ELEMENT 25 LIMITED — Investor Presentation 2022

Aug 1, 2022

Element 25 Limited Investor Update Building a world-class Zero Carbon Manganese business August 2022 – Diggers & Dealers Mining Forum

ASX:E25

==> picture [960 x 106] intentionally omitted <==

----- Start of picture text -----

Disclaimer
----- End of picture text -----

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 multiple 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.

==> picture [262 x 411] intentionally omitted <==

Financial Information
ASX Ticker	E25
Shares on Issue	153M
Share Price Debt	$0.54 Nil

Introduction Developing the world class Butcherbird Manganese Project in Western Australia to produce high quality manganese concentrate and battery grade High Purity Manganese Sulphate Monohydrate ( HPMSM ) products for traditional and new energy markets.

3 Month Share Price and Volume

==> picture [413 x 192] intentionally omitted <==

----- Start of picture text -----

$0.83
$0.63
$0.43
Price (AUD)
800.0 Volume(k)
600.0
400.0
200.0
0.0
29 Apr 22 10 May 22 19 May 22 30 May 22 08 Jun 22 17 Jun 22 28 Jun 22 07 Jul 22 18 Jul 22 27 Jul 22
----- End of picture text -----

1Reference: Company ASX release 17 April 2019. 2Reference: Company ASX Release 3 December 2020. 3Reference: Fraser Institute Annual Survey of Mining Companies, 2019, 3Reference: Company ASX Release 26 May 2021, 4Reference: Company ASX Release 16 June 2021

• 3 -

Experienced Owners Team – Knowledge Stays In-House

==> picture [101 x 111] intentionally omitted <==

==> picture [101 x 111] intentionally omitted <==

==> picture [101 x 110] intentionally omitted <==

==> picture [101 x 111] intentionally omitted <==

==> picture [101 x 110] intentionally omitted <==

==> picture [98 x 110] intentionally omitted <==

Seamus Cornelius Chairman Lawyer

John Ribbons Non-Executive Director CPA

Justin Brown Managing Director Geologist

Ian Huitson Mining Mining Engineering

Sias Jordaan Marketing Manager Accountant

Neil Graham Development Manager Chemical Engineer

==> picture [101 x 112] intentionally omitted <==

Michael Jordon Chief Financial Officer CPA

==> picture [101 x 111] intentionally omitted <==

Les Middleditch Study Manager Mining Engineer

==> picture [530 x 146] intentionally omitted <==

• 4 -

==> picture [960 x 106] intentionally omitted <==

----- Start of picture text -----

Our Strategic Vision…
----- End of picture text -----

Stage 1 Stage 2 365Kt per annum 1 Mt per annum In production, optimising Engineering optimisation process in progress, startup 2023

Stage 3 High Purity Mn FS study scheduled for completion 2022

Stage 4 MnSO 4 Expansion Long term - multiple HPMSM modules globally

Delivered 1 year plan 3 year plan

Cashflow

Low capital cost, rapid start up to establish E25 as a producer while minimising dilution.

Expansion

Improved resource utilisation, reduction in unit operating costs, increased operating cash.

The Prize

Position E25 as a globally dominant producer of high purity, sustainable manganese products.

Zero Carbon Manganese™

Best in class, zero carbon, ethically produced, scalable high purity manganese for global markets.

• 5 -

==> picture [186 x 187] intentionally omitted <==

Not all manganese is created equal

Serving the Established…

• Manganese ( Mn ) is the fourth most used metal on earth in terms of tonnage.

• Used in steel, specialty alloys and aluminium products.

• Traditionally the market has been dominated by the steel and alkaline battery industries.

• There is no substitute for manganese in steel.

• E25 manganese concentrate and EMM feed this market.

And the Emerging…

• The electrification of the global vehicle fleet requires vast amounts of cathode materials.

• Nickel and cobalt supplies cannot meet projected demand for new energy vehicle (NEV) growth.

• Batteries are trending toward higher manganese content for safer, more cost-effective solutions.

• E25 high purity manganese will feed these markets.

