ELEMENT 25 LIMITED — Investor Presentation 2024

Dec 10, 2024

Supplying low-carbon sustainable manganese ore and EV battery grade HPMSM to global markets

Disclaimer

This presentation ( Presentation ) contains only a brief overview of Element 25 Limited and its associated entities ( Element 25 or E25 ) 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.

The information contained in this Presentation is not investment, tax, legal, accounting, financial or other advice and does not, and will not, form any part of any contract or commitment for any purpose including the acquisition of new shares in E25.

It does not account for your particular needs and circumstances, including your investment objectives, financial situation, tax or other position. Any investment decision in relation to an equity raising or the Company should be made solely on the basis of your own independent enquiries.

Element 25 Introduction

Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate.

Developing a USA-based refinery to supply ethical battery-grade High Purity Manganese Sulphate Monohydrate (HPMSM) products.

Offtake and funding agreements in place with our partners General Motors and Stellantis to supply HPMSM for Electric Vehicle batteries.

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Share Register:
Other
Stellantis
Board &
Management
ATM Facility
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Company Leadership

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BOARD OF DIRECTORS

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John Ribbons Chairman CPA

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Justin Brown Managing Director Geologist

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Fanie van Jaarsveld Non-Executive Director Analytical Chemist

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Sam Lancuba Non-Executive Director Chemical Engineer

Experienced, Multi-disciplinary Board & Management

PROJECT DEVELOPMENT AND OPERATIONS TEAM

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Michael Jordon Chief Financial Officer CPA

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Neil Graham VP Battery Materials Chemical Engineer

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Sias Jordaan VP Marketing & Logistics Accountant

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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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Leon Lima Technology Manager Chemical Engineer

The Butcherbird Manganese Project

Butcherbird Manganese Project

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•
World-class manganese resource.
•
Located in a Tier-1 jurisdiction with strong ESG regulation.
•
Over 270 million tonnes in resources with potential to expand (2024 resource update [1] ).
•
Long mine-life with further upside by converting Inferred Resources
•
Very clean metallurgically – no toxic contaminants.
•
Produces a low carbon, high-quality manganese concentrate ideal for manganese
.
alloys and high-purity manganese sulphate monohydrate (HPMSM) [2]
1Reference: Company ASX Release Dated 29 October 2024
2Reference: Company ASX Release Dated 21 February 2023
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Butcherbird Manganese Mine - Resources & Reserves

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1 Ore Reserve

	Category	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)	•	High	conversion of measured and
	Proved	14.4	11.5	1.65		indicated resources to reserve.
	Probable	36.2	9.8	3.56	•	Current Reserve:
	Total	50.6	10.3	5.22		•	Only utilises approximately 20% of global
							mineral resource; and
						•	Excludes additional Measured and
	Mineral Resource	2					Indicated tonnes from latest model.
	Resource Category	Tonnes (Mt)		Mn (%)		•	Reserve upgrade pending completion of pit optimization and mine design.
	Measured	14		11.3	•	Excellent potential for future expansion
	Indicated	116		10.1		with	known mineralization outside
	Inferred	144		9.8		resource areas.
	Total	274		10.0	•	Global resource not closed off.
1	Reference: Company ASX Release Dated 27 September 2024 (Annual Report)
2	Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update)

Company strategic vision for growth

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Butcherbird Expansion

1.1Mt/a Manganese Ore1

Build and commission a full large-scale processing facility at the 100% owned Butcherbird Manganese Mine in WA.

Louisiana HPMSM

USA EV Critical Raw Materials[2]

Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM with GM and Stellantis

Expand Globally HPMSM Expansion - EU & Asia

Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global EV markets targeting Europe and Asia.

