ELEMENT 25 LIMITED — Investor Presentation 2018

May 15, 2018

Montezuma is now Element 25 Limited

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Note: From Thursday 17 May, the Company’s ASX ticker will change from MZM to E25 .

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Element 25 Limited Investor Update Transitioning from a diversified explorer to the developer of a world class high purity manganese project to supply the battery revolution. - May 2018

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Disclaimer

This presentation contains only a brief overview of Element 25 Limited and its associated entities (“Element 25") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Element 25’s control, may cause the actual results, performance and achievements of Element 25 to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Element 25 does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Element 25, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Element 25 or its activities.

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Corporate Overview

Financial Information

Financial Information
ASX Ticker (effective 17 May 2018)	E25
Shares on Issue	83.5M
Share Price	$0.26
Market Capitalisation	$21.7M
Cash & Investments (31 March 18)	~10M
Debt	Nil
Enterprise Value	~$11.71M
Top 20 Shareholders	~67%

Board and Management

Seamus Cornelius Chairman Justin Brown Executive Director John Ribbons Non Executive Director Dave O’Neill Exploration Manager

Share Price Performance

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2018
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2017
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Major Shareholders

Top 20 Shareholders

Top 20 Shareholders 67% Board and Management 8.2% JP Morgan Nominees Australia 11.4% Duketon Mining Ltd 6.5%

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High Purity Manganese

What is High Purity Manganese?

• High purity manganese is a premium product segment.

• It makes up about 10% of the global manganese market by volume; but

• It makes up about 40% of the global manganese market by value.

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Three main products:

• Electrolytic Manganese Metal (“EMM”)

• Electrolytic Manganese Dioxide (“EMD”)

• Manganese Sulphate

Main uses:

• Li-ion batteries

• Series 200 stainless steel

• Specialty alloys

• Fertiliser and trace nutrient

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High Purity Manganese Market Forecast

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Reference: Metal Bulletin Commissioned Manganese Market Report April 2018

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World Class Manganese Resource

The Butcherbird Manganese Project

• Australia’s largest onshore manganese deposit.

• .

• 180 Mt of manganese ore[*]

• Excellent local infrastructure.

• 100% owned by Element 25 Limited.

• Low risk mining jurisdiction.

• Mining Lease Application lodged February 2018.

• Scoping Study completed.

• Pre Feasibility Study Commenced.

• *Reference: Montezuma Mining Company Ltd ASX release dated 12 October 2017

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BUTCHERBIRD
MANGANESE
DEPOSIT
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World Class Manganese Resource

Prospect	Tonnes (Mt)	Mn (%)	SiO2 (%)	Fe (%)	P2O5 (%)	Al2O3 (%)
Yanneri Ridge
Inferred	48.0	10.7	43.0	11.1	0.262	10.7
Indicated	22.5	12.0	43.8	11.6	0.297	10.6
Additional Deposits
Inferred	110.3	10.6	44.4	11.9	0.3	11.0
Total	180.8	10.8	43.9	11.7	0.3	10.9

• Inferred and Indicated Resource Estimates completed for eight deposits.

• Significant potential remains to increase the resource with further drilling.

• Scale of development not resource constrained.

Reference: Element 25 Limited ASX release dated 12 October 2017 (originally released under the MZM ticker code)

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Simple Geology and Great Infrastructure

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Simple Geology and Great Infrastructure

• Flat lying stratiform ore body, very simple geology.

• Manganese orebody • Starts at surface • Low strip ratio • Low cost mining

• Ore zone starts at surface and is laterally continuous.

• No selective mining required.

• Low strip ratio of 0.2:1 based on preliminary pit optimisations.

• Ore zone is above the water table.

Note: All intersections are approximately true width

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A Unique Processing Pathway

Breakthrough Technology

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ROM
Ore
Crushing
Drum Cake
[[1]] . Scrubbing Underflow
Milling
Reductant Hydrometallurgical Cake
Recovery &
Purification Polishing Solids
PLS
EMM
Mn Sulphate
Electrowinning
Crystaliser
Cells
Tails Storage
Facility
Mn Sulphate EMM
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• CSIRO-developed flowsheet produces high purity battery grade manganese.

• Products include Electrolytic Manganese Dioxide (“EMD”), Metal (“EMM”), and manganese sulphate (batteries and fertiliser).

