ELEMENTOS LIMITED — Investor Presentation 2013

May 12, 2013

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elementos.com.au
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MAY 2013

ASX Code: ELT

Acquisition of the Cleveland TinCopper and Tungsten Project

Acquisition of Cleveland Mine

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Merger to create a diversified metals company, including an advanced stage tin-copper and tungsten project, together with a number of prospective gold and copper assets in South America and Australia

**Share price1 **	2.5 cents
**Cash2 **	$0.7 million
Capital structure	Pre Merger	**Post Merger4 **
Ordinary shares	150 million	330 million
**Listed options3 **	33 million	73 million
Market capitalisation	A$3.75 million	A$8.25 million

• 1 Share price close 9 May 2013

• 2 March 2013 Quarterly Report

• 3 6 cent options expiring April 2014

• 4 Assumes that Rockwell shareholders will own 55% and current ELT shareholders 45% of the merged Company

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Reasons to Invest

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Share price appreciation potential – transitioning from explorer to developer through the acquisition of the Cleveland project

Strengths:

• Advanced development project - approaching PFS stage with a number of key competitive advantages:

• JORC Resources – 60kt tin equivalent

• Lower capex – significant underground development in place and nearby infrastructure (port, power and labour)

• Lower operating costs are possible – known mining and metallurgy

• Significant exploration potential – scope to expand known resources:

• Tin-copper mineralisation is open at depth and along strike

• Tungsten resource (12kt contained WO3) open at depth

• Portfolio rationalisation – pursuing strategies to realise value from the Australian and South American assets

• Multi-commodity focus - exposure to tin, tungsten, copper and gold

• Board restructure - to bring new expertise and experience in tin

• Valuation - stock trading at steep discount to Australian tin industry peers

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Undervalued Compared to Peers

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Australian Tin Peer Valuation

Enterprise Value per tonne of JORC contained tin

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Kasbah Resources
Venture Minerals
Consolidated Tin
Elementos
Stellar Resources
0 50 100 150 200 250 300 350 400
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Share prices 9 May 2013. Cash March 2013. ELT post Rockwell merger.

Average $225/tonne

Elementos assumption: 47,000 contained tin-copper metal equivalent. No tin tailings or tungsten resources included.

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Merger Overview

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• ELT to merge with Rockwell Minerals Limited (“Rockwell”) to create diversified company with assets including:

• Cleveland - an advanced stage project with tin-copper and tungsten JORC Mineral Resources and significant exploration potential

• Millenium / Selwyn South – portfolio of copper-cobalt exploration tenements

• South America – three copper and gold projects including two with drilling

• Rockwell is an Australian unlisted public Company that owns 50% of Cleveland, with an option to acquire the remaining 50% interest for $700,000 by 31 Dec 2013

• On completion, Rockwell shareholders will own 55% and present ELT shareholders 45% of the merged Company

• The Directors of Rockwell have resolved unanimously to recommend that Rockwell shareholders accept the proposal, and intend accepting the proposal with respect to their own shares

• Calvin Treacy (Chairman of Rockwell) and Richard Trevillion (a non-executive director of Rockwell) will join the board of Elementos

• A. Anthony McLellan will remain non-executive chairman of the merged Company

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Merger Strategic Rationale

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• Merger of ELT and Rockwell has a strong strategic rationale:

• Positions ELT with a more advanced asset, reducing the Company’s exposure to greenfield exploration

• Secures a new advanced stage project with near term development potential, and significant exploration upside

• Provides a potential valuation up-lift from relatively short-term work programs

• Enables a significant exposure to tin, which the board believes has attractive supply and demand fundamentals

• Bestows a management team and board with the expertise and experience to move the advanced assets through financing and into development

• Acquisition subject to completion of due diligence, finalisation of implementation deed, and shareholder and statutory approvals

• Transaction expected to be completed by late June/early July 2013

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North-West Tasmanian Tin Province

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• Cleveland is located in north-west Tasmania, Australia, approximately 80 kilometres south of Burnie

• Established mining province since early 1900s

• District has a number of high-grade, long life, iron ore, base and precious metal mining operations

• World class tin province including^:

• Renison Bell (>200kt tin production)

• Mount Bischoff (>50kt tin production)

• Cleveland (24kt tin production)

• Australia’s largest tin mining operation at Renison (~7kt/yr tin production)

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• New tin development projects planned at Zeehan and Mt Lindsay