1-Year Plan 3-Year Plan 10-Year Plan

Best in class, low carbon[3] , ethically produced, scalable HPMSM for electric vehicle batteries: Sustainably Supplying Global EV Markets

1 Reference: Company ASX Release Dated 23 January 2024

2 Reference: Company ASX Release Dated 12 April 2023 3 Reference: Company ASX Release Dated 22 February 2023

A Year of Milestones

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Butcherbird Expansion Project Louisiana HPMSM Project
Lake Johnstone Lithium Update
Reference: ASX Release 28 Nov 2023
Regroup & Scania to Launch
Key Milestones
Autonomous Fleet at Butcherbird
Reference: ASX Release 19 June 2024
US$57M Louisiana Incentives
US$166M DoE Grant Selection
Reference: ASX Release 19 Dec 2023
Reference: ASX Release 24 Sep 2024
Louisiana Air Permit
Reference: ASX Release 20 May 2024
Butcherbird Infill Drilling
Reference: ASX Release 19 June 2024
Butcherbird Expansion FS
Reference: ASX Release 23 Jan 2024
Butcherbird Resource Upgrade
Reference: ASX Release 29 Oct 2024
NAIF Strategic Assessment Louisiana Site Selected
Reference: ASX Release 8 Apr 2024 Reference: ASX Release 8 May 2024 E25 and Nissan Chemical Sign MoU
to Evaluate HPMSM in Japan
Reference: ASX Release 3 Sep 2024
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Large, long-life manganese ore mine in Western Australia

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E52/2350
M52/1074
Global Resource
274Mt @ 10.0% Mn [1]
Granted Mining Lease and
permitting largely completed
during pilot plant stage -
minor amendments pending
approval for expansion
Measured
Indicated
Large JORC Resource: (Pre 2024 Update)
Simple Logistics: Indicated
Provides the basis for long (Post 2024 Update) [1]
Existing road and port
mine life high NPV
infrastructure
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1Reference: Company ASX Release dated 29 October 2024

Simple Geology: low-cost, low-impact operations

Classification	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Resource1	274	10.0	27.4
Reserve2	49.0	10.2	5.0

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RESOURCE GROWTH POTENTIAL

• Large resource offers long term operating potential.

• Mineralisation outside existing resource provides upside.

• • Ore suitable for ferroalloys, battery grade HPMSM and EMM.

ENVIRONMENTALLY BENIGN OPERATION

• Ore from surface.

• • Low strip-ratio. • No explosives required.

• • No dewatering required.

• • One reagent – water. • Very low levels of contaminants.

1 Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update)

2 Reference: Company ASX Release Dated 27 September 2024 (Annual Report)

Butcherbird Manganese Mine Expansion

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• New processing facility will optimise and scale the process.

• Scale and improved efficiencies to lower costs and increase profits.

• CO2 emission intensity and ESG outcomes will be improved by:

• Integration of renewable energy (targeting year 3 of operations).

• Equipment selection criteria for energy efficiency.

• Investigating autonomous mining fleet to improve safety and efficiency[1] .

• Transition to EV mining fleet (targeting Year 2 of operations).

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PROCESS WATER
PRODUCT LOADING
4. DMS PLANT
3. LOG WASHER
2. SCREEN
1. CRUSHER
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Butcherbird Manganese Mine Expansion

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CRUSHER/SCREEN
Dense Media ( DMS )
Processing Circuit
Dry Screen
Crushing Circuit Logwasher
DMS PLANT
Administration
Engineering design modifications Mineral Sizer Screen DMS Drum PRODUCT STOCKS Product Stockpiles
Improved clay
Design Improved
targeting improved throughput,
handling & Improved clay recoveries and
uptime, recovery and grade. reliability handling grade
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Butcherbird Expansion – Scale Strengthens the Business

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Economies of scale from the expanded operation will move the Butcherbird production costs lower on the global cost curve and strengthen the business through all price cycles.

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Mn ore cost curve (CIF China, US$/t)
July 2024
Estimated E25 Butcherbird Expansion cif Cost
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Reference: Fastmarkets, Project Blue 2024 Reference: ASX Release dated 23 January 2024

E25 HPMSM Strate gy

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Vertically-integrated global HPMSM supply

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Low Cost
E25 Ore Mineral Sizer Log Washer DMS Circuit
Vertically integrated critical battery
raw material supply chain.
Mn Concentrate Truck Ship to Smelters
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Purification Leach
Renewable Energy Battery Grade
Hydro/Wind/Solar Manganese Sulphate Truck EV Batteries
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WA Manganese Ore Supply:

Australian manganese ore concentrates as feedstock for HPMSM production to supply US EV markets. Surplus ore will supply existing ferroalloy customers.

