ELEMENTOS LIMITED — Investor Presentation 2023

Jul 18, 2023

TIN FOR AN ELECTRIC TOMORROW Noosa Mining Investor Conference - Presentation 19 July 2023

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2

Cautionary statement

This Presentation provides general background information about Elementos Limited’s (“Company’s”) activities. That information is current at the date of this Presentation and remains subject to change without notice. The Company may, but is under no obligation to, update or supplement this Presentation. The information is a summary and does not purport to be complete nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”). It should be read in conjunction with the Company’s past announcements released to ASX Limited (“ASX”) and available through the Company’s website at [insert].

This Presentation is not (and nothing in it should be construed as) an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security in any jurisdiction, and neither this document nor anything in it shall form the basis of any contract or commitment. This Presentation is not a prospectus, disclosure statement or other offering document under Australian law or under any other law and will not be lodged with the Australian Securities and Investments Commission. None of the information in this Presentation constitutes an offer to sell, or the solicitation of an offer to buy, any securities in the United States. This Presentation may not be released, published or distributed directly or indirectly, to persons in the United States. The release, publication or distribution of this Presentation (including an electronic copy) in other jurisdictions outside Australia may also be restricted by law. If you come into possession of this Presentation, you should observe these restrictions as non-compliance with these restrictions may contravene applicable securities laws.

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.

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 Presentation 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 Mineral Resource estimates in that ASX release continue to apply and have not materially changed.

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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, as illustrated in the Figure-16 ~~..~~

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 Presentation. 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) contained in [the announcement released to the ASX on 29 March 2022]. All material assumptions and technical parameters underpinning the production target and forecast financial information contained in the Study continue to apply and have not materially changed.

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.

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Tomorrow’s tin Emerging tin developer on the cusp of defining and funding projects.

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Elementos Limited (ASX:ELT) owns two world class tin projects with large resource bases and significant exploration potential in mining-friendly jurisdictions.

• One of only a handful of listed tin producers and developers.

• Tin is a listed Critical Mineral in USA, UK, Canada & Japan (watchlist in Aus & EU).

• 100ktpa tin metal deficit forecast by 2030 (current market ~360ktpa).

• Assets located in mature mining jurisdictions, focused on achieving high ESG credentials.

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Oropesa Project Andalucia , Spain

• Europe has no major tin mines.

• 19.6Mt JORC Mineral Resource.

• DFS completion 2H-CY2023 (1.25Mtpa Mining, 1.0Mtpa Processing, ~5.4Ktpa concentrate, 12.5yrs LoM).

• Approvals and permitting underway.

• Project has ‘State Significant’ status.

• On-tenement exploration continues outside current Mineral Resource.

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Cleveland Project Tasmania, Australia

• Brownfield/restart operation

• 7.5Mt Tin (& Copper) JORC Mineral Resource

• Additional 4.0Mt Tungsten JORC Mineral Resource (beneath tin & copper Resource)

• Other critical minerals identified (ie. Fluorite/Fluorspar )

• Exploration and definiton continues

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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
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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 a key 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

5

Tin price strength has returned during 2023 outperforming most other metals

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Extremely weak supply appears to balancing out muted demand

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SHFE US$32,759/t
US$37.5k
14 JUL 2023
US$30.0k
US$22.5k LME US$29,025/t
14 JUL 2023
US$15.0k
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Sources: LME.com & Metal.com/Tin (SHFE)
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• LME tin spot prices briefly hit US$18k/t before Chinese COVID lockdowns ended, fundamental supply tightness has returned and resulted the tin price returning to ~US$29-33k/t.

• Despite muted demand global tin markets have remained tight and forecast to remain in supply deficit for the rest of the decade which was in juxtaposition to the 2022 price drops, which appear to be associated with Chinese lockdowns.