• Stable, pro-mining jurisdiction:

• Mining Lease recently granted for Venture Minerals Riley DSO project

^ Total estimated historical production from various reports and references

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World Class Minerals Field

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The Cleveland project area covers the northern margins and metamorphic aureole of the Meredith Granite

The Meredith Granite is part of a suite of Devonian granites which are associated with numerous world class tin deposits in the province

• Other types of deposits and mines in the region include:

• Savage River iron ore

• Henty gold

• Rosebery lead and zinc

• Mt Lyell copper

• Avebury nickel

• Hellyer and Que River lead and zinc

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Large Tenement Holding

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• 96 square kilometres of prospective exploration ground held in three exploration permits:

• EL7/2005 – covers historic Cleveland project site

• EL9/2006 and EL15/2011 – areas adjoining EL7/2005

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Excellent Support Infrastructure

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• Port – Container, cargo and bulk handling port at Burnie, an export port 80 kilometres by road to the north-east, providing access to Asian smelters

• Roads - Adjacent to an all weather sealed road with access to Burnie

• Labour - Mining and industrial-savvy workforces in the region

• Power – High tension transmission lines running through project site

• Water – Adequate water resources exist within the tenement areas

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Geological Snapshot

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At Cleveland, tin and copper mineralisation occurs in a series of sedimentary rocks belonging to Hall’s formation, underlain by sandstones and overlain by volcanics

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Mineralisation in the sedimentary rocks originated from the Meredith granite at depth

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Transportation and distribution was controlled by a number of faults and favourable lithologies

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Known tin and copper bearing semi-massive sulphide mineralisation occurs as lenses within Hall’s Formation

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 The lenses dip more or less vertically with:

• strike lengths of up to 550 metres

► across strike thicknesses of up to 30 metres

► down-dip extents of up to 800 metres  Tungsten is hosted in a quartz stock-work (veinlets and stringers) around a dyke

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Redeveloping a Historic Tin Mine

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• Historic underground mine operated by Aberfoyle from 1969 to 1986

5.6Mt of ore processed at 0.68% tin and 0.29% copper to produce in concentrate:

• 23,519 tonnes of tin

• 9,691 tonnes of copper

Cleveland was among the first mines in the world to use trackless mining for ore haulage to the surface

Significant investment in underground declines and underground development – mine access will be restricted until dewatering and rehabilitation is completed

The mine closed due to the low tin prices in the mid-1980s – US$8,000/t compared to US$21,000/t today

• Some exploration outside the areas defined in the mine resource

Note: Entrance to the Cleveland mine shown by red circle and heights above sea level marked in red on the right

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Cleveland Mine & Tailings JORC Resource

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Cleveland Tin and	Cleveland Tin and	Cleveland Tin and	Copper Mineral Resources 31	Copper Mineral Resources 31	Copper Mineral Resources 31	March	2013
		(0.35% Sn cut-off grade)
Category	Tonnage	% Sn	Tin Metal (tonnes)	% Cu	Cu metal (tonnes)	% Sn Eq	Tin Eq Metal (tonnes)
Indicated	4,239,000	0.70	30,000	0.28	12,000	0.80	34,000
Inferred	1,880,000	0.64	12,000	0.19	3,600	0.70	13,000
Total	6,119,000	0.68	42,000	0.25	15,600	0.77	47,000

Cleveland Tin and Copper	Cleveland Tin and Copper	Cleveland Tin and Copper	Tailings Mineral Resources 31 March	Tailings Mineral Resources 31 March	Tailings Mineral Resources 31 March	Tailings Mineral Resources 31 March	2013
		(0%	Sn cut-offgrade)
Category	Tonnage	% Sn	Tin Metal (tonnes)	% Cu	Cu metal (tonnes)	% Sn Eq	Tin Eq Metal (tonnes)
Inferred	3,850,000	0.30	11,600	0.13	5,000	0.34	13,000

• Independent JORC Resource prepared by Mining One Consultants – Cleveland Mine, Luina, Tasmania, “Mineral Resource Report” for Rockwell Minerals, April 2013

• Tin Equivalent based on: Sn_Eq % = Sn% + (Cu% / 2.94) – please see disclaimer for calculation methodology

• No mining or metallurgical factors have been applied

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Cleveland Mine Resource Model

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Resource model

• Mineral Resources have been estimated for the tin and copper in the individual lenses

