ELEMENTOS LIMITED — Investor Presentation 2019

Mar 27, 2019

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Creating a high-value, multi project tin company

ASX : ELT

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Investor Presentation March 2019 Australian Energy & Minerals Conference, Brisbane

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

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 JORC Resource Significantly Expanded” announced to the ASX on 5 March 2014 (tungsten resource)

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

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

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

• “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.

Elementos – A Tin Company

STRATEGY: To create a multi-project tin production and exploration company with a pipeline of projects to deliver high value for shareholders with exciting growth potential. 1- Spain 2- Australia 3- Malaysia

Elementos is implementing a low risk growth strategy - aiming to meet some of the * . predicted global shortfall in tin supply A diversified portfolio of high quality near production and exploration tin projects, in jurisdictions with long mining histories.

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Investment Opportunity

• Elementos has a diversified portfolio of three high quality, exploration and near production tin projects in Spain, Australia and Malaysia.

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

• LME tin stocks in January 2019 reached the lowest volume in over 20 years*.

• LME Refined Cash Tin Price increased by 17% since 25 March 2019

• 1st December 2018 (US$21,595/t ).

• ELT holds JORC Mineral Resources totalling 134,600 tonnes of contained tin.

• ELT has a near term production asset at Oropesa in Spain, and potential to discover a significant tin resource at Temengor, Malaysia.

• Targeting first production by within 3 years.

• Significant growth potential from exploration across all assets.

(*International Tin Association)

Elementos Project Growth Plan

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Scheduled initial
production from Targeting an increase in revenue
Oropesa Production Production from Temengor through vertical integration
from
Cleveland
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
Open Cut Operational – Sn in concentrate
U/G
development
Underground production – Sn in concentrate
Exploration and
development
Operational – Sn in concentrate
Oropesa Cleveland Temengor
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Corporate Overview

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ASX : ELT
Shares on Issue	1,537,330,961
Share Price	$0.006
Market Capitalisation (undiluted)	$9,223,986
Cash @ 31st December	$1.265m
Options
• $0.01215 @ 31/07/19	10m
• $0.007 @ 30/06/20	100m
Performance Rights	30m
Convertible Redeemable Preference Shares	1bn

Board and Management

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A strong board and senior management team with considerable multi-project experience

Andy Greig Chris Dunks Corey Nolan Non-Executive Executive Non-Executive Chairman Director Director

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Calvin Treacy Non-Executive Director

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Chris Creagh Duncan Cornish Chief Executive Company Officer Secretary/CFO

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Mr Greig has 35 years of experience in the mining and natural resource industry. Mr. Greig served on the Bechtel Board as a Director and was President of the Mining and Metals Global Business Unit, centred in Brisbane, Australia for 13 years.

Mr Dunks has more than 20 years experience dominated by working on major global minerals processing, refining and power projects. Chris is currently the MD of Synergen Met Pty Ltd.

Mr Nolan has twenty years of diverse

experience in the resources sector. This has included global experience in mining operations, resource evaluation and the financing and development of new opportunities.

Mr Treacy is an experienced manager and director with over 10 years’ experience in the mining industry. His prior roles have included COO and CEO positions, Director of AMIRA International. Calvin is currently a Director of several unlisted companies.

Mr Creagh is a Mr Cornish has geologist with more than 20 more than 30 years experience years of as a corporate experience in the administrator and Australian and manager. international Duncan has mining industry. compiled a Chris brings significant significant portfolio of expertise and successful capital experience in raisings and stock executive exchange listings management and across numerous project jurisdictions. development.

Tin is THE technology metal

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METALS MOST IMPACTED BY NEW TECHNOLOGIES

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ELT is in the RIGHT COMMODITY

Data from MIT & Rio Tinto

Global Tin Market Outlook

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Global Tin Market – 360,000tpa of refined tin

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TIN IN ELECTRIC VEHICLES
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International Tin Association data

Oropesa Tin Project – Key Investment Features

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Signature Project

Location

• Approx. 190km north of Seville, in Andalucia Province, Spain

Infrastructure

• Close to major highways which link to export ports, water supply and power supply

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• Region boasts a skilled mining workforce

Large, well-defined JORC resource

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

• More than 250 cored drill holes for greater than 54,000m

• A globally significant, undeveloped resource with strong opportunities for resource expansion

Open-cut mining potential

• The deposit is amendable to simple drill and blast, truck and shovel open cut mining operations

Simple metallurgy

• Extensive metallurgical testing and process flowsheet designed to produce a 62.4% tin concentrate at a 74.2% metallurgical recovery

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Oropesa – Key Investment Features

Large sunk cost

• Approximately $25m expenditure since 2008

• Significant investment in drilling, geophysics, metallurgical testing and development studies

Near-term production potential

• Definitive Feasibility Study has commenced

• Completion anticipated mid-late 2019

Untested resource expansion potential

• Exploration Target supported by Induced Polarization (IP) geophysical survey data, detailed geological modelling and diamond drilling data

Oropesa Exploration Target(0.15% Sn cut-offgrade)	Oropesa Exploration Target(0.15% Sn cut-offgrade)	Oropesa Exploration Target(0.15% Sn cut-offgrade)
Range	Tonnes	Grade % Sn
Upper	51,000,000	0.62
Lower	35,500,000	0.46

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Oropesa – Key Investment Features

Local community support

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

Advanced permitting process

• Mining Licence application and EIS submitted to the regional Andalucian Government – initial review completed

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 including the Cobre Las Cruces Mine owned by First Quantum Minerals (copper), the Rio Tinto Mine, owned by Atalaya Mining (copper), and the Aguas Tenidas/Magdelana Mine owned by Trafigura 50%/Mubadala 50% (copper, lead and zinc).

