ELEMENT 25 LIMITED — Interim / Quarterly Report 2010

Jan 27, 2010

QUARTERLY REPORT

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Three Months Ending: 31 December 2009

HIGHLIGHTS

• PEAK HILL (100%)

ASX CODE: MZM ISSUED SHARES: 42.10M 52 WEEK HIGH: $0.34 52 WEEK LOW: $0.06 CASH ON HAND: $1.47M

CONTACT:

JUSTIN BROWN Managing Director +61 8 9228 4833

• Tenure increased over Naracoota Formation, which hosts the new discovery by Sandfire Resources NL at De Grussa.

• Gold production continues to generate revenues.

• DURACK/WINDSOR (earning 85%)

• Significant gold mineralisation intersected in seven out of twelve holes.

• Assays up to 11.7 g/t over a metre.

• Mineralisation is open, with further drilling required.

BOARD:

Denis O’Meara: Chairman Justin Brown: MD Ian Cornelius: Non-Exec

KEY PROJECTS:

PEAK HILL (100%) Gold

DURACK (earning 85%) Gold, Copper (VMS)

BUTCHER BIRD (100%) *under application Manganese, Copper

• BUTCHER BIRD MANGANESE (100% under application)

• Results up to 45.7% Mn with only 2.5% Fe from 22 rock chip samples over a strike of approximately 8km.

• Tenement also contains Butcher Bird copper prospect with historical grades of up to 20% Cu with gold and silver credits.

• MT PADBURY IRON ORE

• High grade haematite and goethite iron ore mineralisation intersected with multiple holes ending in mineralisation

• Inferred Mineral Resource Estimate slated for early 2010.

• $4M cash payable to Montezuma on definition of a JORC Resource in excess of 10Mt grading over 50% Fe.

• AUVEX RESOURCES LIMITED (MZM 10M SHARES)

MT PADBURY (100% of gold) Gold, Manganese, Iron

• Mining approvals received for Auvex Resources Limited to commence mining at the Ant Hill manganese deposit.

• Production scheduled to commence as soon as possible.

KEY SHARE HOLDINGS:

AUVEX RESOURCES LTD 10,000,000 FPO Shares

• Initial target production rate of 300,000 tpa of direct shipping ore.

• BUXTON RESOURCES LIMITED (MZM 3M SHARES)

BUXTON RESOURCES LTD 3,000,000 FPO Shares

• Shareholding increased to 3M shares (approx. 9.39%).

PEAK HILL (100%)

Naracoota Formation

The Peak Hill Project is located approximately 20km west of Alchemy Resources’ Hermes gold project and contains rocks of the Peak Hill Schist and Naracoota Volcanics, prospective for both gold and base metals.

The potential for copper mineralisation has been recently highlighted by Sandfire Resources’ discovery of the De Grussa and Conductor 1 copper orebodies within this rock sequence to the east of Montezuma’s tenure.

Montezuma has recently acquired significantly increased tenure over this prospective corridor and now holds an interest in over 250 square kilometres of Naracoota Volcanics. The intention is to initiate a programme to test the potential for this style of mineralisation within the Company’s tenure.

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Gold Production

Montezuma is pleased to announce that gravity processing of mill site material at its 100% owned Peak Hill Project has continued to yield Important gold production from the Peak Hill site.

Montezuma has in place a Tribute Mining Agreement with Resource Gold Pty Ltd (“RGL”) to process suitable material from within the Project using RGL’s gravity plant. All costs and environmental liabilities are carried by RGL and Montezuma receives 25% of all metal produced.

Work to date has produced a total of 521.15 ounces of gold and 33.04 ounces of silver. Montezuma’s share of revenue received to date is approximately $154,000.

Production is currently halted due to the Christmas break and due to necessary repair work on the plant, however treatment of material is expected to resume before the end of January 2010.

The cashflow generated by the gold processing programme will help to fund accelerated exploration at Peak Hill and the surrounding tenure as well as at the company’s exciting new copper/manganese project at Butcher Bird to the northeast.

DURACK (Earning 85%)

Windsor Gold Zone

During the Quarter, assay results were received from first pass testing of the Windsor gold zone discovered to the south of the known Resource within the Durack Project area.

