ELEMENT 25 LIMITED — Investor Presentation 2026

May 12, 2026

Element 25

Building a Global Manganese Business

Sustainable manganese ore and HPMSM for global steel and battery markets.

Presentation – NWR Critical Minerals (13 May 2026)

ASX : E25

OTCQX : ELMTF

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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

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Element 25 Introduction

Element 25

Long Life 100% Owned Manganese Mine
Construction Ready Mine Expansion
Strong Feasibility Study/Financials
ESG Leading Innovative HPMSM Flowsheet
Tier 1 Jurisdiction
Tier 1 Project Customers & Partners

ASX
E25
OTCOX
ELMTF
ISSUED SHARES
326M
TOTAL DEBT
NIL

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Strategic Vision to Create Shareholder Value

Element 25

Butcherbird Expansion

1.1Mt p.a. Manganese Concentrate

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

> Louisiana HPMSM
> USA Critical Raw Materials

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 markets targeting Europe and Asia.

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

Best in class, secure supply, ethically produced, scalable HPMSM for lithium-ion batteries:
Sustainably Supplying Global Markets

Reference: Company ASX Release Dated 22 January 2023

Reference: Company ASX Release Dated 12 April 2023

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Element 25

The Butcherbird Manganese Project

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The Butcherbird Manganese Project

Element 25

World Class Resource

>270M tonnes

Long-Life Mine

>18 years production

Large Scale Production

1.1M tonnes per year

• Unique geology - very clean metallurgically – no toxic contaminants.
• Located in Australia, a Tier-1 jurisdiction with strong ESG regulation.
• Produces a high-quality manganese concentrate ideal for manganese alloys and battery grade high-purity manganese sulphate (HPMSM).

Providing high quality manganese for traditional and new energy markets.

Reference: Company ASX Release Dated 29 October 2024
Reference: Company ASX Release Dated 21 February 2023

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Large, Long-Life Manganese Mine in Western Australia

Element 25

CONSTRUCTION READY

• Granted Mining Lease
• Fully Permitted
• Early Procurement Commenced
• Existing infrastructure in place (bore fields, TSF, roads, camp)
• ~12 Month Construction

Reference: Company ASX Release dated 22 January 2025

Reference: Company ASX Release dated 29 October 2024

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Simple Geology: Low-Cost, Low-Impact Operations

Element 25

Classification	Tonnes (Mt)	Mn (%)	Contained Mn (Mt)
Resource	274	10.0	27.4
Reserve	101.4	10.4	10.5

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.

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

Reference: Company ASX Release Dated 22 January 2025

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Element 25

Butcherbird to Expand to 1.1Mt p.a. Production

New, re-designed and expanded processing facility to optimise and scale the process.

Key Metrics	Unit	Value
Ore Mined	Ktpa	6,100
Concentrate Prod.	Ktpa	1,100
Concentrate Grade	Mn	31.6%
Undiscounted CastFlow	AUD (pa)	$70.5
Mine Life	Years	18.3
NPV_{s} (Real) (Pre-Tax)	AUD	$561M
NPV_{e} (Real) (Post-Tax)	AUD	$379M
IRR (pre-tax)	%	96%
Op. Cost C1 (FOB)	USD/dmfu	$2.86
Capital Cost	AUD	$64.8M

Reference: Company ASX Release Dated 22 January 2025

Reference: Company ASX Release Dated 7 October 2024

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Butcherbird Expansion Project - Process Plant

Element 25

Washing Circuit:

Clay removal from laterite feed

• The logwasher is an agitated scrubber which acts to break up and wash clays out of the feed material.
• The clay contains very little manganese so its removal upgrades the concentrate to approach the target Mn grade for sale.
• The process uses water as the only reagent making the tailings environmentally benign.

Clays and other impurities are scrubbed by rotating intermeshing paddle shafts and washed by counter-current water flow.

