ELEMENTOS LIMITED — Investor Presentation 2024

Oct 29, 2024

Investor Presentation

TIN (AND TUNGSTEN…) FOR AN ELECTRIC TOMORROW

October 2024

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ASX:ELT

elementos.com.au

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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 www.elementos.com.au.

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 forwardlooking 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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Elementos is building momentum in 2024

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Projects Market
1 2 3 4 5
Flagship Oropesa Tin Project Oropesa DFS to be completed Robledallano Tin Smelter 50% Tin and tungsten drilling has
(Spain) on track to be Europe’s within 6-months after layout option gives clear pathway for been completed at Cleveland
first major tin mine with access modification (Q1-2025) Elementos to become the Tin Project in Tasmania.
to major European tin markets. agreement reached with EU’s only vertically integrated increase year-to-date.
A single 1,100m hole resulted
Andalucian Government on mine-to-metal tin producer.
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Oropesa DFS to be completed within 6-months after layout modification (Q1-2025) agreement reached with Andalucian Government on project layout modifications.

Flagship Oropesa Tin Project (Spain) on track to be Europe’s first major tin mine with access to major European tin markets. Will produce 5,400tpa tin concentrate. 1% global market supply, 100% of Europe’s mined supply. 19.6Mt Tin Mineral Resource with a 23.7Mt Zinc by-product Mineral Resource

LME tin price smashed through two-year highs in April 2024, hitting US$35,685/t. A 42% increase year-to-date.

A single 1,100m hole resulted in significant assays for gold, copper, tin, tungsten, fluorite, molybdenum, rubidium, bismuth. These are all in addition to the existing Mineral Resources of:

Tin is the best performing of all base metals on LME (even beating copper).

European Tin premiums (to LME) is in the order of +US$700-1000/t tin metal – drives strong economic benefits

Project forecast to have primary approvals and FID ~Q4-2025

7.5Mt Tin & Copper Mineral Resource + 4.0Mt Tungsten.

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Driving additional value on-top
of solid foundations
Cleveland Formalise
Scoping Study / project scope
PFS and scale
Cleveland
Investigate further tungsten and
Mineral Resource
Critical Mineral mineralisation
Expansion Works
Spain
Explore mineralisation extensions and regional exploration across
Tenure
company’s four (three new) tenements adjacent to Oropesa
Exploration
Oropesa
50% Spanish Smelter Spanish Smelter Option Transaction defines clear pathway to become the
Acquisition only integrated mine-to-metal tin producer within the EU
Oropesa
Definitive Feasibility Finalise DFS (with agreed layout modifications),
Study Completion Define Maiden JORC Ore Reserve & Economics
Oropesa
Andalucian Approval of Drive Primary license approval, securitisation of
Primary Licenses Environmental and Mining Licenses
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4

Tomorrow’s tin

Tin developer, with two mines in development and smelter stake

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

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

• Tin is a Critical/Strategic Mineral in USA, China, Australia, UK, Canada, Indonesia, India, South Korea, Japan (watchlist in EU).

• 60ktpa tin metal shortfall forecast by 2030, new mine supplies required to fill forecast deficits.

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

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Oropesa Tin Project Robledallano Smelter Andalucia , Spain Extremadura , Spain

• Europe has no producing tin mines.

• Agreement signed for 50% ownership stake in Robledallano Tin Smelter

• 19.6Mt JORC Mineral Resource.

• Fully Operation, with a ~10kt/yr capacilty

• DFS completion ~Q1-2025 (1.25Mtpa Mining, 1.0Mtpa Processing, ~5.4Ktpa concentrate, 12.5yrs LoM).

• Partnering with CRM Synergies an expert in tin smelting and downstream solder manufacturing

• Approvals and permitting have recommenced following negotiation on modifed layouts.

• Set to become the EU’s only intergatred mine-to-metal tin producer

• Project has ‘State Significant’ status in Andalucia (Spain)

• Additonal exposure to tin recycling thorugh operating smelter and CRM partnership

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Cleveland Tin Project Tasmania, Australia

• 7.5Mt Tin (& Copper) JORC Mineral Resource

• Additional 4.0Mt Tungsten JORC Mineral Resource (beneath tin & copper Resource) and 15Mt -24Mt Tungsten Exploration Target

• Significant Tungsten, Rubidium, Molybdieum, Fluorite/Fluorospar, Bismuth extensions recently drilled and assayed at Project

• Exploration and definiton continuesnext steps will be ore sorting and re-logging of historic core

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(ASX:ELT)

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 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.