• The tin and copper lenses occur in three main structural domains, separated by two flatly dipping faults - Ratchet and Nadir

Exploration potential

• Aberfoyle focused on the incremental expansion of existing resources

• The deposit is open at depth and along strike

• Two shallow targets near the surface provide opportunities for modest resource increase

• Known tin and copper intersections outside the current

• resource

JORC Resources Database

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Aberfoyle’s mining database includes:

• 2,040 drill holes totalling 134,000 metres

• 75,000 assay points for tin, copper, tungsten, lead and zinc

• Core from 87 diamond drill holes stored in the Mineral Resources Tasmania core facility; 111 samples re-assayed to check reliability of Aberfoyle sampling and assaying

• Tailings resource based on reported operating records of the Aberfoyle processing plant

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Above: 3D model showing all the historical drill holes and decline in green. Left: Historical core preserved in Hobart

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Precedent for Deposit to Extend to Depth

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• The granite contact is estimated to be ~4km below Cleveland

• Current mine development extends down to approximately 500 metres below the surface

• There are precedents for the possibility that mineralisation will extend down to the granite, for example:

• Renison tin mineralisation extends down vertically for >1km to the granite contact

• Cornish tin mineralisation in the UK occurs within granite

• Implies significant depth potential at Cleveland

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Tungsten Deposit

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• Top located approximately 500 metres below surface

• Inferred Mineral Resource of 3.98Mt at 0.30% WO for 3

• 12,000 tonnes of contained WO 3

• Existing underground development reaches upper portions of the deposit

• Deposit is a quartz stock-work related to a quartz porphyry dyke

• Potentially amenable to low cost bulk mining

Cleveland Tungsten Mineral Resource 31 March 2013 (0.2% WO3 cut-off grade) Contained WO Category Tonnage % WO 3 (tonnes) 3 Inferred 3,980,000 0.30 12,000

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Tungsten Deposit

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Resource model

• Tungsten mineralisation occurs as wolframite ([Fe,Mn]WO3) hosted in a quartz stock-work

• Tungsten bearing stock-work is considered to dip vertically and has a known strike length of 300 metres, an across strike width of up to 300 metres and a down dip extent of 900 metres

Exploration potential

• The tungsten system remains open at depth – diagram to the left shows extrapolation down to 1100m

• Significant potential for the mineralisation to extend to depth

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Mining

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• Mine historically a low-cost, open stoping operation

• Significant underground mine development in place:

• 4 km decline development down to 500m via a 5.0m X 5.0m drive expanded to 5.5m² on curves

• More than 11km of underground development in place (needs rehabilitating)

• Key tin deposit characteristics:

• Ore lenses up to 30 metres width

• Steeply dipping and relatively long strike length

• Competent wall rocks

• Amenable to low-cost mechanised bulk extraction methods using large machinery

• Expect low ground support costs

• Tasmania has well developed underground mining industry with cost structures lower than the mainland

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Schematic demonstrating the historical mining method

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Simple Metallurgy and Processing

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Tin and copper

Known process route to produce tin and copper concentrates:

• Tin primarily occurs principally as cassiterite (tin oxide) Copper occurs as chalcopyrite

• Historical tin and copper recoveries averaged 60% - best tin recovery 69% and copper 76%

• Metallurgical recoveries have potential to be significantly higher using modern-day tin recovery technologies

• Metallurgical test-work and process flow sheet design underway

Tungsten

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Conceptual flow sheet for a future operation

• Tungsten occurs as wolframite

• No metallurgical analysis undertaken

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Tin Prices – Current Prices Sustainable

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• Supply constrained and global mine production declining:

• Chinese and Indonesian production in long-term structural decline

• San Rafael mine closure in 2018 to reduce global production by ~10%

• Few new, sustainable projects in development

• Demand growth is real and sustainable, with new uses adding demand pressure

• Higher prices required to reflect the economics of new projects:

• High construction costs for new mines

• ITRI estimate tin prices above >US$25,000/t required (current price US$21,000/t) for new projects to be economic

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Source: ITRI

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Tin Uses – Lead Free Solder Key Driver

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2012 Tin Consumption by Usage^

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Float Glass
2%
Brass & Bronze Other
5% 9%
Chemicals
14%
Solder
53%
Tinplate
17%
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Lead free solder has transformed the tin market

• Non toxic – replaces lead and other toxic metals

• Excellent fusion ability in making alloys

• Low melting point

• Low cost compared to other metals like silver

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^ CSFB Estimate, “Commodity Forecasts

