ELEMENT 25 LIMITED — Capital/Financing Update 2015

May 17, 2015

==> picture [171 x 102] intentionally omitted <==

18 May 2015

Yamarna Final Approval Received

Montezuma Mining Company Ltd (“Montezuma”) is pleased to advise that Heritage approval has been received in relation to the initial work on Montezuma’s priority targets within E38/2889. This approval is the final hurdle to commence on ground work and the programme is scheduled to commence as soon as practicable.

The Yamarna Belt is historically underexplored and highly prospective for gold mineralisation. It has a current reported Mineral Resource by Gold Road Resources Limited (GOR) of 5.1 million ounces of gold[i] and hosts a number of new discoveries.

Montezuma’s tenure lies along strike from these discoveries, is undrilled and hosts several robust geochemical targets. Immediate follow up geochemical surveys and subsequent drilling will commence once heritage clearances are completed.

ABOUT MONTEZUMA MINING

Listed in 2006, Montezuma Mining Company Ltd (ASX: MZM) is a diversified explorer primarily focused on manganese, copper and gold. The Company’s primary objective is to achieve returns for shareholders through selected strategic acquisitions and targeted exploration.

Montezuma Mining has 100% interests in the Yamarna Gold Project in the Yamarna Geenstone Belt, Western Australia and the Butcherbird Manganese/Copper Project in the Murchison region of Western Australia

MARKET DATA

ASX code: MZM Share price: $0.20 Shares on issue: 70,464,350 Market capitalisation: $14M Cash (31 March 2015): $7.66M

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons

==> picture [216 x 180] intentionally omitted <==

----- Start of picture text ----- E38/2999(recently granted) E38/2889----- End of picture text -----

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005

==> picture [197 x 290] intentionally omitted <==

Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at www.montezuma.com.au 1

The information in this report that relates to Exploration Results, Mineral Resources and Mineral Reserves is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Mineral Reserves were compiled, Mr Brown was an employee of Montezuma Mining Company Ltd. Mr Brown is a geologist and 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’. Mr Brown consents to the inclusion of this information in the form and context in which it appears in this report.

i Website reference http://www.goldroad.com.au/reports/GruyereMaidenResourceAugust2014.pdf

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005

2