ELEMENT 25 LIMITED — Investor Presentation 2022

Apr 6, 2022

Element 25 Limited Investor Update Building a world-class Zero Carbon Manganese business April 2022 – Paydirt Media Battery Minerals Conference Presentation

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Introduction
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Disclaimer

Overview

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.

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.

• Financial Information ASX Ticker E25 Shares on Issue 153M Share Price $1.01 Debt Nil

• • Australia’s largest onshore manganese deposit. • Simple low-cost mining and processing. • >260 Mt of manganese ore in JORC resources[1] . • No blasting or dewatering required. • Reserve containing 5.22 Mt of manganese[2] . • Long mine life – 42 years using only 20% of the • 100% owned by Element 25 Limited. global resource, potential to improve. • Located in WA, ranked #1 for mining investment[3] . • Outstanding economics[2] • Ethical, proven, sustainably regulated jurisdiction. • Excellent infrastructure: highway and gas pipeline

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 - 2 -

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Our Strategic Vision…
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Stage 1 Stage 2 365Kt per annum 1 Mt per annum In production, optimising Engineering optimisation process in progress, startup 2022

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.

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Not all manganese is created equal

E25 Manganese

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.

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100% E25
owned, long
term tenure.
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Great infrastructure endowment, fully permitted

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Extensive Exploration Tenure
E52/2350
M52/1074
Granted Mining Lease
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Measured & Indicated
Resources are the basis
for the 42-year Base Case
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Simple Logistics
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Stage 1: Project Delivery Complete – Engineering Optimisation Progressing

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Process Water
Storage
Tails Storage
ROM Stocks
Main Access
Road
Ore Stockpiles
Feedstock for
HPMSM
conversion
Processing
Plant
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New Energy Vehicle (NEV) Demand Growing Strongly

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

54 million EV passenger sales by 2040

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

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Mn
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Mn
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“It is reasonably straight forward to do a cathode that is two-thirds nickel and one-third manganese…” Elon Musk, Tesla

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

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

Reference: Morgan Stanley Research

Market Response is Dramatic

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

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Reference: CIC energiGUNE
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Mn
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Battery Technologies Should Favour Manganese

• A period of strong growth for battery technologies

• Mineral supply constraints will influence technology decisions.

• This will result in higher manganese cathodes to facilitate rapid growth. • Early mover status a strong advantage for E25.

WE ARE HERE

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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 from road transport

17.6M by 2040 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.

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

Reference: Wood Mckenzie

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If not manganese, then what?

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

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).

• Mn

• • Some analyst estimates predict a deficit of up to 1.3Mt per annum by 2030.

• • Element 25 is targeting this market for its decade long growth strategy.

• • Discussions underway in relation to potential offtake partners in this segment.

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

Reference: Morgan Stanley Research

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Our Goal – Zero Carbon High Purity Manganese…

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Multi-stage
growth
potential
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Stage 1

First production of manganese concentrate to sell to manganese alloy manufacturers

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Stage 2
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Expansion of the concentrate production to produce manganese feedstock to convert to MnSO4

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Stage 3
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Establishing a conversion facility to convert the concentrate to battery grade HPMSM with renewable energy

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.

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

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Mn [25] Mn [25]
A$1.52 billion 47%
NPV8 post-tax IRR pre-tax
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A core part of the E25 growth strategy to become a globally significant high-purity manganese producer.

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Mn [25]
A$200 million
capital cost including
working capital
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Mn [25]
19 months
payback period
60:40 debt:equity
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Mn [25]
December 2024
commissioning
scheduled
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2Reference: Element 25 Limited ASX releases dated 20 December 2021.

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Stage 3 Processing Location Optionality – Multiple Plant Potential

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EU
KR
Mn Concentrate Feedstock (33% Mn):
Up to 1M tonnes per annum
manganese concentrate production
planned at the Butcherbird Project in
Western Australia.
MY
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US
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• E25 manganese concentrate is a very stable, easily transported feedstock.

• • Allows location optionality for the conversion facility.

• • Multiple potential sites being explored.

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AU
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• Multiple conversion facility location options being investigated based on: • Local reagent supplies

• • Renewable energy availability

• • Established industrial infrastructure

• • Port & logistics access

• • Local labour and engineering capability

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Zero Carbon Manganese™– ESG considerations integral to our thinking

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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 shortly

• 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

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Partnering with Circulor for Supply Chain Transparency & ESG Accounting

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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 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.

TRACEABILITY EXAMPLE

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Our Strategic Vision…
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Stage 1 Stage 2 365Kt per annum 1 Mt per annum In production, optimising Engineering optimisation process in progress, startup 2022

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.

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Thank you

For more information, please contact Element 25 Limited: +61 8 6315 1400

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

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Reserves and Resources
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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.

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Competent Person’s Statement
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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.

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