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(ASX:ELT)

Tin price in 2024 showing strength amid supply disruptions

In 2024 the tin market looks significantly supply challenged, which has led to stronger prices during 2024.

• Tin is the best performing base metal of the London Metals Exchange (LME) during CY2024

• Despite muted demand growth global tin markets have remained tight due to significant supply issues (Myanmar bans, Indonesian licensing issues) and the market is forecast to remain in supply deficit, or close to it, for the rest of the decade.

• Recent tin price recovery is attributed to the strong return of tin metal demand for electronics and green infrastructure (including solar, circuit boards) combined with significant supply issues in Myanmar (2[nd] largest miner) and Indonesia (largest exporter of tin ingots).

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LME & SHFE Cash/Spot Tin Prices (US$/t)

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US$40.0k
SHFE US$32,080/t
US$37.5k 25 OCT 2024
US$35.0k
US$32.5k
US$30.0k
US$27.5k
LME US$31,175/t
25 OCT 2024
US$25.0k
ASX CODE: ELT
US$22.5k
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24
Sources: LME.com & Metal.com/Tin (SHFE), RMB:USD = 0.137, CHINA VAT 13% LME Cash SHFE.SN2412 (ex-VAT)
Tin Metal Price US$/t
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Tin market entering material deficits New tin supply >60,000t required by 2030 to meet base case demand

Global tin base-case demand is forecast to increase ~3%pa to service the technology revolution.

• ~2.8%pa forecast growth (vs. historic 1.8%pa) is modelled to drive tin demand to ~445ktpa by 2030

• 60ktpa of new supply is required to meet base case demand forecasts

• Even considering ~25ktpa of likely mine supply tin metal deficits of ~-35ktpa are still forecast by 2030.

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

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

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

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Refined Tin Supply, Demand & Defecits
475 15.0
455 10.0
445
435 5.0
2.8
1.5
415 0.2 -
395 -5.0
-11.5
377 -16.1
375 -10.0
-23.9
355 -15.0
-35.7
335 -20.0
315 -25.0
295 -30.0
275 -35.0
2024 2025 2026 2027 2028 2029 2030
Existing mines (LHS) Potential New Mines (LHS) Secondary (LHS)
Defecit (RHS) Demand (LHS)
Refined Tin (kt) per annum
Surplus/Defecit (kt) per annum
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Sources: International Tin Association –”International Tin Conference 2024 – Tin Market Outlook” 15 May 2024

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Global tin supply grim after decades of underinvestment

Limited security of supply from responsible sources for major technology economies

Limited Security of Supply for Europe, Aus & USA

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Major mine production by country 2023 [3]
80,000
75,152
69,601
70,000
- NO (0t) tin current supply from European Union
60,000
- NO (0t) tin Supply from North America (USA, Canada, Mex)
50,000
- Minor (9kt) supply from Australia
40,600
40,000
29,776
30,000 26,231
23,825
19,048
20,000 16,162
9,532
10,000
410
-
Indonesia Mainland Myanmar Africa Peru Brazil Other Bolivia Australia Europe
China Asia
t tin-in-concentrate
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Current producers struggling to maintain production levels

Tin-in-Concentrate 2011 to 2023 ‘000t[3]

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350,000
300,000
250,000
200,000
150,000
100,000
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300,000
250,000
200,000
150,000
100,000
50,000
-
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Mainland China Indonesia Myanmar Africa Peru Brazil Other Asia Bolivia Australia Europe
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3 Source: ITA (International Tin Association) 30 May 2024

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(ASX:ELT)

Oropesa Tin Project, Spain Poised to be Europe’s first major tin mine

Greenfield, open-pit tin project in EU

• 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).

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

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

• Aznalcóllar and Los Frailes mines (~110km) owned by Grupo Mexico

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Smelter integration Mine-to-metal production within Spain & the EU

Elementos has signed an option term-sheet to acquire up to 50% interest in Iberian Smelting S.L, the company which owns the Robledallano Tin Smelter, which is licenced and currently operating.

• The smelter is located only 220km by road from the Oropesa Tin Project, leading to significant cost-reductions and environmental benefits, over transporting and selling concentrate to other global smelters.

• The acquisition provides a clear development pathway to becoming the first vertically integrated mine-to-metal tin producer within the European Union, this hits key strategic goals of the EU Critical Raw Materials Act, which aims to foster ‘domestic’ mining and downstream processing of minerals from within the EU.