Louisiana HPMSM Refinery:

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Louisiana manganese refinery will utilise the Australian ore as feedstock to produce high purity low carbon IRA compliant battery grade manganese sulfate.

Global Refining Capacity in the Longer Term

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EU & UK policy shifts are MoU signed with Nissan First HPMSM Facility:
EU
competing with the IRA Chemical Corporation to Louisiana USA - IRA is driving capital
for investment in battery jointly develop HPMSM flows into US electrification
and related plants capacity in Japan infrastructure. E25 is partnering with
JP Stellantis & GM to onshore refining
KR capacity and capability
US
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• Design one, build many approach to development.

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

• Allows location optionality for the processing facility.

• Multiple potential sites being explored.

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AU
Butcherbird Manganese Mine:
1.1 million tonnes per annum of
manganese concentrate production is
planned at the Butcherbird Project in
Western Australia [1] .
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1 Reference: Company ASX Release Dated 23 January 2024

Improved, Cost-Competitive Cleaner Process Technology

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The Element 25 Process makes significant changes & improvements:

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Reagents/Cost
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Carbon Emissions

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Waste Residue
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Current Outdated Technologies mean:

• Large volumes of waste residues.

• Toxic Reagents like fluorine.

• • Inefficient.

• Higher Cost.

• Outdated processing technology.

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.

Reference: Company ASX Release Dated 16 February 2023

ESG - LCA demonstrates a low-carbon, ethical process

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

E25 Process Reduces Global Warming Potential Relative to Incumbent Producers

• 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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5.2
4.8
3.2
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PUBLISHED PEER COMPARISONS
2.3
Kg CO2 eq. per kg (Scope 1+2+3)
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2.3
1.7
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GIYANI METALS EURO MANGANESE (GRID) CHINESE PLANTS (CURRENT)
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ELEMENT 25 EURO MANGANESE (RENEWABLE)

Element 25 HPMSM Process Industry leading carbon intensity

Reference: Company ASX Release Dated 16 February 2023

Reference: Company ASX Release dated 16 February 2023

ESG Benchmarking

• Digbee ESG benchmarking process completed for 2024.

• Opportunities identified for action over following period.

• Executive incentive KPIs now linked to ESG outcomes.

• Internal reporting processes being developed to improve ESG credentials and preparedness for compliance reporting.

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The Importance of Manganese

Electric Vehicle (EV) uptake keeps accelerating…

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Mn
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Reference: https://thedriven.io/2024/11/13/global-ev-sales-heading-for-record-16-7-million-sales-in-2024-despite-reports-of-slowdown/

• 22 -

Transition to Higher Manganese Cathodes

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

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High-manganese represents the optimum cost-benefit ratio. Volkswagen, March 2021 Li-Mn-rich technology shown as "cost" solution in electrification roadmap. BMW, November 2021 Tesla is working on new manganese battery cell. Tesla, March 2022

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Reference: Umicore Capital Markets Day 2022
Reference: Benchmark Mineral Intelligence, South 32 Limited
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Transition to Higher Manganese Cathodes

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LMFP, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility.

High Manganese Cathode Material offers a number of advantages:

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Reduced nickel and very low to no cobalt content.

Reference: Umicore 2023

Louisiana Battery Grade HPMSM

DoE Grant - Part of US Government Drive for Domestic Manufacturing

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DoE Grant Selection

• E25’s planned HPMSM facility in Louisiana selected for award negotiations for US$166 million grant from the U.S. DoE.

• Louisiana HPMSM Project selected under DoE’s MESC Battery Materials Processing Grant Program.

• E25 and DoE expect to finalise a binding funding agreement for the grant as soon as practicable.

