ELEMENTOS LIMITED — Investor Presentation 2022

Jul 21, 2022

Noosa Mining Conference TIN FOR AN ELECTRIC TOMORROW Investor Presentation July 2022

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Cautionary statement

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The Optimisation 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 some 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 does include 6% of 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 Indicated or Measured Mineral Resources or Ore Reserves, and there is no certainty that the Study outcomes will be realised during operations or further studies. 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 Mineral Resources Estimate compiled and reviewed by Mr Chris Grove (Announced to the ASX on the 8th November 2021), who is a Member of the Australasian Institute of Mining and Metallurgy and is a Principal Geologist employed by Measured Group Pty Ltd. Mr Chris Grove has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources. Mr Chris Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 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 21% are classified as Measured, 67% as Indicated and 6% as Inferred, with 6% Unclassified (0% grade – dilution). 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 6 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. In the attached Scoping Study Figure-16 charts the contributions of Inferred Resources to the mining schedule.

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 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 Study will be achieved. To achieve the range of outcomes indicated in the Study, pre-production funding in excess of US$86m 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, senior debt providers, 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, and corresponding funding liability, for 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.

2

Tin is the metal most impacted by electrification and new green technologies.

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Others
electric advanced renewable computers energy
vehicles robotics energy & IT storage
Tin
Lithium
Cobalt
Silver
Nickel
Gold
Tungsten
Vanadium
Graphite
Niobium
Zinc
PGM (Pt, Pd)
Salt
Source: Rio Tinto | MIT
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Did you know?

• Tin is a key electrical contact in electronic circuits (solder) printed circuit boards and semi-conductors. It is the electric glue connecting key components.

• Plays role in battery chemicals, battery anodes, alloys and the humble tin can (tin plate).

• Described as the ‘spice metal’ – critical component in small quantities.

3

Tin price strength over past five years, fundamentally based on tight market.

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LME Cash Tin Price US$/tonne [1]
US$25,300/t
15 July 2022
$50K
•
LME tin spot prices briefly breached
US$50k/t before global recession fears
have pulled it back to US$25.3k/t.
$40K
•
Shanghai Metals market contract price
is ~US$28,200/t Tin metal (15 july2022)
$30K
(Premium +US$2,900/t, +11%)
$25.3K
•
Global tin markets remain tight and
$20K forecast to remain in supply deficit
which is in juxtaposition to current
market price
$10K
Jul 2018 Jul 2019 Jul 2020 Jul 2021 Jul 2022
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• Shanghai Metals market contract price is ~US$28,200/t Tin metal (15 july2022) (Premium +US$2,900/t, +11%)

4

1Source: tradingeconomics.com

Tin market in deficit Global tin stockpiles remain close to record lows

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Visible Global Tin Stockpiles [1]
London Metals Exchange (LME)
Shanghai Futures Exchange
2017 2018 2019 2020 2021
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16Kt
12Kt
8Kt
4Kt
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• Tin market appears to be in 4th consecutive year of deficit

• Approximately 6,100 tonnes drawdown in 2021

• 2021 tin market deficit has led to significant stockpile drawdown

o Meaning: Significantly more metal has been purchased by end-users than the smelters have been able to provide – causing global stockpile drawdowns. (Demand > Supply)

• Global visible stockpiles at all time low

• Total LME & SHFE stockpiles at ~5,500 tonnes (June 2022)

• Approximately 5 days of global demand in warehouses

1Source: ITA (International Tin Association) Q3 Update 2021

5

Current tin market supply Established global tin producers struggling to maintain current production

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Major Global Tin Producers[1]

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35%
30%
25%
20%
15%
10%
5%
0%
China Indonesia South Myanmar Africa Other
America
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Existing Producers Stalling Tin-in-Concentrate ‘000 tonnes[1]

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China Other Asia
Indonesia Africa
South America Rest of World
Myanmar
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350
300
250
200
150
100
50
0
1950 1960 1970 1980 1990 2000 2010 2020
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1 Source: ITA (International Tin Association) December 2021

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Tin market in deficit Global tin stockpiles remain close to record lows

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Refined tin forecast [1] Forecast tin deficit [1]
550Kt 0
-10kt
500Kt -20kt
-30kt
Refined tin demand (LHS)
Refined tin production (LHS)
-40Kt
450Kt
CAGR (3.34%)
-50Kt
400Kt -60Kt
-70Kt
350Kt -80Kt
2020 2022 2024 2026 2028 2030
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• Global tin demand is forecast to increase 3-4% to service the technology revolution.

