ELEMENT 25 LIMITED — Major Shareholding Notification 2013

May 16, 2013

603 page 1/2 15 July 2001

						Form 603
						Corporations Act 2001
						Section 671B
				Notice of initial substantial holder
To:Company Name/Scheme		Montezuma Mining		Company	Limited
ACN/ARSN		ACN: 119 711 929
1. Details of substantial holder (1)
Name		Duketon MiningLimited
ACN/ARSN (if applicable)		159 084 107
The holder became a substantial holder on		15	/	04	/	2013

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person’s votes(5)	Voting power(6)
Ordinaryshares	5,382,500	5,382,500	7.64%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Holder of relevant interest	Nature of relevant interest(7)	Nature of relevant interest(7)	Class and number of securities	Class and number of securities
Duketon Mining Limited		Relevant interest under section 608(1)of the Corporations Act.		5,382,500 fully paid ordinary shares
nt registered holdersred as holders of the securities referred to in paragraph 3 above are as follows:
Holders of relevantinterest	Registered holder ofsecurities		Person entitled to beregistered as holder(8)		Class and numberof securities
Duketon MiningLimited	Duketon MiningLimited		Duketon MiningLimited		5,382,500 ordinaryshares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date ofacquisition	Consideration (9)	Consideration (9)	Class and numberof securities
		Cash	Non-cash
Duketon MiningLimited	15 April 2013		The shares were acquired as aresult of the demerger of SouthBoulder Mines Limited’s assets asdetailed in the Notice of Meetinglodged with ASX dated 4 October2012.	5,382,500 ordinary shares

MC121013

603 page 2/2 15 July 2001

6. Associates

The reasons the person named in paragraph 3 above and associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association N/A N/A

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Duketon MiningLimited	20 Kings Park Road,West Perth WA 6005

Signature

print nameDennis WilkinscapacityDirector
sign heredate17/5/	2013
DIRECTIONS
mber of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to
orm as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the
n of “associate” in Section 9 of the Corporations Act 2001.
n of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.
s of a company constitute one class unless divided into separate classes.
r of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant
es divided by the total votes in the body corporate or scheme multiplied by 100.
f:
evant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out
ms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany
m, together with a written statement certifying this contract, scheme or arrangement; and
alification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
he relevant interest relates (indicating clearly the particular securities to which the qualification applies).
n of “relevant agreement” in section 9 of the Corporations Act 2001.
holder in unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.
nsideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become
e in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be
enefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom
est was acquired.

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of “associate” in Section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

  • (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out

    • the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (8) If the substantial holder in unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

(9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.