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ELEMENTOS LIMITED Investor Presentation 2026
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ELEMENTOS
TOMORROW'S TIN
Advancing a Strategic Global Tin Supply
International Tin Conference
Seville Spain
20th May 2026
ASX:ELT
elementos.com.au
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 4th 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.
Elementos (ELT) offers investors compelling exposure to tin with critical minerals upside:
ASX:ELT
ELEMENTOS
14
ELL
01
Exposure to tin, an under-invested critical metal essential for all technology, data storage, automation and electrification.
02
Attractive entry price into ELT ~A$185M# which holds two mature tin projects, primed for development and a A$40M net cash position.
03
Experienced team with major "skin in the game". Now with L1 Capital as 19.99% and Metals X as 15.91% shareholders.
04
Oropesa DFS modelling displays compelling economics at DFS base case pricing and elevated returns at current tin prices.
05
The Cleveland mine has a large tin Mineral Resource and major exploration upside for tin, tungsten, rubidium and other critical minerals.
ELT Market Cap, Based on Ordinary Shares on Issue and closing price on 14 May 2026
ASX:ELT
4
Two mature tin projects, primed for development.
Oropesa Project
Andalucia, Spain
The EU's only advanced tin mining project and one of the few vertical integrated tin supply chains in the world (mine-to-metal).
Status
DFS Completed
(Advanced Development)
Ore Reserves
Tin
Mineral Resources
Tin
Zinc
Robledollano Tin Smelter
Extremadura, Spain, 220km from Oropesa
Elementos has a binding option to acquire 50% ownership stake of Iberian Smelting SL, becoming the only primary tin metal supply within the EU.
Cleveland Project
Tasmania, Australia
Historic tin mine under re-evaluation as a tin and critical minerals project after recent drilling intersected more base metals and identified further critical minerals.
Status
Metallurgical Test work
Exploration
Scoping Study
Development
Ore Reserves
Tin (Tailings)
Mineral Resources
Tin (Hard Rock)
Copper
Tungsten
Other Identified Minerals
Rubidium
Fluorite
Molybdenum
Bismuth
Gold
Silver
ASX:ELT
ELEMENTOS
5
Oropesa is a modern and responsible tin development project in Spain.
Greenfield, open-cut tin mine.
- Supported by Andalusian Junta (Government), as a member of the Project Accelerator Unit (PAU) with high levels of local community support.
- Tin included within list of priority raw materials by the Spanish Government's new National Mining Exploration Program (PNEM 2025–2030).
- Andalucian region (part of Iberian Pyrite Belt) is home to some of Spain's largest mines:
- MATSA mining complex (~200km) owned by Sandfire Resources.
- Rio Tinto Copper Mine (~120km) owned by Atalaya Mining.
- Cobre Las Cruces Copper Mine (~100km) owned by Recource Capital Partners.
- Aznalcóllar and Los Frailes mines (~110km) owned by Grupo Mexico.
ASKELT
ELEMENTOS
15
Oropesa is the only integrated mine-to-metal tin project in development within the European Union.
This unique supply-chain will provide security of supply to European and North American manufacturers.
Mine-to-metal tin supply
- Spanish Tin Smelter
- Oropesa Tin Mine
SPAIN
Manufacturers across Europe are seeking non-conflict, responsibly sourced and secure supplies of tin to produce:
- Electrical solder 51%
- Solar panels, glass coating, batteries, copper alloy, other 22%
- Chemicals 15%
- Tinplate 11%
Source: ITA investing in tin seminar, 2024
ASX:ELT
ELEMENTOS
7
Vertical Integration from within Spain will supply high quality tin ingots into the European market.
- Tin ingots delivered in Europe attract a significant price premium (~US$900-US$1,250/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 Agreement executed to acquire up to 50% interest in Iberian Smelting SL, that owns the Robledallano Tin Smelter, only 220km by road from Oropesa. CPs inc. final due diligence and upgrades 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.
ASY.SLT
ELEMENTOS
8
Oropesa is one of the few tin projects in development with an Ore Reserve.
Maiden Ore Reserve^
Maiden Ore Reserve Estimate Total
15.90Mt
0.36% Sn
Mineral Resources*>
Mineral Resource Estimate Total
19.60Mt
0.39% Sn
^Reserves calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 4 April 2025¹⁹. 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.
Contained Tin Metal Total
75,834t
*Resource calculated using a 0.15% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 14 February 2023⁴
> Mineral Resource Estimate & Ore Reserve classification % contribution noted on slide figures. Full breakdown tables included at back of presentation.
