ELEMENT 25 LIMITED — Director's Dealing 2012

Nov 19, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	MONTEZUMA MINING COMPANY LTD
ABN	16 119 711 929

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Justin Brown
Date of last notice	6 December 2011

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	(b) Held by Aradia Ventures Pty Ltd, a company associatedwith Mr Brown(c) Held by Mr Brown’s spouse
Date of change	20 November 2012
No. of securities held prior to change	(a) 62,500 Ordinary fully paid shares(b) 2,037,500 Ordinary fully paid shares2,000,000 Unlisted options (20 cent, expiry 30/11/2012)500,000 Unlisted options (65 cent, expiry 30/11/2015)500,000 Unlisted options (80 cent, expiry 30/11/2015(c) 12,500 Ordinary fully paid shares
Class	(i)Ordinary fully paid shares(ii) Unlisted options (20 cent, expiry 30/11/2012)
Number acquired	(i)2,000,000
Number disposed	(ii) (2,000,000)
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	$400,000

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change (a) 62,500 Ordinary fully paid shares (b) 4,037,500 Ordinary fully paid shares 500,000 Unlisted options (65 cent, expiry 30/11/2015) 500,000 Unlisted options (80 cent, expiry 30/11/2015 (c) 12,500 Ordinary fully paid shares Nature of change Exercise of unlisted options (20 cent, expiry 30/11/2012). Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

No. of securities held after change	No. of securities held after change	No. of securities held after change	(a) 62,500 Ordinary fully paid shares(b) 4,037,500 Ordinary fully paid shares500,000 Unlisted options (65 cent, expiry 30/11/2015)500,000 Unlisted options (80 cent, expiry 30/11/2015(c) 12,500 Ordinary fully paid shares	(a) 62,500 Ordinary fully paid shares(b) 4,037,500 Ordinary fully paid shares500,000 Unlisted options (65 cent, expiry 30/11/2015)500,000 Unlisted options (80 cent, expiry 30/11/2015(c) 12,500 Ordinary fully paid shares	(a) 62,500 Ordinary fully paid shares(b) 4,037,500 Ordinary fully paid shares500,000 Unlisted options (65 cent, expiry 30/11/2015)500,000 Unlisted options (80 cent, expiry 30/11/2015(c) 12,500 Ordinary fully paid shares	(a) 62,500 Ordinary fully paid shares(b) 4,037,500 Ordinary fully paid shares500,000 Unlisted options (65 cent, expiry 30/11/2015)500,000 Unlisted options (80 cent, expiry 30/11/2015(c) 12,500 Ordinary fully paid shares
			(	,500,000 Unlist	,ed options (80 cent, expiry 30/11
				c) 12,500 Ordinar	y fully paid shares
NatuExampoptionplan, p	re of changele: on-market trade, off-market trade, exercise ofs, issue of securities under dividend reinvestmentarticipation in buy-back		E	xercise of unlisted	options (20 cent, expiry 30/11/2	012).
	Change of director’s interests in cone case of a company, interests which come within paragra			tractsph (ii) of the definition of “n	otifiable interest of a director” should be disclo
Detail of contract		N/A
Nature of interest		N/A
Name of registered holder(if issued securities)		N/A
Date of change		N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed		N/A
Interest acquired		N/A
Interest disposed		N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation		N/A
Interest after change		N/A

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

John Ribbons Company Secretary 20 November 2012

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011