• The natural customers for tin ingots produced at the smelter will be European and North American buyers, both being markets which currently attract a significant price premium over the published LME prices.

• Upon deal finalisation and exercise of the relevant options, Elementos will be an owner of a smelter not only processing tin concentrate but also recycling tin scrap and intermediate products into high grade tin ingots – increasing Elementos’ contribution to the supply of more responsibly sourced tin.

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Robledallano Smelting Facility

• Current Ownership: The current smelter is owned by Iberian Smelting SL. 90% owned by CRM Synergies and 10% owned by a private individual.

• History: The tin smelter was previously operated as a lead shot smelter and a lead-acid battery recycling plant. It was acquired by CRM in June2021 and had a new rotary furnace installed and commissioned in May-2022 to process tin.

• Licences: The facility holds all required Environmental (Integrated Environmental Authorisation), Waste & Emissions (State Register of Emissions and Pollutants Sources) and Operational permits and is currently licenced to smelt tin, lead and other base metal concentrates and residue products. The current environmental licenses approve a facility of up to 20,000t/year.

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• Audits & Compliance: The smelter is ISO-14001 certified and is in the process of being audited and registered as a Responsible Minerals Assurance Process (RMAP) facility, aligned with CRM’s other company smelters.

• Smelter Capacity: The facility can operate 24 hours a day, 7-days per week, 365 days per year, and is currently estimated to be able to process ~10-12,000t/year of tin concentrate feed.

• Operational Status: The facility is currently operating and processing materials at a rate of 600t/month (~7,200t/year on an annualised basis).

• Expansion Potential: The facility has physical room to expand, with the pre-commitment (as part of the transaction) to install further refining equipment after the rotary furnace produces a high grade.

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12

Oropesa Tin Project, Spain 2023 Mineral Resource Estimate Update9

95% of 2023 MRE is classified either Measured or Indicated Resources, totaling 18.5Mt at 0.39% Sn

• 69,800m diamond drilling (356 holes) + 1,928m RC (12 holes)

• 38% of 2023 MRE is classified as Measured Resources, increasing by 3.1Mt (+73%)

• 100% of 2023 MRE tonnes located within the 2022 Optimisation Study[1] US$30k/t Pit Shell are classified as Measured or Indicated

Measured & Indicated Mineral Resources

Measured Mineral Resource

Total Mineral Resource

19.60Mt

7.42Mt

18.53Mt

0.36% Sn [26,801t Sn]

0.39% Sn [71,813t Sn]

0.39% Sn [75,834t Sn]

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9 All resources calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 14 February 2023

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(ASX:ELT)

Oropesa Tin Project, Spain Maiden Zinc Mineral Resource Estimate

2023 Oropesa Mineral Resource Estimate for Zinc at a 0.05% Zn cut-off (JORC 2012)

• A by-product flow sheet recovering and producing a saleable zinc concentrate (~45%Zn ) from a head grade of ~0.5%Zn has been developed

OROPESA 2023 MINERAL RESOURCE ESTIMATE - Zinc(0.05% Zn cut-off)	OROPESA 2023 MINERAL RESOURCE ESTIMATE - Zinc(0.05% Zn cut-off)	OROPESA 2023 MINERAL RESOURCE ESTIMATE - Zinc(0.05% Zn cut-off)	OROPESA 2023 MINERAL RESOURCE ESTIMATE - Zinc(0.05% Zn cut-off)
Resource Classification	Zn%	**Resource Tonnes **	Contained Zinc Metal (tonnes)
Measured	0.37	8,664,418	31,670
Indicated	0.39	14,052,877	54,356
Subtotal: Measured & Indicated	0.38	22,717,295	86,026
Inferred	1.32	1,028,073	13,545
Total	0.42	23,745,368	99,571

• Ore sorting test work at TOMRA laboratories also confirms an average +28% upgrade of zinc ore feed grades when processed with cassiterite.

• The zinc is highly correlated with tin mineralisation, resulting in the zinc conceptually being mined, crushed, ore-sorted, ground at no additional cost to a tin ore only operation.

• By-product flow sheet recovers zinc metal from material which would otherwise be sent to the tailings dam, proving strong environmental stewardship, responsible mining practices and likely economic benefits.

• The incremental capital and operating costs associated with producing zinc are likely to be relatively minor compared to overall project development costs, creating a strong economic basis for further zinc by-product assessment.

