ELEMENT 25 LIMITED — Director's Dealing 2013

Mar 13, 2013

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 DirectorDate of last notice	Seamus Cornelius7 December 2012

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 interestNature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.Date of changeNo. of securities held prior to change	(a) Direct(b)–(c)Indirect(b) Held by Sino West Assets Limited, a company associatedwith Mr Cornelius(c) Held by Kongming Investments Limited, a companyassociated with Mr Cornelius11 March 2013
	(a) 12,500 Ordinary fully paid shares(b) 1,019,137 Ordinary fully paid shares(c) 1,837,018 Ordinary fully paid shares3,000,000 Unlisted options (58 cents, expiry 14/12/2013)500,000 Unlisted options (80 cents, expiry 30/11/2015)750,000 Unlisted options (32.5 cents, expiry 30/11/2016)750,000 Unlisted options (38 cents, expiry 30/11/2017)
Class	Ordinary fully paid shares
Number acquired	(c) 195,570 Ordinary fully paid shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	(c) $29,335.50 (plus brokerage)
No. of securities held after change	(a) 12,500 Ordinary fully paid shares(b) 1,019,137 Ordinary fully paid shares(c) 2,032,588 Ordinary fully paid shares3,000,000 Unlisted options (58 cents, expiry 14/12/2013)500,000 Unlisted options (80 cents, expiry 30/11/2015)750,000 Unlisted options (32.5 cents, expiry 30/11/2016)750,000 Unlisted options (38 cents, expiry 30/11/2017)

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change

On-market trade

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.

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 towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts No detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow N/A the trade to proceed during this period? If prior written clearance was provided, on what N/A date was this provided?

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John Ribbons Company Secretary 14 March 2013

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011