X0202 SCHEDULE 13G/A 0001257391 XXXXXXXX LIVE 1 Common Shares, no par value 03/31/2026 0001907184 Electra Battery Materials Corp 28474P706 133 Richmond Street West Suite 602 Toronto A6 M5H 2L3 Rule 13d-1(c) WHITEBOX ADVISORS LLC b DE 0 10497541 0 10497541 10497541 N 9.9 IA WHITEBOX GENERAL PARTNER LLC b DE 0 10497541 0 10497541 10497541 N 9.9 OO Electra Battery Materials Corp 133 Richmond Street West, Suite 602, Toronto, Ontario, Canada, M5H 2L3 This statement is filed by: (i) Whitebox Advisors LLC, a Delaware limited liability company ("WA"); and (ii) Whitebox General Partner LLC, a Delaware limited liability company ("WGP" and, together with WA, the "Reporting Persons"). The address of the business office of WA and WGP is: 3033 Excelsior Boulevard Suite 500 Minneapolis, MN 55416 WA and WGP are organized under the laws of the State of Delaware. Y As of March 31, 2026, each of WA and WGP is deemed to be the beneficial owner of 10,497,541 Common Shares, as a result of WA's clients' ownership of: (i) 8,200,099 Common Shares; (ii) 28,888,464 warrants to purchase Common Shares at an exercise price of $1.25 per Common Share (the "October 2025 Warrants"); and (iii) 21,920,001 pre-funded warrants to purchase Common Shares at an exercise price of $0.000001 per Common Share (the "Pre-Funded Warrants" and, together with the October 2025 Warrants, the "Warrants"), with each of (ii) and (iii) subject to the Beneficial Ownership Limitations (defined below). Warrants are subject to a blocker which prevents the holder from exercising Warrants to the extent that, upon such exercise, the holder would beneficially own in excess of 9.9% of the Common Shares outstanding as a result of the exercise (the "Beneficial Ownership Limitations"). Accordingly, the amount of Common Shares beneficially owned by the Reporting Persons reported herein excludes an aggregate of 48,511,023 Common Shares obtainable upon the exercise of the Warrants owned by WA's clients, which are subject to the Beneficial Ownership Limitations. As of March 31, 2026, each of WA and WGP is deemed to beneficially own 9.9% of the Common Shares outstanding. Percent of class is calculated based on 103,738,330 Common Shares outstanding as of December 31, 2025, as disclosed on the Issuer's annual report on Form 20-F filed with the SEC on March 30, 2026, plus the 2,297,442 Common Shares that WA and WGP have the right to acquire upon exercise of Warrants, subject to the Beneficial Ownership Limitations, which amount has been added to the Common Shares outstanding in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended. WA and WGP: 0 WA and WGP: 10,497,541 WA and WGP: 0 WA and WGP: 10,497,541 Y N WA's clients are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit A - Joint Filing Agreement, dated May 15, 2026, by and among the Reporting Persons WHITEBOX ADVISORS LLC /s/ Gina Scianni 05/15/2026 WHITEBOX GENERAL PARTNER LLC /s/ Gina Scianni 05/15/2026