SCHEDULE: UBS OCONNOR Amends Electra Battery Materials Stake

OCONNOR, a unit of UBS Asset Management, filed an Amendment No. 2 to its Schedule 13D, disclosing a 4.9% beneficial ownership in Electra Battery Materials Corp.

Summary

• OCONNOR, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS (LLC), filed Amendment No. 2 to its Schedule 13D regarding its beneficial ownership in Electra Battery Materials Corp.
• OCONNOR beneficially owns an aggregate of 918,210 Common Shares, representing 4.9% of the class.
• This beneficial ownership includes 776,810 Common Shares obtainable upon the exercise of Warrants and the conversion of Notes, which are subject to certain 'Blockers'.
• The percentage of class is calculated based on 17,962,173 Common Shares outstanding as of August 15, 2025, plus the 776,810 obtainable shares.
• This amendment updates and supplements the original Schedule 13D filed on July 25, 2025, specifically amending and supplementing Items 3, 4, 6, and 7 by reference to an unprovided exhibit titled 'Items_1_through_7_Full_Details'.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by an institutional investor, providing factual updates without expressing explicit positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• OCONNOR, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS (LLC), maintains a significant beneficial ownership stake in Electra Battery Materials Corp, indicating continued institutional interest.

Negatives

• The filing itself does not present any explicit negative information regarding Electra Battery Materials Corp or OCONNOR's investment.

Risks

• The full exercise of Warrants and conversion of Notes by OCONNOR is subject to 'Blockers', which could limit the immediate realization of the full potential ownership.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from the reporting person regarding Electra Battery Materials Corp's future performance or prospects.

Management Comments

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

Industry Context

This filing details an institutional investor's stake in Electra Battery Materials Corp, a company operating in the strategic battery materials sector, which is crucial for the growing electric vehicle and renewable energy industries. The disclosure itself does not provide broader industry trend analysis.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially influencing market perception.
• Other Stakeholders (Employees, Customers, Suppliers, Creditors): No direct or immediate impact is discernible from this beneficial ownership disclosure.

Next Steps

• The filing does not specify any future actions, events, or milestones for Electra Battery Materials Corp or OCONNOR's investment strategy.

Key Dates

Recommendation

This filing is a routine amendment to a Schedule 13D, updating beneficial ownership details for OCONNOR in Electra Battery Materials Corp. It does not contain new information regarding the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. The disclosed 4.9% stake by a UBS unit indicates continued institutional interest, but without further context from the unprovided exhibits or company-specific news, a 'hold' recommendation is appropriate, maintaining existing positions based on prior analysis.

Keywords

Electra Battery Materials, OCONNOR, UBS Asset Management, Schedule 13D, beneficial ownership, common shares, institutional investment, battery materials