• Shanghai Metals market contract price remains +US$3,734/t (+13%) higher than the LME

• Recent tin price recovery is attributed to supply issues in Myanmar and Indonesia (2 of 3 largest tin miners) and the increase in demand due to Chinese reopening post COVID lockdowns and the continued demand for electronics and green infrastructure (including solar, semi-conductors, circuit boards)

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Current tin market supply is constrained

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No tin market supply growth in 10 years

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Major global tin concentrate producers (2021) [3]
100,000.0 35.00%
90,000.0
29.28%
30.00%
80,000.0
25.00%
70,000.0
21.82%
60,000.0
20.00%
50,000.0
15.00%
40,000.0 12.99%
30,000.0 8.90% 8.43% 10.00%
20,000.0 5.59%
5.32% 4.69%
5.00%
2.84%
10,000.0
0.13%
87,500 65,200 38,800 26,600 25,200 16,700 15,900 14,000 8,500
400
- 0.00%
No material
European supply
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Major producers struggling to maintain production levels

Tin-in-Concentrate to 2021 ‘000t[3]

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350,000
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300,000
250,000
Peru & Bolivia: Further Social Unrest?
200,000
Myanmar: Wa State Mining Bans?
150,000
Indonesia: Further export restrictions?
100,000
50,000
China: Possible to maintain production?
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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2017 2018 2019 2020 2021

3 Source: ITA (International Tin Association) December 2022

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Production downtrend tipped to continue.

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Largest tin miner & refiner in the world

Tin ore supply is unlikely to grow noticeably in the next two years.[4]

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4 Source: https://news.metal.com/newscontent/102103325/supply-of-tin-oreunlikely-to-increase-significantly-in-next-two-years

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What Yunnan Tin had to say

• On February 15 2023, Yunnan Tin Company Limited predicted that due to factors such as declining grades, mining technology limitations, and rising labour costs in major traditional tin mining areas around the world, output has shown a downward trend to varying degrees, and the average cost will continue to rise.

• At the same time, due to the high industrial concentration of the tin industry, the capital expenditure in the early stage of mineral development has been insufficient for a long time, and due to the impact of the previous pandemic and inflation, the progress of related new mining projects has not been as expected.

• In addition, the sharp fluctuations in the price of tin in recent years have also constrained the cost efficiency of mine development and investment enthusiasm.

• In addition, insufficient supply of scrap and the technical issue also limited the supply of secondary resources to a certain extent. Tin ore supply is unlikely to grow noticeably in the next two years.

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Technology and green infrastructure is driving tin demand growth

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• The technology and green infrastructure solutions are driving global tin demand (growth rates forecast between 3-4%pa)[5] .

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

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

Tin Technology Forecasts[5]

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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

• IoT – solder, Printed circuit boards, casings

Number of Tin R&D Papers (Jan-Apr 2022)[5]

0 20 40 60

Lithium-ion batteries Next generation batteries Perovskite solar cells Heat harvesting Hydrogen Carbon capture catalysts Water treatment

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5 Source: ITA (International Tin Association) 2022 Conference

9

Tin market in deficit Global tin stockpiles sit at around ~12kt with tin concentrate hard to secure

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Refined tin forecast [6] Forecast tin deficit [6]
550Kt 0
-10kt
500Kt -20kt
-30kt
Refined tin demand (LHS)
Refined tin production (LHS)
450Kt -40Kt
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%pa to service the technology revolution.

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

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

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Environmental, Social and Governance (ESG)

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Decisions to report on the Tin Code whilst still a project developer

• Established a plan with the International Tin Association (ITA) to commence reporting against the Tin Code whilst still a project developer.

Background on the Tin Code

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The Tin Code, has 10 Principles supported by more than 70 Standards. Company evidence for each standard is independently evaluated by an external assessor against a range of indicators to demonstrate progressive improvement.