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• The Setting of the Sun”, April 2013

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Indonesian Supply Declining[1 ]

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Minsur SA Production Forecast[2 ]

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Issues affecting global tin supply:

 Tin grades are declining and mines are getting deeper

 Costs of production are rising

 Capital costs are too high - current prices do not justify investment

 Regulatory and environmental approvals are increasing

• Political and social instabilities and changing legal frameworks

• Export limitations in some countries

 New projects face greater metallurgical complexity

• Many new projects are small

 Low exploration and mine discoveries during the 1990s

Sources: (1) ITRI (2) Minsur SA of Peru presentation to ITRI

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Tin Demand- Steady Growth

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Sustainable growth

New markets

• China accounts for nearly half of global demand

• Lead free solder demand growing – the electronics age plus legislation banning use of lead

• New product development in the modern consumer electronics market key driver

• Lithium ion batteries – graphite anodes replaced with tin

• Tin is highly inelastic – substitution unlikely

• Solar cells, tin alloys, stainless steel

ITRI Tin Demand Forecast (kt)[# ]

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ITRI Ltd

Source: Investing in Tin Seminar, 30 November 2012

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Next Steps

elementos.com.au

• Complete Rockwell merger – expected in late June/early July 2013

• Cleveland development activities in progress and planned include:

• Environmental permitting and Mining Lease applications

• Plan a dewatering program to re-establish access to the Cleveland mine

• Commence exploration drilling targeting:

  • Two shallow zones near the surface that can add to the resource base quickly

  • The main tin-copper deposit remains open at depth and along strike

  • Targeting a number of areas where Aberfoyle had intersections outside the main resource

• Progress metallurgical test-work and design a new process flow sheet

• Complete a scoping/PFS study to identify the optimal development scenarios for the tin, tungsten and tin tailings, including capital and operating costs

• Evaluate a number of new greenfield exploration targets

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Summary

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• Advanced tin-copper resource – approaching PFS stage

• Underground mine development already in place – significant future capital cost saving

• Potentially large scale tungsten resource

• Significant exploration potential in both tin and tungsten deposits

• Located in a politically stable jurisdiction, with excellent infrastructure

• Close to Asian markets and tin smelters

• Attractive tin supply and demand dynamics

• Trading at a significant discount to industry peers

• Limited number of advanced tin investment opportunities – ELT provides a low cost entry

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Disclaimer

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COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Michael V. McKeown of Mining One Consultants, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McKeown is an employee of Mining One Consultants and its subsidiaries, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which it is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr McKeown was responsible and supervised the preparation of the technical information in this release and has relevant experience and competence of the subject matter. Mr McKeown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MINERAL RESOURCES AND REPORTING

Mineral Resources, which are not Ore Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by economic, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

# TIN EQUIVALENT CALCULATIONS

The tin equivalency is calculated by the formula: Sn_Eq % = Sn% + Cu% / (Sn price US$25,000 / Cu price US$8,500). No metallurgical assumptions have been built into the resource estimate, although the Company expects that the tin and copper will be recovered into concentrates in a modern concentrator. The Company notes that Cleveland was a historical mine operated by Aberfoyle Limited between 1968 and 1986. During the life of the Cleveland operations, 5.7 million tonnes of ore was mined and processed to produce approximately 24,000 tonnes of tin and 10,000 tonnes of copper in concentrates. The historical life of mine tin and copper recoveries averaged 60% - best tin recovery 69% (1969 and 1973), and copper 76% (1973). The Company believes that recoveries could be substantially improved using modern day tin processing technology. The tailings resource has been subject to a Rockwell scoping study and metallurgical test work which has demonstrated that tin and copper concentrates can be recovered.

The Company believes that all the metals included in the metal equivalent calculations have a reasonable potential to be recovered and it does not believe there are any factors that would result in metallurgical recoveries being materially lower than historically achieved.

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Contacts

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Elementos Limited ACN 138 468 756 Level 8, 26 Wharf Street tel: +617 3221 7770 Brisbane, Queensland, Australia fax: +617 3221 7773 www.elementos.com.au

For enquiries regarding this presentation please contact: Corey Nolan – Managing Director email: admin@elementos.com.au

Forward Looking Statements

This presentation 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 Elementos Limited’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 Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation (subject to securities exchange disclosure requirements).

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

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