ELEMENT 25 LIMITED — Investor Presentation 2018

Apr 23, 2018

MONTEZUMA MINING COMPANY LTD

121 Mining Investment Hong Kong, April 2018

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PROJECT UPDATE

Developing Australia’s Largest Onshore Manganese Resource Producing Low Cost, Low Emissions, High Purity Manganese

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WORLD CLASS MANGANESE RESOURCE

INNOVATIVE PROCESSING

HIGH PURITY HIGH VALUE MANGANESE PRODUCTS

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Disclaimer

This presentation contains only a brief overview of Montezuma Mining Company Ltd and its associated entities (“Montezuma") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Montezuma’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 Montezuma’s control, may cause the actual results, performance and achievements of Montezuma to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Montezuma does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Montezuma, 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 Montezuma or its activities.

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CORPORATE OVERVIEW
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Tight Capital Structure Strong Balance Sheet

Financial Information

Financial Information
ASX Ticker	MZM
Shares on Issue	83.5M
Share Price	$0.28
Market Capitalisation	$23.4M
Cash & Investments (31 March 18)	~10M
Debt	Nil
Enterprise Value	~$13.4M
Top 20 Shareholders	~67%
Board and Management

Share Price Performance

2017 2018

Board and Management

Major Shareholders

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

Major 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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MANGANESE MARKET – HIGH PURITY IS HIGH VALUE
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A premium product

Main Products:

High purity manganese makes up;

• § ~10% of the global manganese market by volume; but

• § ~40% of the global manganese market by value.

• § Electrolytic Manganese Metal (EMM)

• § Electrolytic Manganese Dioxide (EMD § Manganese Sulphate (MnSO4)

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Reference: Metal Bulletin Commissioned Manganese Market Report April 2018

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MANGANESE MARKET – STRONG GROWTH EXPECTED
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Reference: Metal Bulletin Commissioned Manganese Market Report April 2018

BUTCHERBIRD MANGANESE PROJECT

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§ Australia’s largest onshore manganese deposit.

§ 1 . >180 Mt of manganese ore

§ Excellent local infrastructure.

§ . 100% owned by Montezuma

§ . Low risk mining jurisdicEon

§ Mining Lease ApplicaEon lodged February 2018.

§ . Scoping Study compleEon imminent

§ PFS in the planning phase.

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BUTCHERBIRD
MANGANESE
DEPOSIT
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1Reference: 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: Montezuma Mining Company Ltd ASX release dated 12 October 2017

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BUTCHERBIRD MANGANESE DEPOSIT
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Simple Geology/Favourable Infrastructure

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1050km PORT
FREMANTLE
BITUMEN HIGHWAY
GOLDFIELDS GAS PIPELINE
HEDLAND
550km PORT
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BUTCHERBIRD MANGANESE DEPOSIT

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Very Simple Geology, Favourable Infrastructure

Ore starts at surface, low strip ra1o of 0.2:1

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

▶ Low mining cost. Gas pipeline; ▶ Low energy cost Bitumen highway; ▶ Low infrastructure cost Containerised products; ▶ Simple logis1cs

Note: All intersections are approximately true width

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“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.”

Dean Kamen, Inventor

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BUTCHERBIRD MANGANESE DEPOSIT
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Breakthrough Technology

• § 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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LOW COST PLANT FEED FROM 100% OWNED MANGANESE RESOURCE

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INNOVATIVE, NOVEL PROCESS TO PURIFY ORE AND ADD VALUE

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HIGH PURITY PRODUCTS FOR Li-Ion BATTERIES, HIGH VALUE: >US$2000/t[1]

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

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BUTCHERBIRD MANGANESE DEPOSIT
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Key differentiators

Butcherbird Project[1]

Current Producers (China/South Africa)

• § Lower cost ore mined at surface

§ Requires high grade imported

§ Fast leach at ambient temperature and atmospheric pressure.

manganese ore or very low grade domestic ore – both expensive.

§ Exothermic reac9on produces energy.

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

§ No sulphuric acid plant.

§ Sulphuric acid leach.

• §

§ Potentially more complex purification.

§ or manganese sulfate for Li-Ion baFeries.

• § Production of final products using toxic selenium.

Lower emissions, lower energy, lower cost disrupNve new technology

High emission, high energy, high cost, old technology

1 Reference: Montezuma Mining Company Ltd ASX releases dated 31 July 2017 and 22 November 2017

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SCOPING STUDY TO ASSESS PROJECT ECONOMICS
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Key Project Variables/Sensitivities

n

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).

n

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.

n

LOGISTICS:

• ¨ Products to be shipped in containers via Port Hedland or Fremantle

n

MINING:

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

n MARKETING:

• ¨ Product selection (EMM, EMD and MnSO4) and price forecasts are key inputs.

n CAPEX/OPEX:

• ¨ Capital intensity should reduce with increasing plant size.

STUDY COMPLETION IMMINENT

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WHY MONTEZUMA?
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Investment Case Summary

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

• n Technology breakthrough on processing.

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WORLD CLASS RESOURCE

• n

• n Strong demand growth forecast from conven?onal end users and the ba@ery revolu?on.

• n Mul?ple compe??ve advantages including low cost, long mine life, scalability and environmental creden?als.

• n Scoping Study to assess project economics nearing comple?on.

• n Strong balance sheet, low market capitalisa?on and enterprise value, ?ght capital structure.

• n The only current ASX listed exposure to this sector.

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INNOVATIVE PROCESSING

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HIGH PURITY HIGH VALUE PRODUCTS

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Montezuma to become “Element 25 Limited”

n Subject to shareholder approval at a general meeting scheduled for 4 May 2018, Montezuma Mining Company Ltd will change it’s name to “Element 25 Limited”

• n New ASX code proposed to be ”e25”.

• n New website address to be “element25.com.au”.

• n Pending shareholder approval, changes to take effect during May 2018.

• n Rebranding exercise is to reflect the Company’s focus on the 25[th] element of the periodic table, manganese.

n In parallel, we are actively looking at strategies to add value to the Company’s non-manganese assets.

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COMPETENT PERSON’S STATEMENT
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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 Montezuma Mining Company Limited and its Projects please visit its website at www.montezuma.com.au which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies.