ELEMENT 25 LIMITED — Share Issue/Capital Change 2010

Jul 13, 2010

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Montezuma Mining Company Ltd

ACN 119 711 929

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1+Class of+securities issued or to beissued2Number of +securities i ssued or t obe i ssued (i f kn own) o r maximumnumber which may be issued3Principal terms of the+securities(eg, i f o ptions, e xercise pr ice a ndexpiry date; if partly paid+securities, t he a mount o utstandingand due da tes f or pa yment; i f+convertiblesecurities,theconversion price a nd dates f orconversion)	Ordinary Shares
	150,000
	Ordinary Shares

• See chapter 19 for defined terms.

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4 Do the[+] securities rank equally in all Yes respects from the date of allotment with a n e xisting[+] class of qu oted +securities? If th e add itional s ecurities do n ot rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the e xtent to which t hey do n ot rank e qually, other t han i n relation to t he n ext di vidend, distribution or interest payment 5 Issue price or consideration 20 cents 6 Purpose of the issue Exercise of Options. (If i ssued a s c onsideration f or t he acquisition of assets, clearly identify those assets)

7 Dates of en tering[+] securities i nto 13 July 2010 uncertificated holdings or despatch of certificates Number +Class 8 Number a nd +class o f a ll 42,251,903 Ordinary Shares +securities quot ed on ASX 16,000,267 31 August 2011 – 20 ( including the s ecurities i n cl ause cent options 2 if applicable)

• See chapter 19 for defined terms.

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			Number	+Class
9	Number an d	+class of a ll	4,500,000	31 August 2011 – 35 cent
	+securities not quoted on ASX			options
	(_including_the s ecurities i nclause 2 if applicable)		875,000	2 March 2012 – 20 centoptions
			1,500,000	23 July 2011 – 35 cent
				options
			3,500,000	30 November 2012 – 20 cent
				options
			250,000	16 April 2011 – 30 cent
				options
			50,000	30 November 2012 – 35 cent
				options

• 10 Dividend policy (in the case of a trust, distribution policy) on the i ncreased capital (interests)

• N/A

Part 2 - DELETED – NOT APPLICABLE

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities ( tick one )

• (a)[Securities described in Part 1 ]

• (b)[All other securities ]

Example: restricted securities at the e nd of t he escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35[If t he ][+][securities ar e ][+][equity s ecurities, t he names of t he 20 largest holders o f t he ] additional[+] securities, and the number and percentage of additional[+] securities held by those holders

• 36[If t] +securities setting out the number of holders in the categories[he ][+][securities ar][e ][+][equity s][ecurities, a di][stribution schedule o f th][e additional ] 1 - 1,000

1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• See chapter 19 for defined terms.

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37[A copy of any trust deed for the additional ][+][securities ]

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

  • The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

  • There is no reason why those[+] securities should not be granted[+] quotation.

  • An of fer of the[+] securities for sale within 12 months after their issue will not r equire disclosure u nder s ection 707( 3) or s ection 1012C(6) of t he Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications r eceived b y us in r elation to a ny[+] securities to b e quoted a nd that no -one has a ny r ight t o r eturn a ny[+] securities t o be quoted unde r sections 737, 738 o r 1 016F o f t he C orporations A ct a t the t ime t hat w e request that the[+] securities be quoted.

• We warrant that i f confirmation is required under section 1017F of t he Corporations Act in relation t o t he[+] securities to be quoted, it ha s been provided at the time that we request that the[+] securities be quoted.

• If we are a trust, w e warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We w ill indemnify ASX to the f ullest extent permitted b y law in r espect of a ny claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: (Company secretary) Print name: John Ribbons

Date: 14 July 2010

== == == == ==

• See chapter 19 for defined terms.

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