ELEMENTOS LIMITED — Investor Presentation 2024

May 15, 2024

TIN FOR AN ELECTRIC TOMORROW International Tin Conference 2024 - Investor Presentation

May 2024

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(ASX:ELT)

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 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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2

(ASX:ELT)

Tomorrow’s tin

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

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).

• 100ktpa tin metal deficit forecast by 2030 (current market size ~370ktpa).

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

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Oropesa Project Andalucia , Spain

• Europe has no producing tin mines.

• 19.6Mt JORC Mineral Resource.

• DFS completion ~1H2024 (1.25Mtpa Mining, 1.0Mtpa Processing, ~5.4Ktpa concentrate, 12.5yrs LoM).

• Approvals and permitting to recommence followinf negotiation on modifed layouts.

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

• On-tenement exploration targets 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) and 15Mt -24Mt Tungsten Exploration Target

• Tungsten Exploration Target drilling has commenced this week

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

• Exploration and definiton continues, tungsten resource espansion targetted

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3

(ASX:ELT)

Tin focussed with a critical portfolio

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

The minerals in our portfolio are rated “Critical” or “Strategic” 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.

• 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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(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 Demand returning and whilst supply is forecast to remains strained.

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

• Despite muted demand 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.

• Shanghai Metals market contract price remains +US$4,283/t (+12.5%) higher than the LME.

• 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)
SHFE US$38,393/t
15 MAY 2024
US$37.5k
LME US$34,110/t
15 MAY 2024
US$30.0k
US$22.5k
May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
LME Cash SHFE.SN2406
Sources: LME.com & Metal.com/Tin (SHFE), RMB:USD = 0.14
Tin Metal Price US$/t
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(ASX:ELT)

Tin warehouse inventories dropping fast Tin metal in LME has dropped 41% in 20-weeks

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LME Daily Tin Warehouse Stock
1,000
8,000
800
600
6,000
400
200
4,000
0
-200
2,000 -400
-600
0 -800
Tin Metal Inventory (t)
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Tin metal demand appears to be picking up quickly with LME stockpiles dropping rapidly (~40% reduction in 5-months).

• Drawdowns are likely a result of demand returning to the Solar (74t tin in each GW solar) and the general electronics sector, where tin solder is critical.

• Metal supply also remains tight with Myanmar’s tin mining bans continuing to affect Chinese refined tin output and Indonesian metal exports significantly down on previous years.

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Daily Movement LME Tin stock Sources: LME.com

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(ASX:ELT)

Global tin supply grim after decades of underinvestment

Limited Security of Supply for Europe, Aus & USA

Major global tin concentrate producers (2021)[3]

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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%
Minor supply contributions
from Australia & Europe
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Limited security of supply from responsible sources for major technology economies

Major producers struggling to maintain production levels

Tin-in-Concentrate to 2021 ‘000t[3]

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350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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3 Source: ITA (International Tin Association) December 2022

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(ASX:ELT)

Tin market entering material deficits

Even with modelled supply increases – increasing defects forecast to grow to 2030 (50,000t).

Global tin demand is forecast to increase 3-4%pa to service the technology revolution.

• ~3%pa forecast growth (vs. historic 1.8%pa) is modelled to cause tin metal deficits ~50-100ktpa by 2030.

• 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.

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Refined Supply, Demand & Deficits
460 35
25
420
15
5
5
0
380
-5
-7.5
-15
340
-25
-25
-35
300
-35
-45
-45
-50
260 -55
2024 2025 2026 2027 2028 2029 2030
Defecit (RHS) Supply (LHS) Demand (LHS)
Refined Tin (kt) per annum
Surplus/Deficit (kt) per annum
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Sources: International Tin Association – Investing in Tin Presentation “ Tin For Tomorrow” 1 December 2023

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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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(ASX:ELT)

Oropesa Tin Project, Spain 2023 Mineral Resource Estimate Update

9

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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11

(ASX:ELT)

Oropesa Tin Project, Spain Maiden Zinc Mineral Resource Estimate

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

• 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

• 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.

