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>28 Liberty Street</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>New York, New York 10005</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(212) 894-8940</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Name, address, (including zip code) and telephone number (including
area code) of agent for service)</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>_____________</B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><I>Copies of all communications, including communications sent to agent
for service, should be sent to: </I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Sam Cole, Esq.<BR> Cassels, Brock &amp; Blackwell&nbsp;LLP<BR>
        Suite 2200, RBC Place, 885 West Georgia St.<BR> Vancouver, British Columbia V6C 3E8<BR> Canada<BR> (604) 691-6100</B></FONT></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Trent Mell</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Electra Battery Materials Corporation</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>133 Richmond Street W, Suite 602</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Toronto, Ontario M5H 2L3</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Canada</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(416)&nbsp;900-3891</B></P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Thomas M. Rose </b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Shona Smith</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Troutman Pepper Locke LLP</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>111 Huntington Avenue, 9<sup>th</sup> Floor</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Boston, MA 02199</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>United States</b></p>
        <p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>(757) 687-7715</b></P></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Approximate date of commencement of proposed sale of the securities to
the public: </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>From time to time after the effective date of this Registration Statement
</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">_____________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;&#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: white">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box. </FONT>&#9746;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If this Form is a registration statement pursuant to General Instruction
I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Emerging growth company &#9746;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If an emerging growth company that prepares its financial statements in
accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards&dagger; provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&dagger; The term &ldquo;new or revised financial accounting standard&rdquo;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>We hereby amend this Registration Statement on such date or dates as
may be necessary to delay its effective date until we file a further amendment which will specifically state that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white"></p>

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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>EXPLANATORY NOTE</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">Electra Battery Materials Corporation (the &ldquo;<b>Company</b>&rdquo;) is filing this Amendment No. 4 (&ldquo;<b>Amendment No. 4</b>&rdquo;) to its Registration Statement on Form F-3, originally filed on June 27, 2025 (the &ldquo;<b>Original Filing</b>&rdquo;), and as amended on July 28, 2025 (&ldquo;<b>Amendment No. 1</b>&rdquo;), on August 11, 2025 (&ldquo;<b>Amendment No. 2</b>&rdquo;), and on September 25, 2025 (&ldquo;<b>Amendment No. 3</b>&rdquo;). This Amendment No. 4 is being filed to incorporate by reference the Company&rsquo;s report of foreign private issuer on Form 6-K, furnished to the SEC on November 13, 2025, containing Company&rsquo;s unaudited Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2025 and the Company&rsquo;s Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2025 and to update certain
other information contained in the registration statement and the base prospectus and the prospectus supplement.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">This registration statement contains:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a base prospectus which covers the offering, issuance and sale by us of up to a maximum aggregate offering
        price of US$50,000,000 of common shares, warrants and/or units from time to time in one or more offerings; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">an &ldquo;at the market&rdquo; offering prospectus supplement covering the offering, issuance and sale by
        us of up to a maximum aggregate offering price of US$5,500,000 of our common shares that may be issued and sold under an At the Market
        Offering Agreement with H.C.&nbsp;Wainwright&nbsp;&amp; Co., LLC (the &ldquo;<B>Sales Agent</B>&rdquo;).</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">The base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus will be specified in a prospectus supplement to the base prospectus. The &ldquo;at the market&rdquo; offering prospectus supplement immediately follows the base prospectus. The US$5,500,000 of common shares that may be offered, issued and sold under the &ldquo;at the market&rdquo; offering prospectus supplement is included in the US$50,000,000 of securities that may be offered, issued and sold by us under the base prospectus. Upon termination of the At the Market Offering Agreement with the Sales Agent, any portion of the US$5,500,000 included in the &ldquo;at the market&rdquo; offering prospectus supplement that is not sold pursuant to the At the Market Offering Agreement will be available for sale in other offerings pursuant to the base prospectus and a corresponding
prospectus supplement, and if no shares are sold under the At the Market Offering Agreement, the full US$50,000,000 of securities may be sold in other offerings pursuant to the base prospectus and a corresponding prospectus supplement.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red"><B>SUBJECT TO COMPLETION, DATED NOVEMBER 24, 2025</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: red"><I>The information in this prospectus is not complete and may
be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is declared
effective. This prospectus is not an offer to sell the securities and it is not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PROSPECTUS </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 24pt; text-align: center; margin: 0pt 0"><B>Electra Battery Materials Corporation</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.9pt">US$50,000,000</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.9pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.65pt">Common Shares</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.65pt">Warrants</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.65pt">Units</P>

<P STYLE="margin: 0pt 0 0pt 2.65pt; font-size: 10pt; font-weight: bold; text-align: center">_________________</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Electra Battery Materials Corporation (&ldquo;<b>we</b>&rdquo;, &ldquo;<b>us</b>&rdquo;, &ldquo;<b>our</b>&rdquo;, &ldquo;<b>Electra</b>&rdquo; or the &ldquo;<b>Company</b>&rdquo;) may offer and issue from time to time the Company&rsquo;s common shares, no par value (&ldquo;<b>Common Shares</b>&rdquo;), Common Share purchase warrants (&ldquo;<b>Warrants</b>&rdquo;) and units comprised of Common Shares and Warrants or any combination thereof (&ldquo;<b>Units</b>&rdquo;) (collectively, the &ldquo;<b>Securities</b>&rdquo;) up to an aggregate initial offering price of US$50,000,000 (or the equivalent thereof if the Securities are denominated in any other currency or currency unit) during the period that this registration statement (the &ldquo;<b>Registration Statement</b>&rdquo;), including any amendments thereto, remains effective. Securities may be offered separately or together, in amounts, at prices and on terms
to be determined based on market conditions at the time of sale and set forth in one or more prospectus supplements (each, a &ldquo;<b>Prospectus Supplement</b>&rdquo; and together, the &ldquo;<b>Prospectus Supplements</b>&rdquo;) to the prospectus contained in the Registration Statement (the &ldquo;<b>Base Prospectus</b>&rdquo;).</p>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">The specific terms of the Securities with respect to
a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable (i) in the case of Common
Shares, the number of Common Shares offered, the offering price, and any other terms specific to the Common Shares being offered, (ii)
in the case of Warrants, the offering price, the designation, the number and the terms of the Common Shares purchasable upon exercise
of the Warrants, any procedures that will result in the adjustment of these numbers, the exercise price, the dates and periods of exercise
and any other terms specific to the Warrants being offered, and (iii) in the case of Units, the number of Units offered, the offering
price of the Units, the number, designation and terms of the Common Shares and Warrants comprising the Units and any procedures that will
result in the adjustment of those numbers and any other specific terms applicable to the offering of Units. Where required by statute,
regulation or policy, and where Securities are offered in currencies other than United States dollars, appropriate disclosure of foreign
exchange rates applicable to the Securities will be included in the Prospectus Supplement describing the Securities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: justify; text-indent: 0in">All shelf information permitted under applicable
law to be omitted from this Base Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers
together with this Base Prospectus. Each Prospectus Supplement will be incorporated by reference into this Base Prospectus for the purposes
of securities legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities
to which the Prospectus Supplement pertains.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 6pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 5.95pt 0pt 0"></P>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">This Base Prospectus constitutes a public offering of the Securities only in those jurisdictions where they may be lawfully offered for sale and only by persons permitted to sell the Securities in those jurisdictions. We may offer and sell Securities to, or through, underwriters or dealers and may offer and sell certain Securities directly to other purchasers or through agents pursuant to exemptions from registration or qualification under applicable securities laws. A Prospectus Supplement relating to each issue of Securities offered thereby will set forth the names of any underwriters, dealers, or agents involved in the offering and sale of the Securities and will set forth the terms of the offering of the Securities, the method of distribution of the Securities including, to the extent applicable, the proceeds we will receive and any fees, discounts or any other compensation payable to underwriters, dealers
or agents and any other material terms of the plan of distribution.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our Common Shares are currently traded under the symbol &ldquo;ELBM&rdquo; on the TSX Venture Exchange (the &ldquo;<b>TSXV</b>&rdquo;) and on the Nasdaq Capital Market (&ldquo;<b>Nasdaq</b>&rdquo;). On November 21, 2025 (the last trading day prior to the date of this Base Prospectus), the closing price of the Common Shares on: (i) the TSXV was C$1.19; and (ii) the Nasdaq was US$0.8495. We will apply to have any Common Shares distributed under this Base Prospectus listed on the TSXV and the Nasdaq provided the Common Shares are currently listed or traded on such exchanges. Any listing and admission will be subject to Electra fulfilling all the listing requirements of the TSXV and the Nasdaq, respectively. Unless otherwise specified in the applicable Prospectus Supplement, any offering of Warrants or Units will be a new issue of Securities with no established trading market and, accordingly, such Securities will
not be listed on any securities or stock exchange or on any automated dealer quotation system.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On November 21, 2025, the aggregate market value worldwide of our outstanding common equity held by non-affiliates was approximately US$79,009,520, based on 93,007,086 Common Shares outstanding held by non-affiliates and a per share price of US$0.8495 based on the closing sale price of the Common Shares on Nasdaq on November 21, 2025.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">We are an &ldquo;emerging growth company&rdquo; as defined
by the Jumpstart Our Business Startups Act of 2012 (the &ldquo;<B>JOBS Act</B>&rdquo;) and, as such, we have elected to comply with certain
reduced public company reporting requirements for this Base Prospectus and future filings. However, we have elected not to take advantage
of the extended transition period allowed for emerging growth companies for complying with new or revised accounting guidance as allowed
by Section&nbsp;107 of the JOBS Act and Section&nbsp;7(a)(2)(B) of the Securities Act of 1933, as amended, (the &ldquo;<B>Securities Act</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">There is no market through which the Warrants or Units
may be sold and purchasers may not be able to resell such Securities purchased under this Base Prospectus and any applicable Prospectus
Supplement. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices,
the liquidity of the Securities, and the extent of issuer regulation. See &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">Our principal executive offices are located at 133 Richmond
Street W, Suite 602, Toronto, Ontario, M5H 2L3, Telephone: (416) 900-3891.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">We have prepared this Base Prospectus
in accordance with United States disclosure requirements. Our financial statements are prepared in accordance with IFRS<SUP>&reg;</SUP>
Accounting Standards as issued by the International Accounting Standard Board (&ldquo;IASB&rdquo;) and thus may not be comparable to financial
statements of United States companies.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">Purchasers of the Securities should
be aware that the acquisition of the Securities may have tax consequences in the United States and in Canada. Such consequences for purchasers
who are resident in, or citizens of, the United States, or who are resident in Canada may not be described fully herein or in any applicable
Prospectus Supplement. Purchasers of the Securities should read the tax discussion contained in the applicable Prospectus Supplement with
respect to a particular offering of Securities.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">The enforcement by investors of civil
liabilities under United States federal securities laws may be affected adversely by the fact that Electra is incorporated and governed
under the laws of Canada, that some of our officers and directors are residents of countries other than the United States, that some or
all of the underwriters, if any, may be residents of a foreign country, and a substantial portion of our assets and some of said persons
are located outside the United States.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">No underwriter has been involved in
the preparation of this Base Prospectus nor has any underwriter performed any review of the contents of this Base Prospectus.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">Investing in the Securities involves
a high degree of risk. Prospective purchasers of the Securities should carefully consider all the information in this Base Prospectus
and in the documents incorporated by reference in this Base Prospectus. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page 6 of this
Base Prospectus.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this Base Prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">______________</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">The date of this Base Prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE OF CONTENTS </B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="width: 88%; font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_001">ABOUT THIS BASE PROSPECTUS</A></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_002">MARKET AND INDUSTRY DATA</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_002">1</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_003">FINANCIAL INFORMATION AND CURRENCY</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_003">1</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_004">EMERGING GROWTH COMPANY</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_004">1</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_005">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_005">2</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_006">PUBLICLY AVAILABLE INFORMATION ON ELECTRA</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_006">3</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_007">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_007">4</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_008">RISK FACTORS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_008">6</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_009">OUR COMPANY</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_009">8</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_010">MATERIAL CHANGES</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_010">16</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_011">CAPITALIZATION AND INDEBTEDNESS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_011">16</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_012">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_012">17</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_013">DESCRIPTION OF THE WARRANTS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_013">18</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_014">DESCRIPTION OF THE UNITS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_014">19</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_015">CORPORATE GOVERNANCE</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_015">19</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_016">USE OF PROCEEDS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_016">22</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_017">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_017">22</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_018">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_018">23</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_019">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR
        U.S. HOLDERS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_019">25</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_020">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_020">30</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><A HREF="#a_021">DILUTION</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_021">30</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_022">LEGAL MATTERS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_022">30</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_023">INTERESTS OF EXPERTS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_023">30</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_024">TRANSFER AGENT, REGISTRAR AND AUDITOR</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_024">30</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_025">MATERIAL CONTRACTS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_025">31</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_026">EXPENSES OF ISSUANCE AND DISTRIBUTION</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_026">31</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_027">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
        FOR SECURITIES ACT LIABILITIES</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_027">31</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_028">ENFORCEMENT OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_028">31</A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_029">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_029">32</A></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-indent: -0.5in; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in; font-size: 10pt; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_001"></A>ABOUT THIS BASE PROSPECTUS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">This Base Prospectus
is part of a registration statement on Form F-3 that we filed with the United States Securities and Exchange Commission (the &ldquo;</FONT>SEC<FONT STYLE="font-weight: normal">&rdquo;).
You should read this Base Prospectus, including the documents incorporated by reference, and the related registration statement carefully.
This Base Prospectus and the registration statement contain important information you should consider when making your investment decision.
</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">You should rely only on the information
that we have provided in this Base Prospectus and any applicable Prospectus Supplement. We have not authorized anyone to provide you with
different information. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained
in this Base Prospectus, including the documents incorporated by reference, and any applicable Prospectus Supplement. You must not rely
on any unauthorized information or representation. This Base Prospectus and any applicable Prospectus Supplement is an offer to sell only
the securities offered hereby and thereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume
that the information in this Base Prospectus, including the documents incorporated by reference, and any applicable Prospectus Supplement
is accurate only as of the date on the front of the document, regardless of the time of delivery of this Base Prospectus, any applicable
Prospectus Supplement, or any sale of a Security.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">Except as otherwise
indicated, references in this Base Prospectus to &ldquo;</FONT>Electra<FONT STYLE="font-weight: normal">,&rdquo; &ldquo;</FONT>Company<FONT STYLE="font-weight: normal">,&rdquo;
&ldquo;</FONT>we<FONT STYLE="font-weight: normal">,&rdquo; &ldquo;</FONT>us<FONT STYLE="font-weight: normal">&rdquo; and &ldquo;</FONT>our<FONT STYLE="font-weight: normal">&rdquo;
refer to Electra Battery Materials Corporation and its consolidated subsidiaries.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_002"></A>MARKET AND INDUSTRY DATA</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Unless otherwise indicated, the market and industry data contained or incorporated
by reference in this Base Prospectus is based upon information from independent industry publications, market research, analyst reports
and surveys and other publicly available sources. Although we believe these sources to be generally reliable, market and industry data
is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data,
the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any survey. We have not independently
verified any of the data from third party sources referred to or incorporated by reference herein and accordingly, the accuracy and completeness
of such data is not guaranteed.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_003"></A>FINANCIAL INFORMATION AND CURRENCY</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Financial statements included or incorporated by reference herein have been prepared in accordance with IFRS&reg; Accounting Standards as issued by the International Accounting Standard Board (&ldquo;<b>IASB</b>&rdquo;). This may not be comparable to financial statements of United States (&ldquo;<b>U.S.</b>&rdquo;) companies prepared in accordance with U.S. generally accepted accounting principles. Our consolidated financial statements are audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;<b>PCAOB</b>&rdquo;) and our auditors are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">All currency amounts in this Base Prospectus are expressed in Canadian dollars, unless otherwise indicated. References to &ldquo;$&rdquo; or &ldquo;C$&rdquo; are to Canadian dollars. References to &ldquo;US$&rdquo; are to United States dollars. On November 21, 2025, the daily exchange rate for the United States dollar, expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.41.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_004"></A>EMERGING GROWTH COMPANY</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are an &ldquo;emerging growth company&rdquo; as defined
in Section 3(a) of the Exchange Act as amended by the JOBS Act, and we may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies. We will continue to qualify as an &ldquo;emerging
growth company&rdquo; until the earliest to occur of: (a) the last day of the fiscal year during which we had total annual gross revenues
of US$1,235,000,000 (as such amount is indexed for inflation every 5 years by the SEC) or more; (b) the last day of our fiscal year following
the fifth anniversary of the date of the first sale of equity securities pursuant to an effective registration statement under the Securities
Act; (c) the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or (d)
the date on which we are deemed to be a &ldquo;large accelerated filer&rdquo;, as defined in Exchange Act Rule 12b-2. We expect to continue
to be an emerging growth company for the immediate future.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Generally, a registrant that registers any class of its
securities under Section 12 of the Exchange Act is required to include in the second and all subsequent annual reports filed by it under
the Exchange Act a management report on internal control over financial reporting and, subject to an exemption available to registrants
that are neither an &ldquo;accelerated filer&rdquo; or a &ldquo;large accelerated filer&rdquo; (as those terms are defined in Exchange
Act Rule 12b-2), an auditor attestation report on management&rsquo;s assessment of internal control over financial reporting. However,
for so long as we continue to qualify as an emerging growth company, we will be exempt from the requirement to include an auditor attestation
report on management&rsquo;s assessment of internal controls over financial reporting in its annual reports filed under the Exchange Act,
even if we were to qualify as an &ldquo;accelerated filer&rdquo; or a &ldquo;large accelerated filer&rdquo;. In addition, Section 103(a)(3)
of the Sarbanes-Oxley Act of 2002 has been amended by the JOBS Act to provide that, among other things, auditors of an emerging growth
company are exempt from any rules of the Public Company Accounting Oversight Board requiring a supplement to the auditor&rsquo;s report
in which the auditor would be required to provide additional information about the audit and the financial statements of the company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.3pt 0pt 0"><A NAME="a_005"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.3pt 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">This Base Prospectus contains forward-looking statements
that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results
of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking
statements by terminology such as &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;intend,&rdquo; &ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo;
or the negative of these terms or other similar expressions. The statements we make regarding the following matters are forward-looking
by their nature and are based on certain of the assumptions noted below:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our intentions, plans and future actions;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>statements relating to our business and future activities;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>anticipated developments in our operations;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our market position, ability to compete and future financial or operating performance;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the timing and amount of funding required to execute our business plans;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>capital expenditures;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the effect on the Company of any changes to existing or new legislation or policy or government regulation;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the availability of labor;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>requirements for and availability to us of additional capital;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>goals, strategies and future growth;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the adequacy of financial resources;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding revenues, expenses and anticipated cash needs;</TD>
</TR></TABLE>


<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.3in"><font style="font-family: Symbol">&middot;</font></td>
    <td>general market conditions and macroeconomic trends driven by geopolitical conflicts, political instability, supply chain disruptions, market volatility, inflation, and labor challenges, among other factors.</td></tr>
  </table>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The preceding list is not intended to be an exhaustive list of all our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those factors identified under the &ldquo;<i>Risk Factors</i>&rdquo; in this Base Prospectus. Furthermore, unless otherwise stated, the forward-looking statements contained in this Base Prospectus are made as of the date hereof, and we have no intention
and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes or otherwise, except as required by law.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_006"></A>PUBLICLY AVAILABLE INFORMATION ON ELECTRA</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">We file reports and other information with the securities
commissions and similar regulatory authorities in the provinces and territories of Canada (collectively, the &ldquo;<B>Commissions</B>&rdquo;).
These reports and information are available to the public free of charge on SEDAR+ at www.sedarplus.ca.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">We are subject to the information requirements of the
Exchange Act relating to foreign private issuers and applicable Canadian securities legislation and, in accordance therewith, file reports
and other information with the SEC and securities regulatory authorities in Canada. Investors may read and download documents we have
filed with the SEC&rsquo;s Electronic Data Gathering and Retrieval system at www.sec.gov.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">We are subject to the informational requirements of the
Exchange Act that are applicable to foreign private issuers. Accordingly, we are required to file or furnish reports and other information
with the SEC, including annual reports on Form 40-F or Form 20-F, as applicable, and reports on Form 6-K. The SEC maintains an internet
website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC
are available to the public through the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">As a foreign private issuer, we are exempt under the
Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers,
directors and principal and selling shareholders are exempt from the reporting and short-swing profit recovery provisions contained in
Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements
with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act, nor be required to
comply with Regulation FD, which restricts the selective disclosure of material information.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">The mailing address of our corporate head office is 133
Richmond Street W, Suite 602, Toronto, Ontario, M5H 2L3, Canada and our telephone number is (416) 900-3891. Our agent for U.S. federal
securities law purposes is C T Corporation System, with an address at 28 Liberty Street, New York, New York 10005. Electra also maintains
a website at https://electrabmc.com. In this Base Prospectus, the website addresses of the SEC, SEDAR+ and Electra are provided solely
for information and are not intended to be active links. Electra is not incorporating the contents of the websites of the SEC, SEDAR+
and Electra or any other entity into this Base Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">Readers should rely only on information contained or
incorporated by reference in this Base Prospectus and any applicable Prospectus Supplement. We have not authorized anyone to provide the
reader with different information. We are not making an offer of the Securities in any jurisdiction where the offer is not permitted.
Readers should not assume that the information contained in this Base Prospectus is accurate as of any date other than the date on the
front of this Base Prospectus, unless otherwise noted herein or as required by law. It should be assumed that the information appearing
in this Base Prospectus and the documents incorporated herein by reference are accurate only as of their respective dates. Our business,
financial condition, results of operations and prospects may have changed since those dates.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_007"></A>DOCUMENTS INCORPORATED BY REFERENCE</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B><I>Information has been incorporated by reference
in this Base Prospectus from documents filed with the Commissions and filed with, or furnished to, the SEC</I></B>. Copies of the documents
incorporated herein by reference may be obtained on request without charge upon written or oral request made to Electra Battery Materials
Corporation, 133 Richmond Street W, Suite 602, Toronto, Ontario, M5H 2L3, Canada, Telephone: (416) 900-3891; Attention: Marty Rendall,
Chief Financial Officer. Copies of these documents are also available through the internet on the System for Electronic Document Analysis
and Retrieval +, which can be accessed online at www.sedarplus.ca and on the SEC&rsquo;s Electronic Data Gathering and Retrieval System,
which can be accessed online at www.sec.gov and at our website at https://electrabmc.com.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 6pt 0pt 0">The following documents, which we filed or furnished
with the Commissions and the SEC, as applicable, are specifically incorporated by reference into, and form an integral part of, this Base
Prospectus:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 6pt 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Annual Report on Form 20-F for the fiscal year ended December
        31, 2024 filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325002468/elbm20241231_20f.htm">April
        24, 2025</a>, as amended by Amendment No. 1 filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325002675/elbm20241231_20fa.htm">May
        1, 2025</a> and Amendment No. 2 filed with the SEC on<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325004748/elbm20250724_20fa.htm">
        July 28, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325001299/exh_992.htm">Exhibit
        99.2</a> to our Report on Form 6-K furnished to the SEC on March 6, 2025;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325001819/f6k_032825.htm">March
        31, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325002191/exh_992.htm">Exhibit
        99.2</a> to our Report on Form 6-K furnished to the SEC on April 14, 2025;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325003140/f6k_051325.htm">May
        13, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325003338/f6k_052025.htm">May
        20, 2025</a>;</font></td></tr>
  </table>