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The Tin Code reflects leading ESG standards, including;

• ISO (14001, 9001, 45001, 37001)

• OECD Guidance for responsible supply chains, ILO Convention standards

• RMI Risk Readiness Assessment

The Tin Code is accepted and recognised by leading external organisations:

• LME passport – listed multi-dimensional ESG reporting tool

• LME Responsible Sourcing – Standard 7.3 conditionally approved for ‘Track A’

• Responsible Steel – recognition in progress

• ICMM Mining Principles – equivalency in progress

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Environmental, Social and Governance (ESG)

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Elementos has additionally:

1 Established an ESG sub-committee of the Board of Directors.

2 Submitted an Environmental Impact Study and Restoration Plan for the Oropesa Project in Spain which is designed to comply with European regulations and OECD guidance.

3

4

Improved long-term relationships with the community and committed to the economic development of the mine via our application for the Oropesa Exploitation license.

Elementos will continue to monitor the evolving ESG landscape and ensure its ESG commitments remain relevant and effective in a changing environment.

1212 12

Oropesa Tin Project, Spain

Oropesa Tin Project

P O R T U G A L

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Seville

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N
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100km

S P A I N

Cordoba

Malaga

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GIBRALTAR
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DFS nearing completion, poised to deliver Europe’s first new significant tin mine.

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

• Responsible approach to mining, with strong local community support.

• Mining friendly jurisdiction, close to European electronic manufacturing hubs.

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

• MATSA mining complex (~200km) owned 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).

13

Oropesa has 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[7]

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

Approvals Update

On 20[th] June - MESPA received correspondence from the local department considering its Environmental Application, stating that they considered elements of the proposed mining project and treatment plant ( Project ) to be not fully compatible with certain environmental regulations.

Since receiving the correspondence, Elementos has worked with its local team, advisors and local authorities to clarify and better understand the communications and its potential impact on the Oropesa Tin Project and plan the optimal pathway to licencing. This has included meetings with the Environmental Department, Mining Department, Project Accelerator Unit, Senior Government Officials (local, Provincial, Regional).

We are now confident following these meetings, the Oropesa Tin Project is better understood by the relevant department and continues to have strong support at all levels.

• Sandfire Resources’ MATSA (Market Cap: ~A$2.8B)

• Atalaya Mining, 4 projects (Owner of Rio Tinto Copper Mine) Market Cap: ~A$1.0B)

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

7https://www.juntadeandalucia.es/presidencia/portavoz/economiayempleo/169891/ConsejodeGobierno/U nidadAceleradoradeProyectos/Mineria/Minas/ExplotacionMinera/Empleo/Huelva/Cordoba/Granada

The company submitted its official response to the referenced correspondence on Monday 17[th] June (in Spain). The company continues to work closely with the Authorities as this submission is assessed and a plan is agreed in a consultative manner.

The submission to the authorities includes some proposed modifications to the project layout to satisfy the requirements of the department and further minimise impacts.

The company will provide further updates to the market when the proposed modification are agreed and the way forward plan is ratified.

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Mineral Resource Estimate update February 2023: MRE confidence increased with, 95% now classified as Measured & Indicated

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Measured Mineral Resource Total 7.42Mt 0.36% Sn [26,801t Sn] + 73% Total 4.29Mt 0.41% Sn [17,640t Sn]

Measured & Indicated Mineral Total Mineral Resource Resources Total Total 18.53Mt 19.60Mt 0.39% Sn [71,813t Sn] 0.39% Sn [75,834t Sn] + 11% + 4% Total Total 16.62Mt 18.86Mt 0.38% Sn [63,961t Sn] 0.40% Sn [75,418t Sn]

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2023 Exploration drilling intersects semi-massive to massive sulphide mineralisation in first planned hole

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Further polymetric mineralisation intersected outside Oropesa Mineral Resource.

