ELEMENTOS LIMITED — Investor Presentation 2026

Jan 20, 2026

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Delivering Europe’s Primary Tin Supply

Investor Presentation – General Meeting 21 January 2026

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.

This Presentation refers to the Company’s Definitive Feasibility Study (“DFS”) a summary report for which was released to the ASX on 4 April 2025. The DFS was undertaken for the purpose of assessing the technical and economic viability of developing the Oropesa Tin Project. The DFS has been completed to an overall DFS level of accuracy of +/- 10%. It should be noted that some the work streams and elements in the DFS have been undertaken to a more detailed standard of evaluation and definition and supported by executable contracts for their delivery, and some to a lesser extent.

While the declaration of JORC Ore Reserves & Mineral Resource Estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, the Company is not currently aware of any such issues which would affect the publication or validity of these at the time of completion.

The DFS outcomes, Ore Reserve and forecast financial information referred to in this Presentation are based on information that are designated by our Owners Engineer, Wave International, to meet the requirements of a Definitive Feasibility DFS level, and meeting AACE Class-3 Estimate level. The information applied in the DFS is sufficient 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.

Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS.

The information in this Presentation that relates to the Production Target for the Oropesa Project, together with the Forecast Financial Information derived from that Production Target, has been extracted from the Company’s ASX Announcement on 4[th] April 2025 “DFS and Maiden Ore Reserve Oropesa Tin Project”. The Company confirms that all material assumptions underpinning the Production Target and the Forecast Financial Information based contained in that announcement continues to apply and have not materially changed.

This Presentation contains a series of forward-looking statements and forecast financial information. The words “expect”, “potential”, “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause the actual results, performance or achievements to differ materially from those expressed or implied in any of the forward-looking statements in this release that are not a guarantee of future performance.

The Company has concluded that it has a reasonable basis for those forward-looking statements and forecast financial information, including the use of a flat US30,000/t tin price, the production target set out in this Presentation and the financial information on which it is based. The detailed reasons for these conclusions contained in the Company’s announcement released to the ASX on 4 April 2025.

However, such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to the Company, and of a general nature, which may affect the future operating and financial performance of the Company, and the value of an investment in the Company including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, Reserve estimations, cultural resources risks, foreign currency fluctuations, and mining development, construction and commissioning risks. While the Company 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 DFS will be achieved.

To achieve the range of outcomes indicated in the DFS, the DFS estimates that the capital cost of the Oropesa Project at Final Investment Decision (FID) will be in the order of €149m (A$260m|US$156m). Shareholders and investors should be aware that there is no certainty that the Company will be able to raise the required funding when needed and it is possible that such funding may only be available on terms that may be highly dilutive or otherwise adversely affect the Company shareholders’ exposure to the Oropesa Project’s economics. Specifically, as outlined in this DFS, the Company intends to pursue potential third-party partnerships (with parties who have the potential to be joint venture partners in the Oropesa Project) to advance the Project and may pursue other value realisation strategies such as a sale or partial sale of the Oropesa Project or underlying future commodity streams. If it does so, such arrangements may materially reduce the Company’s proportionate ownership of the Project and/ or adversely affect the Company shareholders’ exposure to the Project economics.

Statements in this Presentation 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 and Ore Reserve 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.

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Elementos (ASX:ELT). Unparalleled exposure to tin projects and tin metal.

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Oropesa Project Andalucia, Spain

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EU’s only integrated tin supply chain project (mine-to-metal).

Status Mineral Resources DFS Completed Tin (Advanced Development) Zinc

Robledollano Tin Smelter Extremadura, Spain, 220km from Oropesa

Elementos has a binding option to acquire a 50% ownership stake, and become a vertically integrated tin supplier within the EU.

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Cleveland Project Tasmania, Australia

Historic tin mine under re-evaluation as a tin and critical minerals project after 2024 drilling intersections of base, critical and precious metals.

Status Mineral Resources Brownfield Re-start Tin (Scoping) / Further Copper Exploration Tungsten

Other Identified Minerals

Rubidium Bismuth Fluorite Gold Molybdenum Silver

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Tin focussed portfolio with a critical mineral upside.