<p style="margin: 0pt 6pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005438/f6k_081425.htm">August 15, 2025</a> and as amended on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005930/f6ka_091725.htm">September 17, 2025</a>;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005569/f6k_082525.htm">August 25, 2025</a>, other than Exhibit 99.4;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005956/f6k_091725.htm">September 18, 2025</a>;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005972/f6k_091925.htm">September 19, 2025</a>;</TD></TR>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325006475/exh_992.htm">Exhibit 99.2</a> to our Report on Form 6-K furnished to the SEC on October 16, 2025;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325006637/f6k_102325.htm">October 24, 2025</a>;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">Exhibits <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_991.htm">99.1</a>, <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_992.htm">99.2</a>, <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_993.htm">99.3</a> and <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_994.htm">99.4</a> to our Report on Form 6-K furnished to the SEC on November 13, 2025; and</td></tr>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></TD></TR>
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">the description of Common Shares contained in our registration statement on Form 40-F filed on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_40fr12b.htm">April 14, 2022</a>, pursuant to Section 12 of the Exchange Act, together with all amendments and reports filed for the purpose of updating that description.</td></tr>
  </table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">All documents filed by us pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, and any document of the type referred to in the preceding paragraph, subsequent to the date of
this Base Prospectus and prior to the termination of the offering of the Securities offered by this Base Prospectus are incorporated by
reference into this Base Prospectus and form part of this Base Prospectus from the date of filing or furnishing of these documents. If
a Form 6-K has attached as an exhibit to such Form 6-K interim financial statements, interim management discussion and analysis, a material
change report, and/or a management information circular, such exhibit shall be deemed to be incorporated by reference herein. We may incorporate
by reference into this Base Prospectus any other Form 6-K (or exhibit thereto) that is submitted to the SEC after the date of the filing
of the registration statement of which this Base Prospectus forms a part and before the date of termination of this offering. Any such
other Form 6-K (or exhibit thereto) that we intend to so incorporate shall state in such form that it is being incorporated by reference
into this Base Prospectus. The documents incorporated or deemed to be incorporated herein by reference contain meaningful and material
information relating to us and the readers should review all information contained in this Base Prospectus and the documents incorporated
or deemed to be incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">A Prospectus Supplement containing the specific terms
of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities
together with this Base Prospectus and will be deemed to be incorporated into this Base Prospectus as of the date of such Prospectus Supplement
only for the purpose of the offering of the Securities covered by that Prospectus Supplement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Base
Prospectus, to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to
be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute
a part of this Base Prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has
modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The
making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded
statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact
that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.<BR STYLE="clear: both"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_008"></A>RISK FACTORS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Prospective investors in a particular offering of Securities
should carefully consider the risks presented in this Base Prospectus, as well as the information and risk factors contained in the Prospectus
Supplement relating to that offering and any and all other information incorporated by reference in this Base Prospectus. Discussions
of certain risks affecting us are generally provided and described in, among other documents, the Company&rsquo;s annual and interim reports
filed from time to time, which are incorporated by reference into this Base Prospectus. In particular, see the &ldquo;<I>Risk Factors</I>&rdquo;
heading in the Company&rsquo;s latest Annual Report on Form 20-F for the year ended December 31, 2024, filed on April 24, 2025, as amended
on May 1, 2025 and on July 28, 2025.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">An investment in the Securities offered hereunder is
speculative and involves a high degree of risk. The risks and uncertainties described or incorporated by reference herein are not the
only ones the Company may face. Additional risks and uncertainties, including those that the Company is unaware of or that are currently
deemed immaterial, may also become important factors that affect the Company and its business. If any such risks actually occur, the Company&rsquo;s
business, financial condition and results of operations could be materially adversely affected.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In addition to the risks set out in the latest Annual
Report on Form 20-F filed on April 24, 2025, as amended on May 1, 2025 and July 28, 2025, and the other risk factors presented in a Prospectus
Supplement or other reports that may, from time to time, be incorporated by reference into this Base Prospectus, prospective investors
should also carefully consider the risks set out below.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0">You may experience future dilution
as a result of future offerings.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In order to raise additional capital, we may in the future
offer additional Common Shares or other securities convertible into or exchangeable for Common Shares at prices that may not be the same
as the price per share paid by any investor in an offering in a subsequent Prospectus Supplement. We may sell Common Shares or other securities
in any other offering at a price per share that is less than the price per share or other security paid by any investor in an offering
in a subsequent Prospectus Supplement, and investors purchasing Common Shares or other securities in the future could have rights superior
to you. The price per share at which we sell additional Common Shares or securities convertible or exchangeable into Common Shares, in
future transactions may be higher or lower than the price per share paid by any investor in an offering under a subsequent Prospectus
Supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In connection with the October 2025 Financing and Restructuring, we converted 60% of our outstanding Notes into October 2025 Units in the Equity Exchange, exchanged the remaining Notes for the October 2025 Term Loan and Common Shares in the Debt Exchange, and completed the US$34.5 million October 2025 Financing, all as defined and described below under the heading &ldquo;<i>Our Company&mdash;Recent Developments&mdash; October 2025 Financing and Debt Restructuring.</i>&rdquo; The October 2025 Financing and Restructuring resulted in us issuing, or being obligated to issue in the future, a significant number of additional Common Shares. The issuance of the Common Shares and instruments exercisable or convertible into Common Shares in the October 2025 Financing and Restructuring have caused, and may in the future cause, our shareholders to experience substantial additional dilution. The dilution (and potential future
dilution) from the Common Shares issued or issuable in the October 2025 Financing and Restructuring may create downward pressure on our share price.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 9.95pt 0pt 0">There can be no assurance
as to the liquidity of the trading market for certain Securities or that a trading market for certain Securities will develop.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 9.95pt 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">There is no public market for our Warrants, and unless
otherwise specified in the applicable Prospectus Supplement, the Company does not intend to apply for listing of Warrants. If these securities
are traded after their initial issue, they may trade at a discount from their initial offering prices depending on the market for similar
securities, prevailing interest rates and other factors, including general economic conditions and the Company&rsquo;s financial condition.
There can be no assurance as to the liquidity of the trading market for any Warrants or that a trading market for these securities will
develop.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B><I>If we are characterized as a passive foreign investment
company, U.S. holders may be subject to adverse U.S. federal income tax consequences.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">U.S. investors should be aware that they could be subject to certain adverse
U.S. federal income tax consequences in the event that the Company is classified as a &ldquo;passive foreign investment company&rdquo;
(&ldquo;<B>PFIC</B>&rdquo;) for U.S. federal income tax purposes. The determination of whether the Company is a PFIC for a taxable year
depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and the
determination will depend on the composition of the Company&rsquo;s income, expenses and assets from time to time and the nature of the
activities performed by the Company&rsquo;s officers and employees. Based on the composition of the Company&rsquo;s income and the value
of its assets, the Company may have been classified as a PFIC for its taxable year ending December 31, 2024. However, it has not made
a conclusive determination as the Company&rsquo;s PFIC status may depend on the U.S. tax classification of certain grants that the Company
has received or accrued as receivable during 2024. For similar reasons, the Company is uncertain as to whether it will be classified as
a PFIC for the current taxable year. Prospective investors should carefully read the discussion under the heading &ldquo;<I>Certain U.S.
Federal Income Tax Considerations for U.S. Holders</I>&rdquo; for more information and consult their own tax advisors regarding the likelihood
and consequences of the Company being treated as a PFIC for U.S. federal income tax purposes, including the advisability of making certain
elections that may mitigate certain possible adverse U.S. federal income tax consequences that may result in an inclusion in gross income
without receipt of such income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Our failure to meet the continued listing requirements of Nasdaq
could result in a de-listing of our Common Shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If we fail to continue to satisfy the continued listing requirements of
Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq will take steps to de-list
our Common Shares. Any such de-listing would likely have a negative effect on the price of our Common Shares and would impair the ability
to sell or purchase our Common Shares, as well as adversely affect our ability to issue additional securities and obtain additional financing
in the future.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On September 21, 2023, we received a deficiency notice from Nasdaq (the
&ldquo;<B>Deficiency Notice</B>&rdquo;) informing us that our Common Shares had failed to comply with the US$1.00 minimum bid price required
for continued listing under Nasdaq Listing Rule 5550(a)(2) (&ldquo;<B>Minimum Bid Requirement</B>&rdquo;) based upon the closing bid price
of our Common Shares for the 30 consecutive business days prior to the date of the Deficiency Notice. In accordance with Nasdaq Listing
Rule 5810(c)(3)(A), we were given 180 calendar days from September 21, 2023, or until March 19, 2024, to regain compliance with the Minimum
Bid Requirement. On March 21, 2024, we announced that the Nasdaq Listing Qualifications Department granted our request for a 180-day extension
to regain compliance with the Minimum Bid Requirement. On September 17, 2024, we received another notice of non-compliance from Nasdaq.
We filed an appeal, which was heard on November 5, 2024 before an independent panel. The panel issued a written decision granting us until
January 15, 2025 to regain compliance with the Minimum Bid Price Requirement. We held a special meeting of shareholders on December 20,
2024 at which we received shareholder approval to implement a reverse share split. We implemented the reverse split on a one-for-four
basis and our Common Shares began trading on a post-reverse split basis on January 2, 2025, after which we regained compliance with the
Minimum Bid Price Requirement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the October 2025 Financing and Restructuring (as defined and described below under the heading &ldquo;<i>Our Company&mdash;Recent Developments&mdash; October 2025 Financing and Debt Restructuring</i>&rdquo;), the bid price of our Common Shares could further decline and trigger an additional deficiency notice from Nasdaq for a failure to meet the Minimum Bid Price Requirement.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">However, we cannot guarantee that we will be able to regain compliance
with the Minimum Bid Requirement, if lost, or maintain such compliance on an ongoing basis. We cannot assure you that a reverse stock
split will increase the market price of our Common Shares sufficiently to meet Nasdaq&rsquo;s Minimum Bid Requirement, or that we will
remain in compliance with other continued listing requirements of Nasdaq.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our Common Shares may be de-listed if we do not maintain compliance with
the Minimum Bid Requirement, as well as other continued listing requirements of the Nasdaq, and our shareholders could face significant
material adverse consequences, including:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Limited availability or market quotations for our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Reduced liquidity of our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Determination that our Common Shares are &ldquo;penny stock&rdquo;, which would require brokers trading in
        our Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
        market for our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Limited amount of news and analysts&rsquo; coverage of us; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Decreased ability for us to issue additional equity securities or obtain additional equity or debt financing
        in the future.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We can provide no assurances that the price of our Common Shares will remain
above the Minimum Bid Price requirement or that we otherwise will remain in compliance with the Nasdaq Marketplace Rules.<BR STYLE="clear: both">
</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_009"></A>OUR COMPANY</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><I>Our Business</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are in the business of battery materials refining,
including refining material from mining operations and from the recycling of battery scrap and end of life batteries. We are focused on
building a diversified portfolio of assets that are highly leveraged to the battery supply chain with assets located primarily in North
America, with the intent of providing a North American supply of battery materials.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We own two main assets &ndash; a hydrometallurgical cobalt sulfate refinery located in Ontario, Canada (&ldquo;<b>Refinery</b>&rdquo;), and a number of properties and option agreements within the Idaho Cobalt Belt (the &ldquo;<b>Idaho Properties</b>&rdquo;), including the Company&rsquo;s flagship mineral project, Iron Creek (the &ldquo;<b>Iron Creek Project</b>&rdquo;).</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have been progressing plans to recommission and expand
the Refinery with a view to becoming the first refiner of battery grade cobalt sulfate in North America. Our primary focus for 2025 is
to finance and resume the construction of our Refinery (Phase 1 of our phased approach to building a North American critical minerals
supply chain).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><I>The Refinery</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are working towards restarting our hydrometallurgical
Refinery in Ontario, Canada, as the first phase in a multi-phase strategy to build a North American critical minerals supply chain which
could provide battery grade nickel and cobalt and recycled battery materials to the North American and global electric vehicle battery
market. It is anticipated that the phased strategy will be approached in the following order:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Phase 1 entails an expansion and recommissioning of our Refinery. We anticipate the Refinery will produce
        at an initial rate of 5,000 tonnes per annum of battery cobalt contained in cobalt sulfate from cobalt hydroxide intermediate product
        supplied from leading and certified mining operations.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Phase 2 entails a permit amendment and an expansion of certain circuits to increase cobalt production to 6,500
        tonnes per annum of battery cobalt contained in cobalt sulfate, which aligns with the nameplate capacity of our crystallization circuit.
        We purchased larger equipment such that a step up in production to 6,500 tonnes per annum in the future is possible.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Phase 3 entails the recycling of black mass from spent lithium-ion batteries supplied by various black mass
        producers (battery shredders) in Canada and the United States, recovering lithium, nickel, cobalt and other critical metals. Aki Battery
        Recycling, our joint venture with Three Fires Group Inc., is also seeking to produce black mass in southern Ontario from battery manufacturing
        scrap, which could provide a steady source of feed material for Phase 3.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Phase 4 entails the construction of a nickel sulfate plant, thereby providing all the necessary components
        (other than manganese) to attract a precursor manufacturer to establish a facility adjacent to these refining operations.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On May 4, 2020, we announced positive results from an engineering study (the &ldquo;<b>Refinery Study</b>&rdquo;), that outlined the Refinery&rsquo;s ability to reach annual production of 25,000 tonnes of battery grade cobalt sulfate from third party feed, representing approximately 5% of the total global refined cobalt market and 100% of North American cobalt supply with strong operating cash flows and a globally competitive cost structure. After the Refinery Study, significant additional metallurgical testing, engineering work, flow-sheet optimization, costing and market analysis was completed, rendering many of the conclusions in the Refinery Study obsolete.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Refinery Study was prepared to summarize the results of an engineering study prepared at a feasibility level related to the Refinery. The report does not constitute a feasibility study within the definition employed by the Canadian Institute of Mining, Metallurgy and Petroleum (&ldquo;<b>CIM</b>&rdquo;), as it relates to a standalone industrial project and does not concern a mineral project of Electra. As a result, disclosure standards prescribed by NI 43-101 are not applicable to the scientific and technical disclosure in the report. Any references to scoping study, prefeasibility study or feasibility study by Electra, in relation to the Refinery, are not the same as terms defined by the CIM Definition Standards and used in NI 43-101. The Refinery Study is also not based on any existing mineral reserves or mineral resources of the Company, and we do not contemplate that any of our current mineral projects
will provide a source of feedstock for the Refinery.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">As we entered the full development phase of the Refinery expansion project in 2022, most of the long-lead custom equipment was ordered. Almost all the long-lead equipment is now at the Refinery, either installed or in storage awaiting installation. As the project has progressed and changed from the Refinery Study, the original economic outputs should no longer be relied upon.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In response to strong customer demand, we invested in
increased capacity for our cobalt crystallizer, which will result in installed capacity of 6,500 tonnes of annual contained cobalt production,
a 30% increase from the engineering study design of 5,000 tonnes. Future permit amendments will be sought to permit this increased output
level. We have also studied opportunities to utilize black mass from recycled lithium-ion batteries to provide supplemental cobalt feedstock
for this circuit.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have achieved several additional key milestones on
our development path for the Refinery, including:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Feedstock arrangements announced with Glencore (January 2021);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Commencement of detailed engineering and pre-construction activities;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Sale of Cobalt Camp properties to Kuya Silver (March 2021);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Solvent extraction design and manufacturing contract awarded to Metso-Outotec (October 2021);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Increased cobalt crystallizer capacity and formalized new project capital budget;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Five-year tolling contract and amended feed purchase agreement with Glencore (December 2021);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Receipt of Industrial Sewage Works approval (February 2022);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Offtake agreement signed with LGES for 7,000 tonnes of battery grade cobalt (September 2022);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Completion of recommissioning of the analytical lab, feed material handling system (including ball mill and
        mixing station), leach circuit, filter presses and reagent handling systems (October 2022);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Receipt of final approval for closure plan for the Refinery (November 2022);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Completion of construction of the cobalt sulfate loadout facility (Q1 2023);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Completion of the solvent extraction building (Q1 2023);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Receipt of the majority of long lead and custom fabricated equipment from suppliers around the world, thereby
        reducing the schedule risk associated with final construction (May 2023);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Completion of re-baseline report (May 2023);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">LGES offtake agreement amended to 19,000 tonnes over five years (July 2023);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Supply agreement with ERG for 3,000 tonnes per annum of cobalt starting from 2026 (April 2024);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Funding by U.S. Department of Defense for US$20 million in support of construction and commissioning of the
        Refinery (August 2024);</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Receipt of LOI from Canadian Federal Government for a proposed C$20 million in support of construction and commissioning of the Refinery
(March 2025);&nbsp;</TD></TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">Execution of term sheet for C$17.5 million in support of construction of the Refinery (September 2025);</font></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="padding-right: 14.15pt"><font style="font-size: 10pt">Completion of the October 2025 Financing and the Restructuring to advance construction and commissioning of the Refinery; and</font></td></tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="padding-right: 14.15pt"><font style="font-size: 10pt">Construction reactivation of the Refinery (November 2025).</font></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On February 14, 2023, we announced a review of the Refinery
scope, scheduling, and capital expenditures and completed the re-baseline engineering report in the second quarter of 2023. The re-baseline
engineering report estimated that the total capital costs are now at C$155 to C$167 million. The increase in capital costs has been driven
by supply chain disruptions, and inflationary pressures that negatively impacted all aspects of the Refinery, including contractor labour
rate, costs for concrete, steel, piping, and freight.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We may require additional financing in 2025 &ndash; 2026 to continue operations, complete the construction and final commissioning of the Refinery, advance our battery recycling strategy, and remain in compliance with the minimum liquidity covenant under the October 2025 Term Loan (as defined below under the heading &ldquo;<i>Our Company&mdash;Recent Developments</i>&rdquo;).</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have the necessary permits to operate the Refinery,
including our Air and Noise permit and our Permit to Take Water, as well as final approvals for our Industrial Sewage Works permit amendment
and our revised Refinery closure plan. We continue to make progress towards achieving our objective of providing the world&rsquo;s most
sustainable battery materials for the electric vehicle market. We continue to work with engineering firms, our commercial partners, process
experts and financial advisers to finalize and execute on the plans for our recommissioning and expansion of the Refinery.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><I>Refining &amp; Recycling of Black Mass</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We launched a black mass trial late in 2022 at the Refinery
to recover high-value elements found in shredded lithium-ion batteries. Using a proprietary hydrometallurgical process, we successfully
completed the first plant-scale recycling of black mass material in North America and confirmed the recovery of a number of critical metals,
including lithium, nickel, cobalt, manganese, and graphite, needed for North America&rsquo;s EV battery supply chain, surpassing initial
expectations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">To date, we have produced quality nickel-cobalt mixed
hydroxide, technical grade lithium carbonate, and graphite products in our black mass recycling trial.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In 2023, we completed a desktop scoping study to evaluate
the potential economics of developing a standalone black mass process plant within our Refinery complex capable of processing 2,500 tonnes
of black mass material per annum. The facility could be scaled over time as the market for battery recycling expands.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The desktop scoping study was based on a number of assumptions,
including annual processing of 2,500 tonnes of black mass, metal prices using analysts&rsquo; long-term forecasts, recovery rates consistent
with those achieved to date, and C$12.6 million of committed capital comprised of C$8.1 million for capital costs and C$4.5 million in
working capital.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In July 2023, we announced the first customer shipment
of the nickel-cobalt mixed hydroxide precipitate product (&ldquo;<B>MHP</B>&rdquo;) produced at our Refinery complex north from recycled
battery material. As a result of the successes achieved, we continued to process black mass material at our Refinery through the end of
2023. On February 5, 2024, we provided an update on our battery materials recycling trial, including that the plant-scale black mass recycling
trial is now largely complete.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On June 10, 2024, we were awarded C$5 million in contribution
funding, on a reimbursement basis, from Natural Resources Canada to support the development of our proprietary battery materials recycling
technology, accelerating the next phase of our recycling project to demonstrate on a continuous basis that our hydrometallurgical black
mass process is scalable, profitable, and can be implemented at other locations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On January 28, 2025, we announced the commencement of a feasibility level engineering study to build a battery recycling refinery adjacent to our cobalt Refinery north of Toronto. The study will build on the technology and expertise accumulated during a year-long black mass recycling trial, whereby we produced technical grade lithium and a nickel and cobalt product from end-of-life lithium batteries.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Key highlights of the black mass trial include:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">40 tonnes of black mass material have been processed in a plant scale setting, believed to be the first of
        its kind in North America.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Recovery rates for all targeted metals have improved since the start of the trial.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Improved lithium carbonate product quality by nearly 20% from its initial processing and product quality has
        achieved technical grade lithium carbonate. Discussions are ongoing with lithium companies to assess the tradeoffs between collaboration
        or producing a technical grade in-house.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Refinements to the process parameters for the MHP produced from the recycling process have at times improved
        paymetal concentration in the final MHP product to nearly 50% nickel and cobalt, well above quoted market standards. Improved metal concentration
        creates the opportunity to generate a higher metal payable, thereby improving the potential economics of continuous recycling operations.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Approximately 28 tonnes of MHP product have been shipped to customers to date.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Manganese recovery rate has been further improved to approximately 95% by strategically modifying the use
        and sequencing of reagents.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Reagent requirements have been reduced and in some cases alternative, less costly reagents have been used
        for improved overall metal recovery. Further, some of the reagent additions substituted have reduced overall impurity levels within the
        process. The reduction in reagent use and substitution of certain reagents are expected to lower operating expenses, thereby improving
        the economics of continuous recycling operations.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Continued optimization studies are underway, including metal recovery from internal recycling streams such
        as reusing tailings water as process water to feed the plant, thus making the process entirely closed circuit with minimal environmental
        impacts.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Preliminary results of laboratory work to explore the
potential of isolating cobalt from nickel contained in the leach liquor using hydrometallurgical methods are positive. Isolating the cobalt
could improve the overall payability of both the resultant cobalt and nickel product.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On June 5, 2025, we announced completion of a feasibility
level Class 3 Engineering Study for the construction of a modular battery recycling facility adjacent to our Refinery. The facility will
be designed to recover lithium, nickel, cobalt, manganese, and graphite from lithium-ion battery manufacturing scrap and end-of-life batteries
using Electra&rsquo;s proprietary hydrometallurgical process. This process was developed and validated through a year-long pilot program
that treated black mass sourced from an industry partner. The next phase of work, funded in part by Natural Resources Canada, will involve
operating the recycling process under continuous and semi-continuous conditions to simulate commercial-scale throughput.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><I>The Iron Creek Project</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We own 100% of the Iron Creek Project which is located about 42 kilometres southwest of Salmon, Idaho, within the historic Blackbird cobalt-copper district of the Idaho cobalt belt. The project consists of seven patented Federal lode claims that straddle Iron Creek, as well as 129 unpatented mining claims held 100% by two separate subsidiaries: Idaho Cobalt Company of Boise, Idaho and by Scientific Metals (Delaware) Corp. of Midvale, Utah; both are our wholly owned subsidiaries. In addition, adjoining unpatented mining claims are subject to earn-in and joint venture agreements with third parties. In total, the Iron Creek Project encompasses a land area of over 70km<sup>2</sup>.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On March 10, 2023, we announced a new mineral resource estimate for the Iron Creek Project. The new mineral resource estimate was based on infill drilling and limited step-out drilling and provides an increase of 83% to the indicated mineral resource category coming from the conversion of 1.7Mt to the indicated mineral resource category. The indicated mineral resource is now 4.4M tonnes grading 0.19% cobalt and 0.73% copper containing 18.4M pounds of cobalt and 71.6M pounds of copper. The inferred mineral resource is now 1.2M tonnes grading 0.08% cobalt and 1.34% copper for an additional 2.1M pounds of cobalt and 36.5M pounds of copper. We subsequently filed the Technical Report with respect to the new mineral resource estimate titled &ldquo;NI 43-101 Technical Report and Mineral Resource Estimate for the Iron Creek Cobalt-Copper Property, Lemhi County, Idaho, USA&rdquo; dated March 10, 2023, with an effective
date of January 27, 2023 (the &ldquo;<b>43-101 Technical Report</b>&rdquo;). The 43-101 Technical Report was prepared by Martin Perron, P.Eng. Marc R. Beauvais, P. Eng, Pierre Roy, P. Eng. and Eric Kinnan, P.Geo., each of whom is a qualified person and &ldquo;independent&rdquo; as such term is defined National Instrument 43-101 - Standards of Disclosure for Mineral Projects (&ldquo;<b>NI 43-101</b>&rdquo;). We have also prepared the 2024 Iron Creek Technical Report Summary (the &ldquo;<b>2024 Technical Report Summary</b>&rdquo;) in compliance with Regulation S-K subpart 1300. The 2024 Technical Report Summary was prepared by Martin Perron, P.Eng. of InnovExplo Inc., Marc R. Beauvais, P.Eng. of InnovExplo Inc., Eric Kinnan, P.Geo. of InnoExplo Inc., and Pierre Roy, P.Eng of Soutex Inc. All the Qualified Persons (or &ldquo;<b>Authors</b>&rdquo;) of the 2024 Technical Report Summary are independent of us within the meaning of Regulation S-K subpart 1300. The indicated and inferred mineral resource
estimates comply with both NI 43-101 and Regulation S-K subpart 1300.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">For further information regarding Electra, the Refinery
and the Iron Creek Project, see our Annual Report on Form 20-F for the year ended December 31, 2024, filed on April 24, 2025, as amended
on May 1, 2025 and on July 28, 2025, including the Technical Report Summary filed as Exhibit 15.5 thereto, and other documents incorporated
by reference in this Base Prospectus available at www.sedarplus.ca and at www.sec.gov under our profile.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Corporate Information</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We were incorporated under the provisions of the <I>Business Corporations
Act</I> (British Columbia) on July 13, 2011, under the name Patrone Gold Corp. and became a reporting issuer in British Columbia and Alberta
upon completion of an arrangement with Unity Energy Corp. on October 2, 2012. On October 3, 2013, we changed our name from Patrone Gold
Corp. to Aurgent Gold Corp. On March 11, 2014, we changed our name from Aurgent Gold Corp. to Aurgent Resource Corp., and on September
22, 2016, we changed our name from Aurgent Resource Corp. to First Cobalt Corp. On October 26, 2017, our shareholders approved a continuation
under the <I>Canada Business Corporations Act</I> (the &ldquo;<B>CBCA</B>&rdquo;). Our continuation under the CBCA was implemented as
of September 4, 2018. On December 2, 2021, we changed our name from First Cobalt Corp. to Electra Battery Materials Corporation. On April
13, 2022, we completed a reverse split of our share capital on the basis of one (1) post-reverse split Common Share for every eighteen
(18) pre-reverse split Common Shares. On December 31, 2024, we completed a reverse split of our share capital on the basis of one (1)
post-reverse split Common Share for every four (4) pre-reverse split Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our registered office is located at 40 Temperance Street, Suite 3200, Bay
Adelaide Centre, North Tower, Toronto, Ontario, Canada M5H 0B4. Our corporate head office is located at 133 Richmond Street West, Suite
602, Toronto, Ontario, M5H 2L3 Canada and our telephone number is (416) 900-3891.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our annual and other filings with securities commissions
or similar authorities in Canada and the United States are available under our profile on SEDAR+ at www.sedarplus.ca and our profile on
EDGAR at www.sec.gov.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><I>Recent Developments</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On January 28, 2025, we announced the commencement of a feasibility level engineering study to build a battery recycling refinery adjacent to our Refinery. The study will build on the technology and expertise accumulated during a year-long black mass recycling trial, whereby we produced technical grade lithium and a nickel and cobalt product from end-of-life lithium batteries.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On February 25, 2025, we announced the appointment of Alden Greenhouse to our board of directors (the &ldquo;<b>Board</b>&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On March 21, 2025, we announced receipt of a Letter of
Intent (&ldquo;<B>LOI</B>&rdquo;) for proposed funding of C$20,000,000 in support of completion of construction and commissioning of the
Refinery. The LOI was provided to us by the Federal Government and is non-binding. The LOI expresses an interest and intent to work towards
completing a final term sheet but does not constitute a binding agreement. While discussions between the parties are ongoing, there is
no guarantee or assurance that final agreements will be reached and/or funding will be provided to the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On March 24, 2025, we announced a non-brokered private placement in Canada (the &ldquo;<b>April 2025 Offering</b>&rdquo;) to raise aggregate gross proceeds of up to US$3,500,000. The April 2025 Offering consisted of units of the Company (each, a &ldquo;<b>April 2025 Unit</b>&rdquo;) issued at a price of US$1.12 per April 2025 Unit. Each April 2025 Unit consisted of one Common Share and one transferable common share purchase warrant (each, a &ldquo;<b>April 2025 Warrant</b>&rdquo;). Each April 2025 Warrant entitles the holder to purchase one Common Share at a price of US$1.40 at any time for a period of eighteen (18) months following the issue date. Each of Trent Mell, our Chief Executive Officer (purchased 20,000 April 2025 Units), Marty Rendall, our Chief Financial Officer (purchased 20,000 April 2025 Units), John Pollesel, a director of the Company (purchased 10,000 April 2025 Units), Alden Greenhouse, a director
of the Company (purchased 5,000 April 2025 Units), Heather Smiles, our Vice President, Investor Relations &amp; Corporate Development (purchased 3,500 April 2025 Units), Mark Trevisiol, our Vice President, Project Development (purchased 2,500 April 2025 Units), and Michael Insulan, our Vice President, Commercial (purchased 5,000 April 2025 Units) participated in the April 2025 Offering. On March 25, 2025, we announced the April 2025 Offering was fully subscribed and allocated. On April 4, 2025, we announced the first tranche of the April 2025 Offering had closed. On April 14, 2025, we announced the second and final tranche of the April 2025 Offering had closed. In aggregate, 3,125,000 April 2025 Units were issued at a price of US$1.12 per April 2025 Unit pursuant to the April 2025 Offering, and the Company paid an aggregate of US$219,447.17 in cash finders fees and issued 183,333 non-transferrable finders warrants (each, a &ldquo;<b>April 2025 Finders Warrant</b>&rdquo;) to eligible finders
in respect of subscriptions for April 2025 Units referred by such finders, in accordance with applicable Canadian securities laws. Each April 2025 Finders Warrant is exercisable to acquire one Common Share at an exercise price of US$1.12 per Common Share until October 14, 2026. The net proceeds raised from the April 2025 Offering were used to advance our Refinery project site in Temiskaming Shores, Ontario and for general corporate purposes.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On June 5, 2025, we completed a feasibility level Class 3 Engineering study
for the construction of a modular battery recycling facility adjacent to our Refinery, building on the technology and expertise accumulated
during a year-long black mass recycling trial, whereby we produced technical grade lithium and a nickel and cobalt product from end-of-life
lithium batteries.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On June 19, 2025, we announced the launch of an early works program which
encompasses targeted site-level activities to prepare for the restart of the full-scale construction at the Refinery.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On July 14, 2025, the governmental loan we received from the Federal Economic Development Agency for Northern Ontario repayment commencement dated was changed from June 2026 to June 2028.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On July 31, 2025, we announced the start of the metallurgical testing on
cobalt feedstock from two strategic North American sources: the historic Cobalt Camp in Ontario and the Company&rsquo;s Iron Creek cobalt
and copper project in Idaho. The objective of this initiative is to strengthen and diversify our cobalt refinery feedstock pipeline by
integrating domestic sources alongside existing global supply partners.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On September 3, 2025, we announced the completion of our early works program
at our Refinery. Key activities included concrete foundation work for SX tanks, installation of processing equipment, structural roofing,
and upgrades to power, lighting, and septic systems. Engineering and procurement activities were also advanced to support readiness for
full construction.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On September 12, 2025, we announced our execution of a term sheet for C$17.5
million in proposed funding from Invest Ontario, an agency of the Government of Ontario, to support construction of our Refinery. The
term sheet with Invest Ontario expresses an intent to work toward completing definitive documentation but does not constitute a binding
agreement. While discussions between the parties are ongoing, there is no guarantee or assurance that final agreements will be reached
and or that funding will be provided to the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On November 5, 2025, we announced the resumption of construction at our Refinery. To support execution, Electra engaged EXP to provide construction-management services for the reactivation program. Current work focuses on site preparation and reinstatement of mechanical, electrical, and instrumentation systems, alongside detailed engineering (including completion of P&amp;IDs, HAZOP reviews, and as-built scans). Key activities underway include the procurement and reactivation of critical components, tendering of major mechanical and electrical packages, and upgrades to conveyor systems and electrical infrastructure.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On November 10, 2025, we announced the issuance of the major mechanical, instrumentation, and piping tender package as part of our Refinery construction work. The tender encompasses installation of critical processing systems, including mechanical equipment setting, pipefitting, instrumentation hook-up, structural tie-ins, and utility connections&mdash;all essential for integrating the refinery&rsquo;s core operating units.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On October 15, 2025, at a special meeting, the Company&rsquo;s shareholders approved a proposal to fix the number of directors of the Company at seven and elected seven directors to the Company&rsquo;s Board. Shareholders reelected Trent Mell, John Pollesel, David Stetson and Susan Uthayakumar to the Board. Additionally, shareholders elected two new directors to the Company&rsquo;s Board, Gerard Hueber and Jody Thomas. Shareholders also approved the company&rsquo;s entry into the Restructuring with the Lenders, as discussed below under the heading &ldquo;<i>Our Company&mdash;Recent Developments&mdash;October 2025 Financing and Debt Restructuring</i>&rdquo;.</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On November 5, 2025, we announced that construction has resumed at the Refinery.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><i>October 2025 Financing and Debt Restructuring</i></p>