Reference: KISA

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Butcherbird Expansion Delivers Robust Economics
Element 25

Capital Cost	NPV_{6}	Cashflow	Payback
AU$64.8
(incl. contingency)	AU$561M
(Pre-tax, real)	96%
(annual)	AU$70.5M
(years)	1.3
(years)

AUSTRALIAN FEDERAL GOVERNMENT (NAIF) TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT

• Low cost operation with forecast C1 cost of US$2.86/dmtu FOB.
• Long-life asset with >18-year Ore Reserve.
• Low capital costs of A$64.8M (2025 Feasibility Study Estimate).

• Operating cashflows of $70.5M per annum drive rapid capital payback.

• Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25's Butcherbird Manganese Expansion Project.

• Butcherbird development based on a 1.1 Mtpa manganese concentrate operation and delivers outstanding metrics.
• Manganese concentrate to be sold to steel industry partners and provide feedstock for E25's planned HPMSM facility in Louisiana, USA.
• Butcherbird Expansion plan is fully approved under WA Regulatory Framework.
• NAIF to act as the sole senior secured lender to the project - the balance of funds to be sourced from financiers including offtake prepayment, subordinated debt and royalty financing as potential mechanisms.

Reference: Company ASA Release Dated 22 January 2025
Reference: Company ASA Release Dated 17 June 2025
Reference: Company ASA Release Dated 12 March 2025

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Manganese Is Comparatively Abundant But Not Everywhere…

Element 25

• Manganese deposits heavily concentrated in challenging jurisdictions.
• Australia is the only allied country with significant manganese reserves and production.
• Australian manganese production declining with old mines closing and limited new production.

Manganese Ore Production 2020-2024:

Manganese ore global distribution:

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Butcherbird Expansion – Low Costs Underpin Strong Margins

Element 25

Historical Mn Ore Price Cycles – US$/dmtu CIF China

Jan 2018
Jan 2019
Jan 2020
Jan 2021
Jan 2022
Jan 2023
Jan 2024
Jan 2025
Jan 2026

36.5% Mn Index (historical)

BBX AISC Cost (2025 FS)

• Index Price: High Grade Mn CIF Tianjin China
• Butcherbird FS CIF Sale Price (44% Index Basis)

BBX Sale Price 44% Index Basis (Yrs 1-5 2025 FS)

• Index Price: 37% Mn CIF Tianjin China
• Long Term Average Price (High Grade Mn CIF Tianjin)

$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00

$2.00

Reference: Project Blue 2025

Reference: Company ASX Release dated 23 January 2024

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Butcherbird Expansion Project – On Track for Production
Element 25

	• Detailed engineering well advanced utilizing Integrated project Team (IPT) approach.
	• Long lead time procurement progressed with orders placed for crusher and logwasher equipment.
RE:GROUP
PILBARA PORTS	• Key construction and operational contracts being finalised including road haulage, mining, port and offtake.
	• Fully permitted under Department of Local Government, Industry Regulation and Safety (LGIRS) regulations.
Construction Tender in Progress	• Civils, SMP, E&I packages in the market with tender submissions under review. Subject to WHS compliance requirements.

Reference: Company ASX Release dated 25 November 2025

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Butcherbird Expansion Project Timeline Guidance

Element 25

BBX Project Plan Summary	2024										2027
Quarter	1			2			3			4	1			2			3		4
Month	J	F	M	A	M	J	J	A	S	O	N	D	J	F	M	A	M	J	J
Major Milestones
Finalise Funding
Commissioning
Commercial Production
Major Activities
All Approvals and Permitting
Project Financing
Detailed Engineering Design
Engineering Procurement (MPI)
Logistics Procurement (MPI)
Camp Construction
Construction - Civil
Construction - SMP

The schedule remains subject to a number of key dependencies including achieving project financial close, completion of detailed engineering, procurement of key equipment and finalising the construction contract(s) in accordance with the planned key dates.