ASX:ELT
ELEMENTOS
9
Responsibly planned, efficiently scheduled and fully-costed DFS 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.
ASX:ELT
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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)
- Dump operational slope angles designed to final rehabilitation angle to ease rehabilitation works.
The entire operation has been efficiently designed to achieve responsibility goals above the requirements of applicable legislations.
- 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.
ASX:ELT
11
Mature Engineering, with Integrated 3D designs.
Masterplan modelling ensures efficient design and interaction of major and minor packages.
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.
ASX:ELT
12
DFS capital costs estimated at €149M (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
ASX:ELT
13
Definitive Feasibility Study confirms robust project design and economic outcomes.*
Based on a reference tin price of US$30,000/t
*Refer ASX Release dated 4 April 2025 Oropesa Tin Project: Definitive Feasibility Study (DFS) Results and Maiden Ore Reserve Statement
Annual production
1.36Mt
Annual production (contained tin)
3,405t
Life of Mine
12 years
NPV8% ($US30k/t pre-tax, ungeared, real)
A$270M
AISC costs (tin metal)
US$15,000/t
Life of Mine EBITDA
A$996M
Internal Rate of Return (US$30,000/t, pre-tax)
26%
Capital payback
2.7 years
Please note that this table has been rounded for compliance, which may lead to differences in reporting
Market cap# vs Oropesa DFS NPV8% comparison
| NPV8% (DFS Base Case at US$30k/t Tin) | A$270M |
| --- | --- |
| Market Cap# | A$185M |
Modern, Responsible & Sophisticated approach to Mine Design
Elements Market Capitalisation is based on outstanding Ordinary Shares and closing market price on 14 May 2026
*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
The current spot price
of Tin^ is ~US$55,750/t
DFS NPV's shows strong valuations at current & forecast tin prices.
| DFS Base Price | LT Av. Consensus | LME Spot# | ||||
|---|---|---|---|---|---|---|
| US$27.5k/t | US$30.0k/t | US$32.5k/t | US$35.0k/t | US$35.4k/t | US$37.5k/t | US$38.6k/t |
| 6% | 230.7 | 336.0 | 441.2 | 546.5 | 563.5 | 651.8 |
| 8% | 178.0 | 270.4 | 362.7 | 455.1 | 470.0 | 547.5 |
| 10% | 134.3 | 215.9 | 297.5 | 379.0 | 392.2 | 460.6 |
| 12% | 97.9 | 170.4 | 242.9 | 315.3 | 327.0 | 387.8 |
DFS Table 2 - A$M Project NPV - 100% basis, real, ungeared, pre-tax
| DFS Base Price | LT Av. Consensus | LME Spot# | ||||
|---|---|---|---|---|---|---|
| US$27.5k/t | US$30.0k/t | US$32.5k/t | US$35.0k/t | US$35.4k/t | US$37.5k/t | US$38.6k/t |
| Pre-tax IRR | 20.2% | 25.6% | 30.7% | 35.5% | 36.2% | 40.0% |
| Payback Period | 37.9 | 32.4 | 29.3 | 24.1 | 23.2 | 20.8 |
DFS Table 3 - Project Payback Period & Internal Rate of Return (IRR) -100% basis, real, ungeared, pre-tax
See 'DFS Reference Tin Prices, Consensus Pricing, Spot Pricing' in DFS announcement 04 April 2025
^ London Metals Exchange (LME) Tin Official Prices, Cash offer, 13 May 2026 lme.com/tin
ASX:ELT
15
Oropesa has further Mineral Resource extension opportunities.
Oropesa Tin Extensions (NW & SE)
Mineralised extensions possible in the north-west and south-east of the currently defined Mineral Resource Estimate. The Resource remains open in several directions, currently limited only by drilling
The map shown on the right indicates possible extensions in the north-west and south-east of the Mineral Resource.
Oropesa Zinc Resource®
23.75Mt
Note: 2023 Oropesa Mineral Resource Estimate for Zinc at a 0.05% Zn cut-off (JORC 2012)
*Resource calculated using a 0.05% Zinc cut-off grade. This information was first disclosed under the JORC Code 2012 on 29 November 2023
ASX:ELT
16
Oropesa has a number of near mine soil-sampling targets highly indicative of further mineralisation.