• 6 -

==> picture [943 x 521] intentionally omitted <==

----- Start of picture text -----

100% E25
Great infrastructure endowment, fully permitted
owned, long
term tenure.
E52/2350
M52/1074
Granted Mining Lease
Measured & Indicated
Resources are the basis
Simple Logistics for the 42-year Base Case
- 7 -
----- End of picture text -----

Very simple geology equals low-cost, low environmental impact manganese units

Classification	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Resource	263	10.0	20.8
Reserve	50.6	10.3	5.22

• RESOURCE GROWTH POTENTIAL • Enough resource base for multidecade long expansion pathway.

• • Can produce concentrate, battery grade HPMSM and EMM without resource limitation.

• ENVIRONMENTALLY BENIGN OPERATION • Ore from surface

• • No explosives required

• • No waste water • One reagent – water • Extremely low levels of contaminants

• 8 -

Stage 1: Project Delivery Complete – Engineering Optimisation Progressing

==> picture [877 x 279] intentionally omitted <==

----- Start of picture text -----

Process Water
Storage
Tails Storage
ROM Stocks
Main Access
Road
Ore Stockpiles
Feedstock for
HPMSM
conversion
Processing
Plant
----- End of picture text -----

• 9 -

Latest Quarterly Report – First Operating Cashflow Neutral Quarter Since Start-Up

==> picture [179 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [2]
66,000t
Mn concentrate sold
----- End of picture text -----

==> picture [179 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
A$11.8 million
Product sales
----- End of picture text -----

Mn[25] A$20.8M cash After receipt of funds in transit.

==> picture [178 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
A$0.83 million
Spend on new equipment
----- End of picture text -----

Solid Performance under challenging conditions:

Foundational quarter of operations:

• Unseasonal rainfall event in May (>100mm)

• Logistics costs (incl. shipping) remain high

• Diesel costs remain at record levels

• Labour market tightness persists

• Improved manganese price environment

• New processing equipment delivered

• Process modifications in progress

• Expecting improved operational outcomes

• 10 -

New Energy Vehicle (NEV) Demand Growing Strongly

==> picture [85 x 85] intentionally omitted <==

58% by 2040 percentage of new vehicles that will be EV or hybrid

==> picture [86 x 86] intentionally omitted <==

from 2033 decline emissions from road transport

==> picture [82 x 83] intentionally omitted <==

54 million EV passenger sales by 2040

==> picture [75 x 75] intentionally omitted <==

17.6M by 2040 barrels of oil displaced by EVs each day

==> picture [385 x 201] intentionally omitted <==

==> picture [245 x 201] intentionally omitted <==

----- Start of picture text -----

Mn
----- End of picture text -----

==> picture [53 x 25] intentionally omitted <==

----- Start of picture text -----

Mn
----- End of picture text -----

• 11 -

Reference: https://about.newenergyfinance.com/electric-vehicle-outlook/

Reference: https://www.nature.com/articles/s43246-020-00095-x

Reference: Morgan Stanley Research

Market Response is Dramatic

The EV transition is no longer a concept, it is well underway and accelerating.

==> picture [431 x 349] intentionally omitted <==

==> picture [482 x 349] intentionally omitted <==

----- Start of picture text -----

Mn
----- End of picture text -----

• 12 -

Reference: CIC energiGUNE

If not manganese, then what?

Global mined cobalt output (Kt)

58% by 2040 percentage of new vehicles 54 million that will be EV or hybrid EV passenger sales by 2040

from 2033 decline emissions 17.6M by 2040 from road transport barrels of oil displaced by EVs each day

“"We would like to get out of cobalt altogether and have a zero cobalt situation." Doug Parks, GM Executive VP The Verge , December 2021

• Manganese is the cheapest, most abundant of the NMC cathode materials ( N i, M n, C ).

• Nickel and cobalt have supply constraints, manganese does not. • For cobalt, there are serious ethical concerns around production methods[1] . • Manganese is perfectly placed to provide the material needed to satisfy the worlds hunger to electrify. • Battery makers have manganese Mn rich cathode designs in their roadmaps post 2025.

• Drop-off in supply post 2025.

• • Ethical issues around production.

Class 1 Nickel Supply and Demand Outlook

• Production capacity “flatlining”.

• • Insufficient to meet projected demand.

• 13 -

• 13 -

1https://www.visualcapitalist.com/ethical-supply-the-search-for-cobalt-beyond-the-congo/

Reference: Wood Mckenzie

If not manganese, then what?