<p style="font-size: 10pt; margin: 0pt 0"><i>&nbsp;</i></p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On October 22, 2025, we closed our US$34.5 million financing
(the &ldquo;<B>October 2025 Financing</B>&rdquo;) and the Restructuring (as defined below). The October 2025 Financing was completed on
a &ldquo;best-efforts&rdquo; basis pursuant to the terms of an agency agreement (&ldquo;<B>Agency Agreement</B>&rdquo;), dated October
22, 2025, and entered into by the Company with Cantor Fitzgerald Canada Corporation and ECM Capital Advisors Ltd., as co-lead agents,
each on its own behalf, and on behalf of a syndicate of agents which included Independent Trading Group (ITG), Inc. and Kernaghan &amp;
Partners Ltd. (collectively the &ldquo;<B>Agents</B>&rdquo;). In accordance with the Agency Agreement an aggregate of 46,000,000 units
of the Company (each, an &ldquo;<B>October 2025 Unit</B>&rdquo;), such aggregate amount being inclusive of the exercise in full of an
over-allotment option which was granted to the Agents, were issued by the Company in a private placement at a price of US$0.75 (the &ldquo;<B>Issue
Price</B>&rdquo;) per October 2025 Unit, for aggregate gross proceeds to the Company of US$34.5 million.</P>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Each October 2025 Unit consists of one Common Share and one Common Share purchase warrant (each, an &ldquo;<b>October 2025 Warrant</b>&rdquo;), with each October 2025 Warrant entitling the holder thereof to purchase one Common Share at a price of US$1.25 for a period commencing on the date that is 60 days following the completion of the October 2025 Financing until October 22, 2028.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Net proceeds from the October 2025 Financing, along with
previously announced government commitments on March 21, 2025 and September 12, 2025 (see &ldquo;<I>Our Company&mdash;Recent Developments</I>&rdquo;),
are intended to be used to advance the completion and ramp-up of Electra&rsquo;s Refinery, black mass recycling program, to pay expenses
in connection with the Restructuring and to support general working capital and corporate purposes. We also repaid the US$2 million aggregate
principal amount of unsecured 90-day promissory notes issued to the Lenders (as defined below) on August 22, 2025 (the &ldquo;<B>2025
Bridge Notes</B>&rdquo;) concurrently with the closing of the October 2025 Financing.</P>


<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Each of Trent Mell, Chief Executive Officer; Marty Rendall, Chief Financial Officer; Heather Smiles, Vice President, Investor Relations &amp; Corporate Development; George Puvvada, Vice President, Metallurgy &amp; Technology; and Michael Insulan, Vice President, Commercial purchased October 2025 Units in the October 2025 Financing; and David Stetson, Gerard Hueber, and John Pollesel, each a director of the Company, also participated in the October 2025 Financing by purchasing October 2025 Units.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">By virtue of their participation, the October 2025 Financing constituted a &ldquo;related party transaction&rdquo; under applicable Canadian securities laws. The Company did not file a material change report more than 21 days before closing of the October 2025 Financing as the details of the abovementioned insider participation were not settled until shortly prior to closing, and the Company wished to close the October 2025 Financing on an expedited basis. As neither the fair market value of the subject matter, nor the fair market value of the consideration for the transaction, insofar as it involves the related parties, exceeded 25% of the Company&rsquo;s market capitalization, neither a formal valuation nor minority shareholder approval were required in connection with the October 2025 Financing.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">As consideration for their services, at the closing of the October 2025 Financing on October 22, 2025, the Company paid aggregate cash commission of $1,851,331.52 to the Agents. The Company also issued an aggregate of 2,416,884 non-transferable warrants to purchase Common Shares to the Agents (the &ldquo;<b>October 2025 Broker Warrants</b>&rdquo;). Each October 2025 Broker Warrant entitles the holder to acquire one Common Share at the Issue Price, at any time on or before the date that is 36 months from October 22, 2025.&lrm;</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The October 2025 Units were offered on a private placement basis to purchasers resident in each of the provinces and territories of Canada (the &ldquo;<b>Canadian Selling Jurisdictions</b>&rdquo;) pursuant to (i) the accredited investor exemption outlined in Part 2 of NI 45-106 and (ii) the listed issuer financing exemption as set out under Part 5A of National Instrument 45-106 &ndash;&nbsp;<i>Prospectus Exemptions</i>, as amended by Coordinated Blanket Order 45-935 &ndash; Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the &ldquo;<b>Listed Issuer Financing Exemption</b>&rdquo;), as well as to purchasers resident outside of Canada pursuant to Ontario Securities Commission Rule 72-503 &ndash;&nbsp;<i>Distributions Outside Canada</i>.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Common Shares issuable from the sale of 6,400,000 October 2025 Units, and the Common Shares issuable upon the exercise of the October 2025 Warrants at least 60 days from the completion of the October 2025 Financing, from these October 2025 Units, issued under the Listed Issuer Financing Exemption are not subject to a hold period in accordance with Canadian securities laws and were immediately freely tradeable in Canada. An aggregate of 6,782,802 October 2025 Units issued in the October 2025 Financing to purchasers in Canada are subject to a statutory hold period in Canada of four months and one day following issuance to the extent required by applicable securities laws. Any securities sold outside of Canada to non-residents of Canada are free of any hold period under applicable Canadian securities legislation. In addition, an aggregate of 455,881 October 2025 Units issued to insiders under the October 2025
financing are subject to a four-month hold period in Canada pursuant to applicable policies of the TSXV.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Concurrently with the closing of the October 2025 Financing, the Company also
closed a concurrent financial restructuring transaction (the &ldquo;<B>Restructuring</B>&rdquo;) with the holders (the &ldquo;<B>Lenders</B>&rdquo;)
of the Company&rsquo;s then-outstanding senior secured convertible notes (the &ldquo;<B>Notes</B>&rdquo;), pursuant to which the Lenders
and the Company entered into exchange agreements dated as of October 22, 2025 whereby:</P>


