Elcora Announces Possible Late Filing of Annual Financial Statements and Management Cease Trade Order

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HALIFAX, Nova Scotia, July 12, 2024 (GLOBE NEWSWIRE) — Elcora Advanced Materials Corp. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), the “Company” or “Elcora” today announced that, as a result of delays in its audit, the Company’s annual financial statements and accompanying management’s discussion and analysis for the fiscal year ended March 31, 2024 (“Annual Filings”) may not be completed by July 29, 2024, the date on which such filings are required to be filed under applicable Canadian securities law. Accordingly, the Company will apply to the Nova Scotia Securities Commission for a Management Stop Trading Order (“Management Stop Trading Order”).

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The Company’s inability to complete its annual returns on time is due to the additional time required to review transactions carried out by the subsidiary located in Morocco, as well as enhanced quality controls by the Company’s auditors.

If an administrative stop trading order is granted, the Company will comply with the alternative information guidelines set forth in National Policy 12-203 – Administrative Stop Trading Order for Issuers Who Fail to Comply with a Specific Continuous Disclosure Requirement within the Times Required by Applicable Securities Laws. The guidelines, among other things, require the Company to issue biweekly default status reports by press release as long as annual filings have not been made. During the administrative stop trading order, the general public will continue to be able to trade the Company’s listed common stock. However, the Company’s Chief Executive Officer, Chief Financial Officer and directors will not be able to trade the Company’s common stock.

The Company will provide an update on its implementation of the terms of the FTA in an upcoming press release.

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About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and is structured as a vertically integrated battery materials company. Elcora can process, refine and produce battery-related metals and minerals. As part of its vertical integration strategy, Elcora has developed a cost-effective process for refining high-quality metals and minerals used in batteries. Commercially scalable metals. This combination means Elcora has the tools and resources to vertically integrate the metals and battery industries.

For more information please visit the company’s website at: http://www.elcoracorp.com
For further information, please contact: Troy Grant, Director, President and CEO, Elcora Advanced Materials Corp., Tel: +1 902 802-8847

Qualification Statements: Engineer Klaus Leiders, a qualified person as defined in National Instrument 43-101, approves the technical information contained in this press release.

Warning statement:

The Toronto Venture Exchange is not responsible for the adequacy or accuracy of this statement. The Toronto Venture Exchange is not responsible for the adequacy or accuracy of this statement.
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This press release contains certain “forward-looking statements.” All statements other than statements of historical fact, included in this press release, including, without limitation, statements regarding potential mining
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Important factors that could cause actual results to differ materially from Elcora’s expectations are the exploration risks detailed herein and from time to time in Elcora’s filings with securities regulators.

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

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