==> picture [160 x 96] intentionally omitted <==

==> picture [110 x 110] intentionally omitted <==

==> picture [288 x 90] intentionally omitted <==

==> picture [231 x 224] intentionally omitted <==

• VW, Tesla and Stellantis have announced moves to high cathodes.

• manganese

Manganese: 17% of Material 2% of Cost (NMC 622)

• means better High manganese energy density and lower cost.

• Transition will require large volumes of high purity manganese sulphate (HPMSM).

High-manganese cathodes are considered one of the strongest candidates for Mn the next generation of lithium-ion batteries because of their cost advantage, cobalt-free nature, and strong electrochemical performance,”

Roskill 2021 .

Reference: Volkswagen, Stellantis, Tesla, CPM Group, Bloomberg

• 14 -

Reference: Morgan Stanley Research

Our Goal – Zero Carbon High Purity Manganese…

==> picture [556 x 417] intentionally omitted <==

----- Start of picture text -----

Multi-stage
growth
potential
----- End of picture text -----

==> picture [63 x 179] intentionally omitted <==

==> picture [61 x 36] intentionally omitted <==

Stage 1

First production of manganese concentrate to sell to manganese alloy manufacturers

==> picture [49 x 22] intentionally omitted <==

----- Start of picture text -----

Stage 2
----- End of picture text -----

Expansion of the concentrate production to produce manganese feedstock to convert to MnSO4

Stage 3

Establishing a conversion facility to convert the concentrate to battery grade HPMSM with renewable energy

Low cost, efficient HPMSM process – significant improvements…

Problems with Current Technologies

• Large volumes of waste residues

• • Toxic Reagents

• Inefficient

• Higher Cost

• Outdated processing technology

The Element 25 Process makes significant changes & improvements…

==> picture [327 x 137] intentionally omitted <==

----- Start of picture text -----

Reagents/Cost Carbon Emissions
----- End of picture text -----

==> picture [148 x 136] intentionally omitted <==

----- Start of picture text -----

Waste Residue
----- End of picture text -----

Element 25 Process

• More efficient (fast kinetics, reduced energy)

• Minimises reagent requirements

• Reduced carbon intensity

• Lower volumes of waste residues

• Non-toxic residues may be able to be repurposed.

==> picture [114 x 114] intentionally omitted <==

----- Start of picture text -----

99.9%
MnSO
4
----- End of picture text -----

• 16 -

Conversion of concentrate to HPMSM – EV fuel, Scoping Study delivered…

• Compelling economics.

• Modular, multi-stage growth strategy.

• Volumes tailored to demand growth.

• Development strategy flexibility.

• Designed to capture EV transition value opportunity.

E25 is following a rapid growth strategy to become a globally significant HPMSM producer.

MnSO 4 50,000 t/a expanding to 150ktpa over three expansion stages

==> picture [179 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
A$200 million
capital cost including
working capital
----- End of picture text -----

==> picture [178 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
A$1.52 billion
NPV8 post-tax
----- End of picture text -----

==> picture [178 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
19 months
payback period
60:40 debt:equity
----- End of picture text -----

==> picture [179 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
47%
IRR pre-tax
----- End of picture text -----

==> picture [179 x 164] intentionally omitted <==

----- Start of picture text -----

Mn [25]
December 2024
commissioning
scheduled
----- End of picture text -----

• 17 -

2Reference: Element 25 Limited ASX releases dated 20 December 2021.

Stage 3 Processing Location Optionality – Multiple Plant Potential

==> picture [851 x 421] intentionally omitted <==

----- Start of picture text -----

EU
US
KR
Mn Concentrate Feedstock (33% Mn):
Up to 1M tonnes per annum
manganese concentrate production
planned at the Butcherbird Project in
Western Australia.
MY
AU Design One
Build Many
- 18 -
----- End of picture text -----

• E25 manganese concentrate is a very stable, easily transported feedstock.

• • Allows location optionality for the processing facility.

• • Multiple potential sites being explored.

