ELEMENT 25 LIMITED — Regulatory Filings 2012

Nov 29, 2012

COMPANY UPDATE NOVEMBER 2012

MANGANESE Large tonnages of beneficiable manganese mineralisation. Commercial Studies and approvals process ongoing. COPPER Drill testing of IP targets within Butcherbird Structural corridor. Extension drilling increases Cu mineralisation to over 700m. Landholding now covers approx. 15 km of strike of the prospective Cu-hosting Butcherbird Structure.

Disclaimer

This presentation contains only a brief overview of Montezuma Mining Company Ltd and its associated entities ("Montezuma") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Montezuma'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 a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Montezuma's control, may cause the actual results, performance and achievements of Montezuma to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Montezuma does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Montezuma, 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 Montezuma or its activities.

Corporate Snapshot (listed 9 November 2006)

Board of Directors

	Seamus Cornelius	Chairman

• Justin Brown MD
• John Ribbons Director

Share Price

	ASX Code:	MZM
	52 week high:	\$0.80
	52 week low:	\$0.16

Share Positions

• Buxton Resources Ltd: 3.26M FPO
• Auvex Manganese Ltd: 3.75M FPO
• Exterra Resources Ltd: 4M FPO
• Lithex Resources Ltd: 1.52M FPO

Market Data

Shares on Issue: 	69.7M
Share Price: 	\$0.20
Market Cap: 	\$14M
Cash: 	~\$7M

	Share Register
	Top 20	62.7%
	Top 5
	JP Morgan Nom. 	9.01%
	South Boulder Mines 	7.89%
	Ranguta Ltd 	7.44%
	Zero Nom 	5.86%
	Alpha Boxer Ltd 	3.44%

BUTCHERBIRD MANGANESE

Butcherbird Project

• Proven manganese and copper potential.
• Excellent local infrastructure:
• Straddles the Great Northern Highway
• Goldfields Gas Pipeline runs through the project tenure.
• Approx. 550km to Port Headland.
• Drilling has confirmed large tonnages of beneficiable manganese and good copper potential.
• Active exploration and preproduction work ongoing.
• Has the potential to deliver the company its first operating mine.

Why Manganese?

• Critical in modern steel-making. No satisfactory substitute.
• While manganese is abundant globally, high-grade manganese is not.
• Global high-grade manganese sector is dominated by just a handful of players.
• Demand will continue to rise on parallel with increasing global steel production.

Classification	Inferred Resource
	Tonnes (Mt)	Mn%
Cut-off $> 10\%$	119.0	11.6
Cut-off 8-10% Mn	55.9	9.3
Global Total	174.9	10.87

• Inferred Resource Estimates completed for eight deposits.
• Significant upside potential to the global resource with further drilling.
• Potential for additional discoveries.

All intersections are approximately true width

Unique Geology

• Geology allows for low cost beneficiation to commercial grades.

Independent Scoping Study

• Scoping Study positive based on production of 0.5 Mt to 1 Mt per annum.
• Projected NPV¹⁰ (10% discount rate) of up to AUD\$376M with IRR of up to 59%.
• Pre-feasibility work has commenced on processing options for the Mn ore.

Some Key Assumptions

• Long term manganese price of USD \$5.40/dmtu.
• Long term exchange rate of \$0.80 USD/AUD.
• CAPEX incl. all direct and indirect costs of building the mine and start-up operations.
• Transport of product 550km by road to Port Hedland.

Production	Capex Sm	Sales Mt	NPV \$m	IRR %
10 Year Mine Life
0.50 Mtpa	127	5.0	\$79M	31%
1.0 Mtpa	163	10.0 1	\$241M	59%
20 Year Mine Life
0.50 Mtpa	127	10.0 1	\$148M	33%
1.0 Mtpa	163	20.0	\$376M	59%

Strategy Going Forward

• Native Title Agreement terms with the Ngarlawangga People have been agreed.
• Complete environmental studies and mining approvals:
• Stage 1 Beneficiable Detrital Ore material to potentially provide low capex/opex saleable material and;
• Stage 2 Large scale beneficiable material targeting up to 1Mt p.a.
• Complete evaluation for Stage 1 by Q3 of 2013.
• Continue with the evaluation of mineral processing options for Stage 2 to be completed by the end of Q3 2013.
• Continued drilling during 2013 to increase confidence levels and classifications of known resources and to test further upside and expand the mineral resource base.
• Continue discussions with strategic partners to find the most synergistic path to development.

BUTCHERBIRD COPPER

Copper Exploration

• Recent drilling has tested IP targets and NE strike extension at Butcherbird Prospect.
• Drilling has extended known Cu mineralisation at Butcherbird to over 700 m.

6 m @ 2.0% and 9 m @ 1.1% Cu in BBRC00220

• Copper mineralisation still open along strike and down dip.
• Preliminary petrology favourable with dominant primary ore being chalcocite. Subordinate tetrahedrite and chalcopyrite.
• MZM landholding now covers approx. 15 km of the prospective Butcherbird Structure.
• Orientation geochemistry surveys to determine effective technique to delineate Cu anomalism along this shallow covered Structure.

Butcherbird Copper Prospect

E52/2350

BBRC00220: 6m @ 2.00% Cu from 114m and; 9m@ 1.10% cu from 127m

BBRC00218: 1m @ 3.28% Cu from 112m and; 13m @ 0.60% Cu from 119m

BBRC00153: 61m @ 1.96% Cu from 113m (including 6m @ 6.08% Cu) *hole ends in mineralisation

PEAK HILL GOLD MINE

Peak Hill Gold Mine

• Over 500K ounces of JORC Resources in a goldfield that has produced over 900K ounces.
• Numerous targets for further drilling to expand the existing resource base.

Classification	Tonnes (t)	Au (g/t)	Ounces (Oz)
INDICATED	9,270,000	1.46	436,000
INFERRED	2,255,000	1.72	125,000
TOTAL	11,525,000	1.51	561,216

Peak Hill Gold Mine

• Option agreement signed with Grosvenor Gold Pty Ltd ("Grosvenor"), a wholly owned subsidiary of Resource and Investment NL (ASX: RNI) ("RNI") whereby Grosvenor may acquire 100% of Montezuma's interest in the Peak Hill Project.
• Settlement is a combination of cash, shares and royalties.
• Initial fee of \$100,000 for an exclusive option until 29 March 2013.
• Grosvenor may exercise the option at any time prior to expiry by paying to the Company \$2.8M in cash and issuing 8,400,000 fully paid ordinary shares and 2.1M 75 cent options in RNI.
• If it exercises the option, Grosvenor must grant the Company a 1% Gross Royalty, capped at \$1M, on all revenue it receives from production from the Peak Hill Project,.
• Grosvenor must meet minimum expenditure commitments during the option period.
• Provides immediate cash for the company with exposure to the potential upside and supports Montezuma's ambition of bringing its 100% owned Butcherbird manganese project into production.

Contact Details

Please direct queries to:

Justin Brown (Managing Director) Mobile: +61 438 745 675 Email: info@montezumamining.com.au

Website: http://www.montezumamining.com.au

Competent Persons Statement

Note: The information in this presentation that relates to Exploration Results, and Mineral Resources is based on information compiled by Mr Justin Brown who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Justin Brown 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 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Justin Brown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.