Elcora Provides Update to Shareholders on Impact of Postal Strike

As a result of the strike, the Company has satisfied all the conditions outlined in NI 51-931 - Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike to rely on, and is relying on, the exemption from the requirement to send proxy-related materials as stipulated in the said order for all annual matters as below. This reliance is made in compliance with the terms and conditions specified therein and in full adherence to the applicable laws and regulations governing such exemptions.

The annual matters to be approved at the Meeting include, receiving and considering the audited annual financial statements of the Company for the year-ended March 31, 2024; appointing an auditor of the Company for the ensuing year and to authorize the directors to fix their remuneration; fixing the number of directors at three; electing the directors for the ensuing year; approving the Company's rolling stock option plan and restricted share unit plan; and considering other business as may properly come before the Meeting or any postponement(s) or adjournment(s) thereof.

The Meeting Materials (as defined below) included a special resolution seeking shareholder approval for the proposed consolidation of the Company's common shares. However, in accordance with section 8 of NI 51-931 - Temporary Exemption from Requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer - which addresses the inability to send certain proxy-related materials during a postal strike, special business may not be voted upon. The Company may look to reschedule the Meeting based on its record date in the event the postal strike is resolved in a timely manner. The Company will provide an update in due course.

The Company has delivered the completed Notice of Meeting, Information Circular and related proxy materials (the "Meeting Materials") to the appropriate parties for mailing to registered and unregistered shareholders prior to the Meeting, but due to the postal strike, it is possible that the Meeting Materials will not be delivered to shareholders prior to the Meeting. The Company wishes to remind Shareholders that the Meeting Materials have been filed on SEDAR+ and are available on the Company's SEDAR+ profile at www.sedarplus.com and on its website at: https://www.eproxy.ca/Elcora/2024AGSM/.

Shareholders will still be able to vote their shares either directly by proxy (for registered shareholders) or indirectly through their intermediary (for unregistered shareholders who hold their shares through brokerage firms or other intermediaries). Instructions respecting voting can be obtained as outlined below.

The Company will provide copies of the Meeting Materials by email to each entitled shareholder who requests them while the strike is ongoing, at no charge. Shareholders can direct requests for copies of the Meeting Materials to Endeavor Trust Corporation at 1-888-787-0888 (toll-free in Canada and the United States) between 8:30 a.m. and 5:00 p.m. Pacific Standard Time.

If you are a registered shareholder, please contact Endeavor Trust Corporation at 1-888-787-0888 to obtain your proxy form control number to cast your vote for the upcoming AGM online at: www.eproxy.ca. Registered shareholders can also complete and deliver their proxy to the office of Endeavor Trust Corporation by hand or courier at: 702 - 777 Hornby Street, Vancouver, BC V6Z 1S4, by fax: (604) 559-8908; or By Email: proxy@endeavortrust.com.

If you hold shares through an intermediary such as a brokerage firm, please contact your intermediary directly for a copy of the proxy form and instructions for voting.

The deadline for voting by proxy for the Meeting is 2:30 p.m. (Atlantic Standard Time) on January 3, 2025.

About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.

For further information please visit the company's website at:

http://www.elcoracorp.com

For further information please contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847

CAUTIONARY STATEMENT:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora's expectations are exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.

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