ELEMENT 25 LIMITED — Regulatory Filings 2011

May 22, 2011

Ĩ.

page 1/2 15 July 2001 604

	Notice of change of interests of substantial holder	Form 604 Corporations Act 2001 Section 671B
To Company Name/Scheme	MONTEZUMA miniNG COMMNY		$L\tau$ o
ACN/ARSN	$119$ 711 929
1. Details of substantial holder(1)
Name ACN/ARSN (if applicable)	MARCEL MANDANICI
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	23/5/201 7/200 17/200
2. Previous and present 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) $\bigg|$ in when last required, and wh

Class of securities (4)	Previous notice Person's votes	Voting power (5)	Present notice Person's votes	Voting power (5)
5.190 65 ocomay	935 4699		3,208,781	ъ.

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the
substantial holder was last required to give

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
פיים[ד ן וופד פארג		marke T ov AND THATE		Smanns ANG ებ ი ასა	153 1491.
		OPTION CONVERSION

4. Present relevant interests

$\mathcal{A}$

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
manoies	mogrs PIL			1.416 , 215	416 -215
avgN9	Momroge PR			1, 792, 501	1.792.562

$\sim$

$\sim$

$\cdot$

$\frac{1}{2}$

$\label{eq:2} \frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^{2} \frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^{2}$

$\frac{1}{\sqrt{2}}$

$\sim 10^6$

Nature of association Name and ACN/ARSN (if applicable) 6. Addresses The addresses of persons named in this form are as follows: Address $V$ crozia 376 4 Name Kilmone 232 $\rho$ , $\varrho$ . Box madamin C MARCEL
Signature
$\frac{\text{capacity}}{\text{date}} \frac{\text{Dirac} \text{error}}{2315 + 2011}$ manionne ngeet print name
sign here
DIRECTIONS
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 must), 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 6 of the
form.
See the definition of "associate" in section 9 of the Corporations Act 2001.
See the definition of "relevant interest" in sections 609 and 6718(7) of the Corporations Act 2001.
The voting shares of a company constitute one class unless divided into separate classes.
The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any Include details of: 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 ω
arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and 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). (b)
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001. 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, becom e 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 (7)
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.
If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $\left(8\right)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.