ELBM

• Trent Mell highlighted 2023 activities including a rebaseline exercise post-inflation reassessment, Brownfield expansion plus construction, initiation of the continent's first plant-scale black mass demonstration plant, work on funding gap, extension of debt maturity, and receipt of a $5 million federal government grant in Q1. • David Allen discussed Q4 cash balance, noting it excluded $5 million of new government commitments and $5.1 million of unreceived previous commitments, and detailed debt restructuring in February 2023 (private placement of $51 million notes) and amendments in December 2023 to reduce potential dilution. • Mark Trevisiol emphasized the refinery project's health and safety with 0 lost time incidents over 80,000 hours of employee work, project construction progress (~40% constructed), and progress on the black mass trial including improved recovery rates, production of nickel-cobalt MHP, and steps towards LME-grade cobalt. • Trent also touched on partnerships: feedstock agreement with Eurasian Resources Group, strengthened relationship with LG Energy Solution regarding offtake, and collaboration with Three Fires Group for closed-loop battery supply chain recycling.

• 2024 plans include continuing optimization of the black mass process. • Awaiting decisions from partners to advance funding ideas for the project. • Progressing with construction of the cobalt plant. • Having pipeline opportunities such as expansion of the black mass operation, potential facility construction in Quebec, and early steps towards a nickel sulfate refinery in North America.

In the fourth quarter, Electra held $8.2 million in cash and marketable securities, down from $15.7 million at the end of the previous quarter due to capital costs related to refinery construction and black mass trial. The refinery project was approximately 40% constructed, with over 600 acres of land and an asset life spanning decades. For the black mass trial, recovery rates for lithium, nickel, and cobalt improved, with about 40 tonnes of black mass processed to produce around 28 tonnes of nickel-cobalt MHP, and progress towards technical grade lithium carbonate was made.

Q: None A: None