A total of 12 holes were completed for 1,457m to test the extensions of mineralisation intersected in discovery hole D09002 which returned a best intersection of 33m @ 1.89 g/t gold including 3m @ 3.52 g/t and 7m @ 5.32 g/t.

Seven out of the twelve completed holes intersected significant gold mineralisation and the mineralised zone remains open in all directions. Work will now turn to understanding the controls on mineralisation so that the next round of work can focus on targeting the thicker, higher grade sections of the orebody.

Mineralisation at Windsor is structurally complex, with a strong tendency to pinch and swell in size and position. Gold is associated with siliceous, sericite alteration with minor pyrite within quartz stringers.

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BUTCHER BIRD (MZM 100% under application)

Manganese

An additional 22 rock chip samples were taken on EL 52/2350 “Butcher Bird” returning further very strong manganese results over priority target areas.

A total of 72 surface rock chip samples have now been collected by Montezuma over three site visits. All samples were analysed by Ultra Trace Pty Ltd using XRF glass beads. The results to date continue to provide a very strong case for the project to be a priority project for drill testing of key target areas.

Prospect	ID	Easting GDA	Northing GDA	Mn (%)	Fe (%)	Al2O3 (%)	SiO2 (%)	TiO2 (%)	LOI (%)
Bindi Bindi Hill	BBG06	765335	7299208	44.2	3.3	3.9	13.1	0.15	10.3
Bindi Bindi Hill	BBG07	765372	7299196	45.4	2.2	3.6	12.5	0.14	10.2
Bindi Bindi Hill	BBG08	765183	7299259	43.8	2.7	4.1	14.1	0.15	9.9
Bindi Bindi Hill	BBG09	765181	7299264	41.2	5.0	4.5	14.5	0.17	10.0
Bindi Bindi Hill	BBG10	765178	7299268	35	9.0	5.4	18.3	0.21	9.6
Bindi Bindi Hill	BBG11	765176	7299274	42.4	3.7	4.6	14.5	0.17	10.0
Bindi Bindi Hill	BBG12	765190	7299260	45.7	2.5	3.7	11.7	0.14	10.5
Bindi Bindi Hill	BBG13	765285	7299006	43.6	3.6	4.0	13.5	0.14	10.0

The manganese at Bindi Bindi Hill is largely manganite recrystallised in fine layers as thin slabs and blocks in a paleochannel environment. These samples are from the Western margin of the mineralised paleochannel, and indicate the manganese mineralisation is continuous from the margins to the centre of the paleochannel.

Prospect	Name	Easting GDA	Northing GDA	Mn (%)	Fe (%)	Al2O3 (%)	SiO2 (%)	TiO2 (%)	LOI (%)
Cadgies Flats	BBG01	765532	7300778	33.4	8.7	5.3	19.2	0.18	9.9
Cadgies Flats	BBG02	765535	7300773	34.3	9.5	5.1	18.1	0.19	9.6
Cadgies Flats	BBG03	765541	7300765	35.3	9.9	4.7	17.1	0.17	9.4
Cadgies Flats	BBG04	765772	7301062	35.4	8.8	4.7	18.2	0.21	10.0
Cadgies Flats	BBG05	765873	7301114	38.4	6.3	5.3	16.4	0.18	10.0

Cadgies Flats is located between Bindi Bindi Hill and Illgararie Hill. The mineralisation occurs as buried paleochannels that have been eroded by present day flat pans. Mineralisation is seen at the surface as scattered zones of thin and platey slabs of recrystallised manganite.

