ELEMENT 25 LIMITED — AGM Information 2023

Nov 27, 2023

Element 25 Limited AGM Investor Update Building a World-Class Battery Grade Manganese business November 2023

ASX:E25 OTCQX: ELMTF

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Disclaimer
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This presentation contains only a brief overview of Element 25 Limited and its associated entities (“Element 25") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains multiple forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Element 25’s control, may cause the actual results, performance and achievements of Element 25 to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Element 25 does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Element 25, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Element 25 or its activities.

Corporate Summary

ASX Ticker: E25 OTCQX Ticker: ELMTF Issued Shares: 220M Share Price: A$0.50 Market Capitalisation: A$110M Debt: Nil	ASX Ticker: E25 OTCQX Ticker: ELMTF Issued Shares: 220M Share Price: A$0.50 Market Capitalisation: A$110M Debt: Nil	Share Ownership:
ASX Ticker:	E25
OTCQX Ticker:	ELMTF	Growing the world class Butcherbird Manganese Mine in Western Australia to produce high quality manganese oxide concentrate and ethical supply of battery grade High Purity Manganese Sulphate Monohydrate (HPMSM) products to our offtake partners General Motors (GM) and Stellantis for electric vehicle (EV) batteries. Stellantis 11% Board & Managment 7% ATM Facility 4% Free Float 79%
Issued Shares:	220M
Share Price:	A$0.50
Market Capitalisation:	A$110M
Debt:	Nil

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Reference: www.asx.com.au

Reference: Company Release dated 26 June 2023

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Traditional Manganese Alloys & Critical Battery Raw Material

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Mn ALLOYS

Used in steel, alloys and aluminium products.

High silica concentrate suitable for Si-Mn alloys

Global demand grows in line with steel consumption

Australian location close to Asian markets

E25

Manganese Concentrate

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HPMSM - EV FUEL

A key raw material for Electric Vehicle (EV) Batteries New approach to improve HPMSM ESG credentials

Strong demand growth linked to the rapid transition to EV mobility

E25 process offers key advantages

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Growth through ethical, strategic critical mineral supply…

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Butcherbird
Operational Plant Increasing Sustainable
Manganese Mine Discipline Expansion Volumes Profits
Louisiana
Ethical Ore Flowsheet Finance & Global EV
HPMSM Plant
Supply Engineering Construct HPMSM Supply
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The year in retrospect…

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Key Milestones
Stellantis
IRA Drives HPMSM E25 Achieves E25 Files Key
Relocation to Key Board Feasibility Invests U$15M Listing on International
USA Appointments Study @$1.00 per OTCQX Patents
Share
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
HPMSM LCA Confirms GM Completes
Offtake & HPMSM
E25 HPMSM as Due Diligence
Finance Offtake &
Global Leader on Feasibility
Stellantis Finance GM
in low CO2 Study
https://www.element25.com.au/site/investors/ASX-Announcements
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Experienced Owners Team

BOARD OF DIRECTORS

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Justin Brown John Ribbons Managing Director Non-Executive Director Geologist CPA

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Fanie van Jaarsveld Non-Executive Director Analytical Chemist

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Sam Lancuba Non-Executive Director Chemical Engineer

Experienced Board & Management

PROJECT DEVELOPMENT AND OPERATIONS TEAM

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Michael Jordon Neil Graham Chief Financial Officer VP Battery Materials CPA Chemical Engineer

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Sias Jordaan VP Marketing & Logistics Accountant

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Doug Flanagan COO (HPMSM) Mechatronics Engineer

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Ian Huitson Study Manager Mining Engineer

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Gideon van Wyk GM Manganese Ore Bus. Mechanical Engineer

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Clint Moxham GM Operations. Mining Engineer/Geol.

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Large long mine life manganese concentrate operation 100% E25
owned,
long term
tenure.
E52/2350
M52/1074
Granted Mining Lease
Measured & Indicated
Resources are the basis
Simple Logistics for the 42-year Base Case
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Very simple geology equals low-cost, low impact manganese units

Classification	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Resource	260.9	9.9	25.8
Reserve	49.2	10.2	5.0

RESOURCE GROWTH POTENTIAL • Enough resource base for multidecade long expansion pathway • Can produce concentrate, battery grade HPMSM and EMM without resource limitation ENVIRONMENTALLY BENIGN OPERATION • Ore from surface • No explosives required • No waste water • One reagent – water • Extremely low levels of contaminants

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Butcherbird Expansion – sustainable margins through lower costs…

