ELEMENTOS LIMITED — Investor Presentation 2022

May 2, 2022

ASX:ELT

TIN FOR AN ELECTRIC TOMORROW Investor Presentation RIU Sydney Resources Round-up – 3 May 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.

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.

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.

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

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• Tin is 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.

Source: Rio Tinto | MIT

Tin price has more than doubled in less than two years

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LME Cash Tin Price US$/tonne
LME Tin Price 09-03-22
55k
US$50,050
50k
45k
40k
35k
LME Tin Price 19-04-22
30k US$43,600
25k
20k
15k
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• Tin Prices currently breaching all-time highs on London and Shanghai exchanges

• Prices continue to rise this year on reduced global production, declining stockpiles and strong industrial demand particularly for semi-conductors and electronics.

• LME Tin spot prices briefly breached US$50k/t now sitting at approximately US$43.6k/t.

Tin 3-month & 15-month forward prices, traditionally in steep backwardation, have flattened at US$43.3k/t (0.6%) and US$42.4k (-3%) respectively

Shanghai Futures Exchange contract price is ~US$54,065/t Tin metal (as of 20 April 2022) (Premium ~US$10,465/t, +24%)

Tin market in deficit – Global tin stockpiles at all record lows

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Visible Global Tin Stockpiles ‘000 tonnes[1]

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• Tin market appears to be in 4[th] consecutive year of deficit

• Approximately 6,100 tonnes drawdown in 2021

• 2021 tin market deficit has led to significant stockpile drawdown

• 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 ~3,280 tonnes (end Dec 2021)

• Approximately 3 days of global demand in warehouses

Source:[1] ITA (International Tin Association) Q3 Update 2021 LME = London Metals Exchange SHFE = Shanghai Futures Exchange

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

Tin market forecast to move further into deficits throughout 2020s

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Refined Tin Forecasts & Deficits ‘000 tonnes[1]

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550,000 0
530,000
-10,000
510,000
-20,000
490,000
-30,000
470,000
450,000 -40,000
430,000
-50,000
410,000
-60,000
390,000
-70,000
370,000
350,000 -80,000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Years
Refined Tin Demand (LHS) Refined Tin Production (LHS)
Defecit (RHS) CAGR (3.34%)
Tin Deficit (t)
Refined Tin Forecast (t)
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• Global tin demand is forecast to materially increase as it services the technology revolution (likely growth now 3-4%pa)[1] .

• This 3-4%pa growth rate (vs. historic 1.8%pa) is now forecast to cause tin metal deficits in the order of ~50-70kt by 2025

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

• 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.

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

Tin undersupply is now mainstream news

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Oropesa Tin Project, Spain

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• Acquired in 2019 (100%) with more than US$26 million historically invested in project development.

• Planned open-cut mining operation with conventional tin processing flow sheet producing tin concentrates to be shipped to smelters in Europe, Nth America or Asia.

• Strong local, state and national support for the project.

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

• MATSA mining complex (~60km)

  • recently acquired by Sandfire Resources (ASX)

• Cobre Las Cruces Copper Mine (~100km)

  • owned by First Quantum Minerals (TSX)

• Rio Tinto Copper Mine (~120km)

  • owned by Atalaya Mining (LME)

Mineral Resource Estimate Update

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Elementos announced a 50% increase in the Total Mineral Resource Estimate at Oropesa

88% of Mineral Resource now classified as Measured & Indicated

2018 JORC Resources[2] Update 2021 JORC Resources[1]

Total Mineral Resource

Total Total 50% 12.54Mt 18.86Mt 0.54% Sn [67.5kt Sn] 0.40% Sn [75.4kt Sn]

Measured & Indicated Mineral Resource

Total 16.62Mt 0.38% Sn [63.9kt Sn]

Total

78% 9.34Mt 0.55% Sn [50.9kt Sn]

Shallow Resource (<100m RL)

Total 4.97Mt

Total

1.37Mt

263%

2 All resources calculated using a 0.15% Tin cutoff grade. This information was first disclosed under the JORC Code 2012 on 31 July 2018

1 All resources calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 08 November 2021

2021 vs 2018 Mineral Resource Models

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50% Total Mineral Resource Estimate

88% Measured & Indicated Mineral Resources

263% ‘Shallow’ tonnes (<100m RL)

Note: hills displayed are physically behind (background) the Resource, not on top of it

Optimisation Study Results

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82% of 2021 Mineral Resources included in Production Target (Using US$30k/t pit shell) Mined over 13yrs

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]

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US$30k/t
Pit Shell
82%
conversion
2022 Production Target
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15.50Mt 0.37% Sn [56.8kt Sn]

• Included Dilution

• • Only 6% of tonnes based on Inferred Resources

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Key pit shells & Site Infrastructure Identified

