ELEMENTOS LIMITED — Capital/Financing Update 2019

Jul 8, 2019

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9 July 2019

UPDATE ON THE OROPESA TIN PROJECT

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”), the multi-national tin focused exploration company, is pleased to provide shareholders with an update on the Oropesa Tin Project, located in the Andalucía Region of Spain.

Following the announcement by the Company on the interim completion on the acquisition of the Oropesa Tin Project* the Company has completed and lodged with the Junta de Andalucia all the formal documentation required for final authorisation of the transfer of all the shares in MESPA from Eurotin Ltd to Elementos. Final authorisation of the title transfer by the Junta is expected to occur imminently.

The Company has been actively examining an alternative development strategy for the Oropesa Project to that originally submitted for Mining and Environmental approvals by Eurotin Ltd, the projects previous owners. The changes being examined involve a redesigned open-cut operation that will result in a significant reduction to the overall footprint of the operation and will have a positive impact on the timing and completion of rehabilitation activities over the life of the operation. The alternative proposal being developed by the Company also includes potential improvements to the ore processing operation. Investigations have commenced into ore pre-concentration utilising TOMRA XRT technology from Germany (see ASX announcement 22[nd] May 2019). Positive impacts from the proposed changes to the mining and processing operation will have the following benefits over the existing mine plan;

• A reduction in the footprint of the open cut and waste rock activities during operations

• Progressive and earlier final rehabilitation of the open cut and waste rock dumps

• A reduction in the footprint of the processing plant

• Potential for co-disposal of clean tailings – resulting in a greatly reduced volume and footprint of the tailings dam

• Rehabilitation of the tailings dam will be a simpler and more rapid operation

• Lower power and water consumption during processing

• More effective utilisation of the current resource.

*On the 4[th] January 2019, the Company announced interim completion on the acquisition of the Oropesa Tin Project in Spain via the purchase of all the shares in MESPA (a Spanish company that has a 100% holding of Oropesa) from Eurotin Ltd (TSX-V:TIN).

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The Company has been in extensive discussions with the Andalucian Government regarding the current application and the alternative mining and processing operation the Company is proposing. Based on these discussions a decision has been made to revise our Environmental Impact Statement (EIS) to better align with the Company’s newly proposed mining operation at Oropesa and to meet the requirements of a request for additional information from the Andalucian Government.

The compilation of the revised EIS will coincide with the completion of the Definitive Feasibility Study that is underway on the project and is not expected to cause any significant delays to the development of the Oropesa Tin Project.

The ongoing consultation between the Company and the Government have concluded that this is the most efficient process to expedite the approvals process.

For more information, please contact:

Duncan Cornish

Company Secretary Phone: +61 7 3212 6299

Email: admin@elementos.com

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

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Cautionary Statements

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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