• 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.

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

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^ LME Tin Spot Price on 20 January 2026 = US$49,650/t see: https://www.lme.com/en/metals/nonferrous/lme-tin#Price+graphs, all other inputs as per DFS

Offering investors a unique opportunity:

ELT Market Cap, Based on Ordinary Shares on Issue and closing price on 20 January 2026

04 05 The Old Cleveland tin Experienced team with mine has a large major “skin in the Mineral Resource and game”. Now with MLX major exploration as 18.8-19.9% upside for tin and shareholder. critical minerals.

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Exposure to tin, an under-invested critical metal essential for all technology, data storage, automation and electrification.

Attractive entry price Oropesa DFS shows into ELT ~A$122M[#] compelling which holds two mature economics. NPV at 8% tin projects, primed for current[^] tin prices development. A$996m.

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Elementos (ASX:ELT) major upcoming value drivers.

Offtake Elementos (ASX:ELT) Commitments Construction & Tin offtake Operations major upcoming value commitments Construction & drivers. FID Operations Finance Final Smelter Project Finance Investment Commitments Option Decision Oropesa Tin Project Equity & Permits Exercise ‘Nearing the development Finish Line’ Debt Primary Licences Smelter Approved Binding Agreements Executed Scoping Study Permits Establish value and Submit key Feasibility environmental and path forward Define Maiden mining licences JORC Ore Mineral Resource upgrade Reserve Ore Sorting trials Expansion & Definition Complete DFS Testing upgrade of works tin/copper & critical mineral core in ore sorting Critical Mineral Definition Further definition of tungsten, fluorite, rubidium, bismuth & ‘An expanding tin, tungsten molybdenum mineralisation

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Cleveland ‘An expanding tin, tungsten and critical mineral asset’

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Option Exercise, Placement and Entitlement Commitments The funds on-hand will have Elementos well funded accelerate the development at “ with ~A$12m cash both the Oropesa and Cleveland Projects, reinforcing our commitment to creating 1. Elementos is well funded to mature the Oropesa Tin long-term value for Elementos Project through key permitting and pre-FID activities shareholders and bringing the 2. Continue its partnering discussions with equity partners, Oropesa tin project online to debt providers and offtake partners to play a role in deliver much needed tin supply funding the Oropesa Tin Project, and potentially also the Cleveland Tin Project. to assist with driving the global energy transition, electrification 3. Fund the option payments for the Robledollano Tin Smelter and digital automation and in Spain artificial intelligence.

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1. Continue to mature it’s understanding of the Cleveland Tin (& Tungsten & Critical Minerals) Project and commence studies to evaluate a mine re-start.

Andy Greig Non-Exec Chairman Elementos Limited

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Global tin prices are strong, European tin prices are even stronger.

Tin prices have shown steady growth over past 24-months, averaging ~US$35k/t over last 12-months.

• Tin concentrate is in short supply.

• Cost of tin production has increased for major Asian smelters, including both concentrate costs and other inputs (energy + consumables).

• Europe and North America (USA, Canada & Mexico) produced NO primary tin in 2024 & 2025.

• Europe consumes ~40,000t tin ingots / year, importing 34,000t (83%), with recycling making up the 16kt balance.

• European and North American tin ingot delivery premium trading for between +US$800-1,325/t above the LME price.

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LME & SHFE Cash/Spot Tin Prices Rising
US$/tonne
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US$55.0k
US$52.5k SHFE US$50,732/t
20 JAN 2026
US$50.0k
LME US$49,650/t
20 JAN 2026
US$47.5k
US$45.0k
US$42.5k
US$40.0k
US$37.5k
US$35.0k
US$32.5k
US$30.0k
US$27.5k
LME Cash SHFE.SN2602 (ex-VAT)
Tin Metal Price US$/t
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Global tin supply grim after decades of underinvestment.

Limited security of supply for Europe, Australia and USA

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Major mine production by country 2023 [3]
80,000
75,152
69,601
70,000
- NO (0t) current tin supply from European Union
60,000
- NO (0t) tin supply from North America
50,000 (USA, Canada, Mex)
40,600 - Minor (9kt) supply from Australia
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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Limited security of supply from responsible sources for major technology economies.