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ASX:ELT
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Optimisation Study Output

Life of Mine tonnage averages

Annual ore mined 1,250,000tpa

Annual ore sorter feed

1,250,000tpa

Annual processing plant feed 1,000,000tpa

Annual tin concentrate (62%) Annual tin metal production 5,400tpa 3,350tpa

8.8x Average LoM Strip Ratio

Annual waste mined

11,000,000tpa

~13 years mine life Total tin metal production 38,550t

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Optimisation Study Costs

Key Costs Outputs

C1, C2, C3 & All-In-Sustaining-Cost (AISC) Summary

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Low capital cost

Low operating costs

Fully Costed Rehabilitation

Construction Capital US$86m

Annual operating costs US$50m

Sustaining Capital

US$2.1m/year

Cost Area	US$/tonne	US$/tonne
	Sn Conc.	Sn Metal
Clearing, Topsoil & Mining Preparation $113 $180 Mining $4,599 $7,369 Processing $2,791 $4,472 Rehabilitation, Closure & Decommissioning $1,717 $2,751 Other Costs $1,241 $1,989 Operatingcost contingency $523 $838
Total C1 Cash OperatingCosts $10,983 $17,601
Depreciation and amortisation $2,163 $3,467
Total C2 Cash OperatingCosts $13,146 $21,068
Royalties $274 $439
Total C3 Cash OperatingCosts $13,420 $21,506
All In SustainingCost(AISC) $11,611 $18,607

Annual AISC

US$18,607/t Sn

Optimisation Study Results

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Strong Revenues

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Strong Profitability Sensitive to Tin Price Robust NPVs Strong IRRs

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Key Revenue, Profit & Valuation

(at US$32.5k/t Tin Price)

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Annual gross revenue
US$108m
Total gross revenue
US$1,242m
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Annual EBITDA US$56m Total EBITDA US$625m

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Study Basis
Tin Price
US$32,500/t
6% Discount Rate 8% Discount Rate 10% Discount Rate
A$338M A$292M A$252M
LME Spot [#]
Tin Price
US$42,650/t
6% Discount Rate 8% Discount Rate 10% Discount Rate
A$671M A$586M A$513M
SHFE Spot [+]
Tin Price
US$54,000/t
6% Discount Rate 8% Discount Rate 10% Discount Rate
A$1,044M A$915M A$805M
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– 2022 Optimisation Study NPV8 Tin Price Sensitivity

Net Present Value

(100%, Real, Pre-Tax, 8%)

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A$1,000M

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A$750M
A$500M
A$250M
A$M
$30,000 $32,500 $35,000 $40,000 $42,650 $45,000 $50,000 $54,000 $55,000
US$/t
Study LME SHFE
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Study
A$292m
Tin price US$32,500/tonne
(Scoping Study, 1 USD: 0.75 AUD)
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LME SPOT CASH PRICE

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A$586m Spot tin price US$42,650/tonne (www.lme.com 25 Mar 2022), 1 USD: 0.75 AUD

SHFE SN2204 CONTRACT PRICE

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A$915m Spot tin price US$54,000/tonne (metal.com/tin 25 Mar 2022), 1 USD: 0.75 AUD

Oropesa Secures Government Support

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

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Key points

• ✓ Andalucían Government assigns Oropesa to its ‘Unidad Aceleradora de Proyectos’ (‘ Project Accelerator Unit’ ) for accelerated and streamlined regulatory assessment and processing

• ✓ The Project Accelerator Unit will provide support to Elementos 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, which identifies and supports projects that will generate wealth and employment for the Andalucían region.

The other six projects added to the accelerator are:

• 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)

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

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

Feasibility Development Programs

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

01 Pilot scale metallurgical test work 02 Geotechnical works program Hydrogeological (groundwater) works program 03 Variability metallurgical test work 04

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Feasibility Development Programs

01 Pilot scale metallurgical test work

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• 95% completed by Wardell Armstrong (UK)

• Tin concentrate dressing and tin floatation work currently underway

• Flow sheet finalization for DFS is nearly complete

• Variability test-work has commenced to confirm metallurgical upgrade regressions for DFS

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Feasibility Development Programs

02 Geotechnical works program

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• Geotechnical Engineering Completed

• Drilling Completed, with televiewer logging and analysis completed

• Geotechnical lab sampling and engineering assessment finalising

• Slope stability design criteria reporting underway for DFS

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Feasibility Development Programs

03 Hydrogeological (groundwater) works program

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• Onsite water pump tests and monitoring completed

• Aquifer defined, favorable dewatering characteristics

• Water modeling and dewatering assessment underway

• On-tenement and local water sourcing studies underway

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Oropesa Project Remains Prospective for Additional Mineralisation

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Recent Geotechnical Drilling Results*