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Oropesa block model resource for zinc

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Optimisation Study (2022) & Basis of Environmental Submissions High level layout and production target summary

Based on JORC Resources (November 2021)

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

Section of Pit Showing Stages, 2022 Optimisation Study

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Optimisation Study (2022) Summary NPV = A$342m, 2.5yr payback

Life of mine Tonnage averages

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Annual ore mined Annual ore sorter feed Annual processing plant feed Annual tin concentrate (62%) Annual tin metal production
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
Optimisation Study
Capital Cost Annual gross revenue Annual EBITDA NPV 8% (Pre-tax, ungeared)
Basis
( at US$32,500/t tin price) US$86m US$108m US$56m US$219m
AUD:USD 1:0.68]
A$127m A$159m A$82m A$322m
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Optimisation Study Snapshot

Key Results

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Low capital cost

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Low operating costs

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2.5yrs payback

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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

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Approvals Update – new project layout modifications supported by Andalucian Authorities

The company recently announced a clear way-forward with the Andalucian Administration following negotiations to modify the layouts of the project.

Following this the company announced:

• Definitive Feasibility Study (DFS) and licensing activities have recommenced at Oropesa Tin Project

• Administration maintains its support for Oropesa with the project remaining as one of seven key mining projects in the Government’s Project Accelerator Unit.

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Elementos re-forecasts the following key project development dates:

Resubmission of Primary Licence Documentation:

Q4-2024

Completion of Definitive Feasibility Study:

Q1-2025

Targeted receipt of primary (environment/mining) licences:

Q4-CY2025 / Q1-CY2026

Targeted first production:

Q4-CY2027

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Agreed project modifications further minimise impacts whilst maintaining a responsible and feasible approach to mining operations

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Agreed Key Project Modifications

Key agreed modifications to the project’s layout to minimise impacts are summarised below:

1. External Waste Dumps: The main external waste dumps have been shifted from the northern edge of the open-pit to a series of smaller dumps around the southern and western edges of the open-pit, these areas have a significant lower density of flora, to minimise impact on trees and associated wildlife.

2. Tailings Dam: The tailings dam has moved from the eastern edge of the pit into the north-western corner of the tenure, boarded by natural topography and again has a reduced impact on trees. This new dam location requires significantly less borrow material in the engineered walls.

3. Access Road: a 375 m long section of the 5km access road has been re-designed and relocated approximately ~20m north to avoid overlap with a stock cattle route.

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Strong partners delivering DFS The project has partnered with over 50 experienced and qualified local companies

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

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Project packages re-designed to align with modifications

Elementos has made significant progress in re-designing its major packages to align with the layouts negotiated with the Andalucían Administration. Modification to Pit design, Waste dumps, Tailings dam, Access roads, Mineral Process Plant, Crushing & Materials Handing, Ore Sorting have all been significantly progressed.

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Major packages have been re-designed, with market testing, financial modelling and reporting underway

In addition, significant work on environmental surveys, impact mitigation, rehabilitation and compensation measures have been completed. The company is now proceeding to market-pricing, with financial modelling and final report drafting underway.

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Project materially de-risked

DFS to be re-optimised to capture agreed layout changes

Elementos has confirmed all critical DFS data for the project, with engineering of key elements markedly matured, significantly de-risking the project's development and underwriting the confidence of the upcoming Oropesa Definitive Feasibility Study.

The items indicated with the orange represent project elements that will now be the focus of some DFS re-design following agreement with the Andalucian Administration on modified project layouts to minimise environmental impacts.

The company has already commenced the redesign of the highlighted elements and looks forward to completing the DFS by the end of 2024.

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01

Mineral Resource defined - 95% Measure & Indicated categories

02 XRT Ore sorting proven – avg. 20% grade upgrade, 24% waste rejection

03 Metallurgical upgrades confirmed – Both pilot scale & variability

04 Geotechnical parameters known – Supports open cut mining

05 Groundwater studies complete – Dewatering and water sourcing achieved

06

Open pit mine designs and scheduling completed – Efficiency ensured

07 Project layouts – Efficient layouts established, minimizing disturbance

08

Tailings Dam Design – Simple design using pre-stripped waste rock

09

Waste Dumps – Simple geometry and limited potential for AMD

10 Concentrate Specifications – 62-64%Sn confirmed with limited penalties

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Further extensions and exploration potential

Further polymetric mineralisation intersected outside Oropesa Mineral Resource.

