ELEMENT 25 LIMITED — Investor Presentation 2023

Aug 24, 2023

Element 25 Limited Investor Update Building a World-Class Battery Grade Manganese business Clean Energy Metals Virtual Investor Conference August 2023

ASX:E25

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Disclaimer
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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.

Corporate Summary
ASX Ticker:	E25	Introduction:
Issued Shares:	218M	Growing the world class Butcherbird
		Manganese Mine in Western
		Australia to produce high quality
Share Price:	A$0.43	manganese oxide concentrate
		and ethical supply of battery grade
		High Purity Manganese Sulphate
Market Cap:	A$94M	Monohydrate (HPMSM) products to
		our offtake partners General Motors
		(GM) and Stellantis for electric
Debt:	Nil	vehicle (EV) batteries.
Reference: www.asx.com.au	- 3 - Reference: Company Release dated 26 June 2023

Experienced Owners Team

BOARD OF DIRECTORS

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Seamus Cornelius Chairman Lawyer

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Justin Brown Managing Director Geologist

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John Ribbons Non-Executive Director CPA

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Fanie van Jaarsveld Non-Executive Director Analytical Chemist

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Sam Lancuba Non-Executive Director Chemical Engineer

Experienced Board & Management

PROJECT DEVELOPMENT AND OPERATIONS TEAM

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Michael Jordon Neil Graham Chief Financial Officer VP Battery Materials CPA Chemical Engineer

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Sias Jordaan VP Marketing & Logistics Accountant

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Doug Flanagan COO (HPMSM) Mechatronics Engineer

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Ian Huitson Study Manager Mining Engineer

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Gideon van Wyk GM Manganese Ore Bus. Mechanical Engineer

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Clint Moxham GM Operations. Mining Engineer/Geol.

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Our Strategic Vision…
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Stage 1
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365Kt per annum Pilot plant in production, preparing expansion plan to full scale plant

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Stage 2
Stage 3
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1 Mt per annum concentrate Engineering design and costing in progress using DMS option

Battery Grade MnSO4 (HPMSM) Strong OEM support –signed with General Motors & Stellantis for offtake and financing

Stage 4 MnSO4 Expansion Long term - multiple HPMSM modules globally

1 year plan 2 year plan 5 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 HPMSM.

Zero Carbon Manganese™

Best in class, zero carbon, ethically produced, scalable HPMSM for electric vehicle batteries.

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Traditional Manganese Alloys & Critical Battery Raw Material

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Mn ALLOYS

Used in steel, alloys and aluminium products.

High silica concentrate suitable for Si-Mn alloys Global demand grows in line with steel consumption Australian location close to Asian markets

E25 Manganese Concentrate

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HPMSM - EV FUEL

A key raw material for Electric Vehicle (EV) Batteries New approach to improve HPMSM ESG credentials

Strong demand growth linked to the rapid transition to EV mobility E25 process offers key advantages

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Large long mine life manganese concentrate operation 100% E25
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
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Very simple geology equals low-cost, low 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

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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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Our Goal – Zero Carbon High Purity Manganese…

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Multi-stage
growth
potential
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Stage 1
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First production of manganese concentrate to sell to manganese alloy manufacturers Stage 2 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

Growing Strongly

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More vehicles equals more batteries!

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Global CAM
2,400
demand (GWh)
LDV only –
~25%
Chemistry split
CAGR
1,300 ~75%
400
Mn
~25%
2022 2026 2030
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NMC/NCA, Manganese-rich LF(M)P

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Reference: McKinsey & Company: - Electric vehicles: The next growth engine in chemicals, 2023

Manganese

Reference: Volkswagen, Stellantis, Tesla, CPM Group, Morgan Stanley Research, Bloomberg New Energy Finance

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Manganese Rich Cathode chemistries help to solve supply, ESG and supply security challenges

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Mn
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Reference: Benchmark Mineral Intelligence, South 32 Limited

Umicore Capital Markets Day 2022

Manganese, the battery raw material supply chain solution?

PDAC 2023 Keynote Speaker

“…manganese (is) the single most critical mineral for batteries right now ,” he said.

“How many companies outside of China make manganese commercially for a battery right now? Which is the hottest metal for batteries? How many? None, not one,” Hoffman said, adding “and there’s where the opportunity is — unbelievable.” “…manganese is the single most critical mineral for batteries right now…”

Ken Hoffman, co-head of the EV battery materials research group and senior expert at McKinsey & Company

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https://www.benzinga.com/news/23/03/31265433/exclusive-ev-battery-guru-ken-hoffman-at-pdac-talks-critical-minerals-which-metals-will-rise

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…

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Reagents/Cost Carbon Emissions Waste Residue
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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.

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99.99%
MnSO
4
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Targeting Zero Carbon Manganese – ESG is integral to our thinking

• LCA covers Scope 1,2 and 3 emissions from mining through to the proposed USA-based HPMSM processing plant.

• E25 HPMSM to produce ~1.7kg of CO2 for every 1kg of

HPMSM :

• ~ 67% lower than competitors in China.

• up to 47% lower than competitors outside China.

• ~26% lower than next lowest project’s optimised case.

• E25 process is not yet fully optimised for carbon reduction.

• E25 to explore renewable energy and other potential

• carbon reduction strategies to further reduce CO2.

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Supply chain transparency and traceability partner.