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Key Goals of Butcherbird Expansion Design:
•
Increase in production volume.
•
Reduction in unit operating costs.
•
Reduction in labour intensity.
•
Improved reliability, clay (and moisture).
Key Design/Equipment Selection Outcomes:
handling.
•
Increased profitability.
Butcherbird Expansion Feasibility Study:
Screen Design DMS Drum Mineral Sizer
Improved clay
• Improved recoveries Improved clay
Equipment selection complete.
handling and
and grade handling & reliability
moisture tolerance
•
Costing near complete.
•
Implementation timeline and final study report pending.
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Our Goal – Zero Carbon High Purity Manganese…

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Capturing
value through
down-stream
processing…
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Stage 1
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First production of manganese concentrate to sell to manganese alloy manufacturers

Stage 2 Expansion of the concentrate production to produce manganese feedstock to convert to MnSO4 Stage 3 Establishing a conversion facility to convert the concentrate to battery grade HPMSM with renewable energy

Electric Vehicle (EV) uptake accelerating…

“…S-curve modelling, based on the EV growth so far and the lessons of other technology shifts, suggests EV sales will grow at least four-fold by 2030, and make up between 62 percent and 86 percent of global car sales in 2030…” RMI – Energy Transformed 2023

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Mn
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The EV battery industry is looking to Manganese…

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LMFP, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility

Reference: Volkswagen, Stellantis, Tesla, CPM Group, Morgan Stanley Research, Bloomberg New Energy Finance Umicore Capital Markets Day 2022

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Manganese, the battery raw material supply chain solution…

PDAC 2023 Keynote Speaker

“…manganese (is) the single most critical mineral for batteries right now ,” he said.

“How many companies outside of China make manganese commercially for a battery right now? Which is the hottest metal for batteries? How many? None, not one,” Hoffman said, adding “and there’s where the opportunity is — unbelievable.” “…manganese is the single most critical mineral for batteries right now…”

Ken Hoffman, co-head of the EV battery materials research group and senior expert at McKinsey & Company

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https://www.benzinga.com/news/23/03/31265433/exclusive-ev-battery-guru-ken-hoffman-at-pdac-talks-critical-minerals-which-metals-will-rise

Low cost, efficient HPMSM process – significant improvements…

Problems with Current Technologies

• Large volumes of waste residues

• • Toxic Reagents

• Inefficient

• Higher Cost

• Outdated processing technology

The Element 25 Process makes significant changes & improvements…

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Reagents/Cost Carbon Emissions Waste Residue
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Element 25 Process

• More efficient (fast kinetics, reduced energy)

• • Minimises reagent requirements

• Reduced carbon intensity

• Lower volumes of waste residues

• Non-toxic residues may be able to be repurposed.

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99.99%
MnSO
4
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Targeting Zero Carbon Manganese – ESG is integral to our thinking

• LCA covers Scope 1,2 and 3 emissions from mining through to the proposed USA-based HPMSM processing plant.

• E25 HPMSM to produce ~1.7kg of CO2 for every 1kg of

HPMSM :

• ~ 67% lower than competitors in China.

• up to 47% lower than competitors outside China.

• ~26% lower than next lowest project’s optimised case.

• E25 process is not yet fully optimised for carbon reduction.

• E25 to explore renewable energy and other potential

• carbon reduction strategies to further reduce CO2.

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Supply chain transparency and traceability partner.

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Global Warming Potential
Existing producers often use high energy processes
like electrowinning and/or toxic reagents like fluoride.
5.2
4.8
PUBLISHED PEER COMPARISONS
3.2
2.3
1.7
ELEMENT 25 EURO MANGANESE GIYANI METALS EURO MANGANESE (GRID) CHINESE PLANTS (CURRENT)
(RENEWABLE)
THE E25 PROCESS IS THE LOWEST CARBON
INTENSITY OPTION FOR HPMSM TODAY
Reference: Company ASX Release dated 16 February 2023
Kg CO2 eq. per kg (Scope 1+2+3)
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Reference: Company ASX Release dated 16 February 2023

Stage 3 Expansion of Conversion Capacity – Multiple Plants Planned

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Japan & Korea
EU EU & UK policy shifts are remain important
competing with the IRA for
region in terms of
investment in battery and
battery technology
related plants and innovation First HPMSM Facility: Louisiana USA
JP IRA is driving capital flows into US electrification
infrastructure. E25 partnering with Stellantis & GM
KR
US
Mn Concentrate Feedstock (33% Mn):
Up to 1M tonnes per annum manganese
concentrate production planned at the
MY
Butcherbird Project in Western Australia.
E25 manganese concentrate is a very AU
stable, easily transported feedstock.
Design One
Allows location optionality for the
Multiple potential sites being explored.
Build Many
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• E25 manganese concentrate is a very stable, easily transported feedstock.

• Allows location optionality for the processing facility.

• Multiple potential sites being explored.

Proposed Production Plant – France

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Ore Storage
Processing Train 2
Processing Train 1
Product storage
and despatch
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Feasibility Study - compelling economics

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Offtake & Financing – Stellantis & General Motors

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USD$30M equity & prepay

• Binding agreements signed for offtake and funding.