• The DoE's funding commitment is in addition to U$115M financing commitments from GM and Stellantis.

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Reference: https://www.energy.gov/sites/default/files/2024-11/Supply_Chain_Readiness_Level_%28SCRL%29_Analysis_%28Nov-2024%29_2.pdf

DoE MESC Grant - Supporting Local Raw Material Supply

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Mn Ore Comminution
Local Supply Chain
•
Process and supply chain developed
to involvementmaximise U.S. industry . Reductant US$166M
Leach
Grant
Acid
•
Working with partners GM and
Stellantis to supply low carbon
HPMSM for EV batteries .
• Neutralisation Purification
All reagents sourced locally from
established suppliers.
•
Site located close located adjacent
to acid recycling facility. Crystallisation
•
Solid residues as co-products will be
placed into local industries targeting Co-Product Processing
Logistics
zero waste.
•
Low carbon, circular economy
approach. MAIN PRODUCT HPMSM Fertiliser Gypsum SiRon
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DoE Grant Award Underpins Project Capital Stack

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• DoE US$166M grant selection provides cornerstone funding to .

• support project success[1]

• Louisiana HPMSM Project selected under DoE’s MESC Battery Materials Processing Grant Program.

• E25 and DoE grant team working to finalise binding documentation ASAP.

• Grant support is in addition to U$115M financing commitments from GM and Stellantis.

• Discussions in train with prospective financiers to close out remaining capital funding requirement.

Final funding piece ~15% of capital requirement. Process underway.

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Grant award secures 50% of capital requirement up to US$166M

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1 Reference : Company ASX Release Dated 24 September 2024

Upcoming Planned Investment Catalysts

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Planned newsflow:

• Updated Reserve Statement to confirm extension to the mine life based on increased Measured and Indicated Resources.

• Updated Feasibility Study to support the revised Reserve Statement and refined capital and operating costs and financial metrics.

• Signing of the DoE grant contracts to secure $166M in DoE grant funding for the Louisiana Project.

• Finalise project financing from third lender to complement firm funding from DoE grant, GM Loan, and Stellantis Pre-Payment.

• Finalise key commercial contracts for both the Butcherbird Expansion and Louisiana HPMSM Projects.

• Commence of construction!

Questions?

References:

• ASX Company Release dated 24 September 2024

• ASX Company Release dated 18 September 2023

• *Subject to successful project financing and permitting• ASX Company Release dated 29 October 2024

Justin Brown Media Inquiries:

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ASX : E25
OTCQX : ELMTF
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Competent Person’s Statement

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The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration Targets were compiled, Mr Brown was an employee of Element 25 Limited. Mr Brown is a geologist and 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’. Mr Brown consents to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to the Yanneri Ridge and Coodamudgi Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr. Dean O’Keefe, who acts as Consultant Geologist for Element 25 and is a full-time employee of MEC Mining. Mr. O’Keefe is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposits 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 (JORC Code). Mr. O’Keefe consents to the inclusion in this report of the Mineral Resources estimates and supporting information in the form and context in which it appears.

The information in this report that relates to the Mundawindi and Ritchies Find Mineral Resources is based on and fairly represents information and supporting documentation prepared by Mr Greg Jones, who acts as Consultant Geologist for Element 25 and is a full-time employee of IHC Robbins. Mr. Jones is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposits 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 (JORC Code). Mr. Jones consents to the inclusion in this report of the Mineral Resources estimates and supporting information in the form and context in which it appears.

The information in this report that relates to the Bindi Bindi, Budgie Hill, Cadgies Flat and Ilgarrarie Ridge Mineral Resources is based on, and fairly represents information and supporting documentation prepared by Mr Mark Glassock who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Mineral Resources were compiled, Mr Glassock was a consultant to Element 25 Limited. Mr Glassock is a geologist and 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’. Mr Glassock consents to the inclusion of this information in the form and context in which it appears in this report. Element 25 confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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.

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.

This release has been approved by the Element 25 Limited Board of Directors.