• 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)

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[*]

*ELT ASX Release (16 March 2022)

Oropesa Definitive Feasibility Study (DFS) commenced

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Updated Mineral Resource Estimate (delivered Nov-21)

• Completion of Resource drilling, modelling and estimation

Optimisation Study (Scoping Study: Q1-22)

• Finalise the Basis of Design (BoD) for DFS

• Confirm Throughput of Plant and Mine + Supporting Infrastructure

Feasibility Development Programs (targeted completion ~Q1-22)

• Completion of sub-programs to deliver high confidence inputs into mining and process engineering workstreams

Definitive Feasibility Study Focus (Updated: Q1-23)

• Mature engineering sufficiently to further define packaging, contractor pricing, offtake confirmation

Environmental Impact and Exploitation (Mining) Licence Approval

• Execution and construction strategies confirmed

• Forecast submission April-2022

• Andalucían Authorities have advised assessment timeframe now approx. 15-18-months

• Updated: Target approval Q2/3-2022

• Market pricing supporting capital and operational cost estimates

• Offtake specification and contracts confirmed

• Financial model to support debt financing and equity discussions

• Finalisation of mine plan and determination of JORC Ore Reserves

Key Project Timeline

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2H 2021 1H 2022 2H 2022 1H 2023 2H 2023
Feasibility development programs Q1 2022
Optimisation Study/Basis of Design Q1 2022
Definitive Feasibility Study (DFS) & JORC Ore Reserves Q1 2023
Regulatory Approvals Timeframe (EIA & Mining License) Q1-Q3 2023
Project Financing Q2-Q3 2023
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Cleveland Tin Project, Tasmania

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

• Operated as an underground mine by Aberfoyle Resources from 1968 to 1986 – demonstrated mining and metallurgical outcomes.

• Significant endowment of tin-copper tailings, open-cut and underground JORC Mineral Resources. Large, separate, tungsten porphyry exploration target below tin deposit.

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Tungsten JORC Resources[2]

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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.

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.

Historic Cleveland Underground Workings

Cleveland Tin Project

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• Exploration Lease surrounded by existing critical infrastructure.

• A Strategic Review of Cleveland Tin Project has commenced to reassess the techno-economic 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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Cleveland Tin Project – Drilling Underway

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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

Environment, Social and Governance (ESG) driving responsible development

Elementos has committed to:

• Establishing an ESG sub-committee as part of our Board,

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• Demonstrate compliance with European and OECD regulations that govern responsibly sourced tin, including the Tin Code.

Elementos is committed to developing and operating its tin mines in accordance with evolving industry ESG and sustainability practices, international laws and regulatory requirements.[1]

• Demonstrate commitment to community and economic development

We will base our development philosophy and decision-making on:

1. Maximising extraction of the contained mineral resource,

2. Minimising our ecological footprint,

3. Minimising GHG emissions through consideration of alternative energy sources and electrification of plant and equipment,

4. Minimising the impact of tailings storage facilities,

5. Minimising air quality impacts,

6. Maximising water recycling,

7. Leading practices in diversity and inclusion, and

8. Potential impacts of climate change on our operations.

Source:[1 ] Elementos 2021 Annual Report

Five investment catalysts

05

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02

Complete Oropesa Feasibility Development 01 Programs: On-ground, Laboratory and Completion of Oropesa engineering programs to Optimisation study (JORC support feasibility study. Scoping Study) to finalise throughput and Basis of Design for DFS.

01

03

Completion of Oropesa Definitive Feasibility Study (DFS) & maiden JORC Ore Reserve Statement.

04

Receive final Oropesa environmental and Exploitation License permitting.

Unlock value from the Cleveland Tin Project in Tasmania via drilling and project study development.

Corporate overview

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Share price $A0.79

Market capitalisation $137.4m

02 May 2022 52 week high $0.955, low $0.35

02 May 2022

Shares on issue 173.9m

Cash $7.0m(+)

14 Apr 2022

29 Apr 2022

Debt $0.00m

Enterprise Value[1] $130.4m 21 Apr 2022

31 Mar 2022

Unquoted options on Issue 14 Mar 2022

• 2,500,000 x 0.375(prev. $0.015) - expiring 30-Apr-2022 [~$0.94m]

• 5,657,723 x $0.225(prev. $0.009) – expiring 31-Aug-2022 ~[$1.3m]

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Directors &
Management
14%
JM Financial
6%
Terra Capital
3%
TR Nominees
3%
McCusker Holdings
3%
Others Keo Projects
3%
62%
Canaccord Genuity
Group (Toronto)
2%
Lions Bay Capital
2%
Mr Kevin A Miller
2%
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ASX:ELT
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Source:[1 ] Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV)

Strong Leadership

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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.

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

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

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

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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