• 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 sulphide

• Additional hole (ADD-4A) has also been completed (1m away) to a depth of 189m

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2023 exploration drilling intersected semi-massive to massive sulphide

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)

• 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)

• ADD_04A:22.5m @ 0.11% Sn, 1.43% Zn & 0.77% Cu from 92.6m (0.1% Sn cut-off grade), including: 10.0m @ 0.24% Sn, 2.44% Zn & 0.82% Cu from 99.5m

  • 2.2m @ 0.05% Sn & 3.78% Zn & 1.32% Cu from 120.2m

10.0m @ 0.56% Sn, 4.65% Zn & 0.32% Cu from 152.9m (0.1% Sn cut-off grade)

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23

12ELT ASX Release (21 February 2023)

Strategic Tenure secured adjacent to Oropesa Tin Project.

• Elementos awarded three additional tenements .

• adjacent to the Oropesa Tin Project in Spain[1,2] Recently renamed: Laurencia, Pascuala, San Jose

• The tenements are strategically important to the development of the Oropesa Tin Project

• The tenements are geologically prospective for base and critical minerals, specifically tin, copper (both separate VMS & porphyry style), fluorspar/fluorite, REE (dysprosium) and lithium

• The company is well positioned to explore this additional tenure with staff, equipment, warehouses based close-by in the local town of Fuente Obejuna

• 1Three tenements are highlighted in close proximity to the Oropesa Tin Project (yellow outline).

• 2The slight offset in tenement boundaries is the result of a recent change in the Cordoba Province mining grid system, the company holds first rights to any gaps

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24

Cleveland Tin Project 100%-owned project located in mineral rich north-west Tasmania

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----- Start of picture text -----

Tin & Copper JORC ResourcesTin & Copper JORC Resources [4][4]
4 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 [5]
5 This information was prepared and first disclosed in 2015
under the JORC Code 2012. It has not been updated since
on the basis that the information has not materially
changed since it was last reported
Tungsten JORC Resources [6b ] (above 850m RL)
6b 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.
Tungsten JORC Exploration Target [6a ] (below 850m RL)
6a 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.
The potential quantity and grade of the Exploration Target is conceptual in nature and
therefore is an approximation. There has been insufficient exploration to estimate a
Mineral Resource, and it is uncertain if further exploration will result in the estimation of a
Mineral Resource.
----- End of picture text -----

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25

Cleveland Tin Project

Cleveland Exploration Updates:

• Near Surface Drilling (Copper, Gold & Tin):

• C-2123: 0.45m @ 9.7% Cu, 5.15g/t Au, 18g/t Ag & 1.35% Zn from 111.0m

• C-2124: 1.4m @ 3.76% Cu & 1.0% Sn from 353.7m Inc. 0.6m @ 7.69% Cu & 1.9% Sn from 353.7m.

• rd

• Tungsten Target Results (released to market – 3 October 2024):

• 465.9m above a cut-off grade of 0.1% WO3

• 319.5m @ 0.18% WO3 from 772.4m, inc:

  • 66.0m @ 0.32% WO3 from 779.5m inc:

    • 47.5m @ 0.40% WO3 from 779.5m inc:

• 24.9m @ 0.24% WO3 from 876.1m

• 10.63m @ 0.34% WO3 from 1000.6m

• 13.3m @ 0.32% WO3 from 1014.4m

• 5.66m @ 0.24% WO3 from 1063.0m

• 10.31m @ 0.23% WO3 from 1085.5m

RECENT UPDATE: Significant tungsten and critical minerals assays received

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Cross-section showing WO3 assay data for drill hole C2124/C2124A to the known tungsten mineral resources and underground infrastructure at Cleveland (looking from the southwest)

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Cleveland Tin Project

• Tungsten co-mineralised with suite of highly targeted Critical Minerals:

• Critical and Strategic Minerals within Tungsten include:

• Molybdenum

• Fluorite/fluorspar (further assays pending)

• Bismuth

• Rubidium.

• The results include over 200m of previously un-identified rubidium mineralisation (>0.1% Rb), a rare and unique mineral which trades around US$1.1 million/tonne. Rubidium is indispensable for quantum computing, GPS technology, fibre optics, electronics, pyrotechnics, the medical industry and is also used to make specialty glass.

RECENT UPDATE: Significant tungsten and critical minerals assays received

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Section looking from the southeast of the trace of drill hole C2124A through the tungsten Exploration Target and highlighting the ~420m of visually identified mineralisation.

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Cleveland Tin Project Tin, Copper and Tungsten

Operational history:

• Operated as an underground tin mine for 27 years in two phases:

• 1908 – 1917 (WWI) & 1968-1986 (by Aberfoyle)

• Total ore mined: 5.65mt @ 0.68% Sn & 0.28% Cu.

