ELEMENT 25 LIMITED — Interim / Quarterly Report 2015

Jan 29, 2015

==> picture [287 x 169] intentionally omitted <==

==> picture [307 x 7] intentionally omitted <==

Montezuma Mining Company Limited (ASX: MZM) continued to further advance its WA exploration activities during the quarter ended 31 December 2014:

==> picture [11 x 11] intentionally omitted <==

• Agreement reached with the Yilka native title claimants allowing Yamarna Project licence applications to proceed to grant.

==> picture [11 x 11] intentionally omitted <==

• Multiple Manganese Drilling Targets Identified by DDIP Survey at Woodie Woodie West.

==> picture [11 x 11] intentionally omitted <==

• Targeted tenement acquisition ongoing in Western Australia.

==> picture [11 x 10] intentionally omitted <==

• Continued review of domestic and overseas acquisition targets.

31 DECEMBER 2014 QUARTERLY REPORT

ABOUT MONTEZUMA MINING

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

MARKET DATA

ASX code: MZM Share price: $0.215 Shares on issue: 70,464,350 Market capitalisation: $15.149M Cash as at 31 December 2014: $8.018m

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons Chief Executive Officer Mike Moore

Montezuma Mining Company Ltd (“Montezuma”) has agreed key exploration and land access agreement terms in respect to Yamarna tenement applications E38/2961, E38/2889 and E38/2999. The agreement was reached at a meeting of the Yilka native title claimants at Cosmo Newberry Community.

A recent Dipole-Dipole Induced Polarisation (DDIP) ground based geophysical program undertaken at the Woodie Woodie West Manganese Project has identified a high priority target to be investigated. A drilling program is expected to be completed during the coming quarter subject to receipt of statutory clearances.

In line with the Company’s growth strategy to utilise Montezuma’s strong cash position in order to build a diversified resource asset base, a number of potential investment and acquisition opportunities were reviewed during the Quarter.

Additionally, there is a continued effort to actively target tenement acquisition opportunities within Western Australia and selected low risk overseas jurisdictions where compelling geology and early mover advantage presents potential favourable opportunities.

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

MZM Quarterly Report December 2014

Yamarna Gold Project (100%)

The Company is currently working with the Yilka native title claimants’ legal representative, Central Desert Native Title Services to satisfy the necessary conditions to gain access to the Project area to enable on ground exploration work to commence.

The first of three tenement applications (E38/2889) in the claim area has been granted however access is still contingent on finalising arrangements with respect to the agreement with the native title claimants and the issue of an Aboriginal reserve lands Mining Access permit which is expected to occur in early 2015.

The Yamarna Belt is historically underexplored and highly prospective for gold mineralisation. Regionally, the belt has reported global Mineral Resources by Gold Road Resources Limited (ASX:GOR) of 5.1 million ounces of gold[1] and has yielded a number of new discoveries from recent exploration campaigns.

The only previous exploration on the Company’s priority tenement area E38/2889 has been reported by Western Mining Corporation (WMC) in 1997, and includes 377 soil geochemical samples on a 1,600m x 200m grid with infill to 400m x 200m around areas of gold anomalism.

A total of 36 samples recorded greater than 5ppb Au in soil (anomalously high) and the highest result recorded was noted to be 22ppb. These anomalous results highlight a cluster of five roughly linear zones, overlying granitic intrusives and their respective contact areas. The size and shapes of theses clusters are roughly similar in scale to the RAB interface anomalies defined by Gold Road Resources Ltd (GOR) at their Gruyere, Toto and YAM14 Au prospects to the immediate NW of ELA 38/2889[1] .

Based on the regional geology and the robust and extensive geochemical anomalism, the Company regards E38/2889 as having potential to host significant gold mineralisation and the intent to commence exploration as soon as necessary permitting and heritage clearances are in place.

The currently planned initial phase of work (subject to heritage clearances) will comprise repeat and infill soil sampling and the acquisition of close spaced aeromagnetic and radiometric survey data to provide a robust data set for drill targeting. Based on the results of this initial phase of work, further infill geochemical sampling may be warranted or it may be possible to proceed directly to drill testing of any defined targets.

1Website reference http://www.goldroad.com.au/reports/GruyereMaidenResourceAugust2014.pdf

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

MZM Quarterly Report December 2014

==> picture [502 x 641] intentionally omitted <==

Figure 1: Tenement locations and historic WMC soil geochemistry at the Yamarna Project

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

3

MZM Quarterly Report December 2014

Woodie Woodie West (option to acquire 75%)

The Company conducted a Dipole-Dipole Induced Polarisation (DDIP) ground based geophysical program at the Woodie Woodie West Manganese Project and identified a high priority target to be investigated. A drilling program will be completed as soon as practicable and is subject to heritage clearances (see Figure 2).

