ELEMENT 25 LIMITED — Major Shareholding Notification 2013

May 16, 2013

605 Page 1 of 2 15 July 2001

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme

ACN/ARSN

Montezuma Mining Company Limited 116 711 929

1. Details of substantial holder (1)

Name South Boulder Mines Limited

ACN/ARSN (if applicable) 097 904 302

The holder ceased to be a substantial holder on

The holder ceased to be a substantial holder on 15 / 04/ 2013

The previous notice was given to the company on 30 / 11/ 2006

The previous notice was dated 30 / 11/ 2006

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

llows:
Date of	Person whose	Nature of	Consideration given in relation to	Class (6) and	Person's votes
change	relevant interest	change (4)	change (5)	number of	affected
	changed			securities affected
15/04/2013	South Boulder	Sale of	The shares were sold as part	5,382,500 Fully	5,382,500
	Mines Limited	Shares	of the demerger of Duketon	Paid Ordinary
			Mining Limited from South	Shares
			Boulder Mines Limited as
			detailed in the Notice of
			Meeting lodged by South
			Boulder Mines Limited with
			ASX dated 4 October 2012.

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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

4. Addresses

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

Name	Address
South Boulder Mines Limited	Ground Floor,	20	Kings Park Road, West Perth WA	6005

Signature

re
print name	Dennis Wilkins	capacity	Company Secretary
sign here		date	17/05/2013

605 Page 2 of 2 15 July 2001

DIRECTIONS

• (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 4 of the form.

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

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. 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.

• (5) 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.

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

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.