Oropesa ‘La Grana’ Tin Target (North)
La Grana hill (100m to North) has potential to host high-grade resources of cassiterite mineralisation within intersections of fractured zones.
The map shown to the right is a high priority targeting following the recent analysis of historic soil sampling programs recently reprocessed.
Legend
Datum:ETR589/UTM Zone 30
La Grana Soil Sn ppm
- 200.00 to 300.00
- 300.00 to 400.00
- 400.00 to 500.00
- 500.00 to 600.00
- 600.00 to 700.00
- >= 700.00
- Oropesa 30k/t pit
- ☐ Resource boundary
SCAN
Scale
1 : 10000
ASX:ELT
17
ELEMENTOS
Three Additional Tenements add additional Mineral Resource Prospectivity.
Along-strike Prospectivity already identified
On new tenements, provisionally awarded to Elementos' Spanish subsidiary, Aster remote sensing has identified anomalous alteration mineral assemblages similar to Oropesa tin mineralisation along strike on very similar orientation. Neighbouring leases show prospectivity for copper (VMS & Porphyry), fluorite (outcrop), REEs (dysprosium) and lithium.
ASX:ELT
ELEMENTOS
18
Cleveland offers advanced multi-commodity optionality in mineral rich north-west Tasmania.
100%-owned historical mining operation has growing restart potential.
Operated as underground tin (and by-product copper) mine for 27-years.
ASX:ELT
19
Cleveland continues to prove-up more base, precious and critical minerals, with the tin
Current Mineral Resources include:
| 50
Sn
TIN | 29
Cu
COPPER | 74
W
TUNGSTEN |
| --- | --- | --- |
2024 exploration drilling intersected significant previously unknown intersections of base, and critical minerals, including $^{9-15}$:
| CaF_{2}
FLUORITE | 37
Rb
RUBIDIUM | 42
Mo
MOLYBDENUM | 83
Bi
BISMUTH |
| --- | --- | --- | --- |
Tin and copper JORC Resources¹
| Indicated | Inferred | Total |
|---|---|---|
| 6.23Mt | ||
| 0.75% Sn | 0.30% Cu | 1.24Mt |
| 0.76% Sn | 0.28% Cu | 7.47Mt |
| 0.75% Sn | 0.30% Cu |
¹ All resources calculated using a 0.35% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 26 September 2018.
Tin and copper tailings JORC Reserve²
| Probable | Total |
|---|---|
| 3.70Mt | |
| 0.29% Sn | 0.13% Cu |
| 0.29% Sn | 0.13% Cu |
² 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 Resources³
| Probable | Total |
|---|---|
| 8.49Mt | |
| 0.24% WO₃ | 8.49Mt |
| 0.24% WO₃ |
³ All resources calculated using a 0.17% WO₃ cut-off grade. This information was first disclosed under the JORC Code 2012 on 04 February 2026
Tungsten JORC Exploration Target⁴ (below 850m RL)
| 32Mt – 90Mt
0.24% WO₃ 0.17% WO₃
Cut-off 0.175% WO₃ Cut-off 0.05% WO₃ | ⁴ This information was first disclosed under the JORC Code 2012 on 04 February 2026
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource |
| --- | --- |
9/15/2024
ASX:ELT
20
These results have further strengthened the Mineral Resource base for Cleveland as a Tin and Tungsten Project and support our ongoing work toward a Scoping Study.
ASX:ELT
21
Elementos (ASX:ELT) corporate overview
| Share price | Market capitalisation (undiluted)² |
|---|---|
| A$0.42 | |
| 14 May 2026 | |
| 52 week high $0.47, low $0.08 | A$185M |
| 14 May 2026 | |
| Shares on issue | Cash² |
| 434.1M | |
| 14 May 2026 | |
| + 20.6m unlisted options (various strike prices) | |
| + 4.7m unlisted performance rights | A$40m |
| 24 Apr 2026 | |
| Debt drawn | Enterprise value¹,² |
| A$0.0M | |
| 14 May 2026 | A$145m |
| 14 May 2026 |
¹ Please note difference in data dates for EV calculation (Mcap – Cash + Debt = EV)
² Unaudited and rounded figures quotes
ASX:ELT
ELEMENTOS
Our team has delivered multibillion dollar mining and natural resource projects around the world.
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.
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.
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.
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.
Brett Smith
Non-Exec Director
MLX Nominee. Brett is an experienced mining and corporate executive, having managed engineering and construction companies in Australia and internationally. He has developed and delivered a number of mining and mineral processing projects including coal, iron ore, base and precious metals. Brett currently serves on the board of a number of publicly listed and private mining companies.