Drill hole ADD_04 has returned two significant zones of polymetallic (Tin, Zinc and Copper) mineralisation[12] :

ADD_04:19.7m @ 0.12% Sn, 0.96% Zn & 0.7% Cu from 93.7m including:

• 2.1m @ 0.13% Sn, 5.28% Zn & 2.81% Cu from 99.0mm (0.1% Sn cut-off grade)

• Confirms the presence of polymetallic semi-massive to massive sulphide mineralisation to the Northwest of our Oropesa Mineral Resource (previously identified in geotechnical hole SGT-04)

• Appears to be a new mineralisation intersected from an alternative hydrothermal event – main Oropesa Tin Project is not semi/massive sulphides

• Additional hole (ADD-4A) has also been completed (1m away) to a depth of 189m, currently at ALS laboratory undergoing assays.

• 8.8m @ 0.23% Sn, 1.65% Zn & 1.21% Cu from 99.0m & (0.1% Sn cut-off grade)

ADD-04*:1.0m @ 0.23% Sn & 1.83% Zn from 151.0m (0.1% Sn cut-off grade)

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12ELT ASX Release (21 February 2023)

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Optimisation Study (2022) High Level Summary

Based on JORC Resources (Nov- 2021)

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18. 86Mt
0.40% Sn [75.4kt Sn]
US$30,000/t
Pit Shell
82%
conversion
Production Target (2022)
15.50Mt
0.37% Sn [56.8kt Sn]
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Included Dilution Only 6% of tonnes based on Inferred Resources

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

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Optimisation Study Summary Total LoM tin metal production 38,550t

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Life of mine Tonnage averages

Annual ore mined

1 250 000t , ,

Annual waste mined 8.8x average LoM strip ratio

11 000 000t , ,

Optimisation Study Basis ( at US$32,500/t tin price)

Annual ore sorter feed 1 250 000t , ,

Capital Cost US$86m A$128m

Annual processing plant feed 1 000 000t , ,

Annual gross revenue US$108m A$161m

Annual tin concentrate (62%) 5 400t ,

Annual EBITDA US$56m A$83m

Annual tin metal production 3 350t ,

Total tin metal production x13 years mine life 38 550t ,

NPV 8% (Pre-tax, ungeared) US$219m A$327m

[AUD:USD 1:0.67]

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Optimisation Study Snapshot

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Key Results

Low capital cost

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Low operating costs

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2.5yrs payback

Fully Costed Rehabilitation

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Key Costs Outputs

Construction Capital US$86m

Annual operating costs

US$50m

Annual Average EBITDA US$56m

Sustaining Capital US$2.1m/year

Annual AISC

US$18,607/t Sn

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

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
Operating cost contingency $523 $838
Total C1 Cash Operating Costs $10,983 $17,601
Depreciation and amortisation $2,163 $3,467
Total C2 Cash Operating Costs $13,146 $21,068
Royalties $274 $439
Total C3 Cash Operating Costs $13,420 $21,506
All In Sustaining Cost (AISC) $11,611 $18,607

19

Strong partners delivering DFS The project has partnered with over 50 experienced and qualified local companies Driving success and ensuring strong local partnerships

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Study & Project Leads Technical Partnerships Engineering Partners Site & Laboratory Contractors Environmental, Survey and Local Partners University & Corporate Relationships

20

DFS Technical Programs

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Elementos has completed all required feasibility development programs to provide input data to its Oropesa Definitive Feasibility Study.

01 Pilot scale metallurgical test work 02 Geotechnical works program

03 Hydrogeological (groundwater) works program 04 Variability metallurgical test work 05 Tailings Dam Design Engineering, Packaging & Procurement

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21

DFS metallurgical test work successfully completed Offtake discussions based on concentrate spec from pilot scale results ongoing

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• Pilot-scale metallurgical test work confirms conventional and modern tin flowsheet for Oropesa Project, producing highgrade commercial tin concentrate

• Robust metallurgical upgrades and flow sheet confirmed from a representative bulk sample to set the basis of the Oropesa DFS

• Mineralogy confirms Oropesa is cassiterite tin-bearing mineral (>99%), with <0.5% stannite in ore

• All physical test work completed; final reporting of pilot and variability test work underway