• 3-4%pa growth (vs. historic 1.8%pa) is forecast to cause tin metal deficits ~30-40kt by 2025.

• Global refined tin production is forecast to also grow, albeit currently at a lower rate than demand growth.

• Existing tin mines are mostly producing from lower grade, diminishing reserves, requiring new investment into sector.

• New investment is challenged due to majority of projects being either high CAPEX underground mines, hard rock mineralisation or located in risky jurisdictions.

• Very few low risk Environmental, Social, Governance (ESG) projects in global pipeline. 7

1Source: ITA (International Tin Association) Q1 Update 2022

Technology and green infrastructure is driving tin demand growth

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• The technology and green infrastructure solutions are driving global tin demand is (growth rates forecast between 3-7%pa)[1] .

• Growth in Solar, 5G, IoT and Electric Vehicles responsible for significant proportion of growth

• Internet of Things (IoT) use of tin - connected cars/homes/wearables/entertainment/appliances

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Tin Technology Forecasts [1]
Baseline 550Kt
5G
eV 500Kt
Solar
450Kt
400Kt
350Kt
2020 2025 2030
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• Solar use of tin - solar Ribbon, junction boxes, PV electronics

• EV use of tin - power Electronics, wiring, charging stations

• 5G use of tin - macro base stations, power amplifiers

• Internet of Things use of tin - connected cars/ homes/ wearables/ entertainment/ appliances

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Number of Tin R&D Papers (Jan-Apr 2022) [1]
0 20 40 60 80
Lithium-ion batteries
Next generation batteries
Perovskite solar cells
Heat harvesting
Hydrogen
Carbon capture catalysts
Water treatment
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1 Source: ITA (International Tin Association) 2022 Conference

Oropesa Tin Project, Spain DFS underway to deliver Europe’s first new significant tin mine by 2025.

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Oropesa Tin Project

P O R T U G A L

S P A I N

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Cordoba
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• Open-cut mining operation producing tin concentrates for smelters in Europe, North America or Asia.

• Strong local, state and national support.

• Andalucian region (part of Iberian Pyrite Belt) is home to some of Spain’s largest mines:

• MATSA mining complex (~200km) recently acquired by Sandfire Resources (ASX)

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Seville
N
100km
GIBRALTAR
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Malaga

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N
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• Cobre Las Cruces Copper Mine (~100km) owned by First Quantum Minerals (TSX)

• Rio Tinto Copper Mine (~120km) owned by Atalaya Mining (LME)

99

Oropesa secures government support

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On 9 March 2022, the Junta de Andalucia (Andalucían Government) publicly announced high profile support for the Oropesa Tin Project, designating it the Spanish equivalent of a ‘State Significant . Project’ in Australia[1]

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Key points

• ✓ Andalucían Government assigns Oropesa to its Project Accelerator Unit to accelerate the effective start-up and execution of Oropesa

• ✓ The Project Accelerator Unit will also coordinate with the different ministries with powers over the procedures that affect investment initiatives

• ✓ Oropesa is one of only seven significant mining projects added to the unit:

• 1 Project: MATSA (Owned by Sandfire Resources, Market Cap: ~A$2.3B)

• 4 Projects: Rio Tinto Copper Mine (Owned by Atalaya Mining, Market Cap: ~A$1.1B)

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• 1 Project: Minas de Alquife – Europe's Largest open-pit iron ore mine

• 1https://www.juntadeandalucia.es/presidencia/portavoz/economiayempleo/169891/ConsejodeGobierno/UnidadAceleradoradeProy ectos/Mineria/Minas/ExplotacionMinera/Empleo/Huelva/Cordoba/Granada

