ELEMENTOS LIMITED — Investor Presentation 2020

May 6, 2020

TIN FOR AN ELECTRIC TOMORROW Investor Presentation

Chris Dunks, Executive Director 7 May 2020

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Cautionary statement

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The Economic Study (Study) referred to in this announcement has been undertaken for the purpose of assessing the technical and economic viability of developing the Oropesa Tin Project. The Study has been completed to an overall Scoping Study level of accuracy of +/- 35%. It should be noted that a number of the work streams in the Study have been undertaken to a more detailed standard of evaluation and definition.

The Study is preliminary in nature, it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Ore Reserves, and there is no certainty that the Study outcomes will be realised. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into an Ore Reserves estimate.

While the estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, the Company is not aware of any such issues. The quantity and grade of reported Inferred Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.

The Study outcomes, production target and forecast financial information are based on information that are considered to be at Scoping Study level. The information applied in the Study is insufficient to support the estimation of Ore Reserves. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target will be realised. Further exploration work and evaluation studies are required before Elementos will be in a position to estimate any Ore Reserves or provide any assurance of an economic development case.

Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Study. The Study is based on the Measured, Indicated and Inferred Resources as estimated by SRK in the Mineral Resource Estimate released on the ASX on 31st July 2018, “Acquisition of the Oropesa Tin Project”. Elementos is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed.

Of the Mineral Resources scheduled for extraction in the Study mine production plan, approximately 4% are classified as Measured, 78% as Indicated and 18% as Inferred. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Resources do not contribute to the production schedule in the first two years of operations and only 1% in the first nine years of the proposed development. The production plan includes Inferred Resources in the latter stages of the production schedule.

actual results, performance or achievements to differ materially from those expressed or implied in any of the forward-looking statements in this release that are not a guarantee of future performance.

Statements in this release regarding the Elementos business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties. These include Mineral Resource Estimates, metal prices, capital and operating costs, changes in project parameters as plans continue to be evaluated, the continued availability of capital, general economic, market or business conditions, and statements that describe the future plans, objectives or goals of Elementos, including words to the effect that Elementos or its management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by Elementos, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements.

Elementos has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. This includes a reasonable basis to expect that it will be able to fund the development of the Oropesa Tin Project upon successful delivery of key development milestones. The detailed reasons for these conclusions are outlined throughout this ASX release and in Appendix 1 (JORC Code 2012, Table 1. Consideration of Modifying Factors). While Elementos considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Economic Assessment Study will be achieved. To achieve the range of outcomes indicated in the Economic Assessment Study, pre-production funding in excess of US$70m will likely be required. There is no certainty that Elementos will be able to source that amount of funding when required. Discussions with potential funders have confirmed that a project of this scale will be able to be funded with a combination of Debt and Equity. The company is confident that the capital costs are sufficiently low that raising the required equity will be possible. The company continues to have the full support of its existing largest shareholders and is working with potential offtake partners, brokers, private equity firms and traditional funders to ensure that the Company will be in a position to fund the project as needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Elementos’ shares. It is also possible that Elementos could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Oropesa Tin Project. This could materially reduce Elementos’ proportionate ownership of the Oropesa Tin Project.

No Ore Reserve has been declared. This ASX release has been prepared in compliance with the current JORC Code (2012) and the ASX Listing Rules. All material assumptions, including sufficient progression of all JORC modifying factors, on which the Production Target and forecast financial information are based have been included in this ASX release.

This release contains a series of forward-looking statements. The words “expect”, “potential”, “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause the

Tin for an electric tomorrow

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Our vision is to become a major global tin producer.

• New Economic Study shows very strong investment case for Oropesa Tin Project, Spain.

• Oropesa is one of the world’s highest-grade, lowest cost tin projects under development and will be our first mining operation.

• Oropesa production target of 2,440 tonnes per annum of tin metal (Economic Study 7 May 2020).

• Economic Study follows extensive drilling, geological, geotechnical, feasibility and metallurgical test work programs over more than 10 years.

• Our Cleveland Tin Project is a combined open cut/ tailings retreatment tin/copper project in Tasmania.

Oropesa Tin Project

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• The 100% owned Oropesa Project is a simple opencut mining operation and conventional processing facility producing tin concentrates which would be shipped to smelters in Europe and Asia.

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

• The Cobre Las Cruces Copper Mine, owned by First Quantum Minerals

• The Rio Tinto Copper Mine, owned by Atalaya Mining

Oropesa Tin Project

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Economic study

Annual ore feed Annual metal production Tin price Annual gross revenue Gross revenue 750,000tpa 2,440tpa US$19,750/t US$48m x 14 years US$674m Project life The price is below the 10-year average LME tin price of approximately CAPEX[+] AISC Annual operating costs US$52m

Capital development costs include a US$11,800/t US$28m 20% contingency. Pre-tax NPV8% IRR Annual operating margin Total project EBITDA US$92m 25% US$20m x 14 years US$281m Project life

*The price is below the 10-year average LME tin price of approximately US$20,500/t.