Current producers struggling to maintain production levels

Tin-in-Concentrate 2011 to 2024 ‘000t[3]

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Oropesa is the only

Manufacturers across Europe are seeking nonconflict, responsibly sourced and secure supplies of tin to produce:

Electrical 51% solder

Solar panels, glass 22% coating, batteries, copper alloy, other

Chemicals 15%

Tinplate 11%

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Mine-to-metal tin supply

Spanish Tin Smelter

Oropesa Tin Mine

SPAIN

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Advancing strategy to mine, smelt and sell high quality tin ingots into the European market entirely from Spain.

• Tin ingots delivered in Europe attract a significant price premium (~US$950-US$1,000/t) above LME spot price.

• Fully aligned with the strategic and political goals of the EU’s Critical Raw Material Act (CRMA) seeking 10% mined and 40% processed of EU’s annual consumption.

• Smelting from concentrate to metal within Spain minimises GHG emissions, as well as shipping (time and costs) to Asia.

• Binding Option Agreements executed to acquire up to 50% interest in Iberian Smelting, that owns the Robledallano Tin Smelter, only 220km by road from Oropesa. CPs inc. final due diligence and upgraded are underway.

• Additionally, Elementos has signed an Industrial Testwork Partnership Agreement with Atlantic Copper (a Freeport McMoran Company, ~250km away) to evaluate increasing tin production and recovery at the Oropesa Project, potentially leading to further offtake discussions.

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Oropesa is one of the few tin projects with an Ore Reserve, and the only major project in Europe.

Maiden Ore Reserve^[>]

Maiden Ore Reserve Estimate Total

15.90Mt

Contained Tin Metal Total

57,894t

0.36% Sn

38% 62%

Mineral Resources*[>]

Mineral Resource Estimate Total

19.60Mt

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Contained Tin Metal Total

75,834t

76% conversion

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0.39% Sn

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^Reserves calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 4 April 2025[19] . Tonnages are expressed on a ROM basis, incorporating the effects of mining losses and dilution. The reference point at which these ore reserves are defined is as the ore is delivered to the ROM Pad.

*Resource calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 14 February 2023[4]

Mineral Resource Estimate & Ore Reserve classification % contribution noted on slide figures. Full breakdown tables included at back of presentation.

38% 57% 38%

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Responsible matured and fully-costed project design.

• Highly mature level of design and compliance.

• Low level of external disturbance, external facilities targeted at low disturbance areas.

• Responsible approach to all aspects, including; water, trees, noise, dust, tailings dam management.

• Supportive local, provincial and regional community.

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Oropesa will observe the highest environmental benchmarks in construction, operations and rehabilitation.

• ✓ Compact pit and dump designs to minimise disturbance and impacts.

• ✓ Use of pre-strip waste to build infrastructure (tailings dam, civil pads).

• ✓ Waste dumps designed near pit edges to minimise impacts (CO2, dust, noise)

The entire operations has been efficiently designed to achieve responsibility goals above the requirements of applicable legislations

• ✓ Dump operational slope angles designed to final rehabilitation angle to ease rehabilitation works.

• ✓ Transfer waste mining utilised within pit, to limit external dump disturbance.

• ✓ Topsoil progressively rehabilitated during mine-life .

• ✓ Full rehabilitation of site designed.

• ✓ Contact water captured, re-cycled and re-used on site.

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Integrated site 3D designs

Masterplan modelling ensures efficient design and interaction of major and minor packages.

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3D-Modelled areas:

Open Pit, waste dumps, haul roads, ROM pad, civil pads, crushing, screening and material handling infrastructure, stockpiles, ore sorting equipment, mineral processing plant, services, coms, contractor areas, drains, roads, labs, buildings, workshops tailings pipelines, water pipelines, consumable storage, fuel bullets, explosive magazines, parking, security and laydown areas (and other) all modelled to ensure alignment and efficient operations.