• Key commercial terms include:

• Five (5) year HPMSM supply commitment (nominal 10Ktpa).

• Stellantis commits US$30M funding to E25’s HPMSM processing facility.

• First US$15 has been completed as equity at A$1 per share.

• Arrangement includes commitments from E25 with respect to ESG and IRA.

(Reference: Company ASX Release dated 9 January 2023)

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USD$85M seniordebt

• Binding agreements signed for offtake and funding.

• Key commercial terms include:

• Seven (7) year HPMSM supply commitment (up to 32,500Ktpa).

• GM commits $85M funding to E25’s HPMSM processing facility.

• Funding committed as senior project debt.

• Seven year post construction repayment schedule.

• Arrangement includes commitments from E25 with respect to ESG and IRA.

(Reference: Company ASX Release dated 26 June 2023)

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Project Financing Strategy – Building the Capital Stack

Multiple funding pathways being actively negotiated:

• US$115M secured through GM and Stellantis deals.

• Discussions in progress with other potential offtake partners.

• Offtake + Finance.

• Debt/Pre-Pay/Equity all in play.

• Other funding avenues:

• Nordic/Green Bonds/PE Debt.

• Traditional project finance.

• Government funding – DoE/DoD.

• Green bonds.

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US$30M

$15M Equity & $15M Prepay Binding documents executed

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US$85M Senior debt Binding documents executed

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US$30-50M

Senior debt/Prepay/Equity with offtake Negotiations in progress.

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US$100-150M Senior debt plus equity Negotiations in progress

US$289M Construction Capital Cost Feasibility Study Estimate for Train 1 Construction

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Growth through ethical, strategic critical mineral supply…

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Butcherbird
Operational Plant Increasing Sustainable
Manganese Mine Discipline Expansion Volumes Profits
Louisiana
Ethical Ore Flowsheet Finance & Global EV
HPMSM Plant
Supply Engineering Construct HPMSM Supply
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Lake Johnston Project Summary
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• E25 is exploring for lithium in the Lake Johnston Greenstone belt of Western Australia.

• Consists of one exploration licence 63/2027.

• 450kms east of Perth.

• Total project area of 136km²

• Tenement covers +25 km strike of Lake Johnston Greenstone Belt.

• Recent exploration success by adjourning tenement holders has shown the belt is a fertile LCT pegmatite field.

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Lake Johnston Competitor Activity
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Significant exploration and corporate activity in the region

• TG Metals Ltd

• Recent high-grade spodumene lithium pegmatite discovered at the Burmeister Prospect.

• MC increase from ~$6m to ~$60m in past 2 months

• Charger Metals Ltd

• High-grade Li within spodumene-bearing swarm at the Medcalf prospect

• Rio Tinto have recently farmed into Charger’s project. Deal involves potentially spending up to $42.5m to earn 75%

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Thank you

For more information, please contact Element 25 Limited: +61 8 6375 2525 admin@e25.com.au www.element25.com.au

ASX:E25

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Reserves and Resources
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Maiden Ore Reserve[1]

Category	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Proved	13.0	11.1	1.4
Probable	36.2	10.1	3.6
Total	49.2	10.2	5.0

Global Mineral Resource[2]

• 89% conversion of measured and

indicated resources to reserve.

• Maiden Reserve only exploits approximately 20% of global mineral resource.

Category	Tonnes (Mt)	Mn (%)	Si (%)	Fe (%)	Al (%)
Measured	14.1	11.4	20.6	11.7	5.7
Indicated	40.8	10.0	20.9	11.0	5.8
Inferred	206.0	9.8	20.8	11.4	5.9
Total	260.9	9.9	20.8	11.4	5.9

• Excellent potential for future expansion.

• More drilling has potential to add to global resource.

1Reference: Element 25 Limited ASX release - Annual Report, year ending 30 June 2023, released 29 September 2023 2Reference: Element 25 Limited ASX release - Annual Report, year ending 30 June 2023, released 29 September 2023.

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Competent Person’s Statement
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The information in this presentation that relates to Exploration Results is based on information compiled by Mr Justin Brown who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Justin Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Justin Brown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

All references to Mineral Resources pertain to the ASX release – Element 25 Limited Annual Report for the year ending 30 June 2023, released 29 September 2023. The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed.

All references to Mineral Reserves pertain to the ASX release Element 25 Limited Annual Report for the year ending 30 June 2023, released 29 September 2023. . The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed.

For further information on Element 25 Limited and its Projects please visit its website at www.element25.com.au which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies.

DISCLAIMER

The views expressed herein are not necessarily the views of the Australian Government, and the Australian Government does not accept responsibility for any information or advice contained herein.

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