• Total metal produced: 23,519t of Sn and 9,691t of Cu .

• Mine closed in 1986 due to low tin price, Tungsten was not mined commercially but identified

• Historical drives and workings extend more than 350m below the surface, entering Tungsten Resources

• Mechanised sub-level overhead benching mining method.

• Conventional cassiterite recovery process of gravity followed by flotation.

• Underground and surface infrastructure rehabilitated ~1990.

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Close-up image of NQ diameter drill core from C2124A from 887.9-888.0m (Figure 3) depicting coarse grained wolframite and molybdenite within a steeply dipping cross-cutting quartz vein.

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Capital Raise Totals ~$3.3m to advance tin projects $2.0m Loan facility also renewed

• 1[st] August Elementos received firm commitments to raise A$2.5 million via a Placement (before costs)

• The Placement was placed at $0.095 per share, with placees receiving one (1) unlisted Option for every two (2) new Shares issued, exercisable at $0.18 per share by 31 January 2026.

• 18[th] October Elementos closed an entitlement offer (right issue) to Elementos’ eligible shareholders raising $822,188

  • One (1) new Share for every six (6) existing Shares.

  • The entitlement offer is on the same terms and conditions as the Placement.

• On 27[th] November, forecast receipt additional $1,560,000 from Directors (subject to shareholder approval)

Elementos Chairman Andy Greig shows substantial support

• Committed a total of ~A$1.9m to the recent raisings

• Additionally, he has agreed to renew the $2.0m loan facility to the original full amount which will be available to the company

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Focussed and experienced 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

Corey Nolan 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.

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.

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Corporate overview

Share price $A0.080

Market capitalisation A$17.5m 25 October 2024

25 October 2024 52 week high $0.185, low $0.080

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----- Start of picture text -----

Cash [3,4]
A$0.5m
30 September 2024
----- End of picture text -----

Shares on issue

218.2m

18 October 2024

• • 17.0m unlisted options (various strike prices) + 1.2m unlisted performance rights
• • 4.3m 18c unlisted options (31-Jan-26)

Debt (Drawn)[1,3,4] Enterprise Value[2,3,4] A$18.0m A$1.00m 25 October 2024

30 September 2024

• 1Company has $2.0m 24-month unsecured debt facility (@ 6.0%pa) which it can draw as required

• 2Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV) 3Unaudited figures quotes

• 4 Cash & Debt does not reflect the receipt of $822k from entitlement currently underway or forecast receipt of $1.53m after AGM (which is subject to shareholder approval).

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----- Start of picture text -----

Major Shareholder distribution (October 2024)
Andy Greig
13.9%
GOM PROPERTIES,
8.0%
JM FINANCIAL
5.1%
MCCUSKER HOLDINGS
OTHERS 4.4%
56.2%
TR
NOMINEES
3.8%
CITICORP NOMINEES
2.2%
KEO PROJECTS
BINVID 1.8%
1.7%
MR CARLO CHIODO WOODY POINT
1.5% 1.4%
----- End of picture text -----

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Disclaimer

Forward-looking statements

14 – Maiden Zinc Mineral Resource at Oropesa Tin Project, 29[th] Nov 2024

15 – High Grade Copper & Gold intersected at Cleveland Project, 18[th] June 2024

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, 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.

16 - Additional High Grade Tin & Copper hit at Cleveland Project, 10[th] July 2024

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.

• 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

• 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

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.

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

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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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(ASX:ELT)

Tin focussed with a critical mineral portfolio

Countries where Elementos’ mineral Critical or portfolio are listed as Strategic.

• The international competition for critical minerals, including tin, tungsten, copper, molybdenum, rubidium, bismuth, fluorite and zinc 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.

• Australia added tin and copper to its Strategic Minerals List in December-2023. Tungsten & Fluorine are on the Critical Minerals List.

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Tin, tungsten, zinc, copper, molybdenum, rubidium, bismuth and fluorite are critical and strategic and in demand.

