ELEMENT 25 LIMITED — Investor Presentation 2024

May 26, 2024

Share Purchase Plan to fund pre-commitment capital requirements progress detailed engineering for the Butcherbird Expansion Project and the Louisiana HPMSM Refinery.

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 the acquisition of new shares. 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.

A booklet in respect of the Share Purchase Plan ( SPP ) will be made available to eligible shareholders in Australia, New Zealand, Hong Kong and Germany following its lodgement with ASX ( SPP Booklet ). Any eligible shareholder in Australia, New Zealand, Hong Kong or Germany who wishes to participate in the SPP should carefully read and consider the SPP Booklet (in full) before deciding whether to apply for new shares under the SPP. Eligible shareholders who wish to apply for new shares under the SPP will need to apply in accordance with the instructions contained in the SPP Booklet and the application form.

An investment in Element 25 shares is subject to known and unknown risks, some of which are beyond the control of the Company and its directors. Element 25 does not guarantee any particular rate of return or financial performance, nor does it guarantee any particular tax treatment.

Corporate Summary

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	Corporate Summary
	3 • Owner of the Butcherbird Manganese Mine in Western Australia which is currently being expanded to produce >1.1Mt of high-quality manganese oxide concentrate1. • Developing a USA-based refinery to supply ethical battery-grade High Purity Manganese Sulphate Monohydrate (HPMSM) products2. • Offtake and funding agreements in place with our partners General Motors and Stellantis to supply HPMSM for Electric Vehicle batteries. Stellantis 11% Board & Managment 6% ATM Facility 4% Free Float 79% ASX Ticker: E25 Shares on Issue: 218M OTCQX Ticker: ELMTF Debt: Nil 1Reference: Company ASX Release dated 23 January 2024 2Reference: Company ASX Release dated 12 April 2024

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, multidisciplinary 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

Transaction Highlights

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E25 to Raise up to $5M via a Share Purchase Plan. Funds raised will contribute to:

Maintaining Project Schedules

Providing Working Capital

Maintaining Project Schedules

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Share Purchase Plan (SPP) Overview3

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Share Purchase Plan:	• Non-underwritten SPP offered to eligible shareholders targeting to raise up to A$5 million. • Eligible shareholders in Australia, New Zealand, Hong Kong and Germany will be invited to apply for up to A$30,000 of new shares free of any brokerage, commission or transaction costs. • The price for the SPP will be A$0.27per share.
Subscription Amounts:	• Eligible shareholders will have the opportunity to apply for share purchase plan shares in parcels valued at: • $1,000 • $2,500 • $5,000 • $7,500 • $10,000 • $12,500 • $15,000 • $20,000 • $25,000 • $30,000
Underwriting:	• The share purchase plan is not underwritten.
Director Participation:	• Managing Director, Justin Brown, and Directors who are eligible shareholder of Element 25, intend to participate in the SPP.
Ranking:	• Shares issued via the share purchase plan will rank equally with the existing fully paid ordinary shares on issue.

Element 25 will have the ability to accept more or less than the target SPP size at its absolute discretion.

3 Reference: ASX Release dated 21 May 2024

Share Purchase Plan (SPP) Timetable

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Event	Date
Record Date for SPP	5.00pm (AWST) Monday, 20 May 2024
Announcement of SPP and Lodgment of Appendix 3B with ASX	Tuesday, 21 May 2024
Opening Date for SPP Applications, and dispatch SPP Booklet and Investor Presentation	Monday, 27 May 2024
Closing Date for SPP Applications	5.00pm (AWST) Monday, 17 June 2024
Results of SPP Announced, SPP Shares Issued	Monday, 24 June 2024
SPP Share commence trading on ASX	Tuesday, 25 June 2024
Holding statements issued to Shareholders	Wednesday, 26 June 2024

The above timetable is indicative only and subject to change. The commencement of trading and quotation of new shares issued under the SPP is subject to confirmation from ASX. Subject to the requirements of the Corporations Act, the ASX Listing Rules and other applicable rules, Element 25 reserves the right to amend this timetable at any time, including extending the period for the SPP or accepting late applications, either generally or in particular cases, without notice.

All times above refer to Australian Western Standard Time (AWST).

Share Purchase Plan (SPP) Use of Funds

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In January 2024, the Company announced that it had completed a Feasibility Study ( Study ) to investigate the potential to expand the production of manganese concentrate at the Company’s 100% owned Butcherbird Project ( Project ), located in the southern Pilbara region of Western Australia[4] . The Study demonstrated strong economics with robust economic returns and rapid capital payback. Expansion of the processing facility at Butcherbird aligns with Element 25’s strategy for its planned battery grade high purity manganese sulphate monohydrate ( HPMSM ) project to be built in Louisiana, USA in partnership with General Motors LLC and Stellantis NV[5] .

The proceeds of the SPP will be used to assist with funding activities for the Butcherbird Stage 2 Expansion Project for initial engineering, procurement and project management activities prior to the completion of project financing and a final investment decision ( FID ). Element 25 intends to fund the remainder of the project through cash reserves and project financing. The Company is well-progressed in negotiations with a number of potential lenders to Project. As a result of the Study and HPMSM strategy, the Company immediately commenced activities related to the Stage 2 Expansion focusing on detailed engineering and design, project financing and finalising other key requirements to support the commencement of construction in line with the project schedule.

Funds will also support continued pre-commitment engineering activities to progress the planned HPMSM facility in Louisiana, where the Company recently announced commercial terms in relation to a development site for the HPMSM Project[6] and general working capital.

