SCHEDULE: UBS O'Connor Shifts Electra Battery Stake to Passive

UBS O'Connor has terminated its reporting group for Electra Battery Materials Corp. and will now report its 9.9% stake as a passive investor.

Summary

• OCONNOR, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS (LLC), is the reporting person for Electra Battery Materials Corp.
• The reporting person beneficially owns 9,278,996 Common Shares, representing 9.9% of the issuer's class.
• The calculation of the percentage of class is based on 93,652,239 Common Shares outstanding as of October 22, 2025.
• An aggregate of 12,429,327 Common Shares obtainable upon the exercise of warrants are owned by the Reporting Person but are subject to Beneficial Ownership Blockers and are not included in the shared voting and dispositive power.
• The 'group' that may have existed between the Reporting Person and any other Named Holders has been terminated concurrently with the consummation of the transactions listed in the filing.
• The Reporting Person now holds its Common Shares without the purpose or effect of changing or influencing the control of the Issuer.
• The Reporting Person expects to report its beneficial ownership of Common Shares on Schedule 13G going forward, indicating a passive investment stance.
• No transactions in Common Shares have been effected by the Reporting Person since the filing of Amendment No. 2 on September 18, 2025, except as described in Item 4 (which refers to an unprovided exhibit).

Sentiment

Score: 6

Explanation: The filing provides clarity on a major investor's intent, shifting from a potentially active 'group' to a passive investment stance. This reduces uncertainty and is generally a neutral to slightly positive signal for existing shareholders, as it suggests stability in the ownership structure without immediate activist pressure.

Positives

• The clarification of OCONNOR's investment intent as passive may reduce perceived activist pressure on Electra Battery Materials Corp.
• The shift to Schedule 13G reporting indicates a stable, long-term holding by a significant institutional investor.

Negatives

• No specific negatives are explicitly stated in this amendment.

Risks

• The 12,429,327 Common Shares obtainable upon warrant exercise are subject to 'Beneficial Ownership Blockers', which could impact future shareholding structure or liquidity if these blockers are removed or warrants exercised.

Future Outlook

The Reporting Person expects to report its beneficial ownership of Common Shares on Schedule 13G going forward, indicating a long-term passive investment strategy without intent to influence control.

Management Comments

• Charles Mathys, Chief Compliance Officer O'Connor, certified that the information set forth in this statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing primarily concerns a change in reporting status for a significant shareholder of Electra Battery Materials Corp., a company operating in the battery materials sector. While not directly related to broader industry trends, the shift of a major institutional investor like UBS O'Connor to a passive stance could be interpreted as a re-evaluation of their engagement strategy or a signal of confidence in the company's current management and direction, allowing them to hold the investment without active intervention.

Stakeholder Impact

• Shareholders: Gain clarity on the investment intent of a major institutional holder, indicating a passive, long-term stake rather than an activist position, which may reduce uncertainty regarding potential corporate control changes.

Next Steps

• The Reporting Person expects to report its beneficial ownership of Common Shares on Schedule 13G for future disclosures.

Key Dates

Recommendation

The filing primarily details a change in reporting status for a significant shareholder, OCONNOR, from an active 'group' to a passive investor. This indicates a stable, long-term holding without intent to influence control, which can be a neutral to slightly positive signal for existing shareholders by reducing perceived activist pressure. However, it does not provide new financial or operational data to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Electra Battery Materials, UBS O'Connor, Schedule 13D, Beneficial Ownership, Passive Investment, Common Shares, Corporate Governance, Investment Management