101010

101010

Mineral Resource Estimate update Increased by 50% in November 2021 88% now classified as Measured & Indicated

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Measured & Indicated Shallow Resource Total Mineral Resource
Mineral Resource (<100m RL)
Total Total Total
9.34Mt 1.37Mt 12.54Mt
0.55% Sn [50.9kt Sn] 0.54% Sn [67.5kt Sn]
78% 263% 50%
Total Total Total
16.62Mt 4.97Mt 18.86Mt
0.38% Sn [63.9kt Sn] 0.40% Sn [75.4kt Sn]
1111
1
1
the JORC Code 2012 on 31 July 2018 grade. This information was first disclosed under All resources calculated using a 0.15% Tin cut-off
2018
2
2
on 08 November 2021 first disclosed under the JORC Code 2012 Tin cut-off grade. This information was All resources calculated using a 0.15%
2021
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Optimisation Study results

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82% of 2021 Mineral Resources included in Production Target (Using US$30k/t pit shell) Mined over 13 years An additional ~2yrs of mine-life possible when using US$45/t pit shell

2021 JORC Resources 18.86Mt 0.40% Sn [75.4kt Sn] US$30,000/t Pit Shell 82% conversion 2022 Production Target 15.50Mt 0.37% Sn [56.8kt Sn] Included Dilution Only 6% of tonnes based on Inferred Resources

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$45K/t outline
Bird
Out of pit
habitat
dump
area
High density
oak tree habitat
Process plant
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Key pit shells & site Infrastructure

1212

Oropesa mine metrics Total tin metal production 38,550t

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Life of mine Tonnage averages

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Annual ore mined Annual ore sorter feed Annual processing Annual tin concentrate Annual tin metal production
plant feed (62%)
1,250,000t 1,250,000t 1,000,000t 5,400t 3,350t
Annual waste mined Total tin metal production
8.8x average LoM strip ratio x13 years mine life
11,000,000t 38,550t
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Optimisation Study Basis ( at US$32,500/t tin price)

Construction capital Annual gross revenue Annual EBITDA NPV 8% (Pre-tax, ungeared) US$86m US$108m US$56m US$219m

13 13

Life of mine

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Mining and rehabilitation animation

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• ✓ 1.5 years construction

• ✓ 13 years mining operations

• ✓ Full rehabilitation scheduled

• ✓ Basis of DFS

• ✓ Basis of mining licence and environmental approvals

Video Link

141414

141414

Key project approvals submission Key documents, approvals sought and key departments

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Mining
Licence
Exploitation Solicitude
Project
Mining
Department
Restoration
Plan
Environmental
Department
AAU
Solicitude
Environmental
Impact Study
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• 6 April 2022 ELT subsidiary Minas de Estaño de España (MESPA) submits key approval documents to the Junta de Andalucía

• Submission is key to attaining a mining licence and environmental authorisation for Oropesa

• Environmental Impact Study prepared with the support of ERM Environmental Consultants who have significant experience and expertise in Spanish mining projects

Environmental Department

1515

Feasibility Development Programs

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Elementos is progressing many feasibility development programs to provide critical input data to its Oropesa Definitive Feasibility Study.

Elementos recently appointed Wave International as Owners Engineer and DFS Report Author

Pilot scale metallurgical test work

01

Geotechnical works program

02

Hydrogeological (groundwater) works program

03

04

Variability metallurgical test work

05

Tailings Dam Design

06 Engineering, Packaging & Procurement

1616

Oropesa remains prospective for additional mineralisation

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Plan of the 2021 Oropesa Mineral Resource indicating the location of the 2021 geotechncial drill holes (outside current Mineral Resource) with reported assay data at the Oropesa Tin Project, Spain[1]

Recent geotechnical drilling results[1]

• Drilling intersects tin, zinc and copper mineralisation in geotechnical diamond drilling

• Results confirm continuity of tin mineralisation outside Mineral Resource area and potential for further growth

• Zinc and copper intersections highlight the potential to produce an additional base metal concentrate (currently excluded from Optimisation Study and DFS scope)