<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.15pt">each of the Lenders exchanged approximately 60% of the aggregate principal amount
of the Notes beneficially owned or held by each of the Lenders, plus the aggregate amount of all accrued and unpaid interest (including
any deferred interest amounts) to but excluding October 9, 2025, for October 2025 Units at a deemed price of US$0.75 per October 2025
Unit (the &ldquo;<B>Equity Exchange</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin: 0pt 14.15pt 0pt 14.95pt; font-size: 10pt; text-align: justify">&nbsp;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt"><font style="font-size: 10pt">the Lenders exchanged the remaining 40% of the aggregate principal amount and the aggregate amount of all accrued and unpaid interest of the Notes for an equal aggregate principal amount of a new term loan (the &ldquo;<b>October 2025 Term Loan</b>&rdquo;) pursuant to a credit agreement and 3,822,341 Common Shares at a deemed price of US$0.90 per Common Share (the &ldquo;<b>Debt Exchange</b>&rdquo;). Interest on the October 2025 Term Loan will be payable in cash or in kind at the Company&rsquo;s election at a rate per annum of 8.99% if paid in cash or 11.125% if paid in kind. The October 2025 Term Loan matures on October 22, 2028;</font></td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt"><font style="font-size: 10pt">to the extent that the Equity Exchange and the Debt Exchange would result in any Lender, individually or together with any person or company acting jointly or in concert (as such terms are defined in the Securities Act (Ontario)) with such Lender, beneficially owning Common Shares in excess of 9.90% of the issued and outstanding Common Shares following the October 2025 Financing and the Restructuring, such Lender received Pre-Funded Warrants (&ldquo;<b>October 2025 Pre-Funded Warrants</b>&rdquo;) in lieu of the excess amount of Common Shares underlying the October 2025 Units which would otherwise have been issuable. Each October 2025 Pre-Funded Warrant is exercisable by the holder thereof to acquire one (1) Common Share (&ldquo;<b>October 2025 Pre-Funded Warrant Share</b>&rdquo;) at an exercise price of US$0.000001 per October 2025 Pre-Funded Warrant Share, subject to adjustment in accordance with the terms
thereof, for an indefinite period without expiry. As a result, the Company issued an aggregate of 27,128,396 Common Shares, 55,041,712 October 2025 Warrants and 31,735,657 Pre-Funded Warrants to the Lenders under the Equity Exchange and the Debt Exchange;</font></td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt"><font style="font-size: 10pt">an aggregate of 3,835,378 common share purchase warrants held by the Lenders were cancelled;</font></td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt"><font style="font-size: 10pt">the Company entered into amended &amp; restated royalty agreements with the Lenders, dated as of October 22, 2025, amending the royalty agreements dated as of February 13, 2023 to (i) extend the length of the royalty on revenues from five years following the commencement of commercial production to seven years following the commencement of commercial production and (ii) raise the aggregate cap under all royalty agreements from US$6,000,000 to US$10,000,000; and</font></td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt"><font style="font-size: 10pt">the Company redeemed the 2025 Bridge Notes for an aggregate of US$2,040,000, inclusive of interest.</font></td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In connection with the closing of the Restructuring, the Company and the Lenders also entered into a registration rights agreement, pursuant to which the Company has agreed to file one or more registration statements with the SEC covering the resale of the securities issued under the Equity Exchange and the Debt Exchange. Following the closing of the Restructuring, the Lenders do not have any ongoing right to appoint members of the Board.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</p>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_010"></A>MATERIAL CHANGES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Except as otherwise disclosed in this Base Prospectus,
there have been no material changes to our operations that have occurred since December 31, 2024 and that have not been described in a
report on Form 6-K furnished under the Exchange Act and incorporated by reference into this Base Prospectus.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_011"></A>CAPITALIZATION AND INDEBTEDNESS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our capitalization will be set forth in the applicable
Prospectus Supplement or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated by reference into this
Base Prospectus.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_012"></A>DESCRIPTION OF SHARE CAPITAL</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>The following description of our share capital summarizes certain provisions
contained in our articles and by-laws. There summaries do not purport to be complete and are subject to, and are qualified in their entirety
by reference to, all of the provisions of our articles and by-laws, which have been filed under our profile on SEDAR+ at www.sedarplus.ca
and as Exhibits to the registration statement on Form F-3 of which this Base Prospectus forms a part.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Authorized Share Capital</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">We are authorized to issue an unlimited number of Common Shares. Our Common Shares have no par value. As of November 21, 2025, there were 93,653,238 Common Shares issued and outstanding.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The Common Shares offered under this Base Prospectus have all the rights, privileges, restrictions and conditions of other Common Shares of the Company. Holders of Common Shares are entitled to receive notice of any meeting of our shareholders, to attend and to cast one vote per share at such meetings. Holders of our Common Shares are also entitled to receive on a pro-rata basis such dividends, if any, as and when declared by our Board at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a pro-rata basis, our net assets after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Dividends </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We have never paid any cash dividends on our Common Shares. While we are
not restricted from paying dividends other than pursuant to certain solvency tests prescribed under the CBCA, we do not intend to pay
dividends on any of our Common Shares in the foreseeable future. Any future determination to pay cash dividends will be at the discretion
of our Board and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future
indebtedness and other factors our Board deems relevant.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Transfer Agent</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The transfer agent and registrar for our Common Shares is TSX Trust Company
at its principal office located in Toronto, Ontario.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_013"></A>DESCRIPTION OF THE WARRANTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">Warrants will typically be offered with Common Shares,
with such securities often referred to collectively as a &ldquo;Unit&rdquo;, but may be offered separately. The Warrants either will be
issued under a warrant indenture or agreement that will be entered into by the Company and a trustee at the time of issuance of the Warrants
or will be represented by warrant certificates issued by the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Warrants will entitle the holder thereof to receive Common Shares and/or other Securities upon the exercise thereof and payment of the applicable exercise price. A Warrant will be exercisable for a specific period at the end of which time it will expire and cease to be exercisable.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Holders of Warrants are not shareholders of the Company. The terms and provisions of Warrants offered by this Base Prospectus and any applicable Prospectus Supplement will be described in the Prospectus Supplement filed in respect of such Warrants. This description may include, without limitation and as applicable: (i) the title or designation of the Warrants; (ii) the number of Warrants offered; (iii) the number of Common Shares and/or other Securities purchasable upon exercise of the Warrants and the procedures for exercise; (iv) the exercise price of the Warrants; (v) the dates or periods during which the Warrants are exercisable and when they expire; (vi) the designation and terms of any other Securities with which the Warrants will be offered, if any, and the number of Warrants that will be offered with each such Security; and (vii) any other material terms and conditions of the Warrants including, without
limitation, transferability and adjustment terms and whether the Warrants will be listed on a securities exchange.</p>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_014"></A>DESCRIPTION OF THE UNITS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">Units are securities consisting of one or more of the
other Securities described in this Base Prospectus offered together as a &ldquo;Unit&rdquo;. A Unit is typically issued such that the
holder thereof is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations
of a holder of each Security comprising the Unit. The unit agreement under which a Unit is issued may provide that the Securities comprising
the Unit may not be held or transferred separately at any time or before a specified date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">The terms and provisions of Units offered
by this Base Prospectus and any applicable Prospectus Supplement will be described in the Prospectus Supplement filed in respect of such
Units. This description may include, without limitation and as applicable: (i) the designation and terms of the Units and of the Securities
comprising the Units, including whether and under what circumstances those Securities may be held or transferred separately; (ii) any
provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the Securities comprising the Units; (iii) whether
the Units will be issued in fully registered or global form; and (iv) any other material terms and conditions of the Units.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_015"></A>CORPORATE GOVERNANCE</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Under the CBCA, we are required to hold a general meeting
of our shareholders at least once every year at a time and place determined by our Board, provided that the meeting must not be held later
than 15&nbsp;months after the preceding annual general meeting. A notice to convene a meeting, specifying the date, time and location
of the meeting must be sent to shareholders, to each director and the auditor not less than 21&nbsp;days prior to the meeting or such
other minimum period as required by the applicable securities laws. Under the CBCA, shareholders entitled to notice of a meeting may waive
or reduce the period of notice for that meeting, provided applicable securities laws requirements are met.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Pursuant to our by-laws, all business transacted at a
special meeting of shareholders (except business relating to the conduct of or voting at the meeting) and all business transacted at an
annual meeting of shareholders (except business relating to the conduct of or voting at the meeting, consideration of our financial statements
presented at the meeting, consideration of any director or auditor&rsquo;s report, setting or changing of the number of directors, election
or appointment of directors, appointment of the auditor, remuneration of the auditor, business arising out of a report of the directors
not requiring the passage of a special or exceptional resolution, and any other business which, under the by-laws or CBCA, may be transacted
at a meeting of shareholders without prior notice of the business being given to the shareholders) is deemed to be special business. Notice
of a meeting of shareholders at which special business is to be transacted shall (a)&nbsp;state the general nature of that business; and
(b)&nbsp;if the special business includes considering, ratifying, adopting or authorizing any document, or the signing of any document,
have attached to it the document or state that such document is available for inspection.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Under our by-laws, our Board has the power at any time
to call a meeting of our shareholders where special business is to be considered.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Those entitled to vote at a meeting are entitled to attend
meetings of our shareholders. Every shareholder entitled to vote may appoint one or more proxyholders to attend the meeting in the manner
and to the extent authorized and with the authority conferred by the proxy. Directors, auditors, legal counsels, secretaries (if any),
and any other persons invited by the directors are entitled to attend any meeting of our shareholders but will not be counted in quorum
or be entitled to vote at the meeting unless he or she or it is a shareholder or proxyholder entitled to vote at the meeting.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Material Differences Between the CBCA and the DGCL</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The material differences between the CBCA and the DGCL
that may have the greatest such effect include, but are not limited to, the following: (i)&nbsp;for material corporate transactions (such
as mergers and amalgamations, other extraordinary corporate transactions or amendments to our articles) the CBCA generally requires a
two-thirds majority vote by shareholders (including, in some circumstances, shareholders that otherwise do not have the right to vote),
whereas the DGCL generally requires only a majority vote; (ii)&nbsp;under the CBCA, holders of 5% or more of our shares that carry the
right to vote at a meeting of shareholders can requisition a general meeting of shareholders at which special matters may be conducted,
whereas such right does not exist under the DGCL; and (iii)&nbsp;unlike the DGCL which does not provide for any oppression remedy for
shareholders of Delaware entities, the CBCA provides an oppression remedy that enables a court to make an order, whether interim or final,
if an application is made to the court by a shareholder in a timely manner and it appears to the court that there are reasonable grounds
for believing (A)&nbsp;that the affairs of the corporation are being or have been conducted, or the powers of the directors are being
or have been exercised, in a manner that is oppressive to one or more shareholders, or (B)&nbsp;that some act of the corporation has been
done or is threatened, or that some resolution of the shareholders or of the shareholders holding shares of a class or series of shares
has been passed or is proposed, that is unfairly prejudicial to one or more of the shareholders including the applicant.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Certain Takeover Bid Requirements</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Unless such offer constitutes an exempt transaction,
an offer made by a person, an &ldquo;offeror&rdquo;, to acquire outstanding shares of a Canadian entity that, when aggregated with the
offeror&rsquo;s holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding
shares in a class, would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary
of certain aspects of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In addition to those takeover bid requirements noted
above, the acquisition of our shares may trigger the application of statutory regimes including among others, the <I>Investment Canada
Act</I> (Canada) (the &ldquo;<B>Investment Act</B>&rdquo;) and the <I>Competition Act</I> (Canada) (the &ldquo;<B>Competition Act</B>&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Limitations on the ability to acquire and hold our shares
may be imposed by the Competition Act. This legislation permits the Commissioner of Competition (the &ldquo;<B>Commissioner</B>&rdquo;),
to review any acquisition of control over or of a significant interest in us. This legislation grants the Commissioner jurisdiction, for
up to one year after closing, to challenge this type of acquisition before the Canadian Competition Tribunal on the basis that it would,
or would be likely to, substantially prevent or lessen competition in any market in Canada.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Since we are a publicly-traded corporation, this legislation
also requires any person who intends to acquire our voting shares to file a notification with the Canadian Competition Bureau if certain
financial thresholds are exceeded and if that person (and their affiliates) would hold more than 20% of our voting shares as a result
of such acquisition. If a person already owns more than 20% of our voting shares, a notification must be filed before the acquisition
of additional voting shares that would bring that person&rsquo;s holdings to over 50%. Where a notification is required, the legislation
prohibits completion of the acquisition until the expiration of a statutory waiting period or, if applicable, a second statutory waiting
period, unless the Commissioner provides written notice that he does not intend to challenge the acquisition. A common closing condition
of acquisitions subject to notification under the Competition Act is clearance from the Commissioner, even if the applicable statutory
waiting period has expired and the parties are in a legal position to close.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Investment Act requires any person that is a &ldquo;non-Canadian&rdquo;
(as defined in the Investment Act) who acquires control of an existing Canadian business, where the acquisition of control is not a reviewable
transaction, to file a notification with Innovation, Science and Economic Development. The Investment Act generally prohibits the implementation
of a reviewable transaction unless, after review, the relevant minister is satisfied that the investment is likely to be of net benefit
to Canada. Under the Investment Act, the acquisition of control of us (either through the acquisition of our shares or all or substantially
all our assets) by a non-Canadian would be reviewable under the &ldquo;net benefit&rdquo; standard only if the applicable specified financial
threshold is met or exceeded and no exemption applied.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The acquisition of a majority of the voting interests
of an entity is deemed to be acquisition of control of that entity. The acquisition of less than a majority but one-third or more of the
voting shares of a corporation or an equivalent undivided ownership interest in the voting shares of a corporation is presumed to be an
acquisition of control of that corporation unless it can be established that, on the acquisition, the corporation is not controlled in
fact by the acquirer through the ownership of voting shares. The acquisition of less than one-third of the voting shares of a corporation
is deemed not to be an acquisition of control of that corporation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Under the national security regime in the Investment
Act, a national security review on a discretionary basis may also be undertaken by the federal government in respect of a much broader
range of investments by a non-Canadian to &ldquo;acquire, in whole or in part, or to establish an entity carrying on all or any part of
its operations in Canada&rdquo;, provided that the entity has a specified nexus to Canada. The relevant test is whether such an investment
by a non-Canadian could be &ldquo;injurious to national security.&rdquo; The relevant minister has broad discretion to determine whether
an investor is a non-Canadian and may be subject to national security review. Review on national security grounds is at the discretion
of the federal government and, depending on the facts, may occur on a pre- or post-closing basis and includes the ability to block a transaction
or, for a completed transaction, order divestiture.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">There is no law, governmental decree or regulation in
Canada that restricts the export or import of capital or which would affect the remittance of dividends or other payments by us to non-Canadian
holders of our Common Shares or preferred shares, other than withholding tax requirements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Neither our articles nor our by-laws contain any change
of control limitations with respect to a merger, acquisition or corporate restructuring that involves us.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">This summary above is not a comprehensive description
of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not be interpreted
as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective purchaser is
made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding the foregoing and
securities law in the provinces and territories of Canada.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">Actions Requiring a Special Majority</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Under our by-laws, the number of votes required for the
corporation to pass a special resolution at a meeting of shareholders is two-third of the votes cast on the resolution. Special resolutions
include resolutions to: (i)&nbsp;create special rights or restrictions for, and attach such special rights or restrictions to, any class
or series of shares; (ii)&nbsp;vary or delete any special rights or restrictions attached to any class or series of shares; and (iii)&nbsp;remove
a director before the expiration of his or her term of office.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Advance Notice Procedures and Shareholder Proposals</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Under the CBCA, shareholders may make proposals for matters
to be considered at the annual general meeting of shareholders. Such proposals must be sent to us in advance of any proposed meeting by
delivering a timely written notice in proper form to our registered office in accordance with the requirements of the CBCA. The notice
must include information on the business the shareholder intends to bring before the meeting. In addition, our by-laws require that shareholders
must give advance notice to nominate directors or to submit proposals for consideration at shareholders&rsquo; meetings.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">These provisions could have the effect of delaying until
the next shareholder meeting the nomination of certain persons for director that are favored by the holders of a majority of our outstanding
voting securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Ownership and Exchange Controls</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">There is currently no law, governmental decree or regulation
in Canada that restricts the export or import of capital, or which would affect the remittance of dividends, interest or other payments
by us to non-resident holders of our Common Shares, other than withholding tax requirements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">There is currently no limitation, imposed by Canadian
law or our by-laws that will be in effect prior to closing, on the right of non-residents to acquire, hold or vote our Common Shares,
other than those imposed by applicable securities laws and the Investment Act. The Investment Act will generally not apply except in respect
of national security and where control of a Canadian business, which has an enterprise value or assets at or over a certain threshold,
is acquired and will not generally apply to trading of securities listed on a stock exchange.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_016"></A>USE OF PROCEEDS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The net proceeds to be derived from the sale of Securities
will be the issue price thereof less any commission paid in connection therewith and the expenses relating to the particular offering
of Securities. The net proceeds to us from any offering of Securities, the proposed use of those proceeds and the specific business objectives
that we wish to accomplish with such proceeds will be set out in the applicable Prospectus Supplement. There may be circumstances where,
on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly,
our management will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that we spend
in connection with each intended use of proceeds may vary from the amounts specified in the applicable Prospectus Supplement and will
depend on a number of factors, including those referred to under &ldquo;<I>Risk Factors</I>&rdquo; and any other factors set out in the
applicable Prospectus Supplement. We may invest funds which we do not immediately use. Such investments may include short-term marketable
investment grade securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We may, from time to time, issue securities (including
debt securities) other than pursuant to this Base Prospectus. We had negative cash flow from operating activities of C$17,012,000 for
the year ended December 31, 2024. We cannot guarantee that positive cash flow from operating activities will be obtained. We may continue
to have negative cash flow from operating activities until sufficient levels of sales are achieved.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_017"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We may sell the Securities, separately or together, to
or through underwriters or dealers purchasing as principals for public offering and sale by them, and also may sell Securities to one
or more other purchasers directly or through agents. Each Prospectus Supplement will set forth the terms of the offering, including the
name or names of any underwriters or agents, if any, the purchase price or prices of the Securities and the proceeds we will receive from
the sale of the Securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Securities may be sold from time to time in one or
more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices related
to such prevailing market prices or at negotiated prices including sales in transactions that are deemed to be &ldquo;at-the-market&rdquo;
distributions or &ldquo;at the market offerings&rdquo; as defined in Rule 415(a)(4) under the Securities Act, including sales made directly
on the TSXV, Nasdaq or other existing trading markets for the securities. The prices at which the Securities may be offered may vary as
between purchasers and during the period of distribution. If, in connection with the offering of Securities at a fixed price or prices,
the underwriters, if any, have made a bona fide effort to sell all of the Securities at the initial offering price fixed in the applicable
Prospectus Supplement, the public offering price may be decreased and thereafter further changed, from time to time, to an amount not
greater than the initial public offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters
will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid to
us by the underwriters.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Underwriters, dealers and agents who participate in the
distribution of the Securities may be entitled under agreements to be entered into with us to indemnification by us against certain liabilities,
including liabilities under the Securities Act and Canadian securities legislation, or to contribution with respect to payments which
such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers
of, engage in transactions with, or perform services for, us in the ordinary course of business.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In connection with any offering of Securities, except
as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities, the underwriters may over-allot or effect
transactions intended to maintain or stabilize the market price of the Securities offered at a level above that which might otherwise
prevail in the open market. Such transactions, if commenced, may be discontinued at any time.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_018"></A>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The following is, as of the date hereof, a summary of the principal Canadian
federal income tax considerations generally applicable to a person who acquires Common Shares as beneficial owner and who, for the purposes
of the <I>Income Tax Act </I>(Canada) (the &ldquo;<B>Tax Act</B>&rdquo;), and at all relevant times: (i)&nbsp;is not, and is not deemed
to be, resident in Canada; (ii)&nbsp;does not use or hold and is not and will not be deemed to use or hold the Common Shares in connection
with carrying on a business in Canada; (iii) deals at arm&rsquo;s length with the Company; (iv) is not affiliated with the Company; and
(v) acquires and holds the Common Shares as capital property (a &ldquo;<B>Holder</B>&rdquo;). This summary does not apply to a Holder
that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere or that is an &ldquo;authorized foreign bank&rdquo;
(as defined in the Tax Act). Such Holders should consult their own tax&nbsp;advisors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Common Shares will generally be considered to be capital property to a
Holder unless the Holder holds or uses the Common Shares or is deemed to hold or use the Common Shares in the course of carrying on a
business of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions
considered to be an adventure or concern in the nature of trade.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is not applicable to a Holder: (i) that is a &ldquo;financial
institution&rdquo; for purposes of the &ldquo;mark to market property&rdquo; rules; (ii) that is a &ldquo;specified financial institution&rdquo;;
(iii) that has made a &ldquo;functional currency&rdquo; reporting election; (iv) an interest in which is a &ldquo;tax shelter investment&rdquo;;
(v) that has entered into or will enter into a &ldquo;derivative forward agreement&rdquo; or &ldquo;synthetic disposition arrangement&rdquo;
in respect of Common Shares; or (vi) that receives dividends on the Common Shares under or as part of a &ldquo;dividend rental arrangement&rdquo;,
all as defined in the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is based upon: (i) the current provisions of the Tax Act and
the regulations thereunder (the&nbsp;&ldquo;<B>Regulations</B>&rdquo;) in force as of the date hereof; (ii) all specific proposals (&ldquo;<B>Proposed
Amendments</B>&rdquo;) to amend the Tax Act or the Regulations that have been publicly announced by, or on behalf of, the Minister of
Finance (Canada) prior to the date hereof; and (iii) our understanding of the current published administrative policies and assessing
practices of the Canada Revenue Agency (&ldquo;<B>CRA</B>&rdquo;). No assurance can be given that the Proposed Amendments will be enacted
or otherwise implemented in their current form, if at all. If the Proposed Amendments are not enacted or otherwise implemented as presently
proposed, the tax consequences may not be as described below in all cases. Other than the Proposed Amendments, this summary does not take
into account or anticipate any changes in law, the CRA&rsquo;s administrative policies or assessing practices, whether by legislative,
regulatory, administrative, governmental or judicial decision or action, nor does it take into account any provincial, territorial or
foreign income tax legislation or considerations, which considerations may differ significantly from the Canadian federal income tax considerations
discussed in this summary.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>This summary is of a general nature only, is not exhaustive of all possible
Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular
Holder. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Holders Not Resident in Canada</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Dividends</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Dividends paid or credited or deemed under the Tax&nbsp;Act to be paid
or credited by the Company to a Holder on the Common Shares will generally be subject to Canadian withholding tax at the rate of 25% on
the gross amount of the dividend, unless such rate is reduced by the terms of an applicable income tax treaty or convention. Under the
<I>Canada-United States Tax Convention (1980)</I>, as amended (the &ldquo;<B>US Treaty</B>&rdquo;), the rate of withholding tax on dividends
paid or credited to a Holder who is resident in the U.S. for purposes of the US Treaty, is the beneficial owner of the dividends, and
is fully entitled to benefits under the US Treaty (a &ldquo;<B>U.S. Holder</B>&rdquo;) is generally limited to 15% of the gross amount
of the dividend. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is
a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. The <I>Multilateral Convention to Implement
Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting</I> of which Canada is a signatory, affects many of Canada&rsquo;s
bilateral tax treaties (but not the US Treaty), including the ability to claim benefits thereunder. Holders are urged to consult their
own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Dispositions of Common Shares </I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A Holder will not be subject to tax under the Tax&nbsp;Act in respect of
any capital gain realized on a disposition or deemed disposition of a Common Share, nor will capital losses arising therefrom be recognized
under the Tax Act, unless the Common Share is, or is deemed to be, &ldquo;taxable Canadian property&rdquo; of the Holder for the purposes
of the Tax&nbsp;Act and the Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the
country in which the Holder is resident.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Provided that the Common Shares are listed on a &ldquo;designated stock
exchange&rdquo; for the purposes of the Tax Act (which currently includes the TSXV), at the time of disposition, the Common Shares generally
will not constitute taxable Canadian property of a Holder at that time, unless at any time during the 60 month period immediately preceding
the disposition, (i) 25% or more of the issued shares of any class or series of the capital stock of the Company were owned by, or belonged
to, any combination of (a) the Holder, (b) persons with whom the Holder did not deal at arm&rsquo;s length, and (c) partnerships in which
the Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii)
at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real
or immovable property situated in Canada, &ldquo;Canadian resource property&rdquo; (as defined in the Tax Act), &ldquo;timber resource
property&rdquo; (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether
or not such property exists. Notwithstanding the foregoing, a Common Share may also be deemed to be taxable Canadian property to a Holder
for purposes of the Tax Act in certain other circumstances. Holders should consult their own tax advisors as to whether their Common Shares
constitute &ldquo;taxable Canadian property&rdquo; in their own particular circumstances.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_019"></A>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S.
HOLDERS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The following discussion summarizes the anticipated U.S. federal income
tax considerations generally applicable to a U.S. Holder (as defined below) of the ownership and disposition of the Common Shares. This
discussion addresses only holders who acquire pursuant to this offering and hold Common Shares as &ldquo;capital assets&rdquo; (generally,
assets held for investment purposes).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is based on the Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Code</B>&rdquo;), U.S. Treasury regulations, administrative pronouncements and rulings of the United States Internal Revenue
Service (the &ldquo;<B>IRS</B>&rdquo;), and the US Treaty, all as in effect on the date hereof, and all of which may be repealed, revoked
or modified (possibly with retroactive effect) so as to result in U.S. federal income tax consequences different from those discussed
below. This summary does not describe any state, local or foreign tax law considerations, or any aspect of U.S. federal tax law other
than income taxation (e.g., alternative minimum tax, the 3.8% Medicare tax on certain net investment income, or estate or gift tax). Except
as specifically set forth below, this summary does not discuss applicable income tax reporting requirements. U.S. Holders should consult
their own tax advisers regarding such matters.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">No ruling from the IRS has been requested, or will be obtained, regarding
the U.S. federal income tax consequences of the ownership or disposition of the Common Shares. This summary is not binding on the IRS,
and the IRS is not precluded from taking a position that is different from, and contrary to, the discussion set forth in this summary.
In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and U.S. courts could
disagree with one or more of the positions taken in this summary.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary does not purport to address all U.S. federal income tax consequences
that may be relevant to a U.S. Holder as a result of the ownership and disposition of the Common Shares, nor does it take into account
the specific circumstances of any particular holder, some of which may be subject to special tax rules, including, but not limited to,
tax exempt organizations, partnerships and other pass-through entities and their owners, banks or other financial institutions, insurance
companies, regulated investment companies, real estate investment trusts, qualified retirement plans, individual retirement accounts or
other tax-deferred accounts, persons that hold the Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive
sale or other similar arrangements, persons that acquired the Common Shares in connection with the exercise of employee share options
or otherwise as compensation for services, persons that are resident or ordinarily resident in or have permanent establishment in a jurisdiction
outside the United States, brokers or dealers in securities or foreign currencies, traders in securities electing to mark to market, persons
who hold the Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for
investment purposes), persons who are U.S. expatriates or former long-term residents of the U.S. or are subject to taxing jurisdictions
other than, or in addition to, the United States, persons who are subject to special tax accounting rules U.S. persons whose functional
currency (as defined in the Code) is not the U.S. dollar, U.S. expatriates, or persons that own directly, indirectly or by application
of the constructive ownership rules of the Code 10% or more of the Company&rsquo;s shares by voting power or by value.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As used herein, a &ldquo;<B>U.S. Holder</B>&rdquo; is a beneficial owner
of the Common Shares who, for U.S. federal income tax purposes, is: (1) an individual who is a citizen or resident of the United States;
(2) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under
the laws of the United States, any state thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income
tax regardless of its source, or (4) a trust (A) if a U.S. court is able to exercise primary supervision over the administration of the
trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) that has validly elected
to be treated as a U.S. person for U.S. federal income tax purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If a partnership (or other entity or arrangement treated as a partnership
for U.S. federal income tax purposes) holds the Common Shares, the tax treatment of a partner in or owner of the partnership or other
entity or arrangement will generally depend upon the status of the partner or owner and the activities of the entity. Prospective investors
who are partners in partnerships (or other entities or arrangements treated as partnerships for U.S. federal income tax purposes) that
are beneficial owners of the Common Shares are urged to consult their own tax advisors regarding the tax consequences of the ownership
and disposition of the Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This summary is of a general nature only and is not intended to be tax
advice to any prospective investor, and no representation with respect to the tax consequences to any particular investor is made. <B><I>Prospective
investors are urged to consult their own tax advisors regarding the application of federal income tax laws to their particular circumstances,
as well as any state, provincial, local, non-U.S. and other tax consequences of investing in the Common Shares and acquiring, holding
or disposing of the Common Shares. </I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A foreign corporation will generally be considered a passive foreign investment
company (&ldquo;<B>PFIC</B>&rdquo;) for any taxable year in which (1)&nbsp;75% or more of its gross income is &ldquo;passive income&rdquo;
under the PFIC rules or (2)&nbsp;50% or more of the average quarterly value of its assets produce (or are held for the production of)
&ldquo;passive income.&rdquo; In general, &ldquo;passive income&rdquo; includes dividends, interest, certain rents and royalties and certain
gains, including the excess of gains over losses from certain commodities transactions. Net gains from commodities transactions are generally
treated as passive income unless such gains are active business gains from the sale of commodities and &ldquo;substantially all&rdquo;
of the corporation&rsquo;s commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies
regularly used or consumed in a trade or business. Moreover, for purposes of determining if the foreign corporation is a PFIC, if the
foreign corporation owns, directly or indirectly, at least 25%, by value, of the shares of another corporation, it will be treated as
if it directly holds its proportionate share of the assets and receives directly its proportionate share of the income of such other corporation.
If a corporation is treated as a PFIC with respect to a U.S. Holder for any taxable year, the corporation will continue to be treated
as a PFIC with respect to that U.S. Holder in all succeeding taxable years, regardless of whether the corporation continues to meet the
PFIC requirements in such years, unless certain elections are made.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The determination as to whether a foreign corporation is a PFIC is based
on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and the determination will
depend on the composition of the income, expenses and assets of the foreign corporation from time to time and the nature of the activities
performed by its officers and employees. The Company may have been classified as a PFIC for its taxable year ending December 31, 2024.
However, it has not made a conclusive determination as the Company&rsquo;s PFIC status may depend on the U.S. tax classification of certain
grants that the Company has received or accrued as receivable during 2024. For similar reasons, the Company is uncertain as to whether
it will be classified as a PFIC for the current taxable year. The Company&rsquo;s status as a PFIC in any taxable year, however, requires
a factual determination that can only be made annually after the close of each taxable year. Therefore, there can be no assurance as to
whether the Company will be classified as a PFIC for the current taxable year or for any future taxable year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If the Company is classified as a PFIC, a U.S. Holder that does not make
any of the elections described below would be required to report any gain on the disposition of the Common Shares as ordinary income,
rather than as capital gain, and to compute the tax liability on the gain and any &ldquo;Excess Distribution&rdquo; (as defined below)
received in respect of Common Shares as if such items had been earned ratably over each day in the U.S. Holder&rsquo;s holding period
(or a portion thereof) for Common Shares. The amounts allocated to the taxable year during which the gain is realized or distribution
is made, and to any taxable years in such U.S. Holder&rsquo;s holding period that are before the first taxable year in which the Company
is treated as a PFIC with respect to the U.S. Holder, would be included in the U.S. Holder&rsquo;s gross income as ordinary income for
the taxable year of the gain or distribution. The amount allocated to each other taxable year would be taxed as ordinary income in the
taxable year during which the gain is realized or distribution is made at the highest tax rate in effect for the U.S. Holder in that other
taxable year and would be subject to an interest charge as if the income tax liabilities had been due with respect to each such prior
year. For purposes of these rules, gifts, exchanges pursuant to corporate reorganizations and use of Common Shares as security for a loan
may be treated as a taxable disposition of Common Shares. An &ldquo;Excess Distribution&rdquo; is the amount by which distributions during
a taxable year in respect of a Common Share exceed 125% of the average amount of distributions in respect thereof during the three preceding
taxable years (or, if shorter, the U.S. Holder&rsquo;s holding period for Common Shares).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Certain additional adverse tax rules will apply to a U.S. Holder for any
taxable year in which the Company is treated as a PFIC with respect to such U.S. Holder and any of the Company&rsquo;s subsidiaries is
also treated as a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;). In such a case, the U.S. Holder will generally be deemed to own its proportionate
interest (by value) in any Subsidiary PFIC and be subject to the PFIC rules described above with respect to the Subsidiary PFIC regardless
of such U.S. Holder&rsquo;s percentage ownership in us.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The adverse tax consequences described above may be mitigated if a U.S.
Holder makes a timely &ldquo;qualified electing fund&rdquo; election (&ldquo;<B>QEF Election</B>&rdquo;), with respect to its interest
in the PFIC. Consequently, if the Company is classified as a PFIC, it may be advantageous for a U.S. Holder to elect to treat us as a
&ldquo;qualified electing fund&rdquo; with respect to such U.S. Holder in the first year in which it holds Common Shares. If a U.S. Holder
makes a timely QEF Election with respect to the Company, provided that the necessary information is provided by the Company, the electing
U.S. Holder would be required in each taxable year that the Company is considered a PFIC to include in gross income (i)&nbsp;as ordinary
income, the U.S. Holder&rsquo;s pro rata share of the ordinary earnings of the Company and (ii)&nbsp;as capital gain, the U.S. Holder&rsquo;s
pro rata share of the net capital gain (if any) of the Company, whether or not the ordinary earnings or net capital gain are distributed.
An electing U.S. Holder&rsquo;s basis in Common Shares will be increased to reflect the amount of any taxed but undistributed income.
Distributions of income that had previously been taxed will result in a corresponding reduction of basis in Common Shares and will not
be taxed again as distributions to the U.S. Holder.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A QEF Election made with respect to the Company will not apply to any Subsidiary
PFIC; a QEF Election must be made separately for each Subsidiary PFIC (in which case the treatment described above would apply to such
Subsidiary PFIC). If a U.S. Holder makes a timely QEF Election with respect to a Subsidiary PFIC, it would be required in each taxable
year to include in gross income its pro rata share of the ordinary earnings and net capital gain of such Subsidiary PFIC, but may not
receive a distribution of such income. Such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S.
federal income tax on such amounts, subject to an interest charge (which would not be deductible for U.S. federal income tax purposes
if the U.S. Holder were an individual).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The U.S. federal income tax on any gain from the disposition of Common
Shares or from the receipt of Excess Distributions may be greater than the tax if a timely QEF Election is made. For any taxable year
in which the Company determines that it was likely a PFIC, the Company intends to make available to U.S. Holders, upon request and in
accordance with applicable procedures, a &ldquo;PFIC Annual Information Statement&rdquo; for such taxable year with respect to the Company
and, if applicable, any Subsidiary PFIC in which it owns more than 50% of such subsidiary&rsquo;s total aggregate voting power. The &ldquo;PFIC
Annual Information Statement&rdquo; may be used by U.S. Holders for purposes of complying with the reporting requirements applicable to
a QEF election with respect to the Company and, if applicable, any Subsidiary PFIC.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Alternatively, if the Company was to be classified as a PFIC, a U.S. Holder
could also avoid certain of the rules described above by making a mark-to-market election (a &ldquo;<B>Mark-to-Market Election</B>&rdquo;),
instead of a QEF Election, provided Common Shares are treated as regularly traded on a qualified exchange or other market within the meaning
of the applicable U.S. Treasury Regulations. However, a U.S. Holder will not be permitted to make a Mark-to-Market Election with respect
to a Subsidiary PFIC. U.S. Holders should consult their own tax advisers regarding the potential availability and consequences of a Mark-to-Market
Election, as well as the advisability of making a protective QEF Election in case the Company is classified as a PFIC in any taxable year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During any taxable year in which the Company or any Subsidiary PFIC is
treated as a PFIC with respect to a U.S. Holder, that U.S. Holder generally must file IRS Form 8621. U.S. Holders should consult their
own tax advisers concerning annual filing requirements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Distributions on Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In general, subject to the PFIC rules discussed above, the gross amount
of any distribution received by a U.S. Holder with respect to the Common Shares (including amounts withheld to pay Canadian withholding
taxes) will be included in the gross income of the U.S. Holder as a dividend to the extent attributable to the Company&rsquo;s current
and accumulated earnings and profits, as determined under U.S. federal income tax principles. Because the Company does not expect to maintain
calculations of the Company&rsquo;s earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect
that a distribution will generally be treated as a dividend for U.S. federal income tax purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amount of any distributions paid in Canadian dollars will equal the
U.S. dollar value of such distributions determined by reference to the exchange rate on the day they are received by the U.S. Holder (with
the value of such distributions computed before any reduction for any Canadian withholding tax), regardless of whether the payment is
in fact converted into U.S. dollars at that time. A U.S. Holder will have a tax basis in Canadian dollars equal to their U.S. dollar value
on the date of receipt. If the Canadian dollars received are converted into U.S. dollars on the date of receipt, the U.S. Holder will
generally not be required to recognize foreign currency gain or loss in respect of the distribution. If the Canadian dollars received
are not converted into U.S. dollars on the date of receipt, a U.S. Holder may recognize foreign currency gain or loss on a subsequent
conversion or other disposition of the Canadian dollars. Such gain or loss generally will be treated as U.S. source ordinary income or
loss.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Subject to applicable limitations and provided the Company is eligible
for the benefits of the US Treaty or the Common Shares are readily tradable on a United States securities market, dividends paid by the
Company to non-corporate US Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term
capital gains for dividends, provided certain holding period and other conditions are satisfied, including that the Company is not classified
as a PFIC in the tax year of distribution or in the preceding tax year. Any amount of distributions treated as dividends generally will
not be eligible for the dividends received deduction available to certain corporate U.S. Holders in respect of dividends received from
U.S. corporations.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Distributions to a U.S. Holder with respect to the Common Shares may be
subject to Canadian non-resident withholding tax. Any Canadian withholding tax paid will not reduce the amount treated as received by
the U.S. Holder for U.S. federal income tax purposes. However, subject to limitations imposed by U.S. law, a U.S. Holder may be eligible
to receive a foreign tax credit for the Canadian withholding tax. The rules governing the foreign tax credit are complex. U.S. Holders
are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances,
including the impact of, and any exception available to, the special income sourcing rule described in this paragraph. U.S. Holders who
do not elect to claim a foreign tax credit may be able to claim an ordinary income tax deduction for Canadian income tax withheld, but
only for a taxable year in which the U.S. Holder elects to do so with respect to all non-U.S. income taxes paid or accrued in such taxable
year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Sale, Exchange or Other Taxable Disposition of Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Subject to the PFIC rules discussed above, upon a sale, exchange or other
taxable disposition of the Common Shares, a U.S. Holder will generally recognize a capital gain or loss equal to the difference between
the amount realized on such sale, exchange or other taxable disposition and the adjusted tax basis of such Common Shares. If any foreign
tax is imposed on the sale, exchange or other disposition of the Common Shares, a U.S. Holder&rsquo;s amount realized will include the
gross amount of the proceeds of the disposition before deduction of the tax. A U.S. Holder&rsquo;s initial tax basis in the Common Shares
generally will equal the cost of such Common Shares. Such gain or loss will be a long-term capital gain or loss if the Common Shares have
been held for more than one year and will be short-term gain or loss if the holding period is equal to or less than one year. Such gain
or loss generally will be considered U.S. source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of certain
non-corporate U.S. Holders are eligible for reduced rates of taxation. For both corporate and non-corporate U.S. Holders, limitations
apply to the deductibility of capital losses.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under U.S. federal income tax laws certain categories of U.S. Holders must
file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure
obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain
threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial
institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person,
any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person, and any interest
in a non-U.S. entity. U. S. Holders may be subject to these reporting requirements unless the Common Shares are held in an account at
certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should
consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file IRS Form 8938.
In addition, U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns, and, if
applicable, filing obligations relating to the PFIC rules, including possible reporting on an IRS Form 8621.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Payments made within the U.S., or by a U.S. payor or U.S. middleman, of
dividends on, and proceeds arising from the sale or other taxable disposition of the Common Shares generally may be subject to information
reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish its correct U.S. taxpayer identification
number (generally on Form W 9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S.
Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury,
that it has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject
to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these
information reporting and backup withholding tax rules. Any amounts withheld under the U.S. backup withholding tax rules will be allowed
as a credit against a U.S. Holder&rsquo;s U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes
required information to the IRS in a timely manner. The information reporting and backup withholding rules may apply even if, under the
Canada-U.S. Tax Convention, payments may be exempt from the dividend withholding tax rules or otherwise eligible for a reduced withholding
rate. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The discussion of reporting requirements set forth above is not intended
to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting
requirements may result in an extension of the time period during which the IRS can assess a tax and, under certain circumstances, such
an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its
own tax advisors regarding the information reporting and backup withholding rules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS
OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE COMMON SHARES.
EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN COMMON SHARES IN
LIGHT OF THE INVESTOR&rsquo;S OWN CIRCUMSTANCES. </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_020"></A>TRADING PRICE AND VOLUME</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our Common Shares are listed on Nasdaq and the TSXV under
the symbol &ldquo;ELBM&rdquo;. Trading price and volume of the Common Shares will be provided in each Prospectus Supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_021"></A>DILUTION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Purchasers of Securities in an offering may suffer immediate
and substantial dilution in the net tangible book value per share of Common Shares. Dilution in net tangible book value per share represents
the difference between the amount per Share paid by purchasers in an offering and the net tangible book value per share of Common Shares
immediately after an offering.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_022"></A>LEGAL MATTERS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Unless otherwise specified in the Prospectus Supplement
relating to an offering of Securities, certain Canadian and United States legal matters relating to the offering of such Securities will
be passed upon for us by Cassels Brock &amp; Blackwell LLP as to matters relating to Canadian law and by Troutman Pepper Locke LLP as
to matters relating to United States federal securities law. In addition, certain legal matters in connection with any offering of Securities
may be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters,
dealers or agents with respect to matters of Canadian and United States law.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_023"></A>INTERESTS OF EXPERTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Information relating to the Iron Creek Project in this Base Prospectus
and the documents incorporated by reference herein and therein has been derived from the 2024 Technical Report Summary prepared by Martin
Perron, P.Eng. of InnovExplo Inc., Marc R. Beauvais, P.Eng. of InnovExplo Inc., Eric Kinnan, P.Geo. of InnoExplo Inc., and Pierre Roy,
P.Eng of Soutex Inc, and this information has been included in reliance on such persons&rsquo; expertise. Messrs.&nbsp;Perron, Beauvais,
Kinnan and Roy are each a qualified persons and are independent of the Company, as such terms are defined in Regulation S-K subpart 1300.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our auditors are MNP LLP (&ldquo;<B>MNP</B>&rdquo;), Chartered Professional
Accountants and Licensed Public Accountants, located in Toronto, Ontario. MNP has advised us that they are independent of the Company
in compliance with PCAOB Rule 3520 and within the meaning of the federal securities laws administered by the SEC.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial statements of Electra as at and for the year ended December
31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024 and the effects of the adjustments to retrospectively
apply the change in segment composition as described in Note 22 and the effect of the share consolidation as described in Note 17 to the
2022 consolidated financial statements, included in this Base Prospectus, have been audited by MNP. Such financial statements are included
in this Base Prospectus in reliance upon the report of such firm given their authority as experts in accounting and auditing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial statements, which comprise the consolidated statements of
income (loss) and other comprehensive income (loss), cash flows and shareholders&rsquo; equity of Electra before the effects of the adjustments
to retrospectively apply the change in segment composition as described in Note 22 and the effects of the share consolidation as described
in Note 17 for the year ended December 31, 2022, and the related notes, have been audited by KPMG LLP (&ldquo;<B>KPMG</B>&rdquo;), our
predecessor independent registered public accounting firm. Such financial statements are included in this Base Prospectus in reliance
upon the report of such firm given their authority as experts in accounting and auditing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_024"></A>TRANSFER AGENT, REGISTRAR AND AUDITOR</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The transfer agent and registrar for our Common Shares
is TSX Trust Company at its principal office in Toronto, Canada.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">MNP LLP, Chartered Professional Accountants and Licensed
Public Accountants, located in Toronto, Ontario is our independent registered public accounting firm and has been appointed as our independent
auditor.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_025"></A>MATERIAL CONTRACTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our material contracts are described in the documents
incorporated by reference into this Base Prospectus. See &ldquo;<I>Publicly Available Information on Electra</I>&rdquo;, &ldquo;<I>Documents
Incorporated by Reference</I>&rdquo; and &ldquo;<I>Where You Can Find More Information</I>&rdquo;.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_026"></A>EXPENSES OF ISSUANCE AND DISTRIBUTION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The following is a statement of the expenses (all of
which are estimated), other than any underwriting discounts and commissions and expenses reimbursed by us, if any, to be incurred in connection
with a distribution of an assumed amount of US$50,000,000 of Securities under the offering.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">SEC registration fees</FONT></TD>
    <TD STYLE="width: 38%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">US$7,205</font></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">FINRA filing fee</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">US$8,000(1)</font></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Nasdaq Listing fees</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">TSXV Listing fees</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Printing Expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accountants&rsquo; fees and expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Transfer agent fees and expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">US$15,205</font></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold"><U>Notes</U>:</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in">(1)</TD>
    <TD STYLE="text-align: justify">To be provided by a Prospectus Supplement, or as an exhibit to a Report on Form 6-K that is incorporated by
        reference into this Base Prospectus.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_027"></A>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Insofar as indemnification for liabilities arising under
the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or person controlling the registrant in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_028"></A>ENFORCEMENT OF CIVIL LIABILITIES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Electra is a corporation governed by the CBCA, and a substantial portion
of our assets are outside of the United States. Most of our directors and senior management and independent auditors are resident outside
the United States, and all or a substantial portion of their respective assets may be located outside the United States. As a result,
it may be difficult for U.S. investors to effect service of process within the United States upon these persons. It may also be difficult
for U.S. investors to enforce within the United States judgments predicated upon the civil liability provisions of the securities laws
of the United States or any state thereof. In addition, there is uncertainty as to whether the courts outside the United States would
recognize or enforce judgments of U.S. courts obtained against us or our directors and officers predicated upon the civil liability provisions
of the securities laws of the United States or any state thereof. Therefore, it may be difficult to enforce U.S. judgments against us,
our directors and officers and independent auditors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_029"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have filed with the SEC a registration statement on
Form F-3 under the Securities Act with respect to the securities described in this Base Prospectus and any accompanying Prospectus Supplement,
as applicable. This Base Prospectus and any accompanying Prospectus Supplement, which constitute a part of that registration statement,
do not contain all of the information set forth in that registration statement and its exhibits. For further information with respect
to us and our securities, you should consult the registration statement and its exhibits.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are required to file with the Commissions annual and
quarterly reports, material change reports and other information. In addition, we are subject to the informational requirements of the
Exchange Act, and, in accordance with the Exchange Act, we also must file reports with, and furnish other information to, the SEC. As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not required to publish financial statements as promptly as United States companies.
However, we file with the SEC an annual report on Form 40-F or Form 20-F, as applicable, containing financial statements audited by an
independent registered public accounting firm, and we submit to the SEC, on Form 6-K, unaudited quarterly financial information.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The SEC maintains an internet site (www.sec.gov) that
makes available reports and other information that we file or furnish electronically with it.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 12pt; text-align: center"><B>Electra Battery Materials Corporation</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>US$50,000,000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Units</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>BASE PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>, 2025</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white; color: #EC0044"><B>The information in this prospectus
supplement is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus supplement is not an offer to sell, nor does it seek an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white; color: #EC0044"><B>Subject to Completion dated
November 24, 2025</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(To prospectus dated , 2025)</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: red"></FONT><FONT STYLE="font-size: 12pt"><B>Electra
Battery Materials Corporation</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Up to US$5,500,000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We have entered into an At The Market Offering Agreement (the &ldquo;<B>ATM
Agreement</B>&rdquo;) with H.C.&nbsp;Wainwright&nbsp;&amp; Co., LLC (the &ldquo;<B>Sales Agent</B>&rdquo;), dated June 26, 2025, relating
to the sale of our common shares (the &ldquo;<B>Common Shares</B>&rdquo;) from time to time offered by this prospectus supplement (the
&ldquo;<B>Prospectus Supplement</B>&rdquo;) and the accompanying base prospectus (the &ldquo;<B>Base Prospectus</B>&rdquo;, and, together,
with the Prospectus Supplement, the &ldquo;<B>Prospectus</B>&rdquo;). In accordance with the terms of the ATM Agreement, we may offer
and sell our Common Shares having an aggregate offering price of up to US$5,500,000 million from time to time through the Sales Agent,
acting as our sales agent, pursuant to the Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Our Common Shares are listed on the Nasdaq Capital Market (&ldquo;<b>Nasdaq</b>&rdquo;) and on the TSX Venture Exchange (the &ldquo;<b>TSXV</b>&rdquo;) under the symbol &ldquo;ELBM&rdquo;. On November 21, 2025, the last trading day before the date of this Prospectus Supplement, the closing price of the Common Shares on the TSXV was C$1.19 per Common Share, and the closing price of the Common Shares on Nasdaq was US$0.8495 per Common Share. The TSXV has conditionally approved the listing of the Common Shares issuable pursuant to the ATM Agreement, subject to the Company fulfilling all the listing requirements of the TSXV. Notification of the offering pursuant to the ATM Agreement has been provided to Nasdaq.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Sales of our Common Shares, if any, under this Prospectus may be made by
any method permitted that is deemed an &ldquo;at the market offering&rdquo; as defined in Rule 415(a)(4) under the Securities Act of 1933,
as amended (the&nbsp;&ldquo;<B>Securities Act</B>&rdquo;), including sales made directly on or through Nasdaq, the existing trading market
for our Common Shares in the United States, sales made to or through a market maker other than on an exchange or otherwise, directly to
the Sales Agent as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such
prevailing market prices, and/or in any other method permitted by law. The Sales Agent is not required to sell any specific number or
amount of our Common Shares, but will act as our sales agent using commercially reasonable efforts, consistent with its normal trading
and sales practices on mutually agreed terms between the Sales Agent and us. There is no arrangement for funds to be received in an escrow,
trust, or similar arrangement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">No sales of our Common Shares under this Prospectus will be made in Canada
or over or through the facilities of the TSXV or any other exchange or market in Canada.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Sales Agent will receive from us a commission equal to up to 3.0% of
the gross sales price of all shares sold through it under the ATM Agreement. In connection with the sale of Common Shares on our behalf,
the Sales Agent may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act and the compensation of the
Sales Agent may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution
to the Sales Agent with respect to certain liabilities, including liabilities under the Securities Act. See &ldquo;<I>Plan of Distribution</I>&rdquo;
beginning on page S-15 of this Prospectus Supplement for additional information regarding the Sales Agent&rsquo;s compensation.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We are an &ldquo;emerging growth company&rdquo; as defined by the Jumpstart
Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements for
this Prospectus and future filings. However, we have elected not to take advantage of the extended transition period allowed for emerging
growth companies for complying with new or revised accounting guidance as allowed by Section 107 of the JOBS Act and Section 7(a)(2)(B)
of the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Pursuant to General Instruction I.B.5 of Form F-3, in no event will we sell securities in a public primary offering with a value exceeding more than one-third of the aggregate market value of our Common Shares held by non-affiliates in any 12-month period as long as the aggregate market value of our outstanding Common Shares held by non-affiliates is less than US$75 million. The aggregate market value of our outstanding Common Shares held by non-affiliates pursuant to General Instruction I.B.5 of Form F-3 was US$19,995,660, which is based on 17,695,274 Common Shares held by non-affiliates on June 25, 2025 and a price of US$1.13 per share, the closing price of our Common Shares on June 9, 2025 on Nasdaq. During the 12 calendar months prior to and including the date of this Prospectus Supplement, we have not offered or sold any securities pursuant to General Instruction I.B.5 of Form F-3.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>An investment in our securities involves a high degree of risk. Please
read &ldquo;<I>Risk Factors</I>&rdquo; on page S-7</B> <B>of this Prospectus Supplement and the documents incorporated by reference into
this Prospectus before investing in our securities.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>H.C. Wainwright &amp; Co.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">The date of this Prospectus Supplement is &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B><U>Page</U></B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>PROSPECTUS SUPPLEMENT</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 93%"><A HREF="#a_030"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="width: 7%; text-align: right"><A HREF="#a_030"><FONT STYLE="font-size: 10pt">S-1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_031"><FONT STYLE="font-size: 10pt">FINANCIAL INFORMATION AND CURRENCY</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_031"><FONT STYLE="font-size: 10pt">S-2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_032"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_032"><FONT STYLE="font-size: 10pt">S-2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_033"><FONT STYLE="font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_033"><FONT STYLE="font-size: 10pt">S-3</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_034"><FONT STYLE="font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_034"><FONT STYLE="font-size: 10pt">S-5</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_035"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_035"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_036"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_036"><FONT STYLE="font-size: 10pt">S-11</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_037"><FONT STYLE="font-size: 10pt">CAPITALIZATION AND INDEBTEDNESS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_037"><FONT STYLE="font-size: 10pt">S-12</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_038"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_038"><FONT STYLE="font-size: 10pt">S-13</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_039"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_039"><FONT STYLE="font-size: 10pt">S-13</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_040"><FONT STYLE="font-size: 10pt">PRICE RANGE AND TRADING VOLUME</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_040"><FONT STYLE="font-size: 10pt">S-14</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_041"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_041"><FONT STYLE="font-size: 10pt">S-15</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_042"><FONT STYLE="font-size: 10pt">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_042"><FONT STYLE="font-size: 10pt">S-16</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_043"><FONT STYLE="font-size: 10pt">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS FOR UNITED STATES RESIDENTS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_043"><FONT STYLE="font-size: 10pt">S-21</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_044"><FONT STYLE="font-size: 10pt">EXPENSES</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_044"><FONT STYLE="font-size: 10pt">S-23</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_045"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_045"><FONT STYLE="font-size: 10pt">S-23</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_046"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_046"><FONT STYLE="font-size: 10pt">S-23</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_047"><FONT STYLE="font-size: 10pt">ENFORCEMENT OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_047"><FONT STYLE="font-size: 10pt">S-24</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_048"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_048"><FONT STYLE="font-size: 10pt">S-24</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_049"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_049"><FONT STYLE="font-size: 10pt">S-25</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_030"></A><FONT STYLE="text-transform: uppercase">ABOUT THIS </FONT>PROSPECTUS
<FONT STYLE="text-transform: uppercase">SUPPLEMENT</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This Prospectus Supplement is part of a registration statement on Form
F-3 (File No. 333-288364) that we filed with the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;), utilizing a &ldquo;shelf&rdquo;
registration process. Under the shelf registration process, we may offer and sell from time to time our Common Shares having an aggregate
offering price of up to US$5,500,000 under this Prospectus at prices and on terms to be determined by market conditions at the time of
the offering.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Before buying any of the Common Shares that we are offering, we urge you
to carefully read this Prospectus and all the information incorporated by reference herein, as well as the additional information described
under the headings &ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Incorporation of Certain Documents by Reference</I>.&rdquo;
These documents contain important information that you should consider when making your investment decision.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We provide information to you about this offering of our Common Shares
in two separate documents that are bound together: (1)&nbsp;this Prospectus Supplement, which describes the specific details regarding
this offering; and (2)&nbsp;the accompanying base prospectus, which provides general information, some of which may not apply to this
offering. Generally, when we refer to this &ldquo;Prospectus,&rdquo; we are referring to both documents combined. If information in this
Prospectus Supplement is inconsistent with the accompanying Base Prospectus, you should rely on this Prospectus Supplement. To the extent
there is a conflict between the information contained in this Prospectus Supplement, on the one hand, and the information contained in
any document incorporated by reference in this Prospectus Supplement, on the other hand, you should rely on the information in this Prospectus
Supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date&thinsp;&mdash;&thinsp;for
example, a document incorporated by reference in this Prospectus Supplement&thinsp;&mdash;&thinsp;the statement in the document having
the later date modifies or supersedes the earlier statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">You should rely only on the information contained or incorporated by reference
in this Prospectus. Neither we nor the Sales Agent have authorized anyone to provide any information or to make any representations other
than those contained in this Prospectus, the documents incorporated by reference herein or therein or in any free writing prospectuses
prepared by us or on our behalf or to which we have referred you. We are not, and the Sales Agent is not, making an offer to sell these
securities in any jurisdiction where the offer or sale thereof is not permitted.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We are not offering to sell, or seeking offers to buy, Common Shares in
Canada or over or through the facilities of the TSXV or any other exchange or market in Canada.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The distribution of this Prospectus and the offering of Common Shares in
certain jurisdictions may be restricted by law. You should assume that the information appearing in this Prospectus and the documents
incorporated by reference is accurate only as of the respective dates of the applicable documents. Our business, financial condition,
results of operations and prospects may have changed since those dates.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Market data and certain industry forecasts used in this Prospectus and
the documents incorporated by reference were obtained from market research, publicly available information and industry publications.
We believe that these sources are generally reliable, but the accuracy and completeness of this information is not guaranteed. We have
not independently verified such information, and we do not make any representation as to the accuracy of such information.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In this Prospectus, unless the context otherwise requires, references to
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; or similar terms, as well as references to &ldquo;Electra&rdquo; or the &ldquo;Company&rdquo;
refer to Electra Battery Materials Corporation, either alone or together with our subsidiaries.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This Prospectus and the documents incorporated by reference may include
references to trade names and trademarks of other companies, which trade names and trademarks are the property of their respective owners.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_031"></A>FINANCIAL </FONT>INFORMATION
<FONT STYLE="text-transform: uppercase">AND CURRENCY</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Financial statements included or incorporated by reference in this Prospectus
have been prepared in accordance with IFRS<SUP>&reg;</SUP> Accounting Standards as issued by the International Accounting Standard Board
(&ldquo;<B>IASB</B>&rdquo;) and are audited in accordance with the standards of the Public Company Accounting Oversight Board (United
States).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Unless otherwise indicated in this Prospectus all dollar amounts and references to &ldquo;US$&rdquo; are to U.S. dollars and references to &ldquo;$&rdquo; or &ldquo;C$&rdquo; are to Canadian dollars. This Prospectus and the documents incorporated by reference may contain translations of some Canadian dollar amounts into U.S. dollars solely for your convenience. On November 21, 2025, the Bank of Canada daily rate of exchange was US$1.00 = C$1.41.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_032"></A><FONT STYLE="text-transform: uppercase">CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Statements in this Prospectus Supplement, the accompanying Base Prospectus
and the documents incorporated by reference herein and therein, contains or may contain forward-looking statements within the meaning
of Section 27A of the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), that are intended to qualify for the &ldquo;safe harbor&rdquo; created by those sections. The words &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo;
&ldquo;would&rdquo; and similar expressions are intended to identify forward- looking statements, although not all forward-looking statements
contain these identifying words. All statements other than statements of historical facts contained in this Prospectus, including among
others, statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans,
objectives of management and expected market growth are forward-looking statements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">These statements reflect our current views with respect to future events
and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on
these forward-looking statements. We discuss many of these risks in greater detail in the accompanying Base Prospectus under the heading
&ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo;, as well as in our reports filed from time to time under the
Securities Act and the Exchange Act, including the risks identified in the Annual Report on Form 20-F for the year ended December 31,
2024 filed with the SEC on April 24, 2025, as amended on May 1, 2025 and on July 28, 2025, under the headings &ldquo;<I>Cautionary Note
Regarding Forward-Looking Statements</I>&rdquo;, which is incorporated by referenced into this Prospectus Supplement. We encourage you
to read these filings as they are made. Also, these forward-looking statements represent our estimates and assumptions only as of the
date of the document containing the applicable statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">You should read this Prospectus Supplement, the accompanying Base Prospectus
and the documents incorporated by reference herein and therein, and any free writing prospectus that we have authorized for use in connection
with this offering completely and with the understanding that our actual future results may be materially different from what we expect.
We qualify all of the forward-looking statements in the foregoing documents by these cautionary statements.<BR STYLE="clear: both"> </P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_033"></A>SUMMARY</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>This summary highlights information contained elsewhere or incorporated
by reference in this Prospectus Supplement. This summary does not contain all the information that you should consider before deciding
to invest in our Common Shares. You should read this entire Prospectus Supplement and accompanying Base Prospectus carefully, including
the &ldquo;Risk Factors&rdquo; section contained in this Prospectus, the accompanying Base Prospectus and under the section &ldquo;Risk
Factors&rdquo; in our Annual Report on Form 20-F for the year ended December 31, 2024, and any amendment or update thereto reflected in
subsequent filings with the SEC, along with our consolidated financial statements and the related notes thereto and the other documents
incorporated by reference in this Prospectus Supplement and accompanying Base Prospectus.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>Overview</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are in the business of battery materials refining,
including refining material from mining operations and from the recycling of battery scrap and end of life batteries. We are focused on
building a diversified portfolio of assets that are highly leveraged to the battery supply chain with assets located primarily in North
America, with the intent of providing a North American supply of battery materials.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We own two main assets &ndash; a hydrometallurgical refinery
located in Ontario, Canada (&ldquo;<B>Refinery</B>&rdquo;), and a number of properties and option agreements within the Idaho Cobalt Belt,
including the Company&rsquo;s flagship mineral project, Iron Creek (the &ldquo;<B>Iron Creek Project</B>&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have been progressing plans to recommission and expand
the Refinery with a view to becoming the first refiner of battery grade cobalt sulfate in North America. Our primary focus for 2025 is
to finance and resume the construction of our Refinery (Phase 1 of our phased approach to building a North American critical minerals
supply chain).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><i>Recent Developments</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In October 2025, we closed our U.S.$34.5 million equity financing (the &ldquo;<b>October 2025 Financing</b>&rdquo;) issuing an aggregate of 46,000,000 units of the Company (each, an &ldquo;<b>October 2025 Unit</b>&rdquo;), with each October 2025 Unit consisting of one Common Share and one Common Share purchase warrant (each, an &ldquo;<b>October 2025 Warrant</b>&rdquo;), with each October 2025 Warrant entitling the holder thereof to purchase one Common Share at a price of US$1.25 for a period commencing on the date that is 60 days following the completion of the October 2025 Financing until October 22, 2028. The Company also issued an aggregate of 2,416,884 non-transferable warrants to purchase Common Shares to the agents for the October 2025 financing (the &ldquo;<b>October 2025 Broker Warrants</b>&rdquo;). Each October 2025 Broker Warrant entitles the holder to acquire one Common Share at the Issue Price,
at any time on or before the date that is 36 months from October 22, 2025.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Additionally, in October 2025 we closed an approximately US$40 million debt restructuring (the &ldquo;<b>Restructuring</b>,&rdquo;). Pursuant to the Restructuring, the holders (the &ldquo;<b>Lenders</b>&rdquo;) of the Company&rsquo;s 8.99% senior secured convertible notes in the aggregate principal amount of US$51,000,000 due February 2028 and 12.0% senior secured convertible notes in the aggregate principal amount of US$4,000,000 due November 2027 (the &ldquo;<b>Notes</b>&rdquo;), and the Company entered into exchange agreements dated as of October 22, 2025 pursuant to which each of the Lenders exchanged 60% of the aggregate principal amount of the Notes beneficially owned or held by each of the Lenders, plus the aggregate amount of all accrued and unpaid interest (including any deferred interest amounts) to but excluding October 9, 2025, for October 2025 Units at a deemed price of US$0.75 per October 2025
Unit (the &ldquo;<b>Equity Exchange</b>&rdquo;).</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Lenders exchanged the remaining 40% of the aggregate principal amount and the aggregate amount of all accrued and unpaid interest of the Notes for an equal aggregate principal amount of a new term loan (the &ldquo;<b>October 2025 Term Loan</b>&rdquo;) pursuant to a credit agreement and 3,822,341 Common Shares at a deemed price of US$0.90 per Common Share (the &ldquo;<b>Debt Exchange</b>&rdquo;). Interest on the October 2025 Term Loan will be payable in cash or in kind at the Company&rsquo;s election at a rate per annum of 8.99% if paid in cash or 11.125% if paid in kind. The October 2025 Term Loan matures on October 22, 2028.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">To the extent that the Equity Exchange and the Debt Exchange would result in any Lender, individually or together with any person or company acting jointly or in concert (as such terms are defined in the Securities Act (Ontario)) with such Lender, beneficially owning Common Shares in excess of 9.90% of the issued and outstanding Common Shares following the October 2025 Financing and the Restructuring, such Lender received Pre-Funded Warrants (&ldquo;<b>October 2025 Pre-Funded Warrants</b>&rdquo;) in lieu of the excess amount of Common Shares underlying the October 2025 Units which would otherwise have been issuable. Each October 2025 Pre-Funded Warrant is exercisable by the holder thereof to acquire one (1) Common Share (&ldquo;<b>October 2025 Pre-Funded Warrant Share</b>&rdquo;) at an exercise price of US$0.000001 per October 2025 Pre-Funded Warrant Share, subject to adjustment in accordance with the terms
thereof, for an indefinite period without expiry. As a result, the Company issued an aggregate of 27,128,396 Common Shares, 55,041,712 October 2025 Warrants and 31,735,657 Pre-Funded Warrants to the Lenders under the Equity Exchange and the Debt Exchange. An aggregate of 3,835,378 common share purchase warrants held by the Lenders were cancelled.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

