Whitebox Advisors LLC Reports 9.9% Stake in Electra Battery Materials Corp via Warrants and Shares

Whitebox Advisors LLC and Whitebox General Partner LLC filed a Schedule 13G/A on May 15, 2026, reporting a 9.9% stake in Electra Battery Materials Corp (ELBM). As of March 31, 2026, the reporting persons are deemed to beneficially own 10,497,541 common shares. This ownership includes 8,200,099 common shares held directly by Whitebox clients, as well as a portion of shares obtainable through the exercise of October 2025 Warrants and Pre-Funded Warrants. Notably, the reporting persons hold a total of 50,808,465 warrants, but their beneficial ownership is capped at 9.9% due to Beneficial Ownership Limitations (blockers) that prevent the exercise of warrants if it would result in exceeding that threshold. Consequently, 48,511,023 shares underlying these warrants are currently excluded from the beneficial ownership total. This filing represents a significant increase from a previous 0% position, marking a substantial new investment in the issuer by Whitebox Advisors.