ELEMENT 25 LIMITED — Capital/Financing Update 2017

Oct 10, 2017

ABOUT MONTEZUMA MINING

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11 OCTOBER 2017

MONTEZUMA TO DIVEST YAMARNA PROJECT E38/2889

HIGHLIGHTS

• Ø Agreement reached with Gold Road (North Yamarna) Pty Limited to divest Yamarna Project tenement E38/2889.

• Ø Montezuma has received consideration of $150,000 in cash at completion.

• Ø Montezuma to receive a discovery payment of $7.50 per resource ounce on future discoveries within the area covered by E38/2889.

Montezuma Mining Company Ltd (“Montezuma” or “Company”) advises that it has reached agreement with Gold Road (North Yamarna) Pty Limited (“Gold Road”) to divest exploration licence E38/2889.

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

Montezuma has 100% interests in the Butcherbird Manganese Project which hosts Australia’s largest onshore manganese deposit, in addition to the Pinnacles Cobalt Project and the Holleton Gold Project, all located in Western Australia.

MARKET DATA

ASX code: MZM Share price: $0.185 Shares on issue: 83.5M Market capitalisation: $15.5M Cash (at 30 June): ~$4.2M Listed Investments (at 30 June): ~$7.1M

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons Exploration Manager Dave O’Neill

Gold Road has paid consideration of $150,000 in cash and has agreed to pay Montezuma a Discovery Payment of $7.50 per resource ounce on future discoveries within the area covered by E38/2889.

Gold Road must prepare a Mineral Resource Statement on at least an annual basis and pay the Discovery Payment on each troy ounce of gold added to the global Mineral Resource within 45 days of the finalisation of each resource update.

The Discovery Payment is also payable on ounces included in a mine plan but which have not been included in a JORC resource.

This transaction is part of an ongoing strategy to realise value from non-core assets to allow the Company to maintain focus on the advancement of its commercialisation activities at the high purity Butcherbird Manganese Project and the Pinnacles Cobalt Project as well as other key portfolio assets.

The inclusion of the Discovery Payment in the transaction also provides Montezuma shareholders with an effective free-carry on future discoveries providing potential upside exposure with no risk and no requirement to allocate further funds to the project.

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

FOR MORE INFORMATION…

Justin Brown

Executive Director

Phone: +61 8 6315 1400

Email: jbrown@montezuma.com.au Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at: http://www.montezuma.com.au.

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

Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.