TORONTO, Ontario — February 20, 2026 — Leads & Copy — Electra Battery Materials Corporation has upsized its previously announced At the Market Offering Program (ATM), according to a recent announcement from the company.
Electra (NASDAQ: ELBM; TSX-V: ELBM) may offer and sell common shares in the company, at its discretion and from time to time, through H.C. Wainwright & Co., LLC (Wainwright). The aggregate offering price of the Common Shares is up to US$25,000,000.
The ATM was established under an At The Market Offering Agreement entered into with Wainwright on June 26, 2025. The US$25,000,000 aggregate offering amount includes the amount of sales previously made by the company under the ATM Agreement pursuant to the company’s prospectus supplement dated December 11, 2025, which covered sales having an aggregate offering price of up to US$5,500,000.
The ATM is being made in the United States under a registration statement on Form F-3 (File No. 333-288364) filed under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (SEC). The SEC declared it effective on December 11, 2025. This includes the prospectus contained therein, along with the prospectus supplement filed with the SEC on February 20, 2026.
Sales of Common Shares under the Prospectus, if any, will be made in transactions deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through the Nasdaq Capital Market. The Common Shares will be distributed at market prices prevailing at the time of sale.
As a result, prices for the Common Shares may vary between purchasers and during the distribution period. No Common Shares will be sold in the ATM on the TSX Venture Exchange or any other trading market in Canada.
Electra intends to use the net proceeds from the ATM for working capital and general corporate purposes, potentially including expenditures related to the commissioning of its Ontario, Canada sulfate refinery. The company believes that its existing cash, cash equivalents, and other sources of liquidity, including potential debt financing from government entities, will be sufficient to fund the refinery’s planned mechanical completion. However, these plans and assumptions are subject to change.
Electra Battery Materials is focused on developing North America’s critical minerals supply chain for lithium-ion batteries. The company is currently focused on developing North America’s only cobalt sulfate refinery and is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. Electra’s strategy includes nickel refining and battery recycling, integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America.
You can review the company’s SEC filings, the Registration Statement, and the Prospectus on the SEC’s website.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Source: Electra Battery Materials
