ELEMENTOS LIMITED — Investor Presentation 2017

May 31, 2017

ELEMENTOS – 6th LONDON TIN SEMINAR

(ASX:ELT) June 2017

robust and sustainable Building a profitable ,

tin mining company

ASX:ELT

For further information please contact Chris Creagh – Chief Executive Officer Email – cc@elementos.com.au

ELEMENTOS LIMITED Level 10, 110 Mary St Brisbane, QLD Australia 4000 +617 3221 7770 www.elementos.com.au

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ELEMENTOS - summary

• Elementos is listed on the ASX (ASX:ELT)

• ELT is a tin focused exploration and development company

• ELT owns 100% of the Cleveland Tin Project in Tasmania

Capital Structure (May 2017)

Shares on issue 849.3m Options on issue 20.3m Share price ASX (14May2017) A$0.007 Market Capitalisation A$6.08m Cash (22May2017) A$0.15m

• ELT has a clearly defined development strategy for the Cleveland Tin Project

• Stage 1 – combined open pit and tailings retreatment operation to produce tin and copper concentrates

• Stage 2 – refurbishment and development of the underground mine to produce tin, copper and tungsten concentrates

• Stage 1 production scheduled to commence in 2019

Directors Retail 25% 33% Top 20 (exc. Directors) 42%

Andy Greig

Chris Dunks Executive Director 25 years of experience Corey Nolan

Chairman

35 years of experience Chris Creagh Chief Executive Officer 30 years of experience

Non-executive Director 25 years of experience Calvin Treacy Non-executive Director 30 years of experience

Duncan Cornish

Company Secretary/CFO 20 years of experience

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GLOBAL TIN MARKET - overview

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40,000 tonnes per year shortfall in global tin production forecast by 2020

Tin prices are predicted to be above US$30,000/t by 2019

New projects need to be developed to meet the forecast production shortfall

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Global Tin Market vs Global Lithium Market
12.0 10.7
10.0
8.0 6.9 7.1 6.9
6.0
3.5
4.0
2.5
2.0
0.0
Global Lithium Market @ Global Tin Market @ Global Tin Market @
US$10,000/t (US$bn) US$20,000/t (US$bn) US$30,000/t (US$bn) ITRI
forecast May 2017
2017 2020
US$bn
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CLEVELAND TIN PROJECT

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• Located 80km southwest of Burnie in the mineral rich northwest region of Tasmania, Australia

• Cleveland consists of stratiform semimassive sulphide replacement ore lenses within a carbonaceous sedimentary package

• • Quartz porphyry hosted tungsten bearing quartz-stockwork, greisen orebody below 350m

• Principle sulphide mineral is pyrrhotite (magnetic) with cassiterite and minor stannite and chalcopyrite

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CLEVELAND TIN PROJECT

• Operated as an underground mine from 1908 – 1917 and more recently by Aberfoyle Resources from 1968 – 1986

• Total ore mined - 5.65mt @ 0.68% Sn & 0.28% Cu

• Mine closed in 1986 due to tin price collapse with JORC resources of 7.44mt @ 0.65% Sn & 0.25% Cu and

• 3.97mt @ 0.28% WO3 remaining

• Historical workings extend more than 400m below the surface

• Mechanised sub-level overhead benching mining method

• Conventional cassiterite recovery process of gravity followed by flotation

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• Underground and surface infrastructure completely rehabilitated in 1990

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CLEVELAND RESOURCE INVENTORY

Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below	Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below	Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below	Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below	Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below	Open Pit Tin-Copper Mineral Resource (at 0.35% Sn cut-off) NOTE: this Open Pit Tin-Copper Mineral Resource is a sub-set of the Total Tin-Copper Mineral Resource noted below
Category	Tonnage	Sn Grade	Contained Sn	Cu Grade	Contained Cu
Indicated	0.80 Mt	0.81%	6,500t	0.27	2,300t
Inferred	0.01 Mt	0.99%	140t	0.34	50t

Table subject to rounding errors; Sn = tin, Cu = copper

Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource(at 0.35% Sn cut-off)
Category	Tonnage	Sn Grade	Contained Sn	Cu Grade	Contained Cu
Indicated	5.00 Mt	0.69%	34,500t	0.28%	14,000t
Inferred	2.44 Mt	0.56%	13,700t	0.19%	4,600t

Table subject to rounding errors; Sn = tin, Cu = copper

Tailings Ore Reserve(at 0% Sn cut-off)	Tailings Ore Reserve(at 0% Sn cut-off)	Tailings Ore Reserve(at 0% Sn cut-off)	Tailings Ore Reserve(at 0% Sn cut-off)	Tailings Ore Reserve(at 0% Sn cut-off)	Tailings Ore Reserve(at 0% Sn cut-off)
Category	Tonnage	Sn Grade	Contained Sn	Cu Grade	Contained Cu
Probable	3.7 Mt	0.29%	11,000t	0.13%	5,000t

