Electra Battery Materials Corp V.ELBM

RE:RE:RE:LG Deal - 19,000 tonnes

[ElJ]

I caution that there appears "lots of gaps" with the attempted calculations of estimated direct earnings to Electra, based on the deal that:

"Electra will supply LG Energy Solution with 3,000 tonnes of cobalt contained in a cobalt sulfate product in 2025 and a further 4,000 tonnes in each of the following years through 2029 for a total of 19,000 tonnes:

• Remember that Electra has to Buy the feed.
• The deal spans 5 years
• The financial structure of the deal has not been made public (personal expectation: I expect that after changing the deal with Glencore from a Processing Services Provider to a Purchaser of the feed, that Electra are likely to have retained a "Sale of Cobalt Product" perspective rather than any margin-based Processing Services aspect to their deal with LG)
• Shares outstanding after completion of the proposed funding, construction and commissioning of the Black Mass Plant is currently uncertain, since there are "convertables" involved
• Commissioning date for the current Cobalt processing plant, as we unfortunately all well know, is unclear and consequently this dimension, relating to some "potential self-funding", is uncertain.

I encourage rather than discourage, efforts to test or rationalize Market Price with future operating expectations, but be careful with assumptions and available "facts",

Peace,
Good Decision-making to All,
ElJ