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Global Measured & Indicated JORC/N43-101 Mineral Resources by Company[1,2]

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----- Start of picture text -----

Open-Pit | Underground
FirstTin
75.9Mt M+I
115.3kt Contained Tin Legend
Size of bubble - contained tin tonnes
90 JSC 69.8Mt M+I TinOne
238kt Contained Tin In operation, open pit
Not in operation, open pit
ELT, in development, majority open pit
70 Metals X
41.1Mt M+I In operation, underground
376kt Contained Tin
In development, underground
Andrada
Elementos ASX Listed
34.6Mt M+I
50 28.4Mt M+I
47.7kt
129.7kt
Contained
Contained
Tin Producing
Tin
Atlantic Tin
Producing
22.4Mt M+I Alphamin
30 Minsur 6.4Mt M+I
156.3kt Contained Tin
7.6Mt M+I 278kt Contained Tin
196.7kt Contained Tin
Cornish Metals
3.2Mt M+I
10 45.2kt Contained Tin
Producing Producing
0 Huntore
Venture 9.2Mt M+I
Minerals 37.5kt Stellar Resources
4.1kt M+I Contained Tin 3.5Mt M+I
14.6kt Contained 37kt Contained Tin
Tin
0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
Resource grade %
M+I Resource (Mt)
----- End of picture text -----

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1 Companies shown are those who publicly report compliant (JORC or N43-101) Mineral Resource Estimates

