ELEMENT 25 LIMITED — Director's Dealing 2014

Nov 17, 2014

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	22 November 2013

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.

Part 1 - Change of director’s relevant interests in securities	Part 1 - Change of director’s relevant interests in securities	Part 1 - Change of director’s relevant interests in securities	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 thNote: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interestthis part.				e trustof a director” should be disclosed in
Direct or indirect interest(a) Direct(b)–(c)IndirectNature of indirect interest (b) Held by Aradia Ventures
	Direct or indirect interest	(a) Direct
		(b)–(c)Indirect
	Nature of indirect interest	(b) Held by Arad	ia Ventures	Pty Lt	d, a company	associa
	(including registered holder)d dl f h h	with Mr Brown	’
	Note: Provie etais o te circumstances giving rise to terelevant interest	(c) Held by Mr Br	owns spouse
	.
	Date of change	18 November 201	4
	No. of securities held prior to change	(a) 62,500 Ordina	ry fully paid shares			2015)2015)11/2016)1/2017)1/2018)
		(b) 4,037,500 Or500,000 Unlis500,000 Unlis1,500,000 Un	inary fully paid shated options (65 cented options (80 cenlisted options (32.5		rests, expiry 30/11/ts, expiry 30/11/cents, expiry 30/
		1,500,000 Un1,000,000 Un12500Odi	isted options (38 celisted options (20 cefllidh		nts, expiry 30/1nts, expiry 19/1
		(c) , rn	ry uy pa sares
	Class	Unlisted options
	Number acquired	(b) 1,250,000 Un	listed options (21.5		cents, expiry 18/	11/2019)
	Number disposed	Nil
	Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Nil

• 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 cents, expiry 30/11/2015) 500,000 Unlisted options (80 cents, expiry 30/11/2015) 1,500,000 Unlisted options (32.5 cents, expiry 30/11/2016) 1,500,000 Unlisted options (38 cents, expiry 30/11/2017) 1,000,000 Unlisted options (20 cents, expiry 19/11/2018) 1,250,000 Unlisted options (21.5 cents, expiry 18/11/2019) (c) 12,500 Ordinary fully paid shares Nature of change Issue of unlisted options pursuant to shareholder approval at Example: on-market trade, off-market trade, exercise of the Annual General Meeting held on 18 November 2014. 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	N/A
(if issued securities)
Date of change	N/A
No. and class of securities to which	N/A
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Note: If consideration is non-cash, provide details
and an estimated valuation
Interest after change	N/A

Part 3 –[+] Closed period

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

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John Ribbons Company Secretary 18 November 2014

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011