ELEMENTOS LIMITED — Capital/Financing Update 2019

Oct 16, 2019

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17 October 2019

OROPESA FLOW SHEET DESIGN AND CAPITAL AND OPERATING COSTS ESTIMATES

Highlights

• Preparation of an updated process flow sheet design will be based on a conventional tin processing facility incorporating TOMRA ore sorting technology.

• Refinement of project configuration, capital and operating cost estimates

• Revised Capital and Operating costs are expected to be available Q4 2019

Elementos Limited (ASX: ELT) ("Elementos" or the "Company") is pleased to announce that following the successful ore sorting performance testing carried out at the Company’s Oropesa Tin Project in Spain, the Company has commenced further engineering work on Oropesa to incorporate TOMRA ore sorting technology in the process flow sheet. This work will provide an updated detailed capital equipment schedule and estimated operating costs.

Elementos is undertaking this engineering update (“the Study”) with input from Spanish process engineering firm SCYPI, Spanish mining consultancy IGAN, and UK firms Wardell Armstrong and SRK, who together, have significant experience and expertise in all aspects of mining, processing and infrastructure requirements in Spain.

The Study will incorporate the TOMRA ore sorting technology following the successful test program conducted earlier this year. Key components of the Study will include:

• Process plant design

• Capital and Operating Cost estimates

The Study will identify the optimal project process flow sheet configuration, capital and operating costs, and provide a guide for the scope of work required for the completion of a Definitive Feasibility Study.

Revised Capital and Operating costs expected to be available in the 4[th] quarter 2019.

Other Project Related Activities

In parallel with this program of work, the Company continues working on its environmental permitting, community relations, and the mining license application.

For more information, please contact:

Duncan Cornish

Company Secretary Phone: +61 7 3212 6299 Email: admin@elementos.com

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Please visit us at: www.elementos.com.au

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C A U T I O N A R Y S T A T E M E N T S

F o r w a r d - l o o k i n g s t a t e m e n t s

This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement.

The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Elementos undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements).

The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice

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