ELEMENTOS LIMITED — Investor Presentation 2019

Jul 18, 2019

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ASX ANNOUNCEMENT

Presentation to Noosa Mining & Exploration Conference Correction

19[th] July 2019

Elementos Limited advises the following errors in the presentation to the Noosa Mining & Exploration Conference lodged by the company on 17[th] July 2019.

1. The peer comparison on Slide 4 lacks transparency and is not acceptable under ASX’s most recent guidance.

2. The metal equivalences stated in Slide 7 are not compliant with Clause 50 of the JORC Code.

3. Near term production forecasts in Slide 7 do not state whether they are a production target or an aspirational target.

4. The exploration target for Oropesa stated in Slide 10 does not comply with Clause 17 of the JORC Code.

The presentation has been modified and re-issued with the following changes.

1. The peer comparison (Slide 4) has been removed from the presentation.

2. The metal equivalences statement has been removed from the presentation.

3. The near term production forecasts in Slide 7 are stated as an aspirational target. This statement has also been added to the Growth & Development Strategy in Slide 13 of the original presentation.

4. Reference to the following release to the ASX ( “Oropesa Exploration Target” released on 4[th] February 2019) has been included in Slide 10. In addition the following statement has been included in Slide 10. “ The Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource”. The Cautionary Statements in Slide 18 of the original presentation now include a statement stating that the Competent Person confirms the form and context in which the Competent Person’s findings on the Exploration Target are presented have not been materially modified from the date of announcement (4[th] Feb 2019).

For and on behalf of the Board

Duncan Cornish Company Secretary

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DELIVERING A CRITICAL METAL

TO MEET GLOBAL DEMAND

FOR A MORE SUSTAINABLE FUTURE

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Investor Presentation July 2019

Why Tin?

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Tin is a critical metal in the global drive to attain a sustainable future. Tin is the key element in solder, utilised as the glue that combines the components in the technology and electronics revolution. Tin is also an important component in fire and smoke retardants for PVC products.

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Global tin Global tin demand is steadily concentrate increasing in the supply to smelters electronics, is decreasing. communications, Existing tin mines IT, renewable are producing energy, electric vehicle and from lower grade chemical diminishing industries. resources.

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Tin has been identified by MIT and Rio Tinto as the metal most impacted by new technologies

2018:- Rio & MIT

Why Invest Elementos

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The Oropesa Project is one of the most advanced base metals projects in the market.

Elementos is accelerating the development of this World Class tin project in Spain.

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We have identified potential mining technology applications applicable across all assets that can positively impact the cost of production.

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Our tin projects are in stable jurisdictions with local, regional and federal Government support.

Approvals and final design expected in 2020.

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We hold JORC Mineral Resources totalling 134,600 tonnes of contained tin.

We are a highly undervalued stock in a poorly understood market.

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Our team has over 100 years of experience in exploration , development, construction and operations.

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We have a pipeline of tin projects that have the potential to transform the Company into a significant tin producer.

ELT provides shareholders with an exposure to a portfolio of tin projects including near-term production potential and blue sky exploration potential

Skilled Team in Place

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Andy Grieg Chairman

Chris Dunks Exec Director Corey Nolan Director

Calvin Treacy Director

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IR Manager Administrator
Chris Dunks (acting) Carol Money
CFO
Accountant (Oropesa)
Drew Speedy
Co. Sec
Duncan Cornish Lawyer (Oropesa)
CEO Eduardo Orlate
Chris Creagh Logistics Manager
Roberto Rodriguez
Project Geologist (Cleveland)
Jie Yu
VP Project Development Project Geologist (Oropesa)
Chris Creagh Francisco Canabate
Project Manager (Oropesa)
Emilio Hormaeche
COO Geological Assistant
(Open) Jose Armenta
Community Liaison
Patricia Campos
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Board and management team with experience in exploration, development, construction and operations globally

Signature Project

LOCATION RESOURCES Approximately A globally significant, 190km north of undeveloped resource, Seville in the with strong Andalucia Province opportunities for of Spain. resource expansion.

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PERMITTING Mining Authority Application lodged for a Mining Permit progressing. EIS submitted and being revised; Monthly working group with State Government to expedite permitting process.

LOCAL TEAM

ELT has an experienced team of 8 onsite in Spain who are progressing the project: PM, Geologists, Community, Legal, Environmental.

Developing the greenfield Oropesa Tin Project in Spain

Oropesa – Key Investment Features

Global demand growing for tin

• Supply shortfall predicted from 2020 onwards

Low sovereign risk

• Part of the European Union providing a safe investment environment.

• The Andalucian region of Spain is home to some of Spain’s most significant mining operations.

Local community support

• The local government and community is extremely supportive of the project progressing.

Large, well-defined JORC resource

• Measured & Indicated Resources of 9.34mt @ 0.55% Sn & 3.2mt @ 0.52% Sn in Inferred Resources.

Near-term production potential

• Full infrastructure in place

• Access to global transport

• Amendable to simple drill and blast, truck and shovel open cut mining operations

• Conventional tin as cassiterite process flowsheet designed to produce a 62.4% tin concentrate at a 74.2% metallurgical recovery

• Definitive Feasibility Study has commenced in which Elementos aims to produce >3,200tpa of tin in concentrate.