Prospect	Name	Easting GDA	Northing GDA	Mn (%)	Fe (%)	Al2O3 (%)	SiO2 (%)	TiO2 (%)	LOI (%)
Bindi Bindi Flats	BBG14	765281	7298831	23.9	19.7	5.8	18.4	0.2	10.2
Bindi Bindi Flats	BBG15	765239	7298719	39.0	7.0	4.8	14.9	0.18	10.4
Bindi Bindi Flats	BBG16	764568	7298113	20.1	24.7	5.6	18.8	0.25	8.5
Bindi Bindi Flats	BBG17	764048	7298091	25.9	18.1	5.2	18.5	0.17	9.9
Bindi Bindi Flats	BBG18	763762	7297973	6.0	35.8	6.2	22.5	0.26	9.2

Bindi Bindi Flats is located to the south of Bindi Bindi hill and comprises a present day flat pan with buried paleochannel manganese mineralisation. Some outcropping manganiferous rocks were sampled, and returned poor grades, and high Iron and silica values. BBG15 represents manganese rich scree from the eastern side of the flatplan, indicating encouraging potential exists for mineralisation on the eastern margin of Bindi Bindi Flats.

Prospect	Name	Easting GDA	Northing GDA	Mn (%)	Fe (%)	Al2O3 (%)	SiO2 (%)	TiO2 (%)	LOI (%)
Bindi Bindi West	BBG19	763330	7298138	36.6	7.4	5.1	17.9	0.19	10.3
Bindi Bindi West	BBG20	763267	7298205	35.1	8.8	5.9	18.3	0.21	10.3
Bindi Bindi West	BBG21	763255	7298172	36.5	7.3	5.5	18.5	0.2	10.2
Bindi Bindi West	BBG22	763258	7298154	4.2	33.4	8.2	27.2	0.32	7.6

Bindi Bindi West represents a buried manganese rich paleochannel that is exposed by present day gully erosion. The paleochannel stikes roughly NE, and directly along strike from Bindi Bindi Hill. This paleochannel represents one of the tributaries of the Bindi Bindi Hill paleochannel, and provides an exploration target comprising the western margins of the present day Bindi Bindi Flats (approx 4km in strike). BBG19 to 21 are from the paleochannel mineralised zone, and BBG22 is from the margins, confirming the contact is an unconformity.

The Butcher Bird licence application straddles the Great North Highway approximately 120km south of Newman. The land is open with sparse vegetative cover, giving good access to all areas of the licence.

Based on the large regional extent of the surface mineralisation the available outcrop and remote sensing data, Butcher Bird continues to demonstrate excellent potential to host commercial quantities of manganese. Once the tenements have been granted and relevant clearances received, drilling will commence as soon as possible. Exploration targets include:

Prospect	Mineralisation Style	Approx. Area	Approx Tonnes of Manganese(Mt)	Approx. Grade of Manganese
Yanneri Ridge	Supergene Manganese enriched shales	260,000 m2	1.9 – 2.1 Mt	35% to 44%
Yanneri Flats	Manganese bearing scree downslope of richer areas	500,000 m2	0.9 – 1.1 Mt	35% to 40%
Yanneri Flats	Manganese rich paleochannel	250,000 m2	0.4 – 0.6 Mt	35% to 45%
Bindi Bindi Hill	Manganese rich paleochannel	250,000 m2	1.4 – 1.6 Mt	35% to 45%
Bindi Bindi Hill	Manganese bearing scree downslope of richer areas	900,000 m2	0.9 – 1.1 Mt	30% to 40%
Bindi Bindi Flats	Buried Manganese rich paleochannel	1,000,000 m2	0.4 – 0.6 Mt	30% to 35%
Illgararie Hill	Supergene Manganese enriched shales	400,000 m2	0.9 – 1.1 Mt	30% to 35%
Cadgies Flats	Buried Manganese richpaleochannel	500,000 m2	0.4 – 0.6 Mt	30% to 35%

Table: Estimated manganese Exploration Targets at the Butcher Bird Project

* It should be noted that in relation to these exploration target estimates, the potential quantity and grades are conceptual in nature and there has been insufficient drilling to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Illgararie Hill
Cadgies Flats
Bindi Bindi Hill
Yanneri Ridge
Bindi Bindi Flats
Yanneri Flats
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36.5% Mn 36.2% Mn 31.6% Mn
39.2% Mn
42.4% Mn 36.6% Mn
38.7% Mn
Yanneri Ridge 34.9% Mn 39.4% Mn
35.5% Mn 41.1% Mn 29.7% Mn
20.4% Mn
36.1% Mn 33.1% Mn
39.5% Mn 40.4% Mn 38.8% Mn
35.3% Mn
37.6% Mn
40.7% Mn
Yanneri Flats
----- End of picture text -----