Table subject to rounding errors; Sn = tin, Cu = copper

Underground Tungsten Mineral Resource (at 0.20% WO3 cut-off)	Underground Tungsten Mineral Resource (at 0.20% WO3 cut-off)	Underground Tungsten Mineral Resource (at 0.20% WO3 cut-off)
Category	Tonnage	WO3 Grade
Inferred	4 Mt	0.30%

Table subject to rounding errors; WO3 = tungsten oxide

*This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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CLEVELAND DEVELOPMENT STRATEGY

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Ground Magnetic
Anomalies
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• Elementos plan to re-commence production from Cleveland in 2019

• Elementos acquired the Cleveland Tin Project in 2013

• Open cut and underground scoping studies and tailings re-treatment prefeasibility study completed in 2015

• Mine Lease Application lodged with Mineral Resources Tasmania in 2015

• New development strategy implemented in 2016 to increase mine life, improve project sustainability and lower investment risk

• Exploration programme commenced in early 2017 to increase open pit resources

• Numerous shallow exploration drilling targets defined from ground magnetic survey and review of historical data

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CLEVELAND PROJECT TIMELINE

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Jun Qtr Sep Qtr Dec Qtr Mar Qtr Jun Qtr Sep Qtr Dec Qtr Mar Qtr Jun Qtr Sep Qtr
2017 2017 2017 2018 2018 2018 2018 2019 2019 2019
Drilling
Resource Modelling
Mining Studies
Metallurgy - Pilot Testing
Process Plant Design
Tailings Storage Design & Engineering
Permitting
Definitive Feasibility Study
Financing
Construction
Production
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REASONS TO INVEST IN ELEMENTOS

• Elementos’ share price is significantly undervalued

• Global tin market is robust with ongoing strong demand

• Global supply shortfall of 40,000 – 50,000tpa predicted by 2020. (ITRI May 2017)

• Tin price is predicted to rise to US$30,000/t by 2020 due to shortage in supply (ITRI May 2017)

• Elementos holds 100% of the Cleveland tin project in Tasmania

• Elementos has an exploration and development strategy that is targeting initial production in 2019 of 2,000tpa of tin in concentrates and 500tpa of copper in concentrates from a combined open pit/tailings retreatment project

• Additional mine life forecast from the re-furbishment and development of significant tin/copper/tungsten underground resources

• Scoping study level financial modelling indicates a strong NPV, low capex and rapid capital payback for the initial open pit/tailings re-treatment project

• Management has significant project development experience

• Exploration programme designed to expand the open pit resource underway with drill targets defined.

• Potential to further expand the open pit resource along strike with additional exploration.

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CAUTIONARY STATEMENTS

Forward-looking statements

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.

Mineral Resource

Elementos confirms that Mineral Resource and Reserve estimates used in this document were estimated, reported and reviewed in accordance with the guidelines of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) 2012 edition. Elementos confirms that it is not aware of any new information or data that materially affects the Mineral Resource or Reserve information included in the following announcements:

• “Cleveland Open Pit - High-Grade Mineral Resource Defined” released on 3 March 2015;

• “Cleveland Tailings Ore Reserve” released on the 3 August 2015;

• “Cleveland Open Pit study adds $21m to cash flow” released on 20 August 2015;

• “Underground study doubles life of Tasmanian mine and adds $90 in pre-tax cash” released on 1[st] September 2015

The Company also confirms that all material assumptions and technical parameters underpinning the estimates in the Cleveland Mineral Resources and Reserves continue to apply and have not materially changed. Elementos also confirms the form and context in which the Competent Person’s findings are presented have not been materially modified from the date of announcement.

Scoping Study Results

The scoping studies referred to in this announcement are based on low-level technical and economic assessments, which are insufficient to support the estimation of Ore Reserves, or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the scoping studies will be realised. Elementos advises that the scoping study results are partly drawn from Inferred Resources. There is a low level of geological confidence associated with these estimates and there is no certainty that further exploration work will result in the conversion of the estimate to an Indicated Mineral Resources or that the production target itself will be realised. The term “mining inventory” is used to describe the Indicated and Inferred Mineral Resource within the mine design. Whereas an Ore Reserve, as defined by the JORC code (2012 Edition), must be based on a study at pre-feasibility study level or better and must not include Inferred Mineral Resources or Exploration Targets. As such, no Ore Reserve can be stated on the basis of the scoping studies.

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