171717

171717

1 ELT ASX Release (16 March 2022)

Oropesa Definitive Feasibility Study (DFS) commenced

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Key Project Timeline

2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 Nov Updated Mineral Resource Estimate 2021 Completion of resource drilling, modelling and estimation March Optimisation Study 2022 Finalise the Basis of Design for DFS | Confirm throughput of plant and mine + supporting infrastructure July Feasibility development programs 2022 Completion of sub-programs to deliver high confidence inputs into mining and process engineering workstreams Q1 Definitive Feasibility Study (DFS) & JORC Ore Reserves 2023 EIA & Mining License April Q2-Q3 Assessment timeframe EIA & Mining License government approvals Submission 2022 2023 approx. 15-18-months 2Q Project Financing 2023

1818

Cleveland Tin Project, Tasmania

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• Cleveland Tin Project (100%-owned) located in mineral rich north-west Tasmania.

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Burnie
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• Operated as an underground mine by Aberfoyle Resources from 1968 to 1986.

Cleveland Mine

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Kara (W, Fe) Mt Bischoff (Sn)

Hellyer (Cu, Pb, Z, Ag, Au) Que River (Cu, Pb, Z, Ag, Au)

Tin & copper JORC resources[1]

Indicated Inferred Total 6.23Mt 1.24Mt 7.47Mt 0.75% Sn | 0.30% Cu 0.76% Sn | 0.28% Cu 0.75% Sn | 0.30% Cu

• 1 All resources calculated using a 0.35% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 31 July 2018.

Tungsten JORC Resources[2]

Mt Lindsay (Sn, W, Mn) Cleveland tenement Major mine/deposit

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N
20km
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Cradle Mountain

T A S M A N I A

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Indicated Inferred
3.97Mt 3.97Mt
0.30% WO3 0.30% WO3
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2 All resources calculated using a 0.20% WO3 cut-off grade, above 850m RL. This information was first disclosed under the JORC Code 2012 on 18 April 2013.

1919

Historic Cleveland Underground Workings

Cleveland Tin Project Tin, Copper and Tungsten

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• Exploration Lease surrounded by existing critical infrastructure.

• A Strategic Review has commenced to reassess the technoeconomic possibilities of restarting the operation amid high tin, copper and tungsten prices.

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Tin / Copper Resource
PORTAL ENTRY
Water Level
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Tungsten Resource
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2020

Cleveland Tin Project Drilling completed, awaiting assays

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• Five-hole diamond drill (1,350m) program underway at Cleveland to test for tin and copper mineralisation along strike and to the northeast of the historical tin mine

• 2020 rock chip samples collected at surface contained visible sulphide mineralisation with assays including 0.7% tin, 0.57% copper, and 13.4% zinc (from sample 130403).

• $70,000 from the Tasmanian Government’s Exploration Drilling Grant Initiative program awarded to support this campaign.

• Mine sequence highlights the surface projection of the geological resource with superimposed SP anomalies (in blue) and untested SP anomalies (in green) to the northeast of the historical workings.

3D model of the location of the planned 2022 Cleveland drilling program looking SE towards NW

2121

Cleveland Tin Project Tungsten potential further identified in hole C2119

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•
•
•
•
•
1 The potential quantity and grade of the Exploration Target is conceptual in nature and
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• Extended deeper beyond the Battery Lode (tincopper) to test for potential extensions to the Foley’s Zone of tungsten Mineral Resource and Exploration Target.

• A significant zone of visible wolframite was intersected = 14.2m @ 0.36% WO3 from 221.0m

• The mineralisation is located approximately 150m above the current Foley’s tungsten Mineral Resource with the potential of continuity.

• Project has a tungsten Inferred Mineral Resource of 3.97Mt @ 0.3% WO3

• In addition to the Mineral Resource, the company released an Exploration Target for Foley’s Zone (below 850m RL) in October 2013 at between

24mt @ 0.3% WO3 (0.2% WO3 cut-off grade) 60mt @ 0.2% WO3 (0.0% WO3 cut-off grade) below - 180mRL[1] .