4.2% Mn 42.4% Mn Bindi Bindi Hill 44.2% Mn 36.5% Mn 35.0% Mn 45.4% Mn 43.6% Mn 35.1% Mn 41.2% Mn 33.7% Mn 36.6% Mn 43.8% Mn 45.7% Mn 39.5% Mn 43.6% Mn 35.4% Mn 23.9% Mn 41.0% Mn Bindi Bindi Flats 44.4% Mn 43.1% Mn 39.0% Mn 20.1% Mn 25.9% Mn 6.0% Mn

AUVEX RESOURCES LIMITED (MZM 10M SHARES)

Auvex Resources Limited (“Auvex”) has advised that the WA Department of Mines & Petroleum (DMP) has confirmed its intention to approve Auvex Resources Limited’s Mining Proposal to develop and mine the Ant Hill manganese deposit, subject only to the lodgement of relevant Unconditional Performance Bonds.

The State Mining Engineer of the DMP has also advised formally that the Project Management Plan has been approved, and that mining may commence.

These approvals will allow Auvex to proceed with the development of the Resources at Ant Hill and they have advised that their intention is to commence mining operations as quickly as possible at an initial target production rate of 300,000 tonnes per annum of manganese DSO ore.

Montezuma are very pleased with progress to date at Ant Hill and Sunday Hill and have a high level of confidence that Auvex will succeed in developing a long-term commercial manganese operation

Successful listing of the Auvex on the ASX in the near term will provide an opportunity to generate tangible returns from Montezuma’s shareholding in the company, with the potential to inject significant capital onto our balance sheet to fund continued work at Peak Hill and Butcher Bird, as well as potential future acquisitions, underpinning Company growth and shareholder returns.

MT PADBURY (100% of rights other than iron ore and manganese)

Summary drilling data was received during the Quarter from the recently completed RC drilling programme at Mt Padbury from Sinosteel Midwest Corporation Limited “Sinosteel Midwest”.

The drilling completed to date has confirmed high grade iron ore mineralisation over a strike length of approximately 1,000m. The intersections occur over broad down hole widths and provide significant encouragement for the upcoming maiden Mineral Resource Estimate scheduled for early 2010.

Per the terms of the sale of the iron ore rights at Mt Padbury to Sinosteel Midwest, if Sinosteel Midwest defines a JORC compliant iron ore resource in excess of 10M tonnes grading over 50% Fe, a further cash payment of $4M becomes payable to Montezuma. Montezuma will also receive royalties on any future production.

Sinosteel Midwest Corporation Ltd (Robinson Range Project Exploration) - Significant Drill Hole Assay Intervals Jabiru Prospect (E52/1529)

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BUXTON RESOURCES LIMITED (MZM 3M SHARES)

During the Quarter, Montezuma increased its holding in Buxton Resources Limited (ASX: BUX) to 3,000,000 fully paid ordinary shares, approximately 9.39% of the total issued capital in Buxton.

EGERTON PROJECT

Montezuma has entered into an option agreement with Exterra Resources Pty Ltd whereby Exterra may acquire a 100% interest in the Egerton Project E52/2117.

Exterra has paid Montezuma a non-refundable option fee of $20,000 for an exclusive six month option to acquire the project by issuing 2,000,000 fully paid shares and 1,000,000 20c options. The agreement is subject to Exterra achieving listing on the Australian Securities Exchange.

Exterra Resources is putting together a portfolio of high grade gold properties in WA with resources and/or exploration potential to support near term production from high grade, high margin operations.

The Egerton Project covers approximately 6km of the strike extension of the host structure which hosts the Exterra owned Hibernian gold mine, which has historically produced from narrow high grade lode style deposits. The strike extension within E52/2117 is considered prospective for analogous orebodies similar to the Hibernian

More Information

Justin Brown

Managing Director Phone: +61 (8) 9228 4833 Mobile: 0438 745 675

The Information in this report that relates to exploration results is based on information compiled by Justin Brown, who is a member of the Australian Institute of Mining & Metallurgy. 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 2004 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Justin Brown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.