DDIP has historically proven to be a successful exploration tool to identify manganese mineralisation in the Woodie Woodie corridor and has been successful in defining multiple targets at Woodie Woodie West.

Tenement E45/3548 lies immediately west of the world class high grade Woodie Woodie Manganese Mine in the East Pilbara region of Western Australia. Woodie Woodie has been producing manganese ore since the early 1950’s from a series of deposits hosted within the Carawine Dolomite and Pinjin Chert Breccia. The mine produces ore with over 45% contained Mn and has produced in excess of 35Mt of ore to date.[2]

The Woodie Woodie West Project has been interpreted to have similar geology as that which hosts manganese mineralisation at the adjacent mine. To date the tenement has not been drill tested.

==> picture [452 x 139] intentionally omitted <==

Figure 2. Chargeability model for the DDIP line identifying Target A.

Target A is a strong near surface DDIP chargeability anomaly with a peak chargeability value of in excess of 14 mV/V and is considered very high and potentially indicative of subsurface manganese mineralisation. The anomaly is in the northern central portion of the tenement and lies midway between an interpreted northeast structural trend and an interpreted north-east mineralisation trend. A known deposit of manganese mineralisation lies 1,300m to the east-north-east.

2 Jones, Sarah and McNaughton, Neal J. and Grguric, Ben 2013. Structural controls and timing of Fault Hosted manganese at Woodie Woodie, East Pilbara, Western Australia. Ore Geology Reviews. 50: pp. 52-82

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

MZM Quarterly Report December 2014

==> picture [365 x 387] intentionally omitted <==

Figure 3. Tenement E45/3548 showing location of Target A in relation to interpreted trend lines.

A number of lower order chargeability anomalies have been identified along the 314500E traverse and are considered prospective and will be drill tested. A reverse circulation (RC) drill program is currently being planned to test a number of targets generated by the recent DDIP program and will include Target A. Several geological targets will also be tested.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

5

MZM Quarterly Report December 2014

FOR MORE INFORMATION…

Mike Moore

Chief Executive Officer Phone: +61-8 6315 1400 Email: mmoore@montezuma.com.au

Ronn Bechler

Investor Relations, Market Eye Phone: +61-400 009 774 Email: ronn.bechler@marketeye.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.montezumamining.com.au.

==> picture [473 x 5] intentionally omitted <==

The Information in this report that relates to Yamarna exploration results is based on information compiled by Mr Justin Brown, who is a member of the Australian Institute of Mining and Metallurgy. Mr Brown is a geologist who is a full time employee of Montezuma Mining Company Ltd 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 Brown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to Woodie Woodie West exploration results is based on information compiled by Nat Cull, who is a member of the Australian Institute of Geologists. Mr Cull is a geologist who is a consultant to Montezuma Mining Company Ltd 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 Cull consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

6

MZM Quarterly Report December 2014

Appendix 1: Tenements and Locations

Montezuma Mining Company Limited ASX Additional Information for Quarterly Report to 31 December 2014

	Tenement reference	Location	Interest at beginning of quarter	Acquired / Disposed	Interest at end of quarter
The mining tenements held at the end of the quarter and their location	E09/1985	Yalbra WA	15%	N/A	15%
	E15/1447	Lake Lefroy	0%	Acquired	100%
	E20/659	Eelya Hill WA	10%	N/A	10%
	P20/2018	Eelya Hill WA	10%	N/A	10%
	E20/861	Sunday Well WA	100%	N/A	100%
	E28/2313	Green Dam WA	100%	N/A	100%
	E28/2327	Green Dam WA	100%	N/A	100%
	E28/2504	Manners Flat	0%	Acquired	100%
	E28/2514	Judada Rocks	0%	Acquired	100%
	E28/2516	Pinnacles	0%	Acquired	100%
	E36/833	Leinster WA	100%	N/A	100%
	E37/1176	Leonora WA	100%	N/A	100%
	E38/2889	Malle Hen Point WA	100%	N/A	100%
	E38/2961	Mt Venn WA	100%	N/A	100%
	E38/2999	Malle Hen Point North WA	100%	N/A	100%
	E46/982	Pilbara WA	100%	N/A	100%
	E47/2817	Hamersley Range WA	100%	N/A	100%
	E47/2818	Hamersley Range WA	100%	N/A	100%
	E47/2819	Hamersley Range WA	100%	N/A	100%
	E51/1622	Telegraph Well WA	100%	N/A	100%
	E52/1529	Mt Padbury WA	100%(Note 1)	N/A	100%(Note 1)
	E52/2350	Butcher Bird WA	100%	N/A	100%
	E52/2647	Little Well South WA	100%	N/A	100%
	E52/2831	Millidie Creek WA	100%	N/A	100%
	E52/2658	Butcherbird South WA	100%	N/A	100%
	E52/2727	Butcherbird East WA	100%	Disposed	100%
	E52/2808	Butcherbird North West WA	100%	N/A	100%
	E52/3082	Mt Padbury WA	100%	N/A	100%
	E52/3082	Mt Padbury WA	100%	N/A	100%
	E53/1834	Mt Keith	0%	Acquired	100%
	E58/469	Wondinong WA	100%	N/A	100%
	E58/470	Challa WA	100%	N/A	100%
	E69/3311	Cunyu WA	100%	N/A	100%