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<p style="margin: 0pt 14.15pt 0pt 14.95pt; font-size: 10pt; text-align: justify"></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Company also entered into amended &amp; restated royalty agreements with the Lenders, dated as of October 22, 2025, amending the royalty agreements dated as of February 13, 2023 to (i) extend the length of the royalty on revenues from five years following the commencement of commercial production to seven years following the commencement of commercial production and (ii) raise the aggregate cap under all royalty agreements from US$6,000,000 to US$10,000,000.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Company redeemed previously issued bridge notes for an aggregate of US$2,040,000, inclusive of interest.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In connection with the closing of the Restructuring, the Company and the Lenders also entered into a registration rights agreement, pursuant to which the Company agreed to file one or more registration statements with the SEC covering the resale of the securities issued under the Equity Exchange and the Debt Exchange. Following the closing of the Restructuring, the Lenders do not have any ongoing right to appoint members of our board of directors (the &ldquo;<b>Board</b>&rdquo;).</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We were incorporated under the provisions of the <I>Business Corporations
Act</I> (British Columbia) on July 13, 2011, under the name Patrone Gold Corp. and became a reporting issuer in British Columbia and Alberta
upon completion of an arrangement with Unity Energy Corp. on October 2, 2012. On October 3, 2013, we changed our name from Patrone Gold
Corp. to Aurgent Gold Corp. On March 11, 2014, we changed our name from Aurgent Gold Corp. to Aurgent Resource Corp., and on September
22, 2016, we changed our name from Aurgent Resource Corp. to First Cobalt Corp. On October 26, 2017, our shareholders approved a continuation
under the <I>Canada Business Corporations Act</I> (the &ldquo;<B>CBCA</B>&rdquo;). Our continuation under the CBCA was implemented as
of September 4, 2018. On December 2, 2021, we changed our name from First Cobalt Corp. to Electra Battery Materials Corporation. On April
13, 2022, we completed a reverse split of our share capital on the basis of one (1) post-reverse split Common Share for every eighteen
(18) pre-reverse split Common Shares. On December 31, 2024, we completed a reverse split of our share capital on the basis of one (1)
post-reverse split Common Share for every four (4) pre-reverse split Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our registered office is located at 40 Temperance Street, Suite 3200, Bay
Adelaide Centre, North Tower, Toronto, Ontario, Canada M5H 0B4. Our corporate head office is located at 133 Richmond Street West, Suite
602, Toronto, Ontario, M5H 2L3 Canada and our telephone number is (416) 900-3891.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Our annual and other filings with securities commissions
or similar authorities in Canada and the United States are available under our profile on SEDAR+ at www.sedarplus.ca and our profile on
EDGAR at www.sec.gov.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><A NAME="a_034"></A>THE
        OFFERING</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>The
        following summary contains basic information about the offering and is not intended to be complete. It does not contain all the information
        that is important to you. You should carefully read the entire Prospectus and the documents incorporated by reference before making an
        investment decision.</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 80%; border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Electra Battery Materials
        Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Common
        Shares offered by us</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common Shares having an aggregate
        offering price of up to US$5,500,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Common Shares to be outstanding following the
        offering</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">Up to 100,127,634 Common Shares, based on 93,653,238 Common Shares outstanding as of November 21, 2025 and assuming sales of 6,474,396 of our Common Shares in this offering at an offering price of US$0.8495 per share, which was the last reported sale price of our Common Shares on the Nasdaq Capital Market on November 21, 2025. The actual number of Common Shares issued will vary depending on the sale price under this offering.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Plan of distribution</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">An &ldquo;at the market offering&rdquo;
        within the meaning of Rule 415(a)(4) under the Securities Act that may be made from time to time, through the Sales Agent, <FONT STYLE="background-color: white">H.C.
        Wainwright &amp; Co., LLC</FONT>.&nbsp;&nbsp;See &ldquo;<I>Plan of Distribution</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">We intend to use the net proceeds
        from the sale of our Common Shares pursuant to this offering, if any, together with our existing cash and cash equivalents, towards completion
        of the Ontario, Canada sulfate refinery and for working capital and general corporate purposes.&nbsp;&nbsp;See &ldquo;<I>Use of Proceeds</I>&rdquo;
        on page S-11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Risk factors</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our Common Shares
        involves risks. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page S-7 of this Prospectus Supplement, as well as those risks and
        uncertainties identified in the documents incorporated by reference herein or therein, including our most recent Annual Report on Form
        20-F for the year ended December 31, 2024, filed on April 24, 2025, as amended on May 1, 2025, and July 28, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Nasdaq symbol</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">ELBM</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>TSXV symbol</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">ELBM</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income
        tax considerations</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
        Common Shares will be subject to special and complex tax rules for U.S. taxpayers.&nbsp;&nbsp;Holders are urged to consult their tax advisors
        with respect to the U.S. federal, state, local and foreign (including Canadian federal) tax consequences of purchasing, owning and disposing
        of the common shares.&nbsp;&nbsp;See &ldquo;<I>Certain U.S. Federal Income Tax Considerations for U.S. Holders</I>&rdquo; on page S-16
        of this Prospectus Supplement and &ldquo;<I>Certain Canadian Federal Income Tax Considerations for United States Residents</I>&rdquo;
        on page S-21 of this Prospectus Supplement.</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The number of Common Shares to be outstanding immediately after this offering is 100,127,634, which is based on 93,653,238 Common Shares outstanding as of November 21, 2025, assuming the maximum number of Common Shares offered under this Prospectus Supplement are sold pursuant to this offering, and no other issuances during this offering, and excluding Common Shares underlying:</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="padding-right: 14.15pt"><font style="font-size: 10pt">3,927,727 stock options outstanding with a weighted average exercise price per Common Share of C$2.74 expiring between April 16, 2026 and October 28, 2028 under the Company&rsquo;s long-term incentive plan adopted December 20, 2024 (the &ldquo;<b>Plan</b>&rdquo;);</font></td></tr></table>

<p style="font-size: 10pt; text-indent: 0in; margin: 0pt 14.15pt 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">428,085 deferred share units outstanding with no expiry date;</font></td></tr></table>

<p style="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">3,124,000 warrants at an exercise price of US$1.40 expiring October 14, 2026; </font></td></tr></table>

<p style="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">117,789 warrants at an exercise price of US$1.12 expiring October 14, 2026;</font></td></tr></table>

<p style="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">101,041,712 October 2025 Warrants at an exercise price of US$1.25 expiring October 22, 2028;</font></td></tr></table>