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Definitive Feasibility Study confirms robust project design and economic outcomes.[*]

Based on a reference tin price of US$30,000/t

*Refer ASX Release dated 4 April 2025 Oropesa Tin Project: Definitive Feasibility Study (DFS) Results and Maiden Ore Reserve Statement

AISC costs (tin metal)

Annual production

US$15,000/t

1.36Mt

Life of Mine EBITDA

Annual production (contained tin)

A$996M

3,405t

Internal Rate of Return (US$30,000/t, pre-tax) 26%

Life of Mine

12 years

Capital payback

NPV 8% ($US30k/t pre-tax, ungeared, real)

A$270M

2.7 years

Market cap[#] vs Oropesa DFS NPV8% comparison

A$270M

NPV8% (DFS Base Case at US$30k/t Tin)

Market cap

A$122M

Modern, Responsible & Sophisticated approach to Mine Design[^]

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Elementos Market Capitalisation is based on outstanding Ordinary ^Project costed and modelled in EURO, NPV converted to USD & Shares and closing market price on 20 January 2026 AUD using flat spot EUR:USD FX 1:1.05, EUR:AUD FX 1:1.74

Please note that this table has been rounded for compliance, which may lead to differences in reporting

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DFS capital costs estimated at €149.3M (inc.10.4% contingency).

The Capital Cost Estimate has been developed through mature design, clear scopes, distinct packaging and market pricing.

• High level of study maturity:

• 90% of the study is market priced/tendered

• 60% backed by the Process Plant & NPI an EPC based estimate

• The Capex meets the requirements of a Class-3 estimate as defined by the American Association of Cost Engineers’ (AACE) Cost Estimation and Classification System (as applied for mining and minerals processing industries) and represents a nominal accuracy range of +/-10%.

• The study was completed to exceed >30% engineering design level

• The Capex Base Date is February 2025, and all cost data presented is in the project country currency of Euros (EUR) aligned with the base ‘modelling currency’ of the financial model.

DFS capital cost estimate	EUR€	US$	A$
Mining (inc Pre-Strip) 18.3 19.2 31.8
Process Plant 45.2 47.5 78.6
Tailings Storage Facility 15.0 15.8 26.1
Common Services 8.0 8.4 13.9
On-Site Infrastructure 14.0 14.7 24.4
Off-Site Infrastructure 3.0 3.2 5.2
Pre-Production Costs 6.0 6.3 10.4
Owners/Indirect Costs 25.9 27.2 45.1
Contingency 14.0 14.7 24.4
Total €149M US$156M A$270M

^Project costed and modelled in EURO, NPV converted to USD & AUD using flat spot EUR:USD FX 1:1.05, EUR:AUD FX 1:1.74

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DFS tin production cash costs confirms a competitive operating cost basis.

The Operating Cash Cost output has been developed through mature design, clear scopes, distinct packaging and market pricing.

• Production costs are based on a DFS level of design and market pricing providing a highlevel of confidence in the reported production cost buildup.

• Table displays Oropesa’s ability to produce tin at a competitive cost, significantly below the referenced DFS base case, and therefore able to withstand periods of lower-thanforecast tin prices.

Cost Area	US$ million	US$/tonne ROM Ore	US$/tonne Sn Conc.	US$/tonne Sn Metal
Clearing, Topsoil & Mining Preparation $595,537 $0.04 $9 $15
Mining $250,715,680 $15.71 $3,958 $6,267
Processing $245,210,710 $15.36 $3,871 $6,129
Rehabilitation, Closure & Decommissioning $33,037,415 $2.07 $521.6 $825.8
Other Costs $48,158,515 $3.02 $760.3 $1,204
Total C1 Cash Operating Costs $577,717,857 $36.19 $9,121 $14,440
Depreciation (excl. funding costs) $219,088,811 $13.72 $3,458 $5,475
Total C2 Cash Operating Costs $796,706,668 $49.91 $12,579 $19,915
Royalties $15,273,959 $0.96 $241.1 $382
Total C3 Cash Operating Costs $812,080,627 $50.87 $12,820 $20,297
Sustaining Capital $7,063,640 $0.44 $112 $177
All In Sustaining Cost (AISC) $600,055,457 $37.59 $9,474 $14,999

^Project costed and modelled in EURO, NPV converted to USD & AUD using flat spot EUR:USD FX 1:1.05, EUR:AUD FX 1:1.74

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DFS NPV shows 8% strong valuations at current & forecast tin price.