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Element 25

High Purity Manganese Strategy

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Manganese Is Abundant But Refining Capacity Is Not…

Element 25

Manganese Ore
2% 0% 40% 58%
- South Africa
- China
- Other

Refined Manganese
95% 0% 3% 2%

Breaking the Chinese Supply Chain Dominance

• Refined manganese (HPMSM) capacity is heavily concentrated with >95% of refining capacity located in China.
• Concentrated supply creates supply risk for critical raw materials used in batteries including manganese.
• Customers are seeking alternative sources of long-term manganese supply.
• Element 25 provides a long-life mine and a future facing processing technology.

Refined battery grade manganese capacity is heavily concentrated in China.

Source: Benchmark Forecasts – www.benchmarkminerals.com

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Improved, Cost-Competitive, Cleaner Process Technology

Element 25

The Element 25 Process brings significant changes & improvements:

Fewer Reagents

Lower Emissions

No Waste Residue

E25 technology enhances ESG profile by:
- Eliminating waste residues.
- Eliminating toxic Reagents like fluorine.
- Increased efficiency and lower costs.
- Faster permitting due to lower impacts.

Cleaner, more efficient technology to deliver long term reliable, clean supply of HPMSM

Reference: Company ASX Release Dated 16 February 2023

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Element 25

Global Refining Capacity in the Longer Term **

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

MoU signed with Nissan Chemical Corporation to jointly develop HPMSM capacity in Japan

• 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.

Flagship Louisiana HPMSM Facility:

• Supply chain security needs driving capital flows into US projects.
• Government supported push to secure critical mineral supply chains.
• E25 partnering with Stellantis & GM to onshore refining capacity and capability

Butcherbird Manganese Mine:

1.1 million tonnes per annum of manganese concentrate production is planned at the Butcherbird Project in Western Australia.

Reference: Company ASX Release Dated 22 January 2025

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Global EV Sales Outlook Remains Strong

Element 25

EV market share continues to grow:

• Electric vehicles to reach over 50% market penetration by 2030 according to Bloomberg NEF.
• Short term policy settings have reduced uptake in some markets but medium-term demand forecasts remains bullish.
• Critical raw material supply remains a key geopolitical challenge with near total dominance by China of key raw materials including manganese.
• Battery grade manganese expected to see strong demand due to increase in electric vehicle sales and shift to higher manganese cathode materials.

Global passenger-vehicle sales by drivetrain

Source: BloombergNEF

Near-term global sales outlook for electric and fuel-cell vans, trucks and buses

Source: BloombergNEF. Note: Electric vehicles include battery-electric and plug-in hybrid vehicles. Buses include city buses apart from China, which also includes coaches and intercity buses.

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Transition to Higher Manganese Battery Cathodes

Element 25

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

High Mn means reduced reliance on Ni and Co:

Reduced nickel and very low to no cobalt content.
Reference: Umicore 2023

LMR Cell Production at Ford Ion Park

Ford Makes Breakthrough with LMR Battery Chemistry: Targeting More Affordable, Long-Range Electric Vehicles by End of Decade

Charles Poon
Director, Electrified Propulsion Engineering

April 23, 2025

a

NEWS

May 13, 2025 TECHNOLOGY

Why LMR batteries will change the outlook for the EV market

Share article: f X in

By Kushal Narayanaswamy, director, advanced battery cell engineering, GM

Why LMR batteries will change the outlook for the EV market

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Element 25

Louisiana Battery Grade HPMSM

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DoE MESC Grant - Supporting Local Raw Material Supply

Element 25

Local Supply Chain

• Process and supply chain developed to maximise U.S. industry involvement.
• Working with partners GM and Stellantis to supply low carbon HPMSM for EV batteries.
• All reagents sourced locally from established suppliers.
• Site located close located adjacent to acid recycling facility.
• Solid residues as co-products will be placed into local industries targeting zero waste.
• Low carbon, circular economy approach.