• High purity manganese is a high value product which sells for ~USD$2,250/t (EMM)[[1]] .

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HIGH PURITY PRODUCTS FOR Li-Ion LOW COST PLANT FEED FROM 100% OWNED MANGANESE RESOURCE BATTERIES, HIGH VALUE: >US$2000/t[1]

1https://www.metalbulletin.com/My-price-book.html?price=34473

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Key Differentiators

Current Production Methods (China & SA)

• Requires high grade imported manganese ore or very low grade domestic ore – both expensive.

• Reduction Roasting to 800-1,000ºC (for oxide ores) consumes energy.

Element 25 Flowsheet

• Lower cost ore mined at surface.

• Fast leach at ambient temperature and atmospheric pressure.

• Exothermic reaction produces energy.

• Sulphuric acid leach.

• No sulphuric acid plant.

• Potentially more complex purification.

• Simple, novel purification pathway.

• Production of final products using toxic selenium.

High emission, high energy, high cost, old technology

• Purified solution can produce EMM, EMD or man anese sulfate for Li-Ion batteries. g Lower emissions, lower energy,

• lower cost disruptive new technology

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Next Steps for Element 25?

Scoping Study Completed, PFS Initiated

KEY FACTORS FOR OPTIMISATION:

• SCALE: Very large resource means optimal scale is not limited by resource size. Study will assess production volumes from 100Kt (potential mine life ~180 years) to 1Mt (potential mine life ~18 years).

• POWER SOLUTION: Electro-winning is a heavy power consumer so power cost is a significant input. Gas pipeline provides robust base case. Renewable penetration and optimisation to drive costs down.

• LOGISTICS: Scoping Study assumes products to be shipped in containers via Fremantle. PFS work will investigate Port Hedland to reduce haulage costs.

• MINING: Simple geology expected to mean low cost and low sensitivity to overall opex.

• MARKETING: Product selection (EMM, EMD and MnSO4) and price forecasts are key factors.

• CAPEX/OPEX: Capital intensity will reduce at larger scales. Optimal startup size to be worked out.

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Project Timeline Estimate

Scoping Study✓ Decision to proceed to PFS PFS Decision to proceed to FS FS Decision to proceed to Construct Construct Commence Mining Commence Operations Project Costs	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2018 A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2019 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2020 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D	2021 J F M A M J J A S O N D
	$ 5.7 M $ 2.5 M CAPEX

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PFS Budget Estimate

Work Area
	2018 May Jun Jul Aug Sep Oct Nov Dec	2019 Jan Feb Mar Apr May
Resource Upgrade 800 Mine Design - Reserve 125 Met Test Work 1,000 Pilot Plant 1,500 Geotechnical 50 Water 220 Environmental 740 Market 250 Power 250 Infrastructure 5 Logistics 100 Financial/Tax 100 PFS Management 560	8 336 386 50 20 50 50 25 17 17 142 125 125 125 83 375 375 375 50 20 75 75 50 110 136 136 133 22 22 22 63 63 63 63 36 36 36 3 17 24 14 14 31 25 58 23 58 23 58 23 58	150 150 67 375 47 47 47 19 36 36 36 36 3 25 25 25 23 78 78 78
Total ($'000) 5,700	192 611 934 532 763 662 627	657 336 252 133

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Conclusion – why invest?

• World class, very large manganese deposit makes the project eminently scalable.

• Technology breakthrough on processing.

• Simple geology and flowsheet reduces technical risk.

• Strong demand growth forecast from conventional end users and the battery revolution.

• Multiple competitive advantages including low cost, long mine life, scalability and environmental credentials.

• Scoping Study to assess project economics positive and robust.

• Strong balance sheet, low market capitalisation and enterprise value, tight capital structure.

• The only current ASX listed opportunity in this sector…

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Thank you.

For more information, please contact Element 25 Limited: +61 6315 1400

admin@e25.com.au www.element25.com.au

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Competent Person’s Statement

Note: The information in this presentation that relates to Exploration Results, Exploration Targets and Mineral Resources is based on information compiled by Mr Justin Brown who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Justin Brown 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’. 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.

Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

All references to Mineral Resources pertain to the ASX release dated 12 October 2017. The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed.

For further information on Element 25 Limited and its Projects please visit its website at www.element25.com.au which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies.…

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