Based on the current tin pricing of US$49,650/t[ ^]

NPV8 pre-tax, ungeared)

A$996M

Capital payback

1.3 years

Internal Rate of Return (Pre-tax, ungeared)

60%

See ‘DFS Reference Tin Prices, Consensus Pricing, Spot Pricing’ in DFS announcement 04 April 2025

Oropesa DFS NPV8% (vs ELT market capitalisation) at variable referenced tin prices[~] .

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A$1,009M
Tin = US$50,000/t
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~ A$996M
All Other published DFS Assumptions unchanged
^London Metals Exchange (LME) Tin Official Prices, Tin Price LME 20 Jan 2026 Tin
Cash offer, 20 January 2026 lme.com/tin
LT Consensus = Long-term consensus pricing US$49,6500^
referenced from ‘DFS and Maiden Ore Reserve Oropesa
Tin Project’ 4 April 2025# ELT Market Cap, Based on Shares on Issue and A$825M
closing price on 20 January 2026 Tin = US$45,000/t
A$640M
Tin = US$40,000/t
A$455M
LT Consensus
A$270M Tin = US$35,400/t
DFS Base Case
Tin = US$30,000/t
ELT
market cap [#]
A$122M
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25,000 27,500 30,000 32,500 35,000 37,500 40,000 42,500 45,000 47,500 50,000 Referenced Tin price US$/tonne

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Oropesa has significant Resource expansion opportunities.

Oropesa Tin Extensions (NW & SE)

Along-strike Tin Opportunities (Tenements ELT has been nominated rights)

Mineralised extensions possible in NW and SE of Mineral Resource Model. [Minimal drilling confirming extension]

ASTER remote sensing has identified anomalous alteration mineral assemblages similar to Oropesa along strike on very similar orientation.

Oropesa ‘La Grana’ Tin Target (North)

La Grana (to North) has potential to host high-grade moderate sized resources of cassiterite mineralisation within intersections of fractured zones. [Historic drilling only]

Neighboring ELT leases appears prospective for tin, copper, fluorite (outcrop), REEs (dysprosium) and lithium.

Zinc resource holds high likelihood of being recovered as a by-product at incremental cost to a tin ore only operation (opportunity).

Oropesa ‘VMS style’ Copper, Zinc, Tin mineralisation (NW)

2024 drilling confirms VMS style polymetallic mineralisation to the NW of Oropesa’s resource. [Minimal drilling confirming extension]

Oropesa Zinc Resource[8]

23.75Mt

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

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The Cleveland tin mine continues to prove-up more base, precious and critical minerals.

100%-owned historical mining operation in mineral rich north-west Tasmania.

• Operated as underground tin (and by-product copper ) mine for 27-years. Current Mineral Resources include:

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• 2024 exploration drilling intersected[9-15] significant previously unknown intersections of base, precious, and critical minerals, including:

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Large set of tin, copper and tungsten Resources and Reserves already defined.

1All 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 JORC Resources[1]

Total

Inferred

Indicated

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7.47Mt

1.24Mt

6.23Mt

0.75% Sn | 0.30% Cu

0.76% Sn | 0.28% Cu

0.75% Sn | 0.30% Cu

Probable, Total

Tin & Copper Tailings JORC Reserve[2]

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3.70Mt

2This 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

0.29% Sn | 0.13% Cu

Inferred, Total

Tungsten JORC Resources[3]

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3.97Mt

3All 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.

0.28% WO3

~~[Currently being re-estimate~~ Exploration Target d] 15Mt –

Tungsten Exploration Target4[4] All resources calculated using a 0.20% WO3 cut-off grade, below 850m RL. This information was first disclosed under the JORC Code 2012 in 2014. 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.

24Mt

0.24% - 0.30% WO3

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2024 drilling greatly expanded Cleveland’s prospectivity.

Identification of new tin zones outside published Mineral Resource Estimates.

