ELEMENT 25 LIMITED — Investor Presentation 2024

Apr 15, 2024

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

Disclaimer

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.

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2
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Corporate Summary

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Stellantis
11%
•
Owner of the Butcherbird Manganese Mine in
Western Australia which is currently being Board & Managment
6%
expanded to produce >1Mt of high-quality
manganese oxide concentrate [1] .
ATM Facility
4%
•
Developing a USA-based refinery to supply ethical
battery-grade High Purity Manganese Sulphate
Monohydrate ( HPMSM ) products [2] .
•
Offtake and funding agreements in place with our Free Float
79%
partners General Motors and Stellantis to supply
HPMSM for Electric Vehicle batteries.
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 3
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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, 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

Company Strategic Vision

Stage 1 1.1 Mt Mn Ore

Stage 2 Louisiana HPMSM Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM.

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

Stage 3 HPMSM Expansion Construct and commission the second production train at the Louisiana facility to double production to 130Kt per annum.

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Stage 4 MnSO4 Expansion 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
Large JORC Resource
provides the basis for the
Simple Logistics 42-year base case mine
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Reference: E25 Annual Report dated September 2023

Established Australian manganese operations

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Process Water
Storage
Main Access
Road
ROM Stocks
Ore Stockpiles
Feedstock for HPMSM
conversion
Processing
Plant
7
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Butcherbird Expansion – Sustainable margins through lower costs

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Mineral Sizer
Improved clay
handling & reliability
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Screen Design Improved clay handling and moisture tolerance

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DMS Drum
Improved recoveries
and grade
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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

• Production to capture Economies of Scale with reduced operating costs.

• Moves Element 25 down the global manganese ore cost curve.

• 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.

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Reference: ASX Release dated 23 January 2024

Vertically integrated global HPMSM supply

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Vertically
integrated
critical battery
raw material
supply chain.
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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.
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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
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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• 11 -

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 beginning

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

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

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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.

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 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.

Global Warming Potential

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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)
Kg CO2 eq. per kg (Scope 1+2+3)
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THE E25 PROCESS IS THE LOWEST CARBON
INTENSITY OPTION FOR HPMSM TODAY
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Reference: Company ASX Release dated 16 February 2023

Reference: ASX Release dated 16 February 2023

Global refining capacity in the longer term

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

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

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

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US
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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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AU
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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
Subject to successful project financing and permitting
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Resources & Reserves

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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[1]

• 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.

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1Reference: Element 25 Limited ASX release dated 29 September 2023.
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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 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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