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Definitive Feasibility Study underway in which Elementos aims to produce >3,200tpa of tin

Oropesa

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COMPLETED ACTIVITIES

CURRENT

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ACTIVITIES

• Exploration licences granted

• Land access agreements in place

• Resource drilling

• Metallurgical test work

• Baseline environmental studies

• Project team in place

• Transfer of title lodged

• Mine design being completed

• Ore pre concentration test work underway

• Revised EIS being prepared to align with new mine design

• Drill planning for DFS requirements and step out drilling to define additional resources scheduled to commence 3rd quarter 2019

• Additional economic studies

• Mining Licence application lodged

• Environmental Impact Study lodged

NEXT

Approval of title transfer

Grant of the Exploitation Permit (Mining Licence) Expected to take 3-6 months following Environmental Permit / Authorisation

Grant of Environmental Permit / Authorisation

Grant of Municipal Environmental Licence (Activity and Operation Licences) 6-12 months following Environmental Permit / Authorisation

Construction

Elementos is working closely with the Andalucian authorities to expedite the approvals

Oropesa Plan and 3D Elevation

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Plan view of the Oropesa resource projected to surface

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Horizontal 3D view of the Oropesa resource looking from the south

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Oropesa Exploration Target

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OROPESA IP ANOMALIES

PLAN VIEW

OROPESA IP ANOMALIES CROSS-SECTION SCHEMATIC

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OROPESA RESOURCE

Oropesa is a replacement ore body that is located within a stacked and folded sequence of sandstone and conglomerate of Carboniferous age. The ore body occurs within the sandstone at the boundary between the two different rock types. The ore body consist of cassiterite (tin) mineralisation associated with sulphides. The sulphides can be detected using Induced Polarization (IP) geophysical exploration methods.

• *5 - “Oropesa Exploration Target” released on 4[th] February 2019

Oropesa exploration target estimated at between 35-51mt @ 0.46 to 0.62% Sn

• The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Cleveland Tin Project

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Status

• Beginning Environmental application process in Quarter 3 / 4 2019

• Significant level of data and background environmental studies completed, so starting at about 80% complete

• State and Local Government strongly supporting the development of the Cleveland project for the provision of employment, addressing the site’s tailings dam management issues and for the generation of government revenue

• Project Geologist currently working on Cleveland

• Preliminary engineering underway for the tailings dam re-design and re-location

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Cleveland JORC Resource containing 67,100t of tin

Execution Strategy

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Production from Cleveland
Scheduled initial Targeting an increase in Oropesa
production from revenue through vertical Cleveland
Oropesa integration
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Approvals and
development
Operational – Sn in concentrate
Approvals and
development
Operational – Sn in concentrate
Underground
development
Underground production – Sn in concentrate
A strategy being implemented to become a significant global tin
producer within 5 years
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Oropesa - Spain

Implementation has already commenced via:

• Interim completion of an Arrangement Agreement for the acquisition of Oropesa and acceleration of the DFS

Cleveland - Australia

• Diamond drilling at Cleveland and the definition of an improved JORC Resource for the open pit project

• Application of new technology to improve economic outcomes

• Vertical integration to move away from concentrate production only

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ADDITIONAL INFORMATION

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Oropesa JORC Resource

Measured	330,000	1.09	3,585
Indicated	9,010,000	0.53	47,320
Total Measured & indicated	9,340,000	0.55	50,910
Inferred	3,200,000	0.52	16,615
All resources calculated using a 0.15% Sn cut-off grade

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• *3 - This information was prepared and first disclosed under the JORC Code 2012 on 31 July 2018

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Oropesa JORC Resource containing 67,500t of tin

Cleveland JORC Resource

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Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Total Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)
Category	Tonnage	Sn Grade	Contained Sn	Cu Grade	Contained Cu
Indicated	6.23 Mt	0.75%	46,700t	0.30%	18,700t
Inferred	1.24 Mt	0.76%	9,400t	0.28%	3,500t
TOTAL	7.47 Mt	0.75%	56,100t	0.30%	22,200t
Table subject torounding errors; Sn = tin,Cu=copper
Tailings Ore Reserve - September 2018 (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 torounding errors; Sn = tin,Cu=copper
*1 - This information was prepared and first disclosed in 2015 under the JORC Code 2012. It has not been updated since on the basis that the information has not materially changed since it was last reported.
Underground Tungsten Mineral Resource			- September 2018 (at 0.20% WO3cut-off)
Category	Tonnage	WO3Grade
Inferred	4 Mt	0.30%
*2-This information was prepared and first disclosed in 2014 under the JORC Code 2012. It has not been updated since on the basis that the
Table subject to rounding errors; WO3 =tungsten oxide

Cleveland JORC Resource containing 67,100t of tin

Corporate Information

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BOARD & SENIOR MANAGEMENT	BOARD & SENIOR MANAGEMENT	BOARD & SENIOR MANAGEMENT
AndyGreig	-	Chairman
Chris Dunks	-	Executive Director
CoreyNolan	-	non-Executive Director
Calvin Treacy	-	non-Executive Director
Chris Creagh	-	Chief Executive Officer
Drew Speedy	-	Chief Financial Officer
Duncan Cornish	-	CompanySecretary

ASX:ELT	ASX:ELT
Shares on Issue	1,544,330,961
Convertible Redeemable Preference Shares	1,000,000,000
Share Price	$0.006
Market Capitalisation(diluted for CRPS)	$15,265,986
Cash @ 31stMarch 2019	$848,000
Options
•$0.01215@31/07/19	10m
•$0.007@30/06/20	100m
Performance Rights	23m

Experienced board and senior management in exploration, development, construction and operations globally

Cautionary Statements

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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 and Exploration Target

Elementos confirms that Mineral Resource and Reserve estimates and Exploration Targets 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, Reserve or Exploration Target information included in the following announcements:

• *1 - “Cleveland JORC Resource Significantly Expanded” announced to the ASX on 5 March 2014 (tungsten resource)

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

• *3 - “Acquisition of Oropesa Tin Project” released on 31 July 2018;

• *4 - “Significant Increase in Cleveland Open Pit Resource” released on 26 September 2018;

• *5 - “Oropesa Exploration Target” released on 4[th] February 2019

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.

www.elementos.com.au

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