ELEMENTOS LIMITED — Capital/Financing Update 2010

Sep 27, 2010

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28 SEPTEMBER 2010

MANANTIALES DRILLING PROGRAM COMPLETED & EXPLORATION UPDATE

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) is pleased to announce that the Manantiales drilling program has been completed. The Company has now recommenced its major regional exploration program at Manantiales.

Manantiales Drilling Program Completed

The inaugural Manantiales drilling program was completed on the 26[th] September. The drilling program timetable was affected by extreme winter weather conditions. The completed program comprised 19 diamond holes for a total 1,634 metres, including:

• Manantial vein - 15 holes totaling 1,381 metres (figure 1); and

• Julietta Norte - 4 holes totaling 253 metres (figure 2).

The Company currently anticipates that the assay results and interpretation of the data will be completed by mid-October.

Regional Exploration Recommences

The next phase of regional exploration has commenced at Manatiales. The aim of the program is to identify new targets for a drilling program in 2011.

The primary focus of the new program is to sample potential extensions of the La Puerta vein system, plus a new vein system identified 600 metres east of La Puerta. Elementos will also be taking samples in a 5 kilometre area between La Puerta and Julieta Norte (located 5 kilometres to the west).

A new 25 kilometre access way has been constructed from the main paved road to the La Puerta vein, and is now advancing towards the Manrique base metal target. The new road will provide access to the northern extent of the exploration licence which the Company believes is prospective for new vein mineralisation (see Figure 3).

For more information, please contact:

Corey Nolan Managing Director Phone: +61 (7) 3871 3985 Email: admin@elementos.com.au

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Figure 1: Collar location of drill holes completed at the Manantial vein

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Figure 2: Collar location of drill holes completed at the Julieta Norte prospect

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Figure 3: Location of main prospects at Manantiales project including recently drilled prospects

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

Please visit us at www.elementos.com.au

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Neil Stuart a fellow of the Australasian Institute of Mining and Metallurgy. Mr Stuart is a Director of Elementos Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Stuart consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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