<p style="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">2,416,884 warrants at an exercise price of US$0.75 expiring October 22, 2028; and</font></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td><font style="font-size: 10pt">31,735,657 October 2025 Pre-Funded Warrants at an exercise price of US$.000001 without expiry.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On December 31, 2024, we completed a reverse share split of our outstanding
Common Shares on the basis of four (4) pre-reverse split Common Shares for every one (1) post-reverse split Common Share. At the opening
of markets on January 2, 2025, our Common Shares commenced trading on a post-reverse split basis under the existing ticker symbol &ldquo;ELBM&rdquo;.
The exercise price and the number of Common Shares issuable upon exercise of outstanding stock options, warrants and other outstanding
securities have been adjusted to reflect the reverse share split under the terms of such securities for the holders of such instruments.
The list above is presented on a post-reverse split basis.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">No sales of our Common Shares under this Prospectus will be made in Canada
or over or through the facilities of the TSXV or any other exchange or market in Canada.<BR STYLE="clear: both"> </P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_035"></A><FONT STYLE="text-transform: uppercase">RISK FACTORS</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT><I>Investing
in our Common Shares is speculative and involves a high degree of risk. The following risk factors, as well as risks currently unknown
to us, could materially adversely affect our future business, operations and financial condition and could cause them to differ materially
from the estimates described in forward-looking information relating to us, or our business, property or financial results, each of which
could cause purchasers of our Common Shares to lose part or all of their investment. In addition to the other information contained in
this Prospectus and the documents incorporated by reference, prospective investors should carefully consider the factors set out under
&ldquo;Risk Factors&rdquo; below and in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April
24, 2025, as amended on May 1, 2025 and on July 28, 2025, and the factors set out below in evaluating our company and its business before
making an investment in our Common Shares.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Risks Relating to This Offering</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>The Company has a history of operating losses, which may continue
for the foreseeable future and our auditors have indicated that recurring losses and negative cash flows from operations raise substantial
doubt about our ability to continue as a going concern.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">We have suffered recurring losses from operations, have a net working capital deficiency and will require additional financing to continue operations, complete the construction of the Refinery, advance our battery recycling strategy, purchase required feedstock before the Refinery enters its operating phase and remain in compliance with minimum liquidity covenants under the October 2025 Term Loan. There can be no assurances that we will be able to obtain adequate financing in the future. This represents a material uncertainty that casts substantial doubt on our ability to continue as a going concern. Our financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should we be unable to continue as a going concern.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Changes in U.S. legislative and regulatory policies under the current
administration may negatively impact our business, our industry, markets and global economic conditions.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The current US administration has significantly increased tariffs on US imports. These tariffs have been in many cases amended, postponed, or changed in other ways since their initial announcements, and this has resulted in uncertainty over the quantum and duration of tariffs, and this lack of clarity has made it difficult to manage and mitigate the impacts of tariffs. In response to these tariffs, other countries have limited their trade with the United States and have retaliated through their own restrictions and/or increased tariffs, among other actions. In particular, there is uncertainty regarding U.S. tariffs and support for existing treaty and trade relationships, including with Canada, which has been targeted by the current U.S. presidential administration and there is substantial uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S.
trade policy. Implementation by the U.S. government of new legislative or regulatory policies could impose additional costs on us, or otherwise negatively impact us, which may have a material adverse effect on our business, financial condition and operations. In addition, this uncertainty may adversely impact: (i) the ability of companies to transact business with companies such as us; (ii) global stock markets (including the TSXV and Nasdaq); and (iii) general global economic conditions. We continue to evaluate the evolving status of tariffs, retaliatory tariffs, and tariff countermeasures. All these factors are outside of our control, but may nonetheless lead us to adjust our strategy to compete effectively in global markets.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Our failure to meet the continued listing requirements of Nasdaq
could result in a de-listing of our Common Shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If we fail to continue to satisfy the continued listing requirements of
Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq will take steps to de-list
our Common Shares. Any such de-listing would likely have a negative effect on the price of our Common Shares and would impair the ability
to sell or purchase our Common Shares, as well as adversely affect our ability to issue additional securities and obtain additional financing
in the future.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">On September 21, 2023, we received a deficiency notice from Nasdaq (the &ldquo;<b>Deficiency Notice</b>&rdquo;) informing us that our Common Shares had failed to comply with the US$1.00 minimum bid price required for continued listing under Nasdaq Listing Rule 5550(a)(2) (&ldquo;<b>Minimum Bid Requirement</b>&rdquo;) based upon the closing bid price of our Common Shares for the 30 consecutive business days prior to the date of the Deficiency Notice. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were given 180 calendar days from September 21, 2023, or until March 19, 2024, to regain compliance with the Minimum Bid Requirement. On March 21, 2024, we announced that the Nasdaq Listing Qualifications Department granted our request for a 180-day extension to regain compliance with the Minimum Bid Requirement. On September 17, 2024, we received another notice of non-compliance from Nasdaq. We filed an appeal,
which was heard on November 5, 2024, before an independent panel. The panel issued a written decision granting us until January 15, 2025 to regain compliance with the Minimum Bid Price Requirement. We held a special meeting of shareholders on December 20, 2024, at which we received shareholder approval to implement a reverse share split. We implemented the reverse split on a one-for-four basis and our Common Shares began trading on a post-reverse split basis on January 2, 2025, after which we regained compliance with the Minimum Bid Price Requirement.</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the October 2025 Financing and Restructuring the bid price of our Common Shares could further decline and trigger an additional deficiency notice from Nasdaq for a failure to meet the Minimum Bid Price Requirement.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">However, we cannot guarantee that we will be able to regain compliance
with the Minimum Bid Requirement, if lost, or maintain such compliance on an ongoing basis. We cannot assure you that a reverse stock
split will increase the market price of our Common Shares sufficiently to meet Nasdaq&rsquo;s Minimum Bid Requirement, or that we will
remain in compliance with other continued listing requirements of Nasdaq.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Our Common Shares may be de-listed if we do not maintain compliance with
the Minimum Bid Requirement, as well as other continued listing requirements of the Nasdaq, and our shareholders could face significant
material adverse consequences, including:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Limited availability or market quotations for our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Reduced liquidity of our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Determination that our Common Shares are &ldquo;penny stock&rdquo;, which would require brokers trading in
        our Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
        market for our Common Shares;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Limited amount of news and analysts&rsquo; coverage of us; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Decreased ability for us to issue additional equity securities or obtain additional equity or debt financing
        in the future.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We can provide no assurances that the price of our Common Shares will remain
above the Minimum Bid Price Requirement or that we otherwise will remain in compliance with the Nasdaq Marketplace Rules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We will have broad discretion to use the net proceeds from this offering
and the investment of these proceeds may not yield a favorable return. We may invest the proceeds of this offering in ways with which
investors disagree.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our management team will have broad discretion in the application of the
net proceeds from this offering and could spend or invest the proceeds in ways with which our shareholders disagree. Accordingly, investors
will need to rely on our management team&rsquo;s judgment with respect to the use of these proceeds. We intend to use the proceeds from
this offering in the manner described under &ldquo;<I>Use of Proceeds</I>.&rdquo; However, the failure by management to apply these funds
effectively could negatively affect our ability to operate and grow our business.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">We cannot specify with certainty all the uses for the net proceeds to be received from this offering. Until the net proceeds are used, they may be placed in investments that do not produce significant income or that may lose value.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>You may experience future dilution as a result of future equity offerings.</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In order to raise additional capital, we may in the future offer additional
Common Shares or other securities convertible into or exchangeable for our Common Shares. We cannot assure you that we will be able to
sell Common Shares or other securities in any other offering at a price per Common Share that is equal to or greater than the price per
Common Share paid by investors in this offering, and investors purchasing Common Shares or other securities in the future could have rights
superior to existing shareholders. The price per Common Share at which we sell additional Common Shares or other securities convertible
into or exchangeable for our Common Shares in future transactions may be higher or lower than the price per Common Share in this offering.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the October 2025 Financing and Restructuring, we converted 60% of our outstanding Notes into October 2025 Units in the Equity Exchange, exchanged the remaining Notes for the October 2025 Term Loan and Common Shares in the Debt Exchange, and completed the US$34.5 million October 2025 Financing. The October 2025 Financing and Restructuring resulted in us issuing, or being obligated to issue in the future, a significant number of additional Common Shares. The issuance of the Common Shares and instruments exercisable or convertible into Common Shares in the October 2025 Financing and Restructuring have caused, and may in the future cause, our shareholders to experience substantial additional dilution. The dilution (and potential future dilution) from the Common Shares issued or issuable in the October 2025 Financing and Restructuring may create downward pressure on our share price.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Sales of a substantial number of our Common Shares in the public
market could cause the trading price of our Common Shares to fall.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Sales of a substantial number of our Common Shares in the public market
could occur at any time. If our shareholders sell, or the market perceives that our shareholders intend to sell, substantial amounts of
our Common Shares in the public market, the market price of our Common Shares could decline significantly.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Shares issued upon the exercise of stock options outstanding under our
Plan or pursuant to future awards granted under the Plan will become available for sale in the public market to the extent permitted by
the provisions of applicable vesting schedules and Rule&nbsp;144 under the Securities Act.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Further, the dilution from the Common Shares issued or issuable in the October 2025 Financing and Restructuring could create downward pressure on our share price.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>The actual number of shares we will issue under the ATM Agreement,
at any one time or in total, is uncertain.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Subject to certain limitations in the ATM Agreement and compliance with
applicable law, we have the discretion to deliver a placement notice to the Sales Agent at any time throughout the term of the ATM Agreement.
The number of shares that are sold by the Sales Agent after delivering a placement notice will fluctuate based on the market price of
our Common Shares during the sales period and limits we set with the Sales Agent. Because the price per share of each Common Share sold
will fluctuate based on the market price of our Common Shares during the sales period, it is not possible at this stage to predict the
number of Common Shares that will be ultimately issued.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>The Common Shares offered hereby will be sold in &ldquo;at the market
offerings,&rdquo; and investors who buy shares at different times will likely pay different prices.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Investors who purchase Common Shares in this offering at different times
will likely pay different prices, and accordingly may experience different levels of dilution and different outcomes in their investment
results. We will have discretion, subject to market demand and the terms of the ATM Agreement, to vary the timing, prices and number of
Common Shares sold in this offering. In addition, subject to the final determination by our Board or any restrictions we may place in
any applicable placement notice, there is no minimum or maximum sales price for Common Shares to be sold in this offering. Investors may
experience a decline in the value of the Common Shares they purchase in this offering as a result of sales made at prices lower than the
prices they paid.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>As a foreign private issuer, we are subject to different U.S. securities
laws and rules than a domestic U.S. issuer, which may limit the information publicly available to its U.S. shareholders.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">We are a foreign private issuer under applicable U.S. federal securities laws and, therefore, are not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act and related rules and regulations. As a result, we do not file the same reports that a U.S. domestic issuer would file with the SEC, although we will be required to file with or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors and principal shareholders are exempt from the reporting and &ldquo;short swing&rdquo; profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell our securities as the reporting periods under the corresponding Canadian insider reporting
requirements are longer. In addition, as a foreign private issuer, we are exempt from the proxy rules under the Exchange Act.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We may lose our foreign private issuer status in the future, which
could result in significant additional costs and expenses to us.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In order to maintain our current status as a foreign private issuer, a
majority of our Common Shares must be either directly or indirectly owned of record by non-residents of the United States unless we also
satisfy one of the additional requirements necessary to preserve this status. We may in the future lose our foreign private issuer status
if a majority of our Common Shares are owned of record in the United States and we fail to meet the additional requirements necessary
to avoid loss of foreign private issuer status. The regulatory and compliance costs to us under U.S. federal securities laws as a U.S.
domestic issuer may be significantly more than the costs we incur as a Canadian foreign private issuer. If we are not a foreign private
issuer, we would not be eligible to use foreign issuer forms and would be required to file periodic and current reports and registration
statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private
issuer.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B><I>If we are characterized as a passive foreign investment
company, U.S. holders may be subject to adverse U.S. federal income tax consequences.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">U.S. investors should be aware that they could be subject to certain adverse
U.S. federal income tax consequences in the event that the Company is classified as a &ldquo;passive foreign investment company&rdquo;
(&ldquo;<B>PFIC</B>&rdquo;) for U.S. federal income tax purposes. The determination of whether the Company is a PFIC for a taxable year
depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and the
determination will depend on the composition of the Company&rsquo;s income, expenses and assets from time to time and the nature of the
activities performed by the Company&rsquo;s officers and employees. Based on the composition of the Company&rsquo;s income and the value
of its assets, the Company may have been classified as a PFIC for its taxable year ending December 31, 2024. However, it has not made
a conclusive determination as the Company&rsquo;s PFIC status may depend on the U.S. tax classification of certain grants that the Company
has received or accrued as receivable during 2024. For similar reasons, the Company is uncertain as to whether it will be classified as
a PFIC for the current taxable year. Prospective investors should carefully read the discussion under the heading &ldquo;<I>Certain U.S.
Federal Income Tax Considerations for U.S. Holders</I>&rdquo; for more information and consult their own tax advisors regarding the likelihood
and consequences of the Company being treated as a PFIC for U.S. federal income tax purposes, including the advisability of making certain
elections that may mitigate certain possible adverse U.S. federal income tax consequences that may result in an inclusion in gross income
without receipt of such income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>As we are a Canadian company, it may be difficult for U.S. shareholders
to effect service on us or to realize on judgments obtained in the United States. </I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We are incorporated under the laws of Canada, most of our directors and
officers are residents of Canada, and most or all our assets and the assets of such persons are located outside the United States.
Consequently, it may be difficult for U.S. investors to effect service of process within the U.S. upon us or upon such persons who are
not residents of the U.S., or to realize in the U.S. upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities
laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the
U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial
doubt whether an original action could be brought successfully in Canada against any of such persons or us predicated solely upon such
civil liabilities.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We can give no assurances that we will ever pay any dividends on
our Common Shares, and any return to investors is expected to come, if at all, only from potential increases in the price of our Common
Shares. </I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We have never paid dividends on our Common Shares and have no intention
of paying any dividends in the near future. Whether we pay any dividends in the future will depend on our financial condition, results
of operations, and other factors that we will consider. Any return to investors is expected to come, if at all, only from potential increases
in the price of our Common Shares. There is no guarantee that our Common Shares will appreciate in value or even maintain the price at
which shareholders have purchased them.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_036"></A>USE OF PROCEEDS</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amount of net proceeds from this offering will depend upon the number
of our Common Shares sold and the market prices at which they are sold. If the full amount of US$5,500,000 covered by this Prospectus
is sold, the net proceeds to us will be US$5,087,832. Because there is no minimum offering amount required as a condition of this offering,
the actual total public offering amount, commissions and net proceeds to us, if any, are not determinable at this time. There can be no
assurance that we will be able to sell any Common Shares under or fully utilize the ATM Agreement as a source of financing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We intend to use the net proceeds from the sale of our Common Shares pursuant
to this offering, if any, together with our existing cash and cash equivalents, towards completion of construction of the Ontario, Canada
sulfate refinery and for working capital and general corporate purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our management will have broad discretion in the application of the net
proceeds, if any, from this offering, and the amounts and timing of our actual expenditures will depend on numerous factors, including
those listed under the headings &ldquo;<I>Risk Factors</I>&rdquo; in this Prospectus and the documents incorporated by reference. We therefore
cannot estimate with certainty the amount of net proceeds to be used for the purposes described above. While we intend to spend the net
proceeds of the offering as stated above, there may be circumstances where, for sound business reasons, a re-allocation of funds may be
necessary or advisable.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_037"></A><FONT STYLE="text-transform: uppercase">CAPITALIZATION</FONT>
AND INDEBTEDNESS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table presents the number of our issued and outstanding Common Shares and our consolidated cash and cash equivalents and capitalization as at September 30, 2025, as follows:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 14.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 35.65pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt">on an actual basis;</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 35.65pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 35.65pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt">on a pro forma basis to give effect to: (i) the issuance of 46,000,000 common shares at the closing of the October 2025 Financing on October 22, 2025; and (ii) the issuance of 27,128,396 common shares, at the closing of the Restructuring on October 22, 2025;</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 35.65pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 35.65pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify; padding-right: 14.15pt">on a pro forma basis, as described above, and adjusted to give effect to (i) the sale of an aggregate of 6,474,396 Common Shares at a price of US$0.8495 (C$1.19), being the last reported sale price of our Common Shares on Nasdaq on November 21, 2025, for aggregate gross proceeds of US$5,500,000 (C$7,755,000).</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 14.15pt 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The adjustments present the expected impact on the number of our issued and outstanding Common Shares, our consolidated cash and cash equivalents and our capitalization and indebtedness as at September 30, 2025, of the issuances described above and after the payment by us of the Sales Agent&rsquo;s compensation and our estimated transaction expenses.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The information below has been derived from and should be read in conjunction with, and is qualified in its entirety by, our interim consolidated financial statements as at and for the quarter ended September 30, 2025 and management&rsquo;s discussion and analysis thereon, incorporated by reference into this Prospectus. Figures are in thousands of US dollars except share data (using the closing exchange rate from the Bank of Canada on September 29, 2025 of US$1.00 = C$1.3921).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="13" style="font-size: 10pt; font-weight: bold; text-align: center">As of September 30, 2025</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">Actual</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">Pro Forma October 2025 Financing and Restructuring</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Pro Forma, as adjusted to account for October 2025 Financing and Restructuring and this Offering<sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="11" style="font-size: 10pt; font-style: italic; text-align: center; border-bottom: Black 1pt solid">(In thousands of U.S. dollars, except share data)</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">2,187</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">32,743</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">37,830</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Shareholder&rsquo;s Equity</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-left: 0.3in">Share Capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">223,570</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">265,071</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">270,158</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.3in">Common shares, unlimited authorized shares, without par value; 17,962,172 shares issued and outstanding, actual; <FONT STYLE="color: #231F20">91,090,568 shares issued and outstanding, pro forma; and </FONT>97,564,964 shares issued and outstanding, pro forma, as adjusted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: left">Other Capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">19,888</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">19,888</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">19,888</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt">Deficit</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">211,416</td><td style="white-space: nowrap; font-size: 10pt; text-align: left"></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">213,933</P></td><td style="white-space: nowrap; font-size: 10pt; text-align: left"></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">213,933</td><td style="white-space: nowrap; font-size: 10pt; text-align: left"></td></tr>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: left">Accumulated other comprehensive loss</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">2,463</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">2,463</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">2,463</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Total shareholders&rsquo; equity and total capitalization</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">34,505</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">73,489</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">78,577</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Shares outstanding</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">17,962,172</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">91,090,568</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">97,564,964</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.95pt"></td><td style="width: 13.5pt">(1)</td><td style="text-align: justify; padding-right: 14.15pt">In light of the continuous distribution nature of this at-the-market offering, there can be no assurance that we will in fact issue all or any number of the Common Shares offered under this Prospectus or, if we do issue any Common Shares under this Prospectus, that they will be issued at US$0.8495 per share. The figures provided in the &ldquo;as adjusted&rdquo; column are thus solely for illustrative purposes.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The above table is based on 17,962,172 Common Shares issued and outstanding as at September 30, 2025, and excludes as of such date Common Shares underlying the following:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td style="padding-right: 14.15pt">1,274,066 stock options outstanding with a weighted average exercise price per Common Share of C$4.28 expiring between April 16, 2026 and February 12, 2028 under the Plan;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>157,085 deferred share units outstanding with a weighted average issue price per Common Share of C$5.25 with no expiry date under the Plan;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>620,788 warrants at an exercise price of US$12.40 expiring November 15, 2025;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>1,136,364 warrants at an exercise price of C$4.00 expiring November 12, 2026;</td></tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>3,124,000 warrants at an exercise price of US$1.40 expiring October 14, 2026;</td></tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>183,333 warrants at an exercise price of US$1.12 expiring October 14, 2026;</td></tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 28.45pt"></td><td style="width: 13.5pt; text-align: left"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">101,041,712 October 2025 Warrants at an exercise price of US$1.25 expiring October 22, 2028;</td>
</tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 28.45pt"></td><td style="width: 13.5pt; text-align: left"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">2,416,884 warrants at an exercise price of US$0.75 expiring October 22, 2028; and</td>
</tr></table>

<p style="font-size: 10pt; text-indent: -13.5pt; margin: 0pt 0 0pt 41.95pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 28.45pt"></td><td style="width: 13.5pt"><font style="font-family: Symbol">&middot;</font></td><td>31,735,657 October 2025 Pre-Funded Warrants at an exercise price of US$.000001 without expiry.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">On December 31, 2024, we completed a reverse share split of our outstanding Common Shares on the basis of four (4) pre-reverse split Common Shares for every one (1) post-reverse split Common Share. At the opening of markets on January 2, 2025, our Common Shares commenced trading on a post-reverse split basis under the existing ticker symbol &ldquo;ELBM&rdquo;. The exercise price and the number of Common Shares issuable upon exercise of outstanding stock options, warrants and other outstanding securities have been adjusted to reflect the reverse share split under the terms of such securities for the holders of such instruments. The list above is presented on a post-reverse split basis.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_038"></A><FONT STYLE="text-transform: uppercase">DESCRIPTION</FONT>
OF SECURITIES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">We are authorized to issue an unlimited number of Common Shares. Our Common Shares have no par value. As of November 21, 2025, there were 93,653,238 Common Shares issued and outstanding.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The Common Shares offered under this Prospectus have all the rights, privileges, restrictions and conditions of other Common Shares of the Company. Holders of Common Shares are entitled to receive notice of any meeting of our shareholders, to attend and to cast one vote per share at such meetings. Holders of our Common Shares are also entitled to receive on a pro-rata basis such dividends, if any, as and when declared by our Board at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a pro-rata basis, our net assets after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights.</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Transfer Agent</B></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The transfer agent and registrar for our Common Shares is TSX Trust Company
at its principal office located in Toronto, Ontario.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A description of the Common Shares we are offering pursuant to this Prospectus
is set forth under the heading &ldquo;<I>Description of Share Capital</I>&rdquo; starting on page 17 of the accompanying Base Prospectus.
The description of our capital shares is a summary and is qualified in its entirety by reference to our articles. For a complete description,
you should refer to our articles and amendments thereto, copies of which are on file with the SEC as Exhibits to our Annual Report on
Form 20-F for the year ended December 31, 2024, filed on April 24, 2025, as amended May 1, 2025 and July 28, 2025.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_039"></A><FONT STYLE="text-transform: uppercase">Dividend POLICY</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We have never paid any cash dividends on our Common Shares. While we are
not restricted from paying dividends other than pursuant to certain solvency tests prescribed under the CBCA, we do not intend to pay
dividends on any of our Common Shares in the foreseeable future. Any future determination to pay cash dividends will be at the discretion
of our Board and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future
indebtedness and other factors our Board deems relevant.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_040"></A>PRICE <FONT STYLE="text-transform: uppercase">RANGE</FONT>
AND TRADING VOLUME</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Our Common Shares are listed on Nasdaq and on TSXV under the symbol &ldquo;ELBM&rdquo;. The following table indicates the monthly range of high and low closing prices of a Common Share and the average daily volumes traded on Nasdaq and on the TSXV during the period beginning on November 1, 2024 and ending November 21, 2025:</p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: center">NASDAQ (US$)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: center">TSXV (C$)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">2024</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">High</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">Low</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">Volume</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">High</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">Low</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center">Volume</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 34%; font-size: 10pt; text-align: left; padding-left: 2.5pt">November</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: center">$2.32</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: right">$1.85</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: right">15,287</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: center">$3.20</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: right">$2.64</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 10%; font-size: 10pt; text-align: right">7,203</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">December</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$2.59</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.46</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">77,935</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$3.72</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$2.12</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">15,685</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">2025</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left"> January</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$2.15</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;$1.35</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">44,097</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$3.28</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;$1.93</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">14,403</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">February</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.82</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.37</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">32,971</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$2.60</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$2.00</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">20,977</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">March</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.72</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.03</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">290,308</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$2.52</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.49</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">49,371</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">April</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.17</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.91</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">145,829</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.67</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.26</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">35,968</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">May</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.14</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.96</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">38,349</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.56</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.34</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">13,304</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">June</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.28</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.98</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">819,559</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.76</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.33</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">31,481</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">July</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.32</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.05</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">119,700</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.80</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.45</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">36,031</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">August</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.30</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.77</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">135,670</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.74</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.04</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">47,917</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">September</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.29</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.83</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">2,665,824</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.75</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.17</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">138,036</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">October</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.15</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$8.70</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">19,683,604</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$7.75</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.60</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">1,253,048</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 2.5pt">November (1-21)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.28</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$0.84</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">2,993,924</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">$1.80</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">$1.18</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">657,094</td></tr>
  </table>


<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">This table reflects the reverse split of our outstanding Common Shares on the basis of four (4) pre-reverse split Common Shares for every one (1) post-reverse split Common Shares effective December 31, 2024.</p>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_041"></A><FONT STYLE="text-transform: uppercase">PLAN OF DISTRIBUTION</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We entered into the ATM Agreement with the Sales Agent on June 26, 2025.
Under the terms of the ATM Agreement, we may offer and sell up to US$5,500,000 of our Common Shares from time to time through the Sales
Agent. Sales of our Common Shares, if any, under this Prospectus may be made in sales deemed to be &ldquo;at the market offerings&rdquo;
as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through Nasdaq, the existing trading market
for our Common Shares in the United States, sales made to or through a market maker other than on an exchange or otherwise, directly to
the Sales Agent as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such
prevailing market prices, and/or in any other method permitted by law.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We may designate the maximum amount of Common Shares to be sold through
the Sales Agent on a daily basis or otherwise as we and the Sales Agent agree and the minimum price per Common Share at which such Common
Shares may be sold. We may instruct the Sales Agent not to sell Common Shares if the sales cannot be effected at or above the price designated
by us from time to time. We or the Sales Agent may suspend the offering of Common Shares upon notice and subject to other conditions.
We are not offering to sell, or seeking offers to buy, Common Shares in Canada or through the facilities of the TSXV or any other exchange
or market in Canada.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We will pay the Sales Agent a commission, in cash, at a fixed rate of up
to 3.0% of the gross sales price per share sold. Because there is no minimum offering amount required as a condition of this offering,
the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. We have also agreed
to reimburse the Sales Agent for certain specified expenses, including the fees and disbursements of the Sales Agent&rsquo;s legal counsel
in an amount not to exceed US$50,000, in addition to the reimbursement of up to US$3,500 per due diligence update session for the fees
of counsel to the Sales Agent. We estimate that the total expenses for the offering, excluding compensation payable to the Sales Agent
under the terms of the ATM Agreement, will be approximately US$300,000.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Settlement for sales of Common Shares will occur on the first business
day following the date on which any sales are made (or such other settlement cycle as may be in effect pursuant to Rule 15c6-1 under the
Exchange Act from time to time), or on such other date that is agreed upon by us and the Sales Agent in connection with a particular transaction,
in return for payment of the net proceeds to us. Sales of our Common Shares as contemplated in this Prospectus will be settled through
the facilities of The Depository Trust Company or by such other means as we and the Sales Agent may agree upon. There is no arrangement
for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Sales Agent will use its commercially reasonable efforts, consistent
with its sales and trading practices, to solicit offers to purchase the Common Shares under the terms and subject to the conditions set
forth in the ATM Agreement. In connection with the sale of the Common Shares on our behalf, the Sales Agent will be deemed to be an &ldquo;underwriter&rdquo;
within the meaning of the Securities Act and the compensation of the Sales Agent will be deemed to be underwriting commissions or discounts.
We have agreed to provide indemnification and contribution to the Sales Agent against certain civil liabilities, including liabilities
under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The offering of our Common Shares pursuant to the ATM Agreement will terminate
as permitted therein. We may terminate the ATM Agreement at any time upon ten (10) business days prior notice.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">To the extent required by Regulation M, the Sales Agent will not engage
in any market making activities involving our Common Shares while the offering is ongoing under this Prospectus. The Sales Agent and its
affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates,
for which services they may in the future receive customary fees. In addition, in the ordinary course of its various business activities,
the Sales Agent and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related
derivative securities) and financial instruments (which may include bank loans) for their own account and for the accounts of their customers.
Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The Sales Agent or its
affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities
or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.
This summary of the material provisions of the ATM Agreement does not purport to be a complete statement of its terms and conditions.
A copy of the ATM Agreement is or will be filed as an exhibit to our Form 6-K and is incorporated by reference in this Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Prospectus in electronic format may be made available on a website
maintained by the Sales Agent and the Sales Agent may distribute the Prospectus electronically.&nbsp;<FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_042"></A>CERTAIN U.S. FEDERAL <FONT STYLE="text-transform: uppercase">INCOME</FONT>
TAX CONSIDERATIONS FOR U.S. HOLDERS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The following discussion summarizes the anticipated U.S. federal income
tax considerations generally applicable to a U.S. Holder (as defined below) of the ownership and disposition of the Common Shares. This
discussion addresses only holders who acquire pursuant to this offering and hold Common Shares as &ldquo;capital assets&rdquo; (generally,
assets held for investment purposes).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is based on the Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Code</B>&rdquo;), U.S. Treasury regulations, administrative pronouncements and rulings of the United States Internal Revenue
Service (the &ldquo;<B>IRS</B>&rdquo;), and the US Treaty, all as in effect on the date hereof, and all of which may be repealed, revoked
or modified (possibly with retroactive effect) so as to result in U.S. federal income tax consequences different from those discussed
below. This summary does not describe any state, local or foreign tax law considerations, or any aspect of U.S. federal tax law other
than income taxation (e.g., alternative minimum tax, the 3.8% Medicare tax on certain net investment income, or estate or gift tax). Except
as specifically set forth below, this summary does not discuss applicable income tax reporting requirements. U.S. Holders should consult
their own tax advisers regarding such matters.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">No ruling from the IRS has been requested, or will be obtained, regarding
the U.S. federal income tax consequences of the ownership or disposition of the Common Shares. This summary is not binding on the IRS,
and the IRS is not precluded from taking a position that is different from, and contrary to, the discussion set forth in this summary.
In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and U.S. courts could
disagree with one or more of the positions taken in this summary.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary does not purport to address all U.S. federal income tax consequences
that may be relevant to a U.S. Holder as a result of the ownership and disposition of the Common Shares, nor does it take into account
the specific circumstances of any particular holder, some of which may be subject to special tax rules, including, but not limited to,
tax exempt organizations, partnerships and other pass-through entities and their owners, banks or other financial institutions, insurance
companies, regulated investment companies, real estate investment trusts, qualified retirement plans, individual retirement accounts or
other tax-deferred accounts, persons that hold the Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive
sale or other similar arrangements, persons that acquired the Common Shares in connection with the exercise of employee share options
or otherwise as compensation for services, persons that are resident or ordinarily resident in or have permanent establishment in a jurisdiction
outside the United States, brokers or dealers in securities or foreign currencies, traders in securities electing to mark to market, persons
who hold the Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for
investment purposes), persons who are U.S. expatriates or former long-term residents of the U.S. or are subject to taxing jurisdictions
other than, or in addition to, the United States, persons who are subject to special tax accounting rules U.S. persons whose functional
currency (as defined in the Code) is not the U.S. dollar, U.S. expatriates, or persons that own directly, indirectly or by application
of the constructive ownership rules of the Code 10% or more of the Company&rsquo;s shares by voting power or by value.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As used herein, a &ldquo;<B>U.S. Holder</B>&rdquo; is a beneficial owner
of the Common Shares who, for U.S. federal income tax purposes, is: (1) an individual who is a citizen or resident of the United States;
(2) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under
the laws of the United States, any state thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income
tax regardless of its source, or (4) a trust (A) if a U.S. court is able to exercise primary supervision over the administration of the
trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) that has validly elected
to be treated as a U.S. person for U.S. federal income tax purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If a partnership (or other entity or arrangement treated as a partnership
for U.S. federal income tax purposes) holds the Common Shares, the tax treatment of a partner in or owner of the partnership or other
entity or arrangement will generally depend upon the status of the partner or owner and the activities of the entity. Prospective investors
who are partners in partnerships (or other entities or arrangements treated as partnerships for U.S. federal income tax purposes) that
are beneficial owners of the Common Shares are urged to consult their own tax advisors regarding the tax consequences of the ownership
and disposition of the Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This summary is of a general nature only and is not intended to be tax
advice to any prospective investor, and no representation with respect to the tax consequences to any particular investor is made. <B><I>Prospective
investors are urged to consult their own tax advisors regarding the application of federal income tax laws to their particular circumstances,
as well as any state, provincial, local, non-U.S. and other tax consequences of investing in the Common Shares and acquiring, holding
or disposing of the Common Shares. </I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A foreign corporation will generally be considered a passive foreign investment
company (&ldquo;<B>PFIC</B>&rdquo;) for any taxable year in which (1)&nbsp;75% or more of its gross income is &ldquo;passive income&rdquo;
under the PFIC rules or (2)&nbsp;50% or more of the average quarterly value of its assets produce (or are held for the production of)
&ldquo;passive income.&rdquo; In general, &ldquo;passive income&rdquo; includes dividends, interest, certain rents and royalties and certain
gains, including the excess of gains over losses from certain commodities transactions. Net gains from commodities transactions are generally
treated as passive income unless such gains are active business gains from the sale of commodities and &ldquo;substantially all&rdquo;
of the corporation&rsquo;s commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies
regularly used or consumed in a trade or business. Moreover, for purposes of determining if the foreign corporation is a PFIC, if the
foreign corporation owns, directly or indirectly, at least 25%, by value, of the shares of another corporation, it will be treated as
if it directly holds its proportionate share of the assets and receives directly its proportionate share of the income of such other corporation.
If a corporation is treated as a PFIC with respect to a U.S. Holder for any taxable year, the corporation will continue to be treated
as a PFIC with respect to that U.S. Holder in all succeeding taxable years, regardless of whether the corporation continues to meet the
PFIC requirements in such years, unless certain elections are made.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The determination as to whether a foreign corporation is a PFIC is based
on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and the determination will
depend on the composition of the income, expenses and assets of the foreign corporation from time to time and the nature of the activities
performed by its officers and employees. The Company may have been classified as a PFIC for its taxable year ending December 31, 2024.
However, it has not made a conclusive determination as the Company&rsquo;s PFIC status may depend on the U.S. tax classification of certain
grants that the Company has received or accrued as receivable during 2024. For similar reasons, the Company is uncertain as to whether
it will be classified as a PFIC for the current taxable year. The Company&rsquo;s status as a PFIC in any taxable year, however, requires
a factual determination that can only be made annually after the close of each taxable year. Therefore, there can be no assurance as to
whether the Company will be classified as a PFIC for the current taxable year or for any future taxable year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If the Company is classified as a PFIC, a U.S. Holder that does not make
any of the elections described below would be required to report any gain on the disposition of the Common Shares as ordinary income,
rather than as capital gain, and to compute the tax liability on the gain and any &ldquo;Excess Distribution&rdquo; (as defined below)
received in respect of Common Shares as if such items had been earned ratably over each day in the U.S. Holder&rsquo;s holding period
(or a portion thereof) for Common Shares. The amounts allocated to the taxable year during which the gain is realized or distribution
is made, and to any taxable years in such U.S. Holder&rsquo;s holding period that are before the first taxable year in which the Company
is treated as a PFIC with respect to the U.S. Holder, would be included in the U.S. Holder&rsquo;s gross income as ordinary income for
the taxable year of the gain or distribution. The amount allocated to each other taxable year would be taxed as ordinary income in the
taxable year during which the gain is realized or distribution is made at the highest tax rate in effect for the U.S. Holder in that other
taxable year and would be subject to an interest charge as if the income tax liabilities had been due with respect to each such prior
year. For purposes of these rules, gifts, exchanges pursuant to corporate reorganizations and use of Common Shares as security for a loan
may be treated as a taxable disposition of Common Shares. An &ldquo;Excess Distribution&rdquo; is the amount by which distributions during
a taxable year in respect of a Common Share exceed 125% of the average amount of distributions in respect thereof during the three preceding
taxable years (or, if shorter, the U.S. Holder&rsquo;s holding period for Common Shares).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Certain additional adverse tax rules will apply to a U.S. Holder for any
taxable year in which the Company is treated as a PFIC with respect to such U.S. Holder and any of the Company&rsquo;s subsidiaries is
also treated as a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;). In such a case, the U.S. Holder will generally be deemed to own its proportionate
interest (by value) in any Subsidiary PFIC and be subject to the PFIC rules described above with respect to the Subsidiary PFIC regardless
of such U.S. Holder&rsquo;s percentage ownership in us.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The adverse tax consequences described above may be mitigated if a U.S.
Holder makes a timely &ldquo;qualified electing fund&rdquo; election (&ldquo;<B>QEF Election</B>&rdquo;), with respect to its interest
in the PFIC. Consequently, if the Company is classified as a PFIC, it may be advantageous for a U.S. Holder to elect to treat us as a
&ldquo;qualified electing fund&rdquo; with respect to such U.S. Holder in the first year in which it holds Common Shares. If a U.S. Holder
makes a timely QEF Election with respect to the Company, provided that the necessary information is provided by the Company, the electing
U.S. Holder would be required in each taxable year that the Company is considered a PFIC to include in gross income (i)&nbsp;as ordinary
income, the U.S. Holder&rsquo;s pro rata share of the ordinary earnings of the Company and (ii)&nbsp;as capital gain, the U.S. Holder&rsquo;s
pro rata share of the net capital gain (if any) of the Company, whether or not the ordinary earnings or net capital gain are distributed.
An electing U.S. Holder&rsquo;s basis in Common Shares will be increased to reflect the amount of any taxed but undistributed income.
Distributions of income that had previously been taxed will result in a corresponding reduction of basis in Common Shares and will not
be taxed again as distributions to the U.S. Holder.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A QEF Election made with respect to the Company will not apply to any Subsidiary
PFIC; a QEF Election must be made separately for each Subsidiary PFIC (in which case the treatment described above would apply to such
Subsidiary PFIC). If a U.S. Holder makes a timely QEF Election with respect to a Subsidiary PFIC, it would be required in each taxable
year to include in gross income its pro rata share of the ordinary earnings and net capital gain of such Subsidiary PFIC, but may not
receive a distribution of such income. Such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S.
federal income tax on such amounts, subject to an interest charge (which would not be deductible for U.S. federal income tax purposes
if the U.S. Holder were an individual).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The U.S. federal income tax on any gain from the disposition of Common
Shares or from the receipt of Excess Distributions may be greater than the tax if a timely QEF Election is made. For any taxable year
in which the Company determines that it was likely a PFIC, the Company intends to make available to U.S. Holders, upon request and in
accordance with applicable procedures, a &ldquo;PFIC Annual Information Statement&rdquo; for such taxable year with respect to the Company
and, if applicable, any Subsidiary PFIC in which it owns more than 50% of such subsidiary&rsquo;s total aggregate voting power. The &ldquo;PFIC
Annual Information Statement&rdquo; may be used by U.S. Holders for purposes of complying with the reporting requirements applicable to
a QEF election with respect to the Company and, if applicable, any Subsidiary PFIC.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Alternatively, if the Company was to be classified as a PFIC, a U.S. Holder
could also avoid certain of the rules described above by making a mark-to-market election (a &ldquo;<B>Mark-to-Market Election</B>&rdquo;),
instead of a QEF Election, provided Common Shares are treated as regularly traded on a qualified exchange or other market within the meaning
of the applicable U.S. Treasury Regulations. However, a U.S. Holder will not be permitted to make a Mark-to-Market Election with respect
to a Subsidiary PFIC. U.S. Holders should consult their own tax advisers regarding the potential availability and consequences of a Mark-to-Market
Election, as well as the advisability of making a protective QEF Election in case the Company is classified as a PFIC in any taxable year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During any taxable year in which the Company or any Subsidiary PFIC is
treated as a PFIC with respect to a U.S. Holder, that U.S. Holder generally must file IRS Form 8621. U.S. Holders should consult their
own tax advisers concerning annual filing requirements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Distributions on Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In general, subject to the PFIC rules discussed above, the gross amount
of any distribution received by a U.S. Holder with respect to the Common Shares (including amounts withheld to pay Canadian withholding
taxes) will be included in the gross income of the U.S. Holder as a dividend to the extent attributable to the Company&rsquo;s current
and accumulated earnings and profits, as determined under U.S. federal income tax principles. Because the Company does not expect to maintain
calculations of the Company&rsquo;s earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect
that a distribution will generally be treated as a dividend for U.S. federal income tax purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amount of any distributions paid in Canadian dollars will equal the
U.S. dollar value of such distributions determined by reference to the exchange rate on the day they are received by the U.S. Holder (with
the value of such distributions computed before any reduction for any Canadian withholding tax), regardless of whether the payment is
in fact converted into U.S. dollars at that time. A U.S. Holder will have a tax basis in Canadian dollars equal to their U.S. dollar value
on the date of receipt. If the Canadian dollars received are converted into U.S. dollars on the date of receipt, the U.S. Holder will
generally not be required to recognize foreign currency gain or loss in respect of the distribution. If the Canadian dollars received
are not converted into U.S. dollars on the date of receipt, a U.S. Holder may recognize foreign currency gain or loss on a subsequent
conversion or other disposition of the Canadian dollars. Such gain or loss generally will be treated as U.S. source ordinary income or
loss.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Subject to applicable limitations and provided the Company is eligible
for the benefits of the US Treaty or the Common Shares are readily tradable on a United States securities market, dividends paid by the
Company to non-corporate US Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term
capital gains for dividends, provided certain holding period and other conditions are satisfied, including that the Company is not classified
as a PFIC in the tax year of distribution or in the preceding tax year. Any amount of distributions treated as dividends generally will
not be eligible for the dividends received deduction available to certain corporate U.S. Holders in respect of dividends received from
U.S. corporations.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Distributions to a U.S. Holder with respect to the Common Shares may be
subject to Canadian non-resident withholding tax. Any Canadian withholding tax paid will not reduce the amount treated as received by
the U.S. Holder for U.S. federal income tax purposes. However, subject to limitations imposed by U.S. law, a U.S. Holder may be eligible
to receive a foreign tax credit for the Canadian withholding tax. The rules governing the foreign tax credit are complex. U.S. Holders
are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances,
including the impact of, and any exception available to, the special income sourcing rule described in this paragraph. U.S. Holders who
do not elect to claim a foreign tax credit may be able to claim an ordinary income tax deduction for Canadian income tax withheld, but
only for a taxable year in which the U.S. Holder elects to do so with respect to all non-U.S. income taxes paid or accrued in such taxable
year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Sale, Exchange or Other Taxable Disposition of Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Subject to the PFIC rules discussed above, upon a sale, exchange or other
taxable disposition of the Common Shares, a U.S. Holder will generally recognize a capital gain or loss equal to the difference between
the amount realized on such sale, exchange or other taxable disposition and the adjusted tax basis of such Common Shares. If any foreign
tax is imposed on the sale, exchange or other disposition of the Common Shares, a U.S. Holder&rsquo;s amount realized will include the
gross amount of the proceeds of the disposition before deduction of the tax. A U.S. Holder&rsquo;s initial tax basis in the Common Shares
generally will equal the cost of such Common Shares. Such gain or loss will be a long-term capital gain or loss if the Common Shares have
been held for more than one year and will be short-term gain or loss if the holding period is equal to or less than one year. Such gain
or loss generally will be considered U.S. source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of certain
non-corporate U.S. Holders are eligible for reduced rates of taxation. For both corporate and non-corporate U.S. Holders, limitations
apply to the deductibility of capital losses.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under U.S. federal income tax laws certain categories of U.S. Holders must
file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure
obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain
threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial
institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person,
any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person, and any interest
in a non-U.S. entity. U. S. Holders may be subject to these reporting requirements unless the Common Shares are held in an account at
certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should
consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file IRS Form 8938.
In addition, U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns, and, if
applicable, filing obligations relating to the PFIC rules, including possible reporting on an IRS Form 8621.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Payments made within the U.S., or by a U.S. payor or U.S. middleman, of
dividends on, and proceeds arising from the sale or other taxable disposition of the Common Shares generally may be subject to information
reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish its correct U.S. taxpayer identification
number (generally on Form W 9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S.
Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury,
that it has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject
to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these
information reporting and backup withholding tax rules. Any amounts withheld under the U.S. backup withholding tax rules will be allowed
as a credit against a U.S. Holder&rsquo;s U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes
required information to the IRS in a timely manner. The information reporting and backup withholding rules may apply even if, under the
Canada-U.S. Tax Convention, payments may be exempt from the dividend withholding tax rules or otherwise eligible for a reduced withholding
rate. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The discussion of reporting requirements set forth above is not intended
to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting
requirements may result in an extension of the time period during which the IRS can assess a tax and, under certain circumstances, such
an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its
own tax advisors regarding the information reporting and backup withholding rules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE
A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF
THE COMMON SHARES. EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT
IN COMMON SHARES IN LIGHT OF THE INVESTOR&rsquo;S OWN CIRCUMSTANCES.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: #231F20"><A NAME="a_043"></A>CERTAIN CANADIAN FEDERAL
</FONT><FONT STYLE="text-transform: uppercase">INCOME</FONT> <FONT STYLE="color: #231F20">TAX CONSIDERATIONS FOR UNITED STATES RESIDENTS</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The following is, as of the date hereof, a summary of the principal Canadian
federal income tax considerations generally applicable to a person who acquires Common Shares as beneficial owner and who, for the purposes
of the <I>Income Tax Act </I>(Canada) (the &ldquo;<B>Tax Act</B>&rdquo;), and at all relevant times: (i)&nbsp;is not, and is not deemed
to be, resident in Canada; (ii)&nbsp;does not use or hold and is not and will not be deemed to use or hold the Common Shares in connection
with carrying on a business in Canada; (iii) deals at arm&rsquo;s length with the Company; (iv) is not affiliated with the Company; and
(v) acquires and holds the Common Shares as capital property (a &ldquo;<B>Holder</B>&rdquo;). This summary does not apply to a Holder
that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere or that is an &ldquo;authorized foreign bank&rdquo;
(as defined in the Tax Act). Such Holders should consult their own tax&nbsp;advisors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Common Shares will generally be considered to be capital property to a
Holder unless the Holder holds or uses the Common Shares or is deemed to hold or use the Common Shares in the course of carrying on a
business of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions
considered to be an adventure or concern in the nature of trade.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is not applicable to a Holder: (i) that is a &ldquo;financial
institution&rdquo; for purposes of the &ldquo;mark to market property&rdquo; rules; (ii) that is a &ldquo;specified financial institution&rdquo;;
(iii) that has made a &ldquo;functional currency&rdquo; reporting election; (iv) an interest in which is a &ldquo;tax shelter investment&rdquo;;
(v) that has entered into or will enter into a &ldquo;derivative forward agreement&rdquo; or &ldquo;synthetic disposition arrangement&rdquo;
in respect of Common Shares; or (vi) that receives dividends on the Common Shares under or as part of a &ldquo;dividend rental arrangement&rdquo;,
all as defined in the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This summary is based upon: (i) the current provisions of the Tax Act and
the regulations thereunder (the&nbsp;&ldquo;<B>Regulations</B>&rdquo;) in force as of the date hereof; (ii) all specific proposals (&ldquo;<B>Proposed
Amendments</B>&rdquo;) to amend the Tax Act or the Regulations that have been publicly announced by, or on behalf of, the Minister of
Finance (Canada) prior to the date hereof; and (iii) our understanding of the current published administrative policies and assessing
practices of the Canada Revenue Agency (&ldquo;<B>CRA</B>&rdquo;). No assurance can be given that the Proposed Amendments will be enacted
or otherwise implemented in their current form, if at all. If the Proposed Amendments are not enacted or otherwise implemented as presently
proposed, the tax consequences may not be as described below in all cases. Other than the Proposed Amendments, this summary does not take
into account or anticipate any changes in law, the CRA&rsquo;s administrative policies or assessing practices, whether by legislative,
regulatory, administrative, governmental or judicial decision or action, nor does it take into account any provincial, territorial or
foreign income tax legislation or considerations, which considerations may differ significantly from the Canadian federal income tax considerations
discussed in this summary.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>This summary is of a general nature only, is not exhaustive of all possible
Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular
Holder. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Holders Not Resident in Canada</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Dividends</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Dividends paid or credited or deemed under the Tax&nbsp;Act to be paid
or credited by the Company to a Holder on the Common Shares will generally be subject to Canadian withholding tax at the rate of 25% on
the gross amount of the dividend, unless such rate is reduced by the terms of an applicable income tax treaty or convention. Under the
<I>Canada-United States Tax Convention (1980)</I>, as amended (the &ldquo;<B>US Treaty</B>&rdquo;), the rate of withholding tax on dividends
paid or credited to a Holder who is resident in the U.S. for purposes of the US Treaty, is the beneficial owner of the dividends, and
is fully entitled to benefits under the US Treaty (a &ldquo;<B>U.S. Holder</B>&rdquo;) is generally limited to 15% of the gross amount
of the dividend. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is
a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. The <I>Multilateral Convention to Implement
Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting</I> of which Canada is a signatory, affects many of Canada&rsquo;s
bilateral tax treaties (but not the US Treaty), including the ability to claim benefits thereunder. Holders are urged to consult their
own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Dispositions of Common Shares </I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A Holder will not be subject to tax under the Tax&nbsp;Act in respect of
any capital gain realized on a disposition or deemed disposition of a Common Share, nor will capital losses arising therefrom be recognized
under the Tax Act, unless the Common Share is, or is deemed to be, &ldquo;taxable Canadian property&rdquo; of the Holder for the purposes
of the Tax&nbsp;Act and the Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the
country in which the Holder is resident.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Provided that the Common Shares are listed on a &ldquo;designated stock
exchange&rdquo; for the purposes of the Tax Act (which currently includes the TSXV), at the time of disposition, the Common Shares generally
will not constitute taxable Canadian property of a Holder at that time, unless at any time during the 60 month period immediately preceding
the disposition, (i) 25% or more of the issued shares of any class or series of the capital stock of the Company were owned by, or belonged
to, any combination of (a) the Holder, (b) persons with whom the Holder did not deal at arm&rsquo;s length, and (c) partnerships in which
the Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii)
at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real
or immovable property situated in Canada, &ldquo;Canadian resource property&rdquo; (as defined in the Tax Act), &ldquo;timber resource
property&rdquo; (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether
or not such property exists. Notwithstanding the foregoing, a Common Share may also be deemed to be taxable Canadian property to a Holder
for purposes of the Tax Act in certain other circumstances. Holders should consult their own tax advisors as to whether their Common Shares
constitute &ldquo;taxable Canadian property&rdquo; in their own particular circumstances.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_044"></A><FONT STYLE="text-transform: uppercase">EXPENSES</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">We estimate that the total expenses of this offering payable by us, excluding the Sales Agent&rsquo;s commissions will be approximately US$411,673 as follows:</font> </p>