Significant Tungsten and critical mineral intercepts, including:

• 319.5m @ 0.18% WO3 (Tungsten) with molybdenum and Bismuth.

• 76.75m @ 0.15%Rb2O (Rubidium).

• 319.5m @ 5.97%CaF2 (Fluorospar).

• 01 Shallow copper, gold, silver, zinc, tin target

• 02 Further tin and copper intersection identified outside of the Mineral Resource.

• 03 Over 465m of tungsten and critical mineral targets confirmed.

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Tungsten grades substantially upgraded at Cleveland Project.

X-Ray Transmission (XRT) ore sorting test work of tungsten mineralisation has delivered significant upgrades, reduced mass and high recoveries.

• Cleveland’s historic Mineral Resources Estimate (MRE) for tungsten is currently being re-evaluated with XRT results to be considered when establishing cutoff grades.

• XRT ore sorting offers potential to lower construction, operating and processing costs (by sizing to a smaller processing plant, for similar mineral output), improve ore blending, reduce tailings and rock waste.

• Prices for Ammonia Paratungstate (APT), a common intermediate tungsten product, have surged around 125% since the start of the year, reaching US$78,000/t1 (24-Nov-2025) following export controls out of China and increased environmental regulations, and increased demand.

1 Source: https://news.metal.com/

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Ore sorting tests at the TOMRA Facility processing the tungsten ore from the Cleveland Project, product on the left, waste on the right.

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Tungsten feed grades, sorted grades, upgrade factor, recovery and mass rejection

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Our team has delivered multibillion dollar mining and natural resource projects around the world.

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Andy Greig Non-Exec Chairman

As Bechtel Australia’s former Managing Director, Andy brings extensive leadership experience spearheading major international construction projects.

His 35-year career at 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 track record in the mining, construction and finance industries. His career has spanned executive roles with private and listed construction, mining and development companies.

Joe is a mining and civil engineer, having working in natural resources projects and financing his entire career.

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Calvin Treacy Non-Exec Director

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

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Corey Nolan Non-Exec Director

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

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Daniel Broughton Non-Exec Director

Brett Smith Non-Exec Director

MLX Nominee. Brett is an MLX Nominee. Daniel’s experienced mining and accounting and finance corporate executive, having career has served the managed engineering and natural resources industry construction companies in for 20 years. He is a Australia and internationally. director of a private mining He has developed and company and serves as the delivered a number of mining CFO on a number of and mineral processing publicly listed companies. projects including coal, iron Daniel graduated with a ore, base and precious Bachelor of Commerce metals. Brett currently serves from Murdoch University, on the board of a number of Western Australia in 2005 publicly listed and private and obtained a Graduate mining companies. Diploma of Chartered Accounting in 2010.

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Elementos (ASX:ELT) corporate overview

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Share price Market capitalisation (undiluted) Major shareholders
01 Dec 2025 [3]
A$0.365 A$121.7M
20 Jan 2026 20 Jan 2026 Metals X, 17.88%
52 week high $0.44, low $0.05
Shares on issue [3] Cash [3]
Others, 38.73%
Andy Greig, 17.33%
333.5M A$9.7m
16 Jan 2026 20 Jan 2026
+ 9.7m Ordinary Fully Paid Deferred (Not including MLX funds subject to
+ 22.6m unlisted options (various strike prices) General Meeting)
+ 4.7m unlisted performance rights
Debt drawn Enterprise value [1,2,3]
Carlo Chiiodo, 1.32%
K Miller Entities, 6.17%
A$0.0M A$112.0m
Citicorp Nominees,
20 Jan 2026 20 Jan 2026
1.92%
TR Nominees, 2.59% Mccusker Holdings,
1 4.63%
Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV) D McVay Entities, 2.88% Q H & M Birt Pty Ltd,
2 Unaudited figures quotes 3.25% JM Financial, 3.30%
3 Does not include recent Placement or Entitlement Shares or cash
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Joe David Managing Director

jd@elementos.com.au

Level 7, 167 Eagle Street Brisbane Queensland 4000 Phone: +61 7 3212 6299

Elementos Ltd ABN 76 075 103 221 ASX:ELT

Connect with us.