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Pilot Plant Metallurgical Upgrade Results
Plant Concentrate Tin Plant
Feed Grade Recovery
% % %
Tin (Sn) 0.46 61.4 74.1
Iron (Fe) 12.85 4.9
Total sulphide
5.02 3.2
(Stot)
Lead (Pb) 0.04 0.2
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Oropesa project timeline[]** Definitive Feasibility Study underway

22

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2H CY2021 1H CY2022 2H CY2022 1H CY2023 2H CY2023
Updated Mineral Resource Estimate
Completion of resource drilling, modelling and estimation
Optimisation Study
Finalise the Basis of Design for DFS
Confirm throughput of plant and mine + supporting infrastructure
Regulatory Submissions
Submission of Environmental and Exploitation (Mining) Licence Applications
Feasibility development programs
Completion of key inputs into mining and process engineering workstreams
Mineral Resource Estimate Update
Completion of infill drilling, modelling and estimation
Definitive Feasibility Study (DFS) & JORC Ore Reserves
EIA & Mining License government approvals
Subject to external influences
Progress being made on approvals, offtake and project financing whilst DFS is completed.
Offtake Discussions
- Timeframes will be re-established once approvals process is agreed with the authorities
Project Financing
DFS and Project timeframe will be updated and refined as updates become available
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2323

Cleveland Tin Project Tasmania

• The project (100%-owned) is located in the mineral rich north-west region of Tasmania.

• Previously operated as an underground mine by Aberfoyle Resources from 1968 to 1986.

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Burnie
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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.

Tin & copper Tailings JORC Reserve[2]

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Cleveland tenement Major mine/deposit

N

10km

Cleveland Mine

Mt Bischoff (Sn)

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Mt Lindsay (Sn, W, Mn) Renison Bell (Sn)

Kara (W, Fe)

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

Cradle Mountain

T A S M A N I A

2 This information was prepared and first disclosed in 2015 under Probable Total the JORC Code 2012. It has not been updated since on the basis that the information has not 3.70Mt 3.70Mt materially changed since it was last reported 0.29% Sn | 0.13% Cu 0.29% Sn | 0.13% Cu

Tungsten JORC Resources[3 ] (above 850m RL)

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

Tungsten JORC Exploration Target[4 ] (below 850m RL)

4 All resources calculated using a 0.20% WO3 cut-off grade, below 850m RL. This information was first disclosed under the JORC Code 2012 in 2014.

Exploration Target

15Mt - 24Mt 0.24% - 0.30% WO3

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Cleveland Tin Project Tin, Copper and Tungsten

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

• Exploration Lease surrounded by existing critical infrastructure.

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Cleveland Tin Project Fluorite/Fluorspar potential confirmed within deposit

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• Fluorite (aka. Fluorspar) is listed as a critical mineral by USA, Canada, Japan, China and the European Union.

Recently announced[13] significant fluorite (CaF2) results from this additional assay data shown and underlined below:

• Significant fluorite levels at Cleveland first confirmed during mineralogical analysis and recently followedup assays on 2022 drill hole C2119 - confirming significant fluorite mineralisation in tungsten and tincopper mineralisation zones throughout the project

C2119: 89.85m @ 5.44% CaF2[from 205.3m, incl;] 14.2m @ 0.36% WO3 @ 10.2% CaF2 from 221.0m – Tungsten Zone (Upper Foleys Zone)

• Tungsten is listed as a critical mineral by the Australian Federal Government, as well as USA, Canada, EU, UK, Japan and China. Tin is also listed as a critical mineral by USA, Canada, Japan and China

3.85m @ 1.05% Sn, 0.28% Cu & 5.36% CaF2 from 64.25m - Tin-Copper Zone (Battery Lode)

• A downhole and ground-based geophysics program planned for the second half of 2023 to further define extensions and targets at the Cleveland project in Tasmania

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Coarse grained fluorite (purple) with wolframite (black) and molybdenite (silver) with quartz ± carbonate ± sericite

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Our portfolio is critical Tin, tungsten, zinc, copper, and fluorite in demand.