+Capital development costs include a 20% contingency.

Oropesa tin project

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8% Net present value

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171.7m
151.7m
131.7m
111.7m
91.7m
-20% -15% -10% -5% 0 +5% +10% +15% +20%
71.7m
51.7m
US$19,750/t
31.8m
11.8m
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Net present value 8%
US$92m
Tin price US$19,750/tonne
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Oropesa tin project

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One of the world’s highest grade open-cut tin projects

• Economic Study production target derived from 2018 JORC Resource.

• Planned drilling in 2020 to expand and upgrade the size of the existing resource and lower the overall waste-to-ore ratio for the project.

• Significant JORC Exploration Target highlights potential to expand resource.

JORC Resources[1] 31 July 2018

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Measured
0.33 MT
1.09% Sn
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Indicated
9.01 MT
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0.53% Sn
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Measured Indicated
Metal Metal
3.5K (Sn T) 47.3K (Sn T)
1.09% Sn
0.53% Sn
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Total
9.34 MT
0.55% Sn
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Total
Metal
50.9K (Sn T)
0.55% Sn
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1 All resources calculated using a 0.15% Tin cut-off grade This information was first disclosed under the JORC Code 2012 on 31 July 2018

Oropesa tin project

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Simple open-cut mine

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• Drill and blast, truck and shovel operation.

• Competitive mining costs of US$21.95/t.

• Life-of-mine waste:ore ratio is 11:1

• Capital expenditure minimised by mining contractor model.

Final design of mine pit and waste dump, year 14

Oropesa tin project

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Conventional process flowsheet

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• Crushing, ore sorting, grinding, sulphide flotation, gravity separation and tin flotation recovery circuit.

• Plant capacity is 750,000tpa to produce 2,440t of tin metal.

• 76% recovery to a 62% grade tin concentrate.

• Separation of sulphide and normal tailings, thickening and filtering for storage.

• Cash operating costs of US$10.97 per tonne of ore.

Oropesa tin project

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Infrastructure

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• Access to low cost power and power lines traverse the project site.

• Access to sealed roads to an export port, 185km away.

• Experienced local mining workforce.

• Water readily available.

Oropesa tin project

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Development Plan

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2020 2021
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
Preparation of Economic Study & DFS
Revised EIS to align to new
mine design & submission
Drill planning
Drilling – resource conversion,
step out exploration, sterilisation
Geotech & hydrology
Metallurgical test work
for flow sheet optimisation
Commence project
financing discussions
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The world needs more tin

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Tin is the most in demand metal for the new energy future.

• Demand for tin is the most affected because of its use as an electric contact and in battery chemistries.

• Electric vehicles, robotics, renewable energy storage and advanced computation – tin is found in them all.

• Tin is the key element in solder, utilised as the glue that combines the components in the technology revolution.

• Tin is also an important component in fire and smoke retardants for PVC products.

Metals most impacted by new technology

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Source: Rio Tinto / Massachusetts Institute of Technology

New tin production required

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•
400K
Tin production forecast
•
360K
Shortfall
320K •
Secondary refined
production
•
280K
Existing production
240K
Source: ITA
TONNES
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• Global tin demand is steadily increasing as its services the technology revolution

• Electronics, communications, IT renewable energy, and electric vehicles are all growth industries needing tin.

• Existing tin mines are producing from lower grade, diminishing resources.

New supply is limited as potential projects are either high CAPEX underground mines, low grade open pit mines or located in risky jurisdictions.

Elementos

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Investment summary

• Economic Study shows very strong investment case for Oropesa Tin Project

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

• ELT provides exposure to a tin portfolio including near-term production and high exploration potential.

• Strategy being implemented to become a significant global tin producer within five years

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

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

• Opportunity for additional production from Cleveland Tin Project in Tasmania.

• • 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.

Corporate overview

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Share price Market capitalisation $A0.002 $5.09m

6 May 2020 close 52 week high 0.006c, low $0.001c

Shares on issue Cash 2,554m $0.4m 31 March 2020

Performance rights 23m

Options

100m 30/06/20@$0.007c

Mark Wellings (Eurotin) 18.0%

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Directors & Management 11.7% Keo Projects 3.4% Andes Investors 2.2%

Others 64.9%

Disclaimer

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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 & Exploration Target

information or data that materially affects the Mineral Resource, Reserve or Exploration Target information included in the following announcements:

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

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

• *3 - “Oropesa Exploration Target” released on 4th February 2019

• *4 - “Oropesa Tin Project Presentation to the 3rd Mining and Minerals Hall Conference” released on 18 October 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 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

Get in touch

Chris Dunks Executive Director 0410 435 554 cd@elementos.com.au

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Elementos Limited Level 6, 10 Market Street Brisbane Queensland 4000 Phone: +61 7 3212 6299 elementos.com.au

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