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Global Warming Potential
Existing producers often use high energy processes
like electrowinning and/or toxic reagents like fluoride.
5.2
4.8
PUBLISHED PEER COMPARISONS
3.2
2.3
1.7
ELEMENT 25 EURO MANGANESE GIYANI METALS EURO MANGANESE (GRID) CHINESE PLANTS (CURRENT)
(RENEWABLE)
THE E25 PROCESS IS THE LOWEST CARBON
INTENSITY OPTION FOR HPMSM TODAY
Reference: Company ASX Release dated 16 February 2023
Kg CO2 eq. per kg (Scope 1+2+3)
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Reference: Company ASX Release dated 16 February 2023

Multiple Plants Planned

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EU
JP
KR Feasibility Study Site: Louisiana USA
US
Mn Concentrate Feedstock (33% Mn):
Up to 1M tonnes per annum manganese
concentrate production planned at the
MY
Butcherbird Project in Western Australia.
AU Design One
Build Many
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• E25 manganese concentrate is a very stable, easily transported feedstock.

• Allows location optionality for the processing facility.

• Multiple potential sites being explored.

What’s Changed?

Summary of Impacts on Battery Supply Chains

• •Reform to EV tax credit ($7,500)

• •requires vehicles to meet sourcing requirements for:

Critical Minerals ($3,750)

Battery Components ($3,750)

• 40% of battery raw materials, by value, to be • 50% of battery components to be sourced from north American or allied manufactured or assembled in North America countries (including Australia) in 2023

• • Rises 10% per year to 80% by 2027 • Rises 10% per year to 100% by 2029

Beginning in 2025, any vehicle with battery raw materials extracted, processed or recycled in a "foreign entity of concern" is ineligible for the tax credit

What does this mean for E25?

• E25 HPMSM can meet all the stated requirements of the new regulations.

• E25 resource size can supply conversion requirements for USA customers to meet their consumption needs for decades .

• Potential built in north America to ensure customers’ HPMSM requirements meet regulatory and strategic goals.

• After calendar year 2024, the incentives will not be available for EVs that contain critical minerals that were “extracted, processed, or recycled by a foreign entity of concern”.

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Mn
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Reference: DLA Piper website, Argonne National Laboratory, US Dept. of Energy

Potential Production Plant Site – Ascension Parish Louisiana

Pre-FID Activities Underway with local Engineering & Construction Contractors:

• Conducting detailed assessments of the viability of the proposed site.

• Focusing on local content where possible.

• Negotiating partnerships with local reagent suppliers.

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• Commercial frameworks being advanced to prepare for FID:

• Logistics – inbound and outbound

• Reagents supply agreements

• Site lease

• Engineering (FEED progressing on time and budget)

• Working with potential local design and construction contractors to develop contracting strategies.

• Looking to bring a range of community benefits to Ascension Parish which underpins significant incentives package (subject to approval)

• Advancing approval discussions with relevant regulators .

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Note: artist’s impression – subject to final design
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Proposed Production Plant – Ascension Parish Louisiana

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Ore Storage
Processing Train 2
Processing Train 1
Product storage
and despatch
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Feasibility Study - compelling economics

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Offtake & Financing – Stellantis & General Motors

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USD$30M equity & prepay

• Binding agreements signed for offtake and funding.

• Key commercial terms include:

• Five (5) year HPMSM supply commitment (nominal 10Ktpa).

• Stellantis commits US$30M funding to E25’s HPMSM processing facility.

• First US$15 has been completed as equity at A$1 per share.

• Arrangement includes commitments from E25 with respect to ESG and IRA.

(Reference: Company ASX Release dated 9 January 2023)

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USD$85M seniordebt

• Binding agreements signed for offtake and funding.

• Key commercial terms include:

• Seven (7) year HPMSM supply commitment (up to 32,500Ktpa).

• GM commits $85M funding to E25’s HPMSM processing facility.

• Funding committed as senior project debt.

• Seven year post construction repayment schedule.

• Arrangement includes commitments from E25 with respect to ESG and IRA.

(Reference: Company ASX Release dated 26 June 2023)

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Project Financing Strategy – Building the Capital Stack

Multiple funding pathways being actively negotiated:

• US$115M secured through GM and Stellantis deals.

• Discussions in progress with other potential offtake partners.

• Offtake + Finance.

• Debt/Pre-Pay/Equity all in play.

• Other funding avenues:

• Nordic/Green Bonds/PE Debt.

• Traditional project finance.

• Government funding – DoE/DoD.

• Green bonds.

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US$30M

$15M Equity & $15M Prepay Binding documents executed

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US$85M Senior debt Binding documents executed

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US$30-50M

Senior debt/Prepay/Equity with offtake Negotiations in progress.

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US$100-150M Senior debt plus equity Negotiations in progress

US$289M Construction Capital Cost Feasibility Study Estimate for Train 1 Construction

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Our Strategic Vision…

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Stage 1
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365Kt per annum Pilot plant in production, preparing expansion plan to full scale plant.

1 year plan 2 year plan 5 year plan

Cashflow

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

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1 Mt per annum concentrate
Engineering design and costing in progress
Stage 2 using DMS option
Battery Grade MnSO4 (HPMSM)4 (HPMSM)(HPMSM)
Strong OEM support –signed with General Motors &
Stage 3
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Battery Grade MnSO4 (HPMSM)4 (HPMSM)(HPMSM)
Strong OEM support –signed with General Motors &
Stellantis for offtake and financing
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Expansion

The Prize

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

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

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Stage 4
MnSO4 Expansion
Long term - multiple HPMSM
modules globally
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Zero Carbon Manganese™

Best in class, zero carbon, ethically produced, scalable HPMSM for electric vehicle batteries.

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Thank you

For more information, please contact Element 25 Limited: +61 8 6375 2525 admin@e25.com.au www.element25.com.au

ASX:E25

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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]

• 89% conversion of measured and

indicated resources to reserve.

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

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

• Excellent potential for future expansion.

• More drilling has potential to add to global resource.

1Reference: Element 25 Limited ASX release dated 30 September 2022.

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 30 September 2022. 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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