ELEMENTOS LIMITED — AGM Information 2012

Nov 22, 2012

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23 November 2012

CHAIRMAN’S ADDRESS

Following is the Chairman’s Address presented to shareholders, by Mr Anthony McLellan at the Company’s AGM today.

Elementos is an Australian based, ASX-listed, copper and gold exploration company, operating in world-class mineral districts in the Andes region of Chile and Argentina, and the Mt Isa province in Australia.

The Company’s strategic objective is to discover economic mineral deposits and realise value through development, joint venture, or sale.

Projects within the Company’s tenements, are situated in some of the world’s most significant base and precious metals districts, close to major operating mines and deposits, including:

• Chile - Chuquicamata, Escondida, Collahuasi, Radomiro Tomic, El Abra, Gaby, Spence and Andacollo;

• Argentina - Pascua Lama, Veladero, and Gualcamayo and Casposo; and

• Australia - Mt Isa, Ernest Henry, Cannington, Rocklands, Roseby, Osborne and Merlin.

Your Company is pleased to report significant progress during the last financial year, advancing our projects in Argentina, and acquiring and commencing exploration on two new projects in Chile.

The primary focus during the first half of the year was on the Manantiales project in Argentina. Further encouraging drilling results from the Phase II and Phase II Extended drilling programs were reported, but more drilling is required to define the extent of our first high grade gold-silver vein discovery at Manantial. There are a number of other targets at Manantiales, including Manantial Este and Norte, and Juliette Norte that appear to warrant future drilling.

In September, Elementos announced a maiden Resource of 36,310 ounces of gold equivalent at the Manantial vein, with the system open along strike, both north and south, and at depth.

The Company remains committed to advancing and/or realising value from its projects in Argentina either through sale or joint ventures. Early stage discussions are underway with a number of parties interested in the assets.

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Our Chilean project, Tamaya, is located 400 kilometres north of the Chilean capital, Santiago, and 80 kilometres south of La Serena and Coquimbo, Region IV’s provincial capital. The region has excellent exploration, mining, and development infrastructure, being host to several world-class mines and deposits.

Historical mining activities at Tamaya apparently focused on selectively mining highgrade sulphide copper veins, with reported production of 2Mt @ 12% copper, with grades up to 20%.

The Company commenced first phase exploration activities at Tamaya in March and the early results showed that copper is wide-spread across the project area.

Geophysical survey programs and on-going sampling and mapping continued, and we began an extensive drilling program in October. We look forward to receiving the first results, which are expected shortly.

Following an analysis of our early exploration results at Mercedes—and unable to negotiate a more favourable agreement with the owner—we decided to drop this property from our portfolio.

In Australia, the Company is continuing to consolidate its land package in the Mt Isa district, in geologically prospective areas, situated near major mines and deposits. Following the recent granting of 254 square kilometres of exploration permits at Millenium, an exploration program is being planned to test for the copper, gold and rare-earths potential in the areas within the permits historically mined and drilled. The exploration programs are not expected to commence until 2013 and are subject to the Company securing additional financing or entering into joint ventures on the tenements.

The Millenium Mining Leases host a number of historical copper mine workings and prospects that were operated around the turn of the century. The Federal mine produced some 10,000 tonnes of ore at exceptionally high grade (25% copper). Several companies explored the district, targeting both copper and cobalt mineralisation. Encouraging results were reported from drilling on the Millenium MLs, confirming the thickness of the cobalt mineralisation including a best intersection of 10.7 metres at 2,333 ppm cobalt and 2.02% copper[1] .

Additionally, Rare Earth Elements and Yttrium have been identified in check-assays of rock-chip surface samples announced by the Company in 2010. Total Rare Earths (TRE) anomalies of up to 0.17% were identified in multiple samples, with an average greater than 400ppm. This is considered a significant surface anomaly and the future drill program will test for these elements at depth.

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1 Based on non-JORC compliant historic published reports.

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Whilst the trading environment for junior explorers remains very difficult, the Company remains focused on delivering its strategy. Plans are well underway to consolidate the portfolio and drill the Company’s most prospective assets.

World equity and commodity markets have deteriorated substantially during the past financial year, reflecting the slowdown in global economic growth. As equity prices and investor support for exploration companies has weakened, the task of raising new equity capital for greenfield exploration has become increasingly difficult. The Directors of Elementos are resolved, however, to pursue a strategy that provides the best opportunity to re-position Elementos, should we have exploration success at our exciting copper project in Chile.

Apart from Tamaya, and continuing exploration work at Millenium, the Company continues to investigate the possibility of further project acquisitions, and hopes to be able to make an announcement shortly.

This has been a difficult year in some ways, not helped by the depressed world equity markets. But the resilience and hard work of our staff has been exemplary, and I give them credit, especially our Managing Director, Corey Nolan. To each one of them, and to our committed board of directors, on your behalf, I say, “Thank you.”

A. Anthony McLellan Chairman

Elementos is an Australian, ASX-listed, exploration company, with a number of projects in Argentina and Australia, which offer an attractive investment environment. The properties are all in mineral rich, highly prospective provinces, with developed infrastructure nearby.

Please visit us at www.elementos.com.au Email: admin@elementos.com.au

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