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Join the conversation www.x.com/ElementosTin

Follow us www.x.com/elementoslimited

eNews

Subscribe to our e-news: elementos.com.au

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Disclaimer.

Competent Person Statements

The information in this Presentation that relates to Mineral Resources for the Cleveland Project has been extracted from the Company’s ASX Announcement on 30 August 2024 “Cleveland tungsten mineralisation updated”.

The information in this Presentation that relates to Mineral Resources for the Oropesa Project has been extracted from the Company’s ASX Announcement on 14th February 2023 “Oropesa Tin Project 2023 Mineral Resource Update”, 14th February 2023.

The information in this Presentation that relates to Ore Reserves for the Oropesa Project has been extracted from the Company’s ASX Announcement on 4[th] April 2025 “DFS and Maiden Ore Reserve Oropesa Tin Project”.

The information in this Presentation that relates to Exploration Results for the Cleveland Project has been extracted from the Company’s following ASX Announcement:

1. Ground Magnetic Survey Generates New Exploration Targets, 28[th] February 2017

2. Fluorite Confirmed at Cleveland Project, 3[rd] March 2023

3. High Grade Copper & Gold intersected at Cleveland Project, 18th June 2024

4. Additional High-Grade Tin & Copper hit at Cleveland Project, 10th July 2024

5. Further high-grade tin and copper intersected at Cleveland Project,19[th] July 2024

6. Tungsten and Critical Minerals Assays at Cleveland Project, 20 August 2024

7. Copper, Gold & Silver Target to be Drilled at Cleveland, 30[th] January 2025.

8. Maiden Zinc Mineral Resource Estimate for Oropesa Tin Project, 29 November 2023

The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcement referred to above and further confirms that, in the case of estimates or Mineral Resources or Ore Reserves, all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.

The Ore Reserves underpinning the production target set out in this announcement have been prepared by a Competent Person as defined in the JORC Code 2012.

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Oropesa Mineral Resource Estimate[4] & Maiden Ore Reserve Tables[19]

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OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4	OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4	OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4	OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4	OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4
Resource Classification	Sn%	Resource Tonnes	Contained Tin Metal (tonnes)	MRE Contribution (%)
Measured	0.36	7,418,212.0	26,800.5	38%
Indicated	0.41	11,113,471.0	45,012.1	57%
Subtotal: Measured & Indicated	0.39	18,531,683	71,812.6	95%
Inferred	0.38	1,070,700	4,021.0	5%
Total	0.39	19,602,383	75,833.6	100%

Notes:

1. 2023 Oropesa Tin Mineral Resource Estimate at a 0.15% Sn cut-off

April-2025 TIN MAIDEN ORE RESERVE19	April-2025 TIN MAIDEN ORE RESERVE19	April-2025 TIN MAIDEN ORE RESERVE19	April-2025 TIN MAIDEN ORE RESERVE19	April-2025 TIN MAIDEN ORE RESERVE19
Reserve Category	Sn%	Tonnes (M Tonnes)	Contained Sn Metal (tonnes)	Reserve Contribution (%)
Proved	0.34	6.1	21,028.0	38%
Probable	0.37	9.8	36,866.0	62%
Total	0.36	16	57,894.0	100%

Notes:

1. All figures are rounded to reflect appropriate levels of confidence, apparent differences in totals may occur due to rounding.

OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC8	OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC8	OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC8	OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC8	OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC8
Resource Classification	Zn%	Resource Tonnes	Contained Zinc Metal (tonnes)	MRE Contribution (%)
Measured	0.37	8,664,418	31,670	32%
Indicated	0.39	14,052,877	54,356	55%
Subtotal: Measured & Indicated	0.38	22,717,295	86,026	86%
Inferred	1.32	1,028,073	13,545	14%
Total	0.42	23,745,368	99,571	100%

Notes:

1. 2023 Oropesa Zinc Mineral Resource Estimate at a 0.05% Zn cut-off

2. A cut -off grade of 0.15% Sn has been applied.

3. Tonnages are expressed on a ROM basis, incorporating the effects of mining losses and dilution.

4. The reference point at which these ore reserves are defined is as the ore is delivered to the ROM Pad.