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

7

MZM Quarterly Report December 2014

	Tenement reference	Location	Interest at beginning of quarter	Acquired / Disposed	Interest at end of quarter
Beneficial percentage interests held in farm-in or farm-out agreement	E45/2375	Pilgangoora WA	10%(no tin-tantalum- lithium rights)	N/A	10%(no tin-tantalum- lithium rights)

Notes:

• 1) 100% interest held in all minerals other than iron ore and manganese.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

8

MZM Quarterly Report December 2014

Appendix 1: JORC Code, 2012 Edition Geophysical results – Woodie Woodie West Project

JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut	No sampling is applicable to this
techniques	channels, random chips, or specific	announcement
	specialised industry standard
	measurement tools appropriate to the
	minerals under investigation, such as
	down hole gamma sondes, or
	handheld XRF instruments, etc).
	These examples should not be taken
	as limiting the broad meaning of
	sampling.
	 Include reference to measures taken
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
	 Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	 In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation,	No drilling is applicable to this
techniques	open-hole hammer, rotary air blast,	announcement
	auger, Bangka, sonic, etc) and details
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill	 Method of recording and assessing	No sampling is applicable to this
sample	core and chip sample recoveries and	announcement
recovery	results assessed.
	 Measures taken to maximise sample
	recovery and ensure representative
	nature of the samples.
	 Whether a relationship exists between
	sample recovery and grade and
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.
Logging	 Whether core and chip samples have	No drilling is applicable to this
	been geologically and geotechnically	announcement
	logged to a level of detail to support

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

9

MZM Quarterly Report December 2014

Criteria	JORC Code explanation	Commentary
	appropriate Mineral Resource
	estimation, mining studies and
	metallurgical studies.
	 Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc) photography.
	 The total length and percentage of the
	relevant intersections logged.
Sub-	 If core, whether cut or sawn and	No sampling is applicable to this
sampling	whether quarter, half or all core taken.	announcement
techniques	 If non-core, whether riffled, tube
and	sampled, rotary split, etc and whether
sample	sampled wet or dry.
preparation	 For all sample types, the nature,
	quality and appropriateness of the
	sample preparation technique.
	 Quality control procedures adopted
	for all sub-sampling stages to
	maximise representivity of samples.
	 Measures taken to ensure that the
	sampling is representative of the in
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	 Whether sample sizes are appropriate
	to the grain size of the material being
	sampled.
Quality of	 The nature, quality and	No sampling is applicable to this
assay data	appropriateness of the assaying and	announcement
and	laboratory procedures used and
laboratory	whether the technique is considered
tests	partial or total.
	 For geophysical tools, spectrometers,
	handheld XRF instruments, etc, the
	parameters used in determining the
	analysis including instrument make
	and model, reading times, calibrations
	factors applied and their derivation,
	etc.
	 Nature of quality control procedures
	adopted (eg standards, blanks,
	duplicates, external laboratory
	checks) and whether acceptable
	levels of accuracy (ie lack of bias) and
	precision have been established.
Verification	 The verification of significant	No sampling is applicable to this
of	intersections by either independent or	announcement
sampling	alternative company personnel.
and	 The use of twinned holes.
assaying	 Documentation of primary data, data
	entry procedures, data verification,
	data storage (physical and electronic)
	protocols.
	 Discuss any adjustment to assay
	data.
Location of	 Accuracy and quality of surveys used	No sampling is applicable to this
data points	to locate drill holes (collar and down-	announcement
	hole surveys), trenches, mine
	workings and other locations used in
	Mineral Resource estimation.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