Zero Carbon Manganese™– ESG considerations integral to our thinking

==> picture [51 x 146] intentionally omitted <==

Sustainable extraction

Renewable energy

Low-carbon processing

Fuel cell haulage Carbon offsets

Zero Carbon Manganese™

Other potential pathways that Element 25 is investigating:

Renewable Energy Powered Processing

Sustainable Extraction

• Extensive wind and solar resource data set collected at site (>1 year)

• Energy modelling confirmed cost advantage with renewable solutions

• Green hydrogen powered mine fleet and bulk haulage

• Battery powered bulk haulage trucks to be made available in Australia late 2022[1]

• Green hydrogen reduction reagent potential (similar to “Green Steel”)

• Supply chain transparency and ESG accounting

• Collaboration with other ESG focused companies to pursue new solutions

New Energy Fuel

• 19-

1https://www.gizmodo.com.au/2022/02/hydrogen-truck-melbourne/

Partnering with Circulor for Supply Chain Transparency & ESG Accounting

==> picture [251 x 74] intentionally omitted <==

==> picture [206 x 79] intentionally omitted <==

The First ESG Transparent Manganese Supply Chain

• Circulor’s platform will underpin real-time traceability of Element 25’s (E25) manganese products. The partnership plays a critical role in E25’s strategic pathway to Zero Carbon Manganese.

• Circulor’s platform will enable real-time, digital visibility of dynamic ESG metrics, including CO2 intensity and energy mix used, will be made available to downstream market participants, including offtake partners.

==> picture [557 x 131] intentionally omitted <==

TRACEABILITY EXAMPLE

• 20-

==> picture [960 x 106] intentionally omitted <==

----- Start of picture text -----

Our Strategic Vision…
----- End of picture text -----

Stage 1 Stage 2 365Kt per annum 1 Mt per annum In production, optimising Engineering optimisation process in progress, startup 2023

Stage 3 High Purity Mn FS study scheduled for completion 2022

Stage 4 MnSO 4 Expansion Long term - multiple HPMSM modules globally

Delivered 1 year plan 3 year plan

Cashflow

Low capital cost, rapid start up to establish E25 as a producer while minimising dilution.

Expansion

Improved resource utilisation, reduction in unit operating costs, increased operating cash.

The Prize

Position E25 as a globally dominant producer of high purity, sustainable manganese products.

Zero Carbon Manganese™

Best in class, zero carbon, ethically produced, scalable high purity manganese for global markets.

• 21 -

==> picture [960 x 106] intentionally omitted <==

----- Start of picture text -----

Investment Summary
----- End of picture text -----

==> picture [348 x 436] intentionally omitted <==

ü Australia’s largest onshore manganese deposit comprising >260 Mt of manganese ore in JORC resources ü Long mine life – 42 years using only 20% of the global resource, significant potential to expand with further drilling ü Simple mining and processing, a “wash plant” ü No blasting or dewatering required ü Strengthening performance of Butcherbird processing as E25 nears steady state commercial production ü Pathway to expand production to 1Mtpa Mn concentrate ü Expansion strategy includes the production of High Purity Manganese Sulphate ( HPMSM ) as EV fuel for Li-ion batteries

• 22 -

Come & see us at booth #120

==> picture [173 x 51] intentionally omitted <==

==> picture [960 x 105] intentionally omitted <==

----- Start of picture text -----

Reserves and Resources
----- End of picture text -----

Maiden Ore Reserve[1]

Category	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Proved	14.4	11.5	1.65
Probable	36.2	9.8	3.56
Total	50.6	10.3	5.22

Global Mineral Resource[2]

Category	Tonnes (Mt)	Mn (%)	Si (%)	Fe (%)	Al (%)
Measured	16	11.6	20.6	11.7	5.7
Indicated	41	10.0	20.9	11.0	5.8
Inferred	206	9.8	20.8	11.4	5.9
Total	263	10.0	20.8	11.4	5.9

• 89% conversion of measured and indicated resources to reserve.

• Maiden Reserve only exploits approximately 20% of global mineral resource.

• Excellent potential for future expansion.

• More drilling has potential to add to global resource.

1Reference: Element 25 Limited ASX release dated 19 May 2020.

2Reference: Element 25 Limited ASX releases dated 17 April 2019.

• 24 -

==> picture [960 x 105] intentionally omitted <==

----- Start of picture text -----

Competent Person’s Statement
----- End of picture text -----

The information in this presentation that relates to Exploration Results 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.

All references to Mineral Resources pertain to the ASX release dated 17 April 2019. The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed.

All references to Mineral Reserves pertain to the ASX release dated 19 May 2020. 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.

DISCLAIMER

The views expressed herein are not necessarily the views of the Australian Government, and the Australian Government does not accept responsibility for any information or advice contained herein.

• 25 -