4 Reference: ASX Release dated 23 January 2024 5 Reference: Company ASX Releases dated 9 January 2023 and 26 June 2023 6 Reference: Company ASX Release dated 8 May 2024

Company Strategic Vision – Growth Through Ore and Battery Grade HPMSM

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Stage 2 1.1 Mt Mn Ore

Build and commission full commercial scale processing facility at the Butcherbird Manganese Mine

Stage 3 Louisiana HPMSM

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

Stage 4 HPMSM Expansion Construct and commission the second production train at the Louisiana facility to double production to 130Kt per annum.

Stage 5 Global Supply Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global EV markets.

2-Year Plan 5-Year Plan 10-Year Plan

Best in class, low carbon, ethically produced,

scalable HPMSM for electric vehicle batteries: Sustainably Supplying Global EV Markets

Large, long-life manganese asset in Western Australia

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Granted Mining Lease
E52/2350
M52/1074
Infill Drilling of Inferred Infill Drilling of Inferred
Resources Currently Resources
Underway
Large JORC Resource
provides the basis for the
Simple Logistics 42-year base case mine
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Reference: E25 Annual Report, released 29 September 2023

Butcherbird Expansion – Sustainable margins through lower costs

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Key goals of Butcherbird expansion design:
•
Increase production volume.
•
Reduce unit operating costs.
•
Reduce labour intensity.
Key Design/Equipment Selection Outcomes
•
Improved reliability, clay (and moisture) handling.
•
Increased profitability.
Feasibility Study [] provides Compelling Economics:
Mineral Sizer Screen Design DMS Drum
• Improved clay
Equipment selection and capital cost estimate complete. Improved clay Improved recoveries
handling and
handling & reliability and grade
• moisture tolerance
Detailed engineering and design in progress.
•
Implementation timeline estimated at 12 months from FID.
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Reference: ASX Release dated 23 January 2024

Butcherbird Expansion – Feasibility Study delivers robust economics

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• Butcherbird Expansion Feasibility Study targets 1.1 Mtpa manganese ore production[7]

• Production to capture Economies of Scale with reduced operating costs, moving Element 25 down the global manganese ore cost curve.

• Engineering and Procurement activities are underway.

• Negotiations underway with current offtake partners and other industry players.

• Demand for additional volumes robust.

• Approximately 12 months to deliver post FID.

• NAIF Strategic Assessment Phase successfully completed, .

• currently undergoing due diligence[8]

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7 Reference: ASX Release dated 23 January 2024 8 Reference: ASX Release dated 8 April 2024

Vertically integrated global HPMSM supply

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Australia Manganese Ore Supply Production of high-quality Australian manganese ore concentrate as feed-stock for HPMSM refinery to be built in the USA. Ore which is not used for HPMSM production will be sold to existing customers in the ferro alloy industry.

Vertically integrated critical battery raw material supply chain.

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USA
Louisiana HPMSM Refinery
Louisiana manganese refinery
will utilise the Australian ore as
feedstock to produce high
purity low carbon IRA compliant
battery grade manganese
sulfate.
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Electric Vehicle (EV) uptake accelerating as the world decarbonises

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“…S-curve modelling, based on the EV growth so far and the lessons of other technology shifts, suggests EV sales will grow at least four-fold by 2030, and make up between 62 percent and 86 percent of global car sales in 2030…” RMI – Energy Transformed 2023

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Lifetime CO2e emissions by vehicle powertrain

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Electric Vehicles
have much lower
lifetime carbon
emissions when
charged with
clean energy
Source: McKinsey & Company, 2024
e (t)
2
CO
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Transition to higher manganese cathodes is beginning

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

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Transition to higher manganese cathodes is underway

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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.

M is for Manganese. Shift to higher manganese intensity cathodes is expected to continue beyond 2030.

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16
Reference: Umicore 2023, McKinsey & Company
Wh/kg
US$/kWh
Reference: CRU
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Improved, cost-competitive process technology

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The Element 25 Process makes significant changes & improvements:

Problems with Current Technologies

• Large volumes of waste residues

• • Toxic Reagents

• Inefficient

• Higher Cost

• Outdated processing technology

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Reagents/Cost

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Carbon Emissions

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Waste Residue

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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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.

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Global Warming Potential
5.2
4.8
PUBLISHED PEER COMPARISONS
3.2
2.3
1.7
2.
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
Kg CO2 eq. per kg (Scope 1+2+3)
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• 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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Reference: Company ASX Release dated 16 February 2023
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Reference: ASX Release dated 21 February 2023

Global refining capacity in the longer term

Japan & Korea remain important region in terms of battery technology and innovation

EU & UK policy shifts are competing with the IRA for investment in battery and related plants

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First HPMSM Facility: Louisiana USA IRA is driving capital flows into US electrification infrastructure. E25 partnering with Stellantis & GM

Mn Concentrate Feedstock (33% Mn): Up to 1M tonnes per annum manganese concentrate production planned at the Butcherbird Project in Western Australia.

• 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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Design One,
Build Many
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Feasibility Study delivers compelling economics

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Reference: ASX Release dated May 2023

Proposed HPMSM facility in Louisiana, USA

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Ore Storage
Processing Train 2
Processing Train 1
Product storage
and despatch
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Resources & Reserves

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Maiden Ore Reserve[9]

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[9]

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

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

		Global Mineral Resourc	e9							mineral resource.
		Category	Tonnes (Mt)		Mn (%)	Si (%)	Fe (%)	Al (%)	•	Excellent potential for future
		Measured	16		11.6	20.6	11.7	5.7		expansion.
		Indicated	41		10.0	20.9	11.0	5.8	•	More drilling has potential to add to
		Inferred	206		9.8	20.8	11.4	5.9		global resource.
		Total	263		10.0	20.8	11.4	5.9
9	Reference: Element 25 Limited ASX release dated 29 September 2023.									22

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 29 September 2023. 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 29 September 2023. 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.

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Justin Brown Media Inquiries:

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