ELEMENTOS LIMITED — Interim / Quarterly Report 2015

Jan 29, 2015

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30 January 2015

DECEMBER 2014 QUARTERLY REPORT

Highlights

• High-grade tin mineralisation found in surface sampling at Cleveland

• Positive metallurgical test results for the Cleveland Tailings Project

• Appointment of Non-executive Chairman

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) activities this quarter have focused on the continued development of the Cleveland Tailings Project, including:

• Preparation of the Mining Lease Application;

• Preparation of the Development Proposal and Environmental Management Plan; and

• Completion of a Pre-Feasibility Study for the reprocessing of the Tailings Mineral Resource.

These documents are due to be finalised in the first quarter of 2015.

High-Grade Tin and Copper Mineralisation in Surface Sampling

During the quarter, the Company reported the results of a selective surface sampling program of outcrops and historical spoil dumps in and around the historic Hall’s open cut, which sits directly above the Cleveland underground mine. The results from this program demonstrate the potential for identifying near surface Mineral Resources at Cleveland. This preliminary work is encouraging, and the Company plans to further define surface mineralisation through selective sampling and handheld XRF exploration programs in 2015.

Cleveland Tailings - Positive Metallurgical Test Results

During the quarter, the Company completed a metallurgical test program on the Tailings Mineral Resource to confirm the potential tin recoveries achievable by traditional mineral processing methods. The testwork provided positive results, indicating that a recovery of 50% of the contained tin to a product containing 50% tin by dry weight could be expected using gravity and flotation technologies.

Appointment of Rick Anthon as Non-executive Chairman

In December 2014, the board was pleased to announce the appointment of Rick Anthon as Non-executive Chairman of the Company. Rick brings a wealth of experience to the board with a strong legal and commercial background that will be invaluable as the Company approaches project financing negotiations for the development of the tailings project.

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Selwyn Range Project, Queensland, Australia

Joint Venture partners have reported that there were no exploration activities undertaken at Selwyn Range during the quarter.

Millenium Project, Queensland, Australia

Joint Venture partners have reported that there were no exploration activities undertaken at Millenium during the quarter.

Santo Domingo, Argentina

During the quarter, the Company was unable to complete its joint venture negotiations on suitable terms. The Company elected to cease option payments, and has withdrawn from the project.

Financial Position

At the end of the quarter, the Company had cash reserves of $1.11million. Further details of the Company’s financial activities during the quarter are set out in the Appendix 5B cash flow report.

For more information, please contact:

Calvin Treacy

Managing Director Phone: +61 (7) 3221 7770 Email: admin@elementos.com.au

Elementos is an Australian, ASX-listed company focused on the development of Cleveland, an advanced stage tin project in Tasmania.

Please visit us at www.elementos.com.au

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Elementos Ltd held the following interests in exploration tenements at the end of the quarter:

quarter:
Tenement Name	Tenement Number	Area (Hectares)	Elementos Interest	Location of Tenements
Cleveland	EL7/2005 EL9/2006 EL15/2011	1798 4195 3358	100% 100% 100%	Tasmania Tasmania Tasmania
Millenium	ML 2512 ML 2761 ML 2762 ML 7506 ML 7507 EPM 18402 EPM 18773 EPM 18793 EPM 18982 EPM 19014 EPM 19036	4 20 16 50 45 5146 3859 2251 4184 6111 3216	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	Queensland Queensland Queensland Queensland Queensland Queensland Queensland Queensland Queensland Queensland Queensland
Selwyn Range	EPM 19371 EPM 19375 EPM 19426	3860 6400 643	100% 100% 100%	Queensland Queensland Queensland
Marayes Coal	EPM 1124-131-O-09 EPM 1124-132-O-09	4953 9203	100% 100%	Argentina Argentina

During the quarter, the following tenements were disposed of:

Tenement Name	Tenement Number	Area (Hectares)	Elementos Interest	Location of Tenements
Santo Domingo	MD 1124-493-G-07 MD 1124-094-G-09 MD 1124-133-G-09 MD 1124-454-G-09 MD 1124-643-G-10 EPM 1124-494-G-07 EPM 1124-495-G-07 EPM 1124-496-G-07 EPM 1124-497-G-07 EPM 1124-499-G-07 EPM 1124-500-G-07 EPM 1124-265-G-08 EPM 1124-633-G-10 EPM 1124-022-G-11 MD 1124-309-G-12 MD 1124-308-G-12 MD 1124-149-G-14 MD 1124-148-G-14 MD 1124-350-G-14 MD 1124-351-G-14	497 511 1458 500 1940 900 1338 900 900 900 900 2616 1179 1500 1500 200 1995 1499 340 1269	Nil - earning Nil - earning Nil - earning Nil - earning Nil - earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning Nil – earning	Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina

No new tenements were acquired during the quarter.

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