2 Supporting data table available on the last slide of this presentation

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35

Global Measured & Indicated JORC/N43-101 Mineral Resources by company Datatable

								Measured	Measured	Measured	Indicated	Indicated	Indicated	Measured & Indicated	Measured & Indicated	Measured & Indicated	Inferred	Inferred	Inferred	Total	Total	Total	Mineral Resource Classification %	Mineral Resource Classification %	Mineral Resource Classification %	Mineral Resource Classification %
	Company	Project	Country	Source	Date	Products	Project Stage	Tonnes (Mt)	Grade (%)	Contained Tin ('O00's)	Tonnes (Mt)	Grade (%)	Contained Tin ('000's)	Tonnes (Mt)	Grade (%)	Contained Tin ('000's)	Tonnes (Mt)	Grade (%)	Contained Tin ('000's	) Resource Tonnes (Mt)	Resource Grade (%)	Resource Contained Tonnes (Mt)	Measured / Total (%)	Indicated / Total (%)	M&Ind / Total (%)	Inferred / Total (%)
Mineral Resources by Project	FirstTin	Tellerhauser	Germany	First Tin Website	26/04/2024	Sn	Exploration	0	0.00%	0.00	2.00	1.00%	20.00	2.00	1.00%	20	3.30	1.00%	33.00	5.3	1.00%	53.0	0%	37.7%	37.7%	62.3%
	FirstTin	Gottesberg	Germany	First Tin Website	1/12/2021	Sn	Exploration	0	0.00%	0.00	2.00	0.48%	9.60	2.00	0.48%	9.6	4.80	0.49%	23.52	6.8	0.49%	33.1	0%	29.4%	29.4%	70.6%
	FirstTin	Taronga	Australia	First Tin Website	1/12/2023	Sn	DFS	33	0.13%	42.90	38.90	0.11%	42.79	71.90	0.12%	86	61.10	0.09%	52.55	133.0	0.10%	138.2	25%	29.2%	54.1%	45.9%
	Alphamin - Mpama South	Bisie	DRC	Mpama South Update	7/02/2023	Sn	Production				3.26	2.46%	80.20	3.26	2.46%	80	2.84	2.42%	68.73	6.1	2.44%	148.9	0%	53.4%	53.4%	46.6%
	Alphamin - Mpama North	Bisie	DRC	Mpama North Resources	7/02/2023	Sn	Production	0.04	2.16%	0.86	3.09	5.02%	155	3.13	4.98%	156	0.55	7.56%	41.58	3.7	5.37%	197.6	1%	84.0%	85.1%	14.9%
	Elementos	Cleveland	Australia	ELT 2023 Annual Report	16/02/2024	Sn, Cu, W	SS	0	0.00%	0.00	6.23	0.75%	46.73	6.23	0.75%	47				6.2	0.75%	46.7	0%	100.0%	100.0%	0.0%
	Elementos	Cleveland Tailings	Australia	ELT 2023 Annual Report		Sn, Cu	SS			0.00	3.7	0.29%	10.73	3.70	0.29%	11				3.7	0.29%	10.7	0%	100.0%	100.0%	0.0%
	Elernentos	Oropresa	Spain	ELT 2023 Annual Report	29/11/2023	Sn, Zn	DFS	7.4	0.36%	26.64	11.1	0.41%	45.55	18.51	0.39%	72				18.5	0.39%	72.2	40%	60.0%	100.0%	0.0%
	Cornish Metals	South Crotty- Upper	UK	Technical Report for South Crotty	30/10/2023	Sn	FS				0.3	0.69%	1.79	0.26	0.69%	1.79	0.47	66.00%	4	0.7	0.74%	5.4	0%	35.9%	35.9%	64.1%
	Cornish Metals	South Crotty- Lower	UK	Technical Report for South Crotty	30/10/2023	Sn	FS				2.9	1.50%	43.44	2.90	1.50%	43.44	2.63	1.42%	37.29	5.5	1.46%	80.7	0%	52.4%	52.4%	47.6%
Mineral Resources by Company	Cornish Metals	South Crotty	UK	Technical Report for South Crotty	30/10/2023	Sn	FS	0.0	0.00%	0.00	3.2	1.43%	45.23	3.16	1.43%	45.23	3.09	1.32%	40.88	6.2	1.38%	86.1	0%	50.5%	50.5%	49.5%
	Minsur	San Rafael	Peru	Minur 2022 Annual Report	30/12/2022	Sn, Cu, Ag	Production	4.0	2.92%	117.27	3.6	2.22%	79.43	7.59	2.59%	196.70	2.92	2.61%	76.19	10.5	2.60%	272.9	38%	34.0%	72.2%	27.8%
	Stellar Resources	Heemskirk	Australia	Severn Updated MRE Increases Indicated by24%	4/10/2023	Sn,Cu	SS			0.00	3.5	1.05%	36.96	3.52	1.05%	36.96	3.96	1.03%	40.79	7.5	1.04%	77.7	0%	47.1%	47.1%	52.9%
	Atlantic Tin	Achmmach	Morocco	Achmmach Tin Project - Resource Update	5/07/2021	Sn	FEED	1.9	0.89%	16.91	20.5	0.68%	139.40	22.40	0.70%	156.31				22.4	0.70%	156.3	8%	91.5%	100.0%	0.0%
	FirstTin			First Tin Website				33.0	0.13%	42.9	42.9	0.17%	72.39	75.90	0.15%	115.29	69.20	0.16%	109.07	145.1	0.15%	224.4	23%	29.6%	52.3%	47.7%
	Metals X	Rentails	Australia	Metals X Website - Minerals Resource and Ore	31/05/2018	Sn,Cu	FS	26.3	0.58%	152.54	14.8	1.51%	223.48	41.10	0.91%	376.02	2.83	1.33%	37.64	43.9	0.94%	413.7	60%	33.7%	93.6%	6.4%
	Elernentos			ELT 2023 Annual Report				7.4	0.36%	26.64	21.0	0.49%	103.01	28.44	0.46%	129.65				28.4	0.46%	129.6	26%	74.0%	100.0%	0.0%
	JSC TinOne	Syrymbet	Kazakhstan	Syrymbet Tin Projet DFS	2/05/2024	Sn	FS	35.5	0.40%	142.00	34.3	0.28%	96.00	69.81	0.34%	238.00				69.8	0.34%	238.0	51%	49.1%	100.0%	0.0%
	Huntore	MtGarnet	Australia	Consolidated Tin Mines - PFS Announcement	30/09/2013	Sn,Fe,F	PFS	1.6	0.41%	6.59	7.5	0.41%	30.90	9.15	0.41%	37.49	2.96	0.41%	12.14	12.1	0.41%	49.6	13%	62.3%	75.5%	24.5%
	Venture Minerals	MtLindsay	Australia	Venture Minerals Website - Mt Lindsay Project	17/10/2012	Sn,Fe,W	FS	2.2	0.30%	6.60	1.9	0.40%	8.00	4.10	0.36%	14.60	0.60	0.50%	3.00	4.7	0.37%	17.6	47%	40.4%	87.2%	12.8%
				£age
	TinOne Resources	Great Pyramid	Australia	Great Pyramid MRE	26/02/2014	Sn	Exploration	0.0	0.00%	0.00	0.0	0.00%	0.00	0.00	0.00%	0.00	8.39	0.17%	14.26	0.0	0.00%	0.0	0%	0.0%	0.0%	0.0%
	Andrada	Uis	Nambibia	Website	1/02/2023	Sn, Li	Productions	21.5	0.14%	29.94	13.1	0.14%	17.75	34.59	0.14%	47.69	36.95	0.13%	48.04	71.5	0.13%	95.7	30%	18.2%	48.4%	51.6%
	Alphamin	Bisie	DRC	website	7/02/2023	Sn	Production	0.04	2.16%	0.86	6.4	3.71%	235.31	6.39	3.70%	236.18	3.39	3.25%	110.31	9.8	3.54%	346.5	0%	64.9%	65.3%	34.7%

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