<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top; background-color: #CCEDFF">
    <td style="width: 87%"><font style="font-size: 10pt">SEC registration fee</font></td>
    <td style="width: 6%; text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="width: 7%; text-align: right"><font style="font-size: 10pt">793(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">FINRA filing fee</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">880(1)</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEDFF">
    <td><font style="font-size: 10pt">Transfer agent fees and expenses</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">50,000</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Printer fees and expenses</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">10,000</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEDFF">
    <td><font style="font-size: 10pt">Legal fees and expenses</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">220,000</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Accounting fees and expenses</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">110,000</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEDFF">
    <td><font style="font-size: 10pt">Miscellaneous</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,000</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Total</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">US$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">411,673</font></td></tr>
  </table>
<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left"><font style="font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Represents 11% of the initial SEC registration fee of US$7,205 and FINRA filing fee of US$880 based on the US$5,500,000 offering of Common Shares hereby and a shelf offering registration statement of US$50,000,000.</font></td>
</tr></table>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_045"></A><FONT STYLE="text-transform: uppercase">LEGAL </FONT>MATTERS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Certain legal matters in connection with the securities offered hereby
will be passed upon on behalf of the Company by Troutman Pepper Locke LLP, with respect to U.S. legal matters and by Cassels Brock &amp;
Blackwell LLP, with respect to Canadian legal matters. The Sales Agent is being represented in connection with this offering by Ellenoff
Grossman &amp; Schole LLP with respect to U.S. legal matters.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_046"></A>EXPERTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Information relating to the Iron Creek Project in this Prospectus and the
documents incorporated by reference herein and therein has been derived from the 2024 Technical Report Summary prepared by Martin Perron,
P.Eng. of InnovExplo Inc., Marc R. Beauvais, P.Eng. of InnovExplo Inc., Eric Kinnan, P.Geo. of InnoExplo Inc., and Pierre Roy, P.Eng of
Soutex Inc, and this information has been included in reliance on such persons&rsquo; expertise. Messrs.&nbsp;Perron, Beauvais, Kinnan
and Roy are each a qualified persons and are independent of the Company, as such terms are defined in Regulation S-K subpart 1300.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our auditors are MNP LLP (&ldquo;<B>MNP</B>&rdquo;), Chartered Professional
Accountants and Licensed Public Accountants, located in Toronto, Ontario. MNP has advised us that they are independent of the Company
in compliance with PCAOB Rule 3520 and within the meaning of the federal securities laws administered by the SEC.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial statements of Electra as at and for the year ended December
31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024 and the effects of the adjustments to retrospectively
apply the change in segment composition as described in Note 22 and the effect of the share consolidation as described in Note 17 to the
2022 consolidated financial statements, included in this Prospectus, have been audited by MNP. Such financial statements are included
in this Prospectus in reliance upon the report of such firm given their authority as experts in accounting and auditing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial statements, which comprise the consolidated statements of
income (loss) and other comprehensive income (loss), cash flows and shareholders&rsquo; equity of Electra before the effects of the adjustments
to retrospectively apply the change in segment composition as described in Note 22 and the effects of the share consolidation as described
in Note 17 for the year ended December 31, 2022, and the related notes, included in this Prospectus, have been audited by KPMG LLP (&ldquo;<B>KPMG</B>&rdquo;),
our predecessor independent registered public accounting firm. Such financial statements are included in this Base Prospectus in reliance
upon the report of such firm given their authority as experts in accounting and auditing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"><A NAME="a_047"></A>ENFORCEMENT OF CIVIL LIABILITIES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">Electra is a corporation governed by the CBCA,
and a substantial portion of our assets are outside of the United States. Most of our directors and senior management and independent
auditors are resident outside the United States, and all or a substantial portion of their respective assets may be located outside the
United States. As a result, it may be difficult for U.S. investors to effect service of process within the United States upon these persons.
It may also be difficult for U.S. investors to enforce within the United States judgments predicated upon the civil liability provisions
of the securities laws of the United States or any state thereof. In addition, there is uncertainty as to whether the courts outside the
United States would recognize or enforce judgments of U.S. courts obtained against us or our directors and officers predicated upon the
civil liability provisions of the securities laws of the United States or any state thereof. Therefore, it may be difficult to enforce
U.S. judgments against us, our directors and officers and independent auditors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_048"></A><FONT STYLE="text-transform: uppercase">INCORPORATION
OF </FONT>CERTAIN <FONT STYLE="text-transform: uppercase">DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The SEC allows us to incorporate by reference certain information that
we file with them, which means that we can disclose important information to you by referring you to those documents. Information that
is incorporated by reference is an important part of this Prospectus. We incorporate by reference the documents listed below, which were
filed with the SEC:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Annual Report on Form 20-F for the fiscal year ended December
        31, 2024 filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325002468/elbm20241231_20f.htm">April
        24, 2025</a>, as amended by Amendment No. 1 filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325002675/elbm20241231_20fa.htm">May
        1, 2025</a> and Amendment No. 2 filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1907184/000117184325004748/elbm20250724_20fa.htm">July
        28, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325001299/exh_992.htm">Exhibit
        99.2</a> to our Report on Form 6-K furnished to the SEC on March 6, 2025;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325001819/f6k_032825.htm">March
        31, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325002191/exh_992.htm">Exhibit
        99.2</a> to our Report on Form 6-K furnished to the SEC on April 14, 2025;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325003140/f6k_051325.htm">May
        13, 2025</a>;</font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325003338/f6k_052025.htm">May
        20, 2025</a>; </font></td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005438/f6k_081425.htm">August
        15, 2025</A> and as amended on <A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005930/f6ka_091725.htm">September
        17, 2025</A>;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005569/f6k_082525.htm">August
        25, 2025</A>, other than Exhibit 99.4;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005956/f6k_091725.htm">September
        18, 2025</A>;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our Report on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325005972/f6k_091925.htm">September
        19, 2025</A>;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325006475/exh_992.htm">Exhibit 99.2</a> to our Report on Form 6-K furnished to the SEC on October 16, 2025;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">our Report on Form 6-K furnished to the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325006637/f6k_102325.htm">October 24, 2025</a>;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">Exhibits <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_991.htm">99.1</a>, <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_992.htm">99.2</a>, <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_993.htm">99.3</a> and <a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325007289/exh_994.htm">99.4</a> to our Report on Form 6-K furnished to the SEC on November 13, 2025; and</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3"><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt; text-align: justify">the description of Common Shares contained in our registration statement on Form 40-F filed on <a href="https://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_40fr12b.htm">April 14, 2022</a>, pursuant to Section 12 of the Exchange Act, together with all amendments and reports filed for the purpose of updating that description.</td></tr>
  </table>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Exchange Act, and any document of the type referred to in the preceding paragraph, subsequent to the date of this Prospectus Supplement
and prior to the termination of the offering of the securities offered by this Prospectus are incorporated by reference into this Prospectus
and form part of this Prospectus from the date of filing or furnishing of these documents. If a Form 6-K has attached as an exhibit to
such Form 6-K interim financial statements, interim management discussion and analysis, a material change report, and/or a management
information circular, such exhibit shall be deemed to be incorporated by reference herein. We may incorporate by reference into this Prospectus
Supplement any other Form 6-K (or Exhibit thereto) that is submitted to the SEC after the date of the filing of the registration statement
of which this Prospectus forms a part and before the date of termination of this offering. Any such other Form 6-K (or Exhibit thereto)
that we intend to so incorporate shall state in such form that it is being incorporated by reference into this Prospectus. The documents
incorporated or deemed to be incorporated herein by reference contain meaningful and material information relating to us, and the readers
should review all information contained in this Prospectus and the documents incorporated or deemed to be incorporated herein and therein
by reference.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Any statement contained in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus Supplement, to the extent that a
statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Prospectus, except
as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement
or include any other information set forth in the document that it modifies or supersedes. </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">You may request a copy of any and all of the information that has been
incorporated by reference in this Prospectus, at no cost, upon written or oral request made to Electra Battery Materials Corporation,
133 Richmond Street W, Suite 602, Toronto, Ontario, M5H 2L3, Canada, Telephone: (416) 900-3891; Attention: Heather Smiles, Vice President,
Investor Relations.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We file reports, including annual reports on Form 40-F or Form 20-F, and
other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. You can read our
SEC filings, including the registration statement of which this Prospectus forms a part, over the internet at the SEC&rsquo;s website
at www.sec.gov and at our website at https://electrabmc.com.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><A NAME="a_049"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We have filed with the SEC a registration statement on
Form F-3 under the Securities Act with respect to the securities described in this Prospectus. This Prospectus, which constitutes a part
of that registration statement, does not contain all the information set forth in that registration statement and its exhibits. For
further information with respect to us and our securities, you should consult the registration statement and its exhibits.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">We are required to file with the Canadian securities
commissions annual and quarterly reports, material change reports and other information. In addition, we are subject to the informational
requirements of the Exchange Act, and, in accordance with the Exchange Act, we also must file reports with, and furnish other information
to, the SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of
proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act. In addition, we are not required to publish financial statements as promptly as
United States companies. However, we file with the SEC an annual report on Form 40-F or Form 20-F, as applicable, containing financial
statements audited by an independent registered public accounting firm, and we submit to the SEC, on Form 6-K, unaudited quarterly financial
information.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The SEC maintains an internet site (www.sec.gov) that makes available reports
and other information that we file or furnish electronically with it.&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 12pt; text-align: center"><B>Electra Battery Materials Corporation</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Up to US$5,500,000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>H.C. Wainwright &amp; Co.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>, 2025</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">PART II</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.5in 0pt 0"><B>Indemnification of Directors and Officers</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the Canada Business Corporations Act (the &ldquo;<B>CBCA</B>&rdquo;),
we may indemnify our current or former directors or officers or another individual who acts or acted at our request as a director or officer,
or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to
settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative
or other proceeding in which the individual is involved because of his or her association with us or another entity. The CBCA also provides
that we may advance moneys to a director, officer or other individual for costs, charges and expenses reasonably incurred in connection
with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described
below.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">However, indemnification is prohibited under the CBCA unless the individual:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>acted honestly and in good faith with a view to our best interests, or the best interests of the other entity for which the individual
        acted as director or officer or in a similar capacity at our request; and</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the
        individual had reasonable grounds for believing that his or her conduct was lawful.</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our by-laws require us to indemnify to the fullest extent permitted by
the CBCA each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer,
or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including, without limitation,
an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which the individual is involved because of his or her association with us or another entity.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our by-laws authorize us to purchase and maintain insurance for the benefit
of each of our current or former directors or officers and each person who acts or acted at our request as a director or officer, or an
individual acting in a similar capacity, of another entity provided the individual acted in that capacity at our request.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Insofar as indemnification for liabilities arising under the U.S. Securities
Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public
policy as expressed in the U.S. Securities Act of 1933, as amended, and is therefore unenforceable.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">EXHIBITS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The following exhibits have been filed as part of this Registration Statement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 9%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Exhibit<br> Number</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 90%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt">1.1&dagger;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Form of Underwriting Agreement.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_12.htm"><font style="font-size: 10pt">1.2**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_12.htm"><font style="font-size: 10pt">At-The-Market Offering
        Agreement, dated June 26, 2025, by and between the Registrant and H.C. Wainwright &amp; Co., LLC.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465924062101/elbm-20231231xex1d1.htm"><font style="font-size: 10pt">3.1</font></a></td>
    <td>&nbsp;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465924062101/elbm-20231231xex1d1.htm"><font style="font-size: 10pt">Certificate
        of Continuance of First Cobalt Corp., dated September 4, 2018 (incorporated herein by reference to Exhibit 1.1 to the Registrant&rsquo;s
        Annual Report on Form 20-F filed with the SEC on May 16, 2024).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465922053653/tm2212970d1_ex4-2.htm"><font style="font-size: 10pt">3.2</font></a></td>
    <td>&nbsp;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465922053653/tm2212970d1_ex4-2.htm"><font style="font-size: 10pt">Certificate
        of Amendment and Articles of Amendment dated December 6, 2021 (incorporated herein by reference to Exhibit 4.2 to the Registrant&rsquo;s
        Registration Statement on Form S-8 (File No. 333-264589) filed with the SEC on April 29, 2022).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465924062101/elbm-20231231xex1d3.htm"><font style="font-size: 10pt">3.3</font></a></td>
    <td>&nbsp;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465924062101/elbm-20231231xex1d3.htm"><font style="font-size: 10pt">Certificate
        of Amendment to the Articles of Incorporation of Electra Battery Materials Corporation dated November 17, 2022 (incorporated by reference
        to Exhibit 1.3 to the Registrant's Annual Report on Form 20-F filed with the SEC on May 16, 2024).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465922053653/tm2212970d1_ex4-3.htm"><font style="font-size: 10pt">3.4</font></a></td>
    <td>&nbsp;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1907184/000110465922053653/tm2212970d1_ex4-3.htm"><font style="font-size: 10pt">By-laws
        of the Registrant (incorporated herein by reference to Exhibit 4.3 to the Registrant&rsquo;s Registration Statement on Form S-8 (File
        No. 333-264589) filed with the SEC on April 29, 2022).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_41.htm"><font style="font-size: 10pt">4.1**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_41.htm"><font style="font-size: 10pt">Specimen common
        share certificate.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt">4.2&dagger;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Form of Warrant Certificate.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt">4.3&dagger;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Form of Warrant Agreement or Warrant Indenture.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_51.htm"> 5.1**</a></td>
    <td>&nbsp;</td>
    <td><A HREF="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_51.htm"> Opinion of Cassels, Brock &amp; Blackwell LLP.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000117184325005263/exh_52.htm">5.2**</A></td>
    <td>&nbsp;</td>
    <td><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000117184325005263/exh_52.htm">Opinion of Cassels, Brock &amp; Blackwell LLP.</A></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_51.htm">23.1**</A></font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_51.htm">Consent of Cassels, Brock &amp; Blackwell LLP (contained in Exhibit 5.1).</A></font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt"><A HREF="exh_232.htm">23.2*</A></font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt"><A HREF="exh_232.htm">Consent of MNP LLP.</A></font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><font style="font-size: 10pt"><A HREF="exh_233.htm">23.3*</A></font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt"><A HREF="exh_233.htm">Consent of KPMG LLP.</A></font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_234.htm"><font style="font-size: 10pt">23.4**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_234.htm"><font style="font-size: 10pt">Consent of Martin
        Perron, Principal Engineer.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_235.htm"><font style="font-size: 10pt">23.5**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_235.htm"><font style="font-size: 10pt">Consent of Marc
        R. Beauvais, Principal Engineer.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_236.htm"><font style="font-size: 10pt">23.6**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_236.htm"><font style="font-size: 10pt">Consent of Pierre
        Roy, Principal Engineer.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_237.htm"><font style="font-size: 10pt">23.7**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_237.htm"><font style="font-size: 10pt">Consent of Eric
        Kinnan, Principal Geologist.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_238.htm"><font style="font-size: 10pt">23.8**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_238.htm"><font style="font-size: 10pt">Consent of Norda
        Stelo G&eacute;ologie. (formerly Innovexplo Inc.)</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_239.htm"><font style="font-size: 10pt">23.9**</font></a></td>
    <td>&nbsp;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1907184/000117184325004175/exh_239.htm"><font style="font-size: 10pt">Consent of Soutex
        Inc.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><A HREF="#poa"><font style="font-size: 10pt">24*</font></A></td>
    <td>&nbsp;</td>
    <td><A HREF="#poa"><font style="font-size: 10pt">Power of Attorney (included on the signature pages hereto).</font></A></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap"><A HREF="exh_107.htm"><font style="font-size: 10pt">107*</font></A></td>
    <td>&nbsp;</td>
    <td><A HREF="exh_107.htm"><font style="font-size: 10pt">Filing Fee Table.</font></A></td></tr>
  </table>