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The minerals in our portfolio are rated “critical” by many major economies.

• The international competition for critical minerals, including tin, tungsten, zinc, copper, and fluorite, is evidenced by major economies ‘critical minerals’ lists.

• Uncertainty in international relations and changing geopolitical dynamics has seen the risk factors associated with securing these minerals grow significantly in importance for many developed economies.

Economies where our minerals are listed as “critical”.

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United States Canada European Union China Japan
Tin Tin Tungsten Tin Tin
Tungsten Zinc Fluorite Copper Zinc
Fluorite Copper Tungsten Copper
Tungsten Fluorite Tungsten
Fluorite Fluorite
Australia
Tungsten
Project Legend
Oropesa
Cleveland
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Corporate overview

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Share price Market capitalisation* $A0.16c A$31.3m 14 July 2023 14 July 2023 52 week high $0.48, low $0.10

Share price $A0.16c

Shares on issue*

Shares on issue Cash 194.7m A$3.8m 14 July 2023 05 June 2023

Enterprise Value*[1] A$27.5m 14 July 2023

Debt A$0.00m 31 Mar 2023

Shareholder distribution (June 2023)

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Directors
13.8%
JM Financial Group
6.2%
McCusker Holdings
5.2%
TR Nominees
4.2%
Others
62.5% Timothy Keogh
2.0%
Miller Family
1.7%
Armytage Private
1.5%
John Newton
Terra Capital 1.5%
1.4%
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1 Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV)

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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 brings extensive leadership experience spearheading major international construction projects following a 35-year career at leading EPC company, Bechtel Group. Andy’s Bechtel included 13 years as President of the Mining and Metals global business unit with 55,000 employees and over $7 billion in annual revenue, where he was responsible for strategy, planning, execution and project delivery.

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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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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.

Tin for an electric tomorrow Investment highlights

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Tin commodity price strength has returned Total Mineral to support the project Resource Estimate economics. for Oropesa updated DFS being undertaken for DFS following infill 2023 tin prices are with strong study drilling. back in US$30k/t team, forecast for Strong & strategic delivery H2-CY2023 range and forecast to local partnerships 19.6Mt @0.39% Sn remain strong due to established to deliver (75,834t Contained forecast deficits. Excellent proximity to Progress being made European tin smelters DFS, including Duro on key project Sn). Oropesa Project and traders who are Felguera awarded an approvals, offtake and assigned to Project increasingly focused Early Contractor project financing in Measured & Involvement (ECI) Indicated Resources Optimisation Study in 2022 shows Accelerator Unit by government and key on responsible tin supply with strong contract to develop parallel to DFS completion. increased by 1.91Mt , ESG credentials like Oropesa Mineral +11%. impressive application submitted Oropesa. Processing Plant. economics. April-22. 3,350Mt annual tin Permitting has metal production support of Annual EBITDA Andalucian US$56m Government.

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.

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).

Mineral Resource & Exploration Target

Elementos confirms that Mineral Resource and Reserve estimates, Exploration Results 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 Exploration Results, 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, 4[th] March 2021.

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

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

• 8 - Oropesa Tin Project – Mineral Resource Estimate, 8[th] November 2021

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 Presentation that relates to the Study for the Oropesa Tin Project and Exploration Results for the Cleveland Project and Oropesa Project are based on and fairly represents information and supporting documentation that has been compiled and reviewed for this Presentation 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.

• 9 - Oropesa Tin Project – Mineral Resource Estimate Update, 14[th] February 2023

• 10 - Optimisation Study Oropesa Tin Project, 29[th] March 2022

• 11 -Commencement of exploration drilling at Oropesa Tin Project, 27[th] January 2023

• 12 - Semi-massive to massive sulphide mineralisation intersected outside Mineral Resource at Oropesa Tin Project , 21[st ] February 2023

• 13 - Fluorite Confirmed at Cleveland Project, 3[rd] March 2023

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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