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Oropesa block model resource for zinc

• 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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(ASX:ELT)

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

Based on JORC Resources (November 2021)

Mineral Resource (Nov 2021) 82% conversion 18.86Mt 0.40% Sn [75.4kt Sn] US$30,000/t Pit Shell

Section of Pit Showing Stages, 2022 Optimisation Study

Production Target (2022) 15.50Mt

0.37% Sn [56.8kt Sn] Included Dilution Only 6% of tonnes based on Inferred Resources

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13

(ASX:ELT)

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 1:0.64]
A$134m A$169m A$88m A$342m
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14

(ASX:ELT)

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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15

(ASX:ELT)

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 to restart at Oropesa Tin Project

• Administration reaffirms 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:

Q3-CY2024

Completion of Definitive Feasibility Study:

Q4-CY2024

Targeted receipt of primary (environment/mining) licences:

Q4-CY2025

Targeted first production:

Q4-CY2027

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16

(ASX:ELT)

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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17

(ASX:ELT)

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

Agreed Key Project Modifications

With the external waste dumps being modified to the southern edges of the open-pit, the movement of trucks dictates further modifications to key project infrastructure to maintain efficient operations, the following changes have been proposed:

1. Process & Non-Process Infrastructure Locations: The crushing, sorting, mineral process plant (and supporting facilities) have been moved to a cleared cropping area on the southern side of the pit.

2. Pit-Shell Modification: The master haulage ramp for ore and waste will be re-designed from the northern edge of the pit to the southern edge.

3. Open-Pit Rehabilitation: The open-pit will now only be partially back-filled to ensure stabilisation of the final benches, the free movement of animals and birds around the pit with a focus on the convenient access to a proposed water reservoir at the bottom of the open pit. This provides an economic benefit to the project by reducing end-of-mine-life rehabilitation costs.

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18

(ASX:ELT)

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 redesign 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 |

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10

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

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19

(ASX:ELT)

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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20

(ASX:ELT)

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

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Tin & Copper Tailings JORC Reserve [5]
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Tin & Copper JORC Resources[4]

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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.

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 Exploration Target[6a ] (below 850m RL)

Tungsten JORC Resources[6b ] (above 850m RL)

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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.

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.

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21

Cleveland Tin Project

Tin, Copper & Tungsten drilling commenced this week

Exploration Plan:

• Drilling has commended at the Cleveland Project

• Drill hole (C2123) is planned to target tin, copper and tungsten target previously identified by the company.

• The 1,100m hole is planned at a new orientation to all historical underground drilling to explore for extensions to the historic tin and copper resources at the project, and to test the continuity and boundaries of the Tungsten Exploration Target.

• The hole is co-funded by a $70,000 Tasmanian Government grant.

• The historic access decline extends into the Tungsten Resources at ~350m below the entry portal.

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Cleveland Tin Project Tin, Copper and Tungsten

Operational history:

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Mine Access Road
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• Operated as an underground mine for 27 years in two phases: WW1: 1908 – 1917 and 1968 to 1986 (by Aberfoyle Resources).

• 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 tin price (collapse of the International Tin Cartel).

• Historical drives and workings extend more than 350m below the surface.

• 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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Portal Entry
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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 Market capitalisation $A0.17c A$33.1 15 May 2024 15 May 2024 52 week high $0.185, low $0.085

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Cash
A$0.6m
31 March 2024
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Shares on issue

194.7m

15 May 2024

• • 11.4m unlisted options (various strike prices) + 2.7m unlisted performance rights

Debt (Drawn)[1] Enterprise Value[2] A$33.0m A$0.5m 31 March 2024 15 May 2024

1. Company has $2.0m 24-month unsecured debt facility (@ 6.0%pa) which it can draw as required 2. Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV)

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Major Shareholder distribution (April 2024)
JM FINANCIAL,
Andy Greig 6.0%
13.4%
GOM PROPERTIES
5.5%
MCCUSKER HOLDINGS
4.9%
TR
OTHERS
NOMINEES
56.4%
4.2%
CITICORP NOMINEES
2.6%
KEO PROJECTS
2.0%
BINVI…
WOODY POINT
MR CARLO CHIODO 1.6%
1.7%
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Disclaimer

Forward-looking statements

This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Elementos undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice.

Mineral Resource & Exploration Target

Elementos confirms that Mineral Resource and Reserve estimates, 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:

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.

• 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 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

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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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