<p style="margin: 0pt 0 0pt 24.45pt; font-size: 10pt; text-indent: -24.5pt">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 18pt">
        <p style="font-size: 10pt; margin: 0pt 0">*</p></td>
    <td>
        <p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Filed herewith</p></td></tr>
  <tr style="vertical-align: top">
    <td>**</td>
    <td>Previously Filed</td></tr>
  <tr style="vertical-align: top">
    <td>&dagger;</td>
    <td>To be filed by amendment or as an exhibit to a report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended,
        including any Form 6-K, and incorporated herein by reference if necessary or required by the transaction.</td></tr>
  </table>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">UNDERTAKINGS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file,
during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(i)</TD>
    <TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(ii)</TD>
    <TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the registration statement
        (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
        set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
        total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
        estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
        aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth
        in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(iii)</TD>
    <TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed in the
        registration statement or any material change to such information in the registration statement;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to
be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">(4) To file a post-effective amendment to the registration
statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a
continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not
be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required
pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as
current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3,
a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities
Act of 1933 or Rule 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports filed with or
furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Form F-3.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">(5) That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(i)</TD>
    <TD STYLE="text-align: justify">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
        statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(ii)</TD>
    <TD STYLE="text-align: justify">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
        statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing
        the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration
        statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
        sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
        person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
        to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
        be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
        that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
        statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
        effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
        statement or made in any such document immediately prior to such effective date.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">(6) That, for the purpose of determining liability of the registrant
under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The undersigned registrant undertakes that in a primary
offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(i)</TD>
    <TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to
        be filed pursuant to Rule 424;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(ii)</TD>
    <TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant
        or used or referred to by the undersigned registrant;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(iii)</TD>
    <TD STYLE="text-align: justify">The portion of any other free writing prospectus relating to the offering containing material information
        about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"></TD>
    <TD STYLE="width: 0.5in">(iv)</TD>
    <TD STYLE="text-align: justify">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in">(b)</TD>
    <TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities
        Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
        1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
        Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
        relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
        offering thereof.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in">(c)</TD>
    <TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors,
        officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
        that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
        Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
        by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense
        of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
        registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
        a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
        Act of 1933 and will be governed by the final adjudication of such issue.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">SIGNATURES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white">Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized</FONT>,
in the City of Toronto, Country of Canada, on November 24, 2025.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ELECTRA BATTERY MATERIALS CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Trent Mell</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trent Mell</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; font-size: 10pt; text-align: justify"><A NAME="poa"></A>Each person whose signature appears
below constitutes and appoints Trent Mell and Marty Rendall, or either of them, his or her true and lawful attorneys-in-fact and agents,
each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead,
in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments, and to
sign any and all additional registration statements relating to the same offering of securities of the Registration Statement that are
filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents
and in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact
and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof. This Power of
Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute
one instrument.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>&nbsp;</b></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the capacities indicated, on November 24, 2025.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 52%; border-bottom: Black 1pt solid">
    <p style="font-size: 10pt; text-align: center; margin: 0pt 0">/s/ Trent Mell</p></td>
    <td style="text-align: left; width: 48%"><font style="font-size: 10pt">President, Chief Executive Officer and Director</font></td></tr>
  <tr>
    <td style="text-align: center"><font style="font-size: 10pt">Trent Mell</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">(Principal Executive Officer)</font></td></tr>
  <tr>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">*</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">Chief Financial Officer</font></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font-size: 10pt; text-align: center; margin: 0pt 0">Marty Rendall</p></td>
    <td style="text-align: left"><font style="font-size: 10pt">(Principal Financial and Accounting Officer)</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font-size: 10pt; text-align: center; margin: 0pt 0">*</p></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">John Pollesel</font></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">*</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font-size: 10pt; text-align: center; margin: 0pt 0">Alden Greenhouse</p></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">/s/ Gerard Hueber</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">Gerard Hueber</font></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">*</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">David Stetson</font></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">/s/ Jody Thomas</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">Jody Thomas</font></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">*</font></td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>

    <p style="font-size: 10pt; text-align: center; margin: 0pt 0">Susan Uthayakumar</p></td>
    <td style="text-align: left"><font style="font-size: 10pt">Director</font></td></tr>
  </table>
<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">*By:&#8239;&#8239;&#8239;<u>/s/ Trent Mell</u></p>

<p style="font-size: 10pt; margin: 0pt 0">Attorney-in-fact</p>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>AUTHORIZED REPRESENTATIVE </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act
of 1933, as amended, the undersigned has signed this Registration Statement, in the capacity of the duly authorized representative of
Electra Battery Materials Corporation in the United States, on November 24, 2025.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>PUGLISI &amp; ASSOCIATES</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Donald J. Puglisi</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Donald J. Puglisi</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>2
<FILENAME>exh_232.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
<head>
     <title></title>
</head>
<body style="font: 10pt Times New Roman, Times, Serif">

<p style="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><b>Exhibit 23.2</b></p>

<p style="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><img src="mnplogo.jpg" alt=""></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 0">We consent to the incorporation by reference in the Amendment
No. 4 to Form F-3/A dated November 24, 2025 (&ldquo;Registration Statement&rdquo;) of our auditor&rsquo;s report dated March 28, 2025,
except for the subsequent events described in Note 24 and Note 17 as it relates to the share consolidation in 2022, as to which the date
is April 23, 2025, relating to the consolidated financial statements of Electra Battery Materials Corporation (the &ldquo;Company&rdquo;)
consisting of the consolidated statements of financial position as at December 31, 2024 and 2023 and the related consolidated statements
of loss and other comprehensive loss, shareholders&rsquo; equity and cash flows for each of the years in the two-year period ended December
31, 2024, as filed with the United States Securities and Exchange Commission.</P>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 0">We also consent to the reference to us under the caption &ldquo;Experts&rdquo; in the Registration
Statement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><img src="mnp_sig.jpg" alt=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 289.25pt 0pt 0">Chartered Professional Accountants</p>

<p style="margin: 0pt 289.25pt 0pt 0; font-size: 10pt">Licensed Public Accountants</P>

<P STYLE="font-size: 10pt; margin: 0pt 361.05pt 0pt 0">&nbsp;</p>

<p style="margin: 0pt 361.05pt 0pt 0; font-size: 10pt">November 24, 2025</p>

<p style="margin: 0pt 361.05pt 0pt 0; font-size: 10pt">Toronto, Canada</p>

<p style="margin: 0pt 361.05pt 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 361.05pt 0pt 0; font-size: 10pt">&nbsp;</p>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><img src="mnpfoot.jpg" alt=""></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>3
<FILENAME>exh_233.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<html>
<head>
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</head>
<body style="font: 10pt Times New Roman, Times, Serif">

<p style="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><b>Exhibit 23.3</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b><img src="kpmg.jpg" alt=""></b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">KPMG LLP</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Bay Adelaide Centre</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Suite 4600</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">333 Bay Street</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Toronto, ON M5H 2S5</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Tel 416-777-8500</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Fax 416-777-8818</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.kpmg.ca</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Consent of Independent Registered Public Accounting Firm</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">The Board of Directors</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Electra Battery Materials Corporation</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">We consent to the use of our report dated April 4, 2023, on the consolidated financial statements of Electra Battery Materials Corporation (the &ldquo;Entity&rdquo;), which comprise the consolidated statements of income (loss) and other comprehensive income (loss), cash flows and shareholders&rsquo; equity for the year ended December 31, 2022, and the related notes (collectively the &ldquo;consolidated financial statements&rdquo;), which are incorporated by reference in the Registration Statement on Form F-3/A (Amendment No. 4) of the Entity dated November 24, 2025 (&ldquo;Registration Statement&rdquo;) and to the reference to our firm under the heading &ldquo;Interests of Experts&rdquo; in the Registration Statement.</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">/s/ KPMG <font style="letter-spacing: -0.25pt">LLP</font></p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Chartered Professional Accountants, Licensed Public Accountants</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">November 24, 2025</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Toronto, Canada</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt">&copy; 2025 KPMG LLP, an Ontario limited liability partnership and a member form of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.</p>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>exh_107.htm
<DESCRIPTION>EXHIBIT 107
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<p style="font-size: 10pt; margin: 0; text-align: right"><b>Exhibit 107</b></p>
    <div style="font-size: 10pt">
      <table style="font: 10pt Arial, Helvetica, sans-serif; width: 99%; text-align: center">
        <tr style="font-size: 10pt">
          <td colspan="4" style="font-size: 10pt; padding-bottom: 0.5em">
            <p style="font-size: 10pt">
              <b>Calculation of Filing Fee Tables</b>
            </p>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt; padding-bottom: 0.25em">
            <p style="font-size: 10pt">
              <b>
                <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-500">F-3</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt; padding-bottom: 0.25em">
            <p style="font-size: 10pt">
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-501">Electra Battery Materials Corp</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; float: center; width: 100%; text-align: left">
        <tr style="font: 10pt Arial, Helvetica, sans-serif">
          <th style="font-size: 10pt; vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 1: Newly Registered and Carry Forward Securities</b>
          </th>
          <th style="font-size: 10pt; vertical-align: bottom; word-wrap: break-word; text-align: right">
            <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="border: black 1px solid; font: 10pt Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center">
        <tr style="font-size: 10pt; background-color: #9ADAF6">
          <th style="font-size: 10pt; width: 12%">
            <!-- BLANK -->
          </th>
          <th style="font-size: 10pt; width: 2%">
            <!-- BLANK -->
          </th>
          <th style="font-size: 10pt; width: 12%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Security Type</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 14%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 2%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 5%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 15%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 10%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 5%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 6%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 1%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 7%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 6%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 7%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="14" style="font-size: 10pt; text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: left">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-502">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-503">(1)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: center">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-504">457(o)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_2" format="ixt:booleanfalse" id="ixv-505">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: center">
		1
	</td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-506">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: center">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-507">457(o)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-508">30,000,000.00</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: right">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-509">0.0001381</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-510">4,143.00</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: left">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_3" id="ixv-511">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_3" id="ixv-512">(1)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: center">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_3" format="ixt:booleantrue" id="ixv-513">457(o)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_4" format="ixt:booleantrue" id="ixv-514">Fees Previously Paid</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: center">
		2
	</td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_4" id="ixv-515">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: center">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_4" format="ixt:booleantrue" id="ixv-516">457(o)</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-517">20,000,000.00</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-518">3,062.00</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="14" style="font-size: 10pt; text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
		Carry Forward Securities
	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: center">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td colspan="3" style="font-size: 10pt; vertical-align: top">
            <p style="font-size: 10pt; margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt; vertical-align: top; width: 16%">
            <p id="MaxAggtOfferingPrice" style="font-size: 10pt; margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-519">50,000,000.00</ix:nonFraction>
            </p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt; vertical-align: top; border-bottom-color: black; border-bottom-width: 1px; width: 16%">
            <p id="TotalFeeAmt" style="font-size: 10pt; margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-520">7,205.00</ix:nonFraction>
            </p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td colspan="3" style="font-size: 10pt; vertical-align: top">
            <p style="font-size: 10pt; margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt; vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="font-size: 10pt; margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-521">0.00</ix:nonFraction>
            </p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td colspan="3" style="font-size: 10pt; vertical-align: top">
            <p style="font-size: 10pt; margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt; vertical-align: top">
            <p id="TotalOffsetAmt" style="font-size: 10pt; margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-522">5,563.52</ix:nonFraction>
            </p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td colspan="3" style="font-size: 10pt; vertical-align: top">
            <p style="font-size: 10pt; margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt; vertical-align: top">
            <p id="NetFeeAmt" style="font-size: 10pt; margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-523">1,641.48</ix:nonFraction>
            </p>
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
          <td style="font-size: 10pt">
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tbody style="font-size: 10pt">
          <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
            <td style="font-size: 10pt">
              <p style="font-size: 10pt; margin: 0pt; text-align: left; margin-bottom: 5px">
                <b>Offering Note</b>
              </p>
            </td>
            <td style="font-size: 10pt"/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
          <td style="font-size: 10pt; width: 10pt">
            <p style="font-size: 10pt; margin: 0pt; text-align: left">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="font-size: 10pt; white-space: pre-line">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_2" id="ixv-524">(1) Electra Battery Materials Corporation (the 'Registrant') is registering under this Registration Statement such indeterminate number of Common Shares, Warrants and Units (the 'Securities') of the Registrant as shall have a maximum aggregate offering price of up to US$50,000,000. Any Securities registered by this Registration Statement may be sold separately or as units with other Securities registered under this Registration Statement. The maximum offering price per Security will be determined, from time to time, by the Registrant in connection with the sale of the Securities under this Registration Statement.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended, with respect to the Securities to be sold by the Registrant. In no event will the aggregate offering price of all Securities sold by the Registrant from time to time pursuant to this Registration statement exceed US$50,000,000.

(3) With the filing of this amendment to the Registration Statement, the Registrant has increased the maximum aggregate offering price of the Securities to US$50,000,000, a US$30,000,000 increase. At the time of the filing of the Registrant's initial filing of this Registrant Statement on June 27, 2026 (the 'Initial Filing'), the Registrant paid the fee for the maximum aggregate offering of US$20,000,000 of Securities, offsetting the fee using fees previously paid with respect to securities registered under the Registrant's registration statement on Form F-10 filed on May 10, 2023 (No. 333-271792) (the 'Prior Registration Statement'), pertaining to the registration of US$105,543,205.40 of securities of the Registrant, of which none has been utilized. The Registrant withdrew the Prior Registration Statement on September 7, 2023. At the Initial Filing, the Registrant offset the US$3,062 registration fee with the fees from the Prior Registration Statement leaving an available offset balance of US$2,501.52. With the US$30,000,000 increase in the maximum aggregate offering price in this Registration Statement, the Registrant owes an additional registration fee of US$4,143. By applying the remaining balance of the fees previously paid in connection with the Prior Registration Statement, the Registrant's balance due for filing fees is US$1,641.48.

(4) Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement also covers an indeterminate number of additional Securities that may be offered or issued by the registrant in connection with any stock split, stock dividend or any similar transaction.</ix:nonNumeric>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="7" style="font-size: 10pt">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
          <td style="font-size: 10pt; width: 10pt">
            <p style="font-size: 10pt; margin: 0pt; text-align: left">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup>
            </p>
          </td>
          <td colspan="7" style="font-size: 10pt; white-space: pre-line">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_4" id="ixv-525">(1) Electra Battery Materials Corporation (the 'Registrant') is registering under this Registration Statement such indeterminate number of Common Shares, Warrants and Units (the 'Securities') of the Registrant as shall have a maximum aggregate offering price of up to US$50,000,000. Any Securities registered by this Registration Statement may be sold separately or as units with other Securities registered under this Registration Statement. The maximum offering price per Security will be determined, from time to time, by the Registrant in connection with the sale of the Securities under this Registration Statement.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended, with respect to the Securities to be sold by the Registrant. In no event will the aggregate offering price of all Securities sold by the Registrant from time to time pursuant to this Registration statement exceed US$50,000,000.

(3) With the filing of this amendment to the Registration Statement, the Registrant has increased the maximum aggregate offering price of the Securities to US$50,000,000, a US$30,000,000 increase. At the time of the filing of the Registrant's initial filing of this Registrant Statement on June 27, 2026 (the 'Initial Filing'), the Registrant paid the fee for the maximum aggregate offering of US$20,000,000 of Securities, offsetting the fee using fees previously paid with respect to securities registered under the Registrant's registration statement on Form F-10 filed on May 10, 2023 (No. 333-271792) (the 'Prior Registration Statement'), pertaining to the registration of US$105,543,205.40 of securities of the Registrant, of which none has been utilized. The Registrant withdrew the Prior Registration Statement on September 7, 2023. At the Initial Filing, the Registrant offset the US$3,062 registration fee with the fees from the Prior Registration Statement leaving an available offset balance of US$2,501.52. With the US$30,000,000 increase in the maximum aggregate offering price in this Registration Statement, the Registrant owes an additional registration fee of US$4,143. By applying the remaining balance of the fees previously paid in connection with the Prior Registration Statement, the Registrant's balance due for filing fees is US$1,641.48.

(4) Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement also covers an indeterminate number of additional Securities that may be offered or issued by the registrant in connection with any stock split, stock dividend or any similar transaction.</ix:nonNumeric>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="7" style="font-size: 10pt">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; float: center; width: 100%; text-align: left">
        <tr style="font: 10pt Arial, Helvetica, sans-serif">
          <th style="font-size: 10pt; vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="font-size: 10pt; vertical-align: bottom; word-wrap: break-word; text-align: right">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="border: black 1px solid; font: 10pt Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center">
        <tr style="font-size: 10pt; background-color: #9ADAF6">
          <th style="font-size: 10pt; width: 10%; text-align: left">
            <!-- BLANK -->
          </th>
          <th style="font-size: 10pt; width: 8%; text-align: left">
            <!-- BLANK -->
          </th>
          <th style="font-size: 10pt; width: 16%">
				Registrant or Filer Name
			</th>
          <th style="font-size: 10pt; width: 6%">
				Form or Filing Type
			</th>
          <th style="font-size: 10pt; width: 7%">
				File Number
			</th>
          <th style="font-size: 10pt; width: 6%">
				Initial Filing Date
			</th>
          <th style="font-size: 10pt; width: 6%">
				Filing Date
			</th>
          <th style="font-size: 10pt; width: 6%">
				Fee Offset Claimed
			</th>
          <th style="font-size: 10pt; width: 6%">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="font-size: 10pt; width: 8%">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="font-size: 10pt; width: 6%">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="font-size: 10pt; width: 9%">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="font-size: 10pt; width: 6%">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="14" style="font-size: 10pt; text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
		Fee Offset Claims
	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
		Fee Offset Sources
	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="14" style="font-size: 10pt; text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_1" format="ixt:booleantrue" id="ixv-526">Fee Offset Claims</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
		1, 2
	</td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_1" id="ixv-527">Electra Battery Materials Corp</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_1" id="ixv-528">F-10</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_1" id="ixv-529">333-271792</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetClmInitlFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_1" id="ixv-530">05/10/2023</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetClmdAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-531">5,563.52</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTp" contextRef="ofst_1" id="ixv-532">Other</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTitl" contextRef="ofst_1" id="ixv-533">Common Shares</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrUnsoldOfferingAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-534">105,543,205.40</ix:nonFraction>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_2" format="ixt:booleantrue" id="ixv-535">Fee Offset Sources</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
		3
	</td>
          <td style="font-size: 10pt; text-align: left">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_2" id="ixv-536">Electra Battery Materials Corp</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_2" id="ixv-537">F-10</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_2" id="ixv-538">333-271792</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt">

	</td>
          <td style="font-size: 10pt">
            <ix:nonNumeric name="ffd:OffsetSrcFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_2" id="ixv-539">05/10/2023</ix:nonNumeric>
          </td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: left">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">

	</td>
          <td style="font-size: 10pt; text-align: right">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrFeeAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_2" id="ixv-540">5,563.52</ix:nonFraction>
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tbody style="font-size: 10pt">
          <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
            <td style="font-size: 10pt">
              <p style="font-size: 10pt; margin: 0pt; text-align: left; margin-bottom: 5px">
                <b>Rule 457(p) Statement of Withdrawal, Termination, or Completion:</b>
              </p>
            </td>
            <td style="font-size: 10pt"/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
          <td style="font-size: 10pt; width: 10pt">
            <p style="font-size: 10pt; margin: 0pt; text-align: left">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="font-size: 10pt; white-space: pre-line">
            <ix:nonNumeric name="ffd:TermntnCmpltnWdrwl" escape="1" contextRef="ofst_1" id="ixv-541">(1) The Registrant registered under the Prior Registration Statement 55,564,959 Common Shares of the Registrant having an aggregate offering price of US$105,543,206. No securities were sold under the Prior Registration Statement, and it was withdrawn on September 9, 2023.</ix:nonNumeric>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="7" style="font-size: 10pt">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tbody style="font-size: 10pt">
          <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
            <td style="font-size: 10pt">
              <p style="font-size: 10pt; margin: 0pt; text-align: left; margin-bottom: 5px">
                <b>Offset Note</b>
              </p>
            </td>
            <td style="font-size: 10pt"/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; width: 100%; text-indent: 0px">
        <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
          <td style="font-size: 10pt; width: 10pt">
            <p style="font-size: 10pt; margin: 0pt; text-align: left">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup>
            </p>
          </td>
          <td colspan="7" style="font-size: 10pt; white-space: pre-line">
            <ix:nonNumeric name="ffd:OffsetNote" escape="1" contextRef="ofst_1" id="ixv-542">(2) This amount is based on the fee paid to register the US$105,543,205.40 of unsold securities, of which none has been utilized.</ix:nonNumeric>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="7" style="font-size: 10pt">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font: 10pt Arial, Helvetica, sans-serif; vertical-align: top">
          <td style="font-size: 10pt; width: 10pt">
            <p style="font-size: 10pt; margin: 0pt; text-align: left">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">3</sup>
            </p>
          </td>
          <td colspan="7" style="font-size: 10pt; white-space: pre-line">
            <ix:nonNumeric name="ffd:OffsetNote" escape="1" contextRef="ofst_2" id="ixv-543">(1) This amount is based on the fee paid to register the US$105,543,205.40 of unsold securities, of which none has been utilized.</ix:nonNumeric>
          </td>
        </tr>
        <tr style="font-size: 10pt">
          <td colspan="7" style="font-size: 10pt">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="font-size: 10pt; padding-bottom: 20px">
      <table style="font-size: 10pt; float: center; width: 100%; text-align: left">
        <tr style="font: 10pt Arial, Helvetica, sans-serif">
          <th style="font-size: 10pt; vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="font-size: 10pt; vertical-align: bottom; word-wrap: break-word; text-align: right">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="border: black 1px solid; font: 10pt Arial, Helvetica, sans-serif; float: center; width: 100%">
        <tr style="font-size: 10pt; background-color: #9ADAF6">
          <th style="font-size: 10pt; width: 4%">
            <!-- Note column -->
          </th>
          <th style="font-size: 10pt; width: 14%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Security Type</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 25%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Security Class Title</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 14%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Amount of Securities Previously Registered</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 18%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 6%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Form Type</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 10%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>File Number</b>
            </p>
          </th>
          <th style="font-size: 10pt; width: 8%">
            <p style="font-size: 10pt; margin: 0pt; text-align: center">
              <b>Initial Effective Date</b>
            </p>
          </th>
        </tr>
        <tr style="font-size: 10pt; background-color: #E7E7E2">
          <td style="font-size: 10pt; text-align: center">
		N/A
	</td>
          <td style="font-size: 10pt">
		N/A
	</td>
          <td style="font-size: 10pt">
		N/A
	</td>
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<DOCUMENT>
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end
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<DOCUMENT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 24, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001907184<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Electra Battery Materials Corp<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-288364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">F-3/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
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<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>na</td>
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<td>duration</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Nov. 24, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 30,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 4,143.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">(1) Electra Battery Materials Corporation (the 'Registrant') is registering under this Registration Statement such indeterminate number of Common Shares, Warrants and Units (the 'Securities') of the Registrant as shall have a maximum aggregate offering price of up to US$50,000,000. Any Securities registered by this Registration Statement may be sold separately or as units with other Securities registered under this Registration Statement. The maximum offering price per Security will be determined, from time to time, by the Registrant in connection with the sale of the Securities under this Registration Statement.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended, with respect to the Securities to be sold by the Registrant. In no event will the aggregate offering price of all Securities sold by the Registrant from time to time pursuant to this Registration statement exceed US$50,000,000.

(3) With the filing of this amendment to the Registration Statement, the Registrant has increased the maximum aggregate offering price of the Securities to US$50,000,000, a US$30,000,000 increase. At the time of the filing of the Registrant's initial filing of this Registrant Statement on June 27, 2026 (the 'Initial Filing'), the Registrant paid the fee for the maximum aggregate offering of US$20,000,000 of Securities, offsetting the fee using fees previously paid with respect to securities registered under the Registrant's registration statement on Form F-10 filed on May 10, 2023 (No. 333-271792) (the 'Prior Registration Statement'), pertaining to the registration of US$105,543,205.40 of securities of the Registrant, of which none has been utilized. The Registrant withdrew the Prior Registration Statement on September 7, 2023. At the Initial Filing, the Registrant offset the US$3,062 registration fee with the fees from the Prior Registration Statement leaving an available offset balance of US$2,501.52. With the US$30,000,000 increase in the maximum aggregate offering price in this Registration Statement, the Registrant owes an additional registration fee of US$4,143. By applying the remaining balance of the fees previously paid in connection with the Prior Registration Statement, the Registrant's balance due for filing fees is US$1,641.48.

(4) Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement also covers an indeterminate number of additional Securities that may be offered or issued by the registrant in connection with any stock split, stock dividend or any similar transaction.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">(1)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=4', window );">Offering: 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 20,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 3,062.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">(1) Electra Battery Materials Corporation (the 'Registrant') is registering under this Registration Statement such indeterminate number of Common Shares, Warrants and Units (the 'Securities') of the Registrant as shall have a maximum aggregate offering price of up to US$50,000,000. Any Securities registered by this Registration Statement may be sold separately or as units with other Securities registered under this Registration Statement. The maximum offering price per Security will be determined, from time to time, by the Registrant in connection with the sale of the Securities under this Registration Statement.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended, with respect to the Securities to be sold by the Registrant. In no event will the aggregate offering price of all Securities sold by the Registrant from time to time pursuant to this Registration statement exceed US$50,000,000.

(3) With the filing of this amendment to the Registration Statement, the Registrant has increased the maximum aggregate offering price of the Securities to US$50,000,000, a US$30,000,000 increase. At the time of the filing of the Registrant's initial filing of this Registrant Statement on June 27, 2026 (the 'Initial Filing'), the Registrant paid the fee for the maximum aggregate offering of US$20,000,000 of Securities, offsetting the fee using fees previously paid with respect to securities registered under the Registrant's registration statement on Form F-10 filed on May 10, 2023 (No. 333-271792) (the 'Prior Registration Statement'), pertaining to the registration of US$105,543,205.40 of securities of the Registrant, of which none has been utilized. The Registrant withdrew the Prior Registration Statement on September 7, 2023. At the Initial Filing, the Registrant offset the US$3,062 registration fee with the fees from the Prior Registration Statement leaving an available offset balance of US$2,501.52. With the US$30,000,000 increase in the maximum aggregate offering price in this Registration Statement, the Registrant owes an additional registration fee of US$4,143. By applying the remaining balance of the fees previously paid in connection with the Prior Registration Statement, the Registrant's balance due for filing fees is US$1,641.48.

(4) Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement also covers an indeterminate number of additional Securities that may be offered or issued by the registrant in connection with any stock split, stock dividend or any similar transaction.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
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<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
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<td>na</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457oFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457oFlg</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=4">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=4</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<SEQUENCE>13
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offsets<br></strong></div></th>
<th class="th">
<div>Nov. 24, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=1', window );">Offset: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Electra Battery Materials Corp<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">F-10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-271792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmInitlFilgDt', window );">Initial Filing Date</a></td>
<td class="text">May 10,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdAmt', window );">Fee Offset Claimed</a></td>
<td class="nump">$ 5,563.52<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTp', window );">Security Type Associated with Fee Offset Claimed</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTitl', window );">Security Title Associated with Fee Offset Claimed</a></td>
<td class="text">Common Shares<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrUnsoldOfferingAmt', window );">Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</a></td>
<td class="nump">$ 105,543,205.40<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetNote', window );">Offset Note</a></td>
<td class="text">(2) This amount is based on the fee paid to register the US$105,543,205.40 of unsold securities, of which none has been utilized.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TermntnCmpltnWdrwl', window );">Termination / Withdrawal Statement</a></td>
<td class="text">(1) The Registrant registered under the Prior Registration Statement 55,564,959 Common Shares of the Registrant having an aggregate offering price of US$105,543,206. No securities were sold under the Prior Registration Statement, and it was withdrawn on September 9, 2023.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=2', window );">Offset: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Electra Battery Materials Corp<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">F-10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-271792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetSrcFilgDt', window );">Filing Date</a></td>
<td class="text">May 10,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFeeAmt', window );">Fee Paid with Fee Offset Source</a></td>
<td class="nump">$ 5,563.52<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetNote', window );">Offset Note</a></td>
<td class="text">(1) This amount is based on the fee paid to register the US$105,543,205.40 of unsold securities, of which none has been utilized.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmInitlFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the "parent" filing) .</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmInitlFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of offsetting fees being claimed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdInd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdInd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fee previously paid from which an offset is being derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFilerNm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFilerNm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:filerNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Form Type of the offset filing.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:formTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities from which offset fees were derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrUnsoldOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrUnsoldOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetSrcFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetSrcFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457pOffsetFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is claiming an offset under Rule 457(p).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457pOffsetFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TermntnCmpltnWdrwl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TermntnCmpltnWdrwl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<TYPE>XML
<SEQUENCE>14
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Nov. 24, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 50,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">7,205.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">5,563.52<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 1,641.48<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
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<td>ffd_</td>
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<td>xbrli:monetaryItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
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<td>na</td>
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(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended, with respect to the Securities to be sold by the Registrant. In no event will the aggregate offering price of all Securities sold by the Registrant from time to time pursuant to this Registration statement exceed US$50,000,000.

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