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Element 25

Global Sustainable Secure Manganese Supply

| | Long Mine Life | • 18.3 Year Reserve within granted Mining Lease
• 274Mt Resource global resource with exploration upside |
| --- | --- | --- |
| | Construction Ready | • Feasibility Study and project permitting complete
• Northern Australia Infrastructure Facility (NAIF) finance of up to $50M approved |
| | ESG Leading HPMSM Flowsheet | • Life cycle assessment (LCA) completed confirming industry leading carbon intensity
• Further reductions available via renewable energy and reagents |
| | Strong Feasibility Study/Financials | • $64.8M Construction Capital ($70.5M approved NAIF project budget)
• 96% Internal Rate of Return (IRR) and $561M Net Present Value (NPV) (Pre-Tax, Real) |
| | Innovative HPMSM Flowsheet | • Competitive cost structure through innovation
• Waste minimisation and reduced emissions provides competitive advantages |
| | Tier 1 Jurisdiction | • Australian owned and operated mine providing long term secure ethical Mn supply
• USA, Japan and EU Partnerships to enhance battery raw material supply chains |
| | Tier 1 Project Customers & Partners | • Stellantis N.V and General Motors LLC – Louisiana HPMSM Project
• Nissan Chemical Corporation – Tokyo Bay Japan HPMSM Project |

Reference: Company ASX Release Dated 29 October 2024

Reference: Company ASX Release Dated 27 June 2025

Reference: Company ASX Release Dated 21 February 2023

Reference: Company ASX Release Dated 22 January 2025

Reference: Company ASX Release Dated 12 April 2023

Reference: Company ASX Release Dated 20 June 2025

Reference: Company ASX Release Dated 2 April 2025

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The Planned Element 25 HPMSM facility in Louisiana, USA

Element 25

STELLANTIS

gm

U.S. DEPARTMENT OF ENERGY

27

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Element 25

Contact Details

Justin Brown
Managing Director
Email: admin@e25.com.au
Phone: +61 (8) 6375 2525

Media Inquiries:
Nathan Ryan
Email: nathan.ryan@nwrcommunications.com.au
Phone: +61 (0) 420 582 887

ASX: E25
OTCQX: ELMTF

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Butcherbird Manganese Mine - Resources & Reserves

Element 25

Ore Reserve¹

Deposit	Classification	Tonnes (Mt)	Grade (Mn%)	Contained Mn (Mt)
Yanneri Ridge	Proved	11.3	11.8	1.33
	Probable	70.4	10.2	7.15
Coodamudgi	Proved	-	-	-
	Probable	19.1	10.3	1.97
Stockpiles	Proved	0.6	9.2	0.06
Total		101.4	10.4	10.5

Mineral Resource²

Resource Category	Tonnes (Mt)	Mn (%)
Measured	14	11.3
Indicated	116	10.1
Inferred	144	9.8
Total	274	10.0

• Current Reserve:
• Only utilises approximately ~40% of global Mineral Resource;
• Provides for a mine life of >18 years¹.
• High conversion of measured and indicated resources to reserve.
• Excellent potential for future expansion with known mineralization outside resource areas.
• Simple geology, low technical risk.
• Global resources not closed off.

Reference: Company ASX Release Dated 22 January 2025 (Ore Reserve Update)

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

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Competent Person's Statement

Element 25

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 Company confirms that in the case of Production Targets, all material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the market announcement dated 22 January 2025 continue to apply and have not material changed.

The Company confirms that in the case of estimates of Mineral Resource or Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the market announcements dated 29 October 2024 and 22 January 2025 continue to apply and have not materially changed. All estimates or Mineral Resources or Ore Reserves underpinning the production target have been prepared by a competent person/s in accordance with the requirements of the JORC Code, Appendix 5A. The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material assumptions and technical parameters underpinning the estimates 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.

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