10

MZM Quarterly Report December 2014

Criteria	JORC Code explanation	Commentary
	 Specification of the grid system used.
	 Quality and adequacy of topographic
	control.
Data	 Data spacing for reporting of	No sampling is applicable to this
spacing	Exploration Results.	announcement
and	 Whether the data spacing and
distribution	distribution is sufficient to establish
	the degree of geological and grade
	continuity appropriate for the Mineral
	Resource and Ore Reserve
	estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has
	been applied.
Orientation	 Whether the orientation of sampling	No sampling is applicable to this
of data in	achieves unbiased sampling of	announcement
relation to	possible structures and the extent to
geological	which this is known, considering the
structure	deposit type.
	 If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	 The measures taken to ensure	No sampling is applicable to this
security	sample security.	announcement
Audits or	 The results of any audits or reviews of	No sampling is applicable to this
reviews	sampling techniques and data.	announcement

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number,	 Tenement E45/3548 is located in the
tenement and land tenure status	location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	East Pilbara region of Western Australia. Montezuma Mining Company Ltd has entered into an option agreement with Ucabs Pty Ltd ("UCABS"), whereby Montezuma may acquire 75% of UCABS’s interest in the Woodie Woodie West
	 The security of the tenure held at the	Project.
	time of reporting along with any
	known impediments to obtaining a
	licence to operate in the area.
Exploration	 Acknowledgment and appraisal of	No known exploration conducted by
done by other	exploration by other parties.	any other parties.
parties
Geology	 Deposit type, geological setting and	Precambrian rocks within the
	style of mineralisation.	eastern Pilbara. Manganese
		mineralisation in this region consists
		predominantly of hydrothermally
		altered Carawine Dolomite.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

11

MZM Quarterly Report December 2014

Criteria	JORC Code explanation	Commentary
Drill hole	 A summary of all information	No known drilling on E45/3548
Information	material to the understanding of the
	exploration results including a
	tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill
	hole collar
	o elevation or RL (Reduced Level –
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	 If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	 In reporting Exploration Results,	No sampling is applicable to this
aggregation	weighting averaging techniques,	announcement
methods	maximum and/or minimum grade
	truncations (eg cutting of high
	grades) and cut-off grades are
	usually Material and should be
	stated.
	 Where aggregate intercepts
	incorporate short lengths of high
	grade results and longer lengths of
	low grade results, the procedure
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	 The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly	No sampling is applicable to this
between	important in the reporting of	announcement
mineralisation	Exploration Results.
widths and	 If the geometry of the mineralisation
intercept	with respect to the drill hole angle is
lengths	known, its nature should be
	reported.
	 If it is not known and only the down
	hole lengths are reported, there
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with	No sampling is applicable to this
	scales) and tabulations of intercepts	announcement
	should be included for any
	significant discovery being reported
	These should include, but not be
	limited to a plan view of drill hole
	collar locations and appropriate
	sectional views.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

12

MZM Quarterly Report December 2014

Criteria	JORC Code explanation	Commentary
Balanced	 Where comprehensive reporting of	No sampling is applicable to this
reporting	all Exploration Results is not	announcement
	practicable, representative reporting
	of both low and high grades and/or
	widths should be practiced to avoid
	misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful	A total of 7,730m of Dipole Dipole
substantive	and material, should be reported	Induced Polarisation geophysical
exploration	including (but not limited to):	test work was carried out over two
data	geological observations; geophysical	north-south orientated lines and five
	survey results; geochemical survey	east-west orientated lines on
	results; bulk samples – size and	E45/3548.The two north-south lines
	method of treatment; metallurgical	identified four areas of interest, of
	test results; bulk density,	which one is considered prospective
	groundwater, geotechnical and rock	in that it has returned a chargeability
	characteristics; potential deleterious	reading of 16mV/V. The top of the
	or contaminating substances.	zone of interest has been interpreted
		to be less than 100m from surface.
		The remaining geophysical results
		have been interpreted to have
		identified deep Permian glacial till
		that has little prospectivity.
Further work	 The nature and scale of planned	A Reverse Circulation drilling
	further work (eg tests for lateral	program is planned to test the four
	extensions or depth extensions or	areas of interest identified by the
	large-scale step-out drilling).	DDIP geophysical program. It is too
	 Diagrams clearly highlighting the	early, at this stage, to comment on
	areas of possible extensions,	possible extensions and step-out
	including the main geological	drilling. It is likely that a small
	interpretations and future drilling	number of geological targets will
	areas, provided this information is	also be drilled during this relatively
	not commercially sensitive.	small campaign.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 31 December 2014

13