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Oropesa Tin Project – 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 This information was prepared and first disclosed under the JORC Code 2012 on 31[st] July 2018

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Cleveland Tin Project

Location

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

Infrastructure

• Excellent power, water and transport infrastructure in place

Staged Development

• Stage 1 - Combined open cut/tailings retreatment tin–copper project to produce approximately 2,000tpa of tin in concentrate and 500tpa of copper in concentrate

• Stage 2 – Re-establish the underground tin-copper and tungsten mine

JORC Resource

• 2018 revised JORC hard rock combined open cut and underground resource of 7.47mt @ 0.75% Sn and 0.3% Cu for 56,100 tonnes of contained tin and 22,200 tonnes of contained copper, plus 3.97mt @ 0.28% WO3

• Including an open cut project resource 1.89mt @ 0.95% Sn and 0.34% Cu

• Tailings reserve of 3.7mt @ 0.29% Sn and 0.13% Cu for 11,000t of contained tin and 5,000t of copper

Cleveland Resource Inventory – 67,100t of contained tin

Open Pit Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Open Pit Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Open Pit Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Open Pit Tin-Copper Mineral Resource - September 2018 (at 0.35% Sn cut-off)	Open Pit Tin-Copper Mineral Resource - September 2018 (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	1.73 Mt	0.93%		16,100t		0.33%	5,700t
Inferred	0.16 Mt	1.18%		1,900t		0.49%	800t
TOTAL	1.89 Mt	0.95%		18,000t		0.34%	6,500t
Table subject to rounding errors; Sn=tin, Cu=copper
Underground Tin-Copper Mineral Resource - September 2018 (at				0.35% Sn cut-off)
NOTE: this Underground 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	4.50 Mt	0.68%		30,600t		0.29%	13,000t
Inferred	1.08 Mt	0.70%		7,500t		0.25%	2,700t
TOTAL	5.58 Mt	0.68%		38,100t		0.28%	15,700t
Table subject to rounding errors; Sn=tin, Cu=copper
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 to rounding 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 to rounding 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.

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
*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) Table subject to rounding errors; Sn = tin, Cu = copper
Category		Tonnage	WO3 Grade
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 information has not materially changed since it was last reported.
Table subject to rounding errors; WO3 =tungsten oxide

Temengor Tin Project

MOU

• Exclusive MOU signed with Empire Tin Mining Sdn Bhd to negotiate a farm-in and joint venture agreement on the Temengor tin project.

• Temengor Tin Project comprises two exploration licences covering 1950 hectares

Location

• Within Peninsular Malaysia, approx. 260km north of Kuala Lumpur.

• Temengor is located approximately 50km to the southeast of the Rahman Hydraulic Tin Mine

History

• Malaysia was the principal global tin producer until the mid 1980’s, predominantly from alluvial dredging operations

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Temengor Tin Project

Project History

• The Temengor Tin Mining Company was a London Stock Exchange listed company operating from 1926 – 1935

• Operated as a hydraulic eluvial tin mine from 1926 – 1932

• Production hampered by poor water supplies and insufficient funding

• Plans were in place to convert from a hydraulic mine to a hard rock mine when the company was placed in administration in 1932

• Limited hard rock exploration carried out by AngloOriental Malaya until 1937

• Temengor largely forgotten since the mid 1930’s due to restricted access to the region

Temengor Tin Project

Work Program

• Reconnaissance exploration has confirmed hard rock potential over an area of approximately 1km²

• Historical hard rock tin grades to be confirmed with surface and underground rock chip sampling

Geology

• Tin mineralisation occurs as cassiterite within a sheeted quartz vein system on the margins of a granite

• Cassiterite mineralisation is similar to the Rahman Hydraulic Tin Mine 50km to the north of Temengor

• The Rahman Hydraulic Tin Mine has been operating for more than 100 years, currently producing over 2,200 tonnes of tin in

• concentrate per year from a hard rock open cut mining operation

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Growth & Development Strategy
Oropesa, Spain
•
Complete DFS mid-late 2019
•
Decision to mine and produce up to 3,500tpa of
tin in concentrate
•
18 – 24 month design and construction
•
Production of 62% tin concentrate
Cleveland, Australia
•
To be developed following the development of
Oropesa
•
Decision to mine by end 2020
•
Production of approximately 2000tpa of tin and
500tpa of copper in concentrates
•
Excellent synergies with Oropesa flow sheet
Temengor, Malaysia
•
The Elementos “blue sky” project
•
Located in a region of proven long life
tin assets
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Implementation has already commenced via:

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

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

• Negotiation of Farm-in and Joint Venture Agreement on Temengor

• Application of new technology to improve economic outcomes

• Vertical integration to move away from concentrate production only

www.elementos.com.au