ELEMENT 25 LIMITED — Major Shareholding Notification 2020

Jul 1, 2020

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 Element 25 Limited

ACN/ARSN

119 711 929

1. Details of substantial holder (1)

Name Duketon Mining Limited ACN/ARSN (if applicable) 159 084 107

The holder ceased to be a substantial holder on 01/07/2020 The previous notice was given to the company on 09/06/2020 The previous notice was dated 08/06/2020

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:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
09/06/2020	Duketon Mining Limited	On-market sale	$9,300	20,000 ordinary fully paid shares	Duketon Mining Limited
18/06/2020	Duketon Mining Limited	On-market sale	$8,458	19,902 ordinary fully paid shares	Duketon Mining Limited
19/06/2020	Duketon Mining Limited	On-market sale	$11,138	25,098 ordinary fully paid shares	Duketon Mining Limited
29/06/2020	Duketon Mining Limited	On-market sale	$2,945	6,333 ordinary fully paid shares	Duketon Mining Limited
30/06/2020	Duketon Mining Limited	On-market sale	$31,630	70,288 ordinary fully paid shares	Duketon Mining Limited
01/07/2020	Duketon Mining Limited	On-market sale	$54,221	113,379 ordinary fully paid shares	Duketon Mining Limited

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
	N/A

605 Page 2 of 2 15 July 2001

4. Addresses

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

Name Address Duketon Mining Limited Suite 2, 11 Ventnor Avenue, West Perth WA 6005

Signature

print name Dennis Wilkins capacity Company Secretary sign here date 02 / 07 / 2020

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.