• 1 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 2222 Mineral Resource.

Corporate overview

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Share price $A0.45c

21 July 2022 52 week high $0.955, low $0.35

Shares on issue 177.1m

15 June 2022 Debt A$0.00m

31 Mar 2022

Unquoted options on Issue 4,912,265 x A$0.225

expiring 31-Aug-2022 ~[$1.1m] as at 15 June 2022

Market capitalisation A$79.7m

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21 July 2022
Cash
A$7.0m
29 April 2022
Enterprise Value [1]
A$72.7m
21 July 2022
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1 Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV)

Shareholder distribution

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OC Funds 1%
Lions Bay Capital 1%
Cannacord Genuity Group
(Toronto) 2%
Keo Projects 2%
Terra Capital 4%
TR Nominee 5%
McCusker Hc 5%
JM Financial 6%
Directors &
Management 12%
Others 62%
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2323

Strong Leadership Our team has extensive experience in the mining and resources sector, including project acquisition, development and construction

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Andy Greig Non-Exec Chairman

Andy retired from the Bechtel Group in 2015 after a 35-year career, including 13 years as President of the Mining and Metals Global Business Unit and five years as a Director of Bechtel Group.

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Joe David Managing Director

Joe is an experienced mining executive with a demonstrated track record in the mining, construction and finance industries. His career has spanned executive roles with private and listed construction and development companies.

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Brett Smith Non-Exec Director

Brett has more than 30 years’ experience in the resources, construction and engineering industries He is Executive Director of Hong Kong listed Dragon Mining, Deputy Chairman of Hong Kong APAC Resources and Executive Director of ASX-listed company Metals X.

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Calvin Treacy Non-Exec Director

Calvin has over 20 years senior management experience in mining, mining technology and manufacturing. He has a strong track record of founding and growing companies, and brings a wealth of experience in the areas of strategic planning and capital raising.

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Corey Nolan Non-Exec Director

Corey is an accomplished public company director whose 30-year career in the resources industry started on the ground in operations before spanning a broad range of corporate roles. He has been Managing Director of ASX listed Platina Resources Limited since August 2018.

24

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

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 - “Acquisition of Oropesa Tin Project”, 31st July 2018

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

• *4 – “Positive Economic Study for the Oropesa Tin Project”, 7[th] May 2020

• *5 – “Cleveland Tin Project –Exploration Re-Commences” released on 4th March 2021.

• *6 – Elementos commences feasibility development programs at the Oropesa Tin Project, 20th May 2021

Competent Person Statement

The information in the report to which this statement is attached that relates to mining and the Production Target including the assumptions for the Modifying Factors are based on, and fairly reflect the information and supporting documentation compiled and prepared by Mr Michael Hooper a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hooper is employed by Optimal Mining Solution Pty Ltd as an independent consultant to Elementos Ltd. Mr Hooper has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hooper consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Mineral Resources underpinning the Production Target have been prepared by a competent person or persons in accordance with the requirements in Appendix 5A (JORC Code).

The Study is based on the Measured, Indicated and Inferred Mineral Resources Estimate compiled and reviewed by Mr Chris Grove (Announced to the ASX on the 8th November 2021), who is a Member of the Australasian Institute of Mining and Metallurgy and is a Principal Geologist employed by Measured Group Pty Ltd. Mr Chris Grove has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources. Mr Chris Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Study for the Oropesa Tin Project is based on and fairly represents information and supporting documentation that has been compiled and reviewed for this report by Mr Chris Creagh who is a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Creagh is an employee to Elementos Ltd and is a Member of the Australasian Institute of Mining and Metallurgy and consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

• *7 - Cleveland Tin Project Co-Funding, 12th July 2021

• *8 - Oropesa Tin Project – Mineral Resource Estimate”, 8th November 2021

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Get in touch

Joe David Managing Director +61 (0)7 2111 1110 jd@elementos.com.au

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Elementos Limited Level 7, 167 Eagle Street Brisbane Queensland 4000 Phone: +61 7 3212 6299 elementos.com.au

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