Daniel Broughton
Non-Exec Director
MLX Nominee. Daniel's accounting and finance career has served the natural resources industry for 20 years. He is a director of a private mining company and serves as the CFO on a number of publicly listed companies. Daniel graduated with a Bachelor of Commerce from Murdoch University, Western Australia in 2005 and obtained a Graduate Diploma of Chartered Accounting in 2010.
ELEMENTOS
Elementos Ltd
ABN 76 075 103 221
ASX:ELT
Level 7, 167 Eagle Street
Brisbane Queensland 4000
Phone: +61 7 3212 6299
Joe David
Managing Director
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ASX:ELT
ELEMENTOS
24
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 4th 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:
- Exploration Diamond Drilling Results for the Cleveland Tin Project, 01 June 2018
- Substantial Increase in Cleveland Open Pit Project Resources following Revised JORC Study, 26 September 2018
- Fluorite Confirmed at Cleveland Project, 3rd March 2023
- Oropesa Tin Project – 2023 Mineral Resource Update, 14 February 2023
- Maiden Zinc Mineral Resource Estimate for Oropesa Tin Project, 29 November 2023
- High Grade Copper & Gold intersected at Cleveland Project, 18th June 2024
- Additional High-Grade Tin & Copper hit at Cleveland Project, 10th July 2024
- Further high-grade tin and copper intersected at Cleveland Project, 19th July 2024
- Tungsten and Critical Minerals Assays at Cleveland Project, 20 August 2024
- Oropesa Tin Project: Definitive Feasibility Study (DFS) Results and Maiden Ore Reserve Statement, 04 April 2025
- Tungsten Mineral Resource Estimate Increase at Cleveland Tin Project, 04 February 2026
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.
ASX:ELT
25
ELEMENTOS
APPENDIX-1
Oropesa Mineral Resource Estimate⁴ & Maiden Ore Reserve Tables¹⁰
| 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 | ||||
|---|---|---|---|---|
| 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.
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.
| OROPESA 2023 MINERAL RESOURCE ESTIMATE – ZINC ⁸ | ||||
|---|---|---|---|---|
| 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
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26
APPENDIX-2:
Cleveland Mineral Resource Estimates $^{2}$ & Exploration Target $^{11}$
| CLEVELAND TIN & COPPER PROJECT SEP-2018 MINERAL RESOURCE ESTIMATE | |||||
|---|---|---|---|---|---|
| Resource Classification | Sn% | Resource Tonnes (Mt) | Contained Tin Metal (kt) | Cu (%) | Contained Copper Metal (kt) |
| Indicated | 0.75 | 6.23 | 46.7 | 0.30 | 18.7 |
| Inferred | 0.76 | 1.24 | 9.4 | 0.28 | 3.5 |
| Total | 0.75 | 7.47 | 56.1 | 0.30 | 22.2 |
Notes:
1. 2018 Cleveland Tin & Copper Mineral Resource Estimate at a 0.35% Sn cut-off
| CLEVELAND TAILINGS AUG-2015 ORE RESERVE STATEMENT | |||||
|---|---|---|---|---|---|
| Reserve Category | Sn% | Tonnes (Mt) | Contained Tin Metal (kt) | Cu (%) | Contained Copper Metal (kt) |
| Probable | 0.29 | 3.7 | 11.0 | 0.13 | 4.8 |
| Total | 0.29 | 3.7 | 11.0 | 0.13 | 4.8 |
Notes:
1. A cut-off grade of 0.0% Sn has been applied.
| CLEVELAND TUNGSTEN FEB-2026 MINERAL RESOURCE ESTIMATE | |||
|---|---|---|---|
| Resource Classification | Sn% | Tonnes (Mt) | Contained Tin Metal (kt) |
| Inferred | 0.24 | 8.49 | 20.6 |
| Total | 0.24 | 8.49 | 20.6 |
Notes:
1. A cut-off grade of 0.175% WO₃ has been applied.
| CLEVELAND TUNGSTEN FEB-2020 EXPLORATION TARGET | ||
|---|---|---|
| Exploration Target cut-off grade WO₃% | Tonnes (Mt) | WO₃% |
| 0.05% | 90 | 0.17% |
| 0.175% | 32 | 0.24% |
Notes:
1. Variable cut-off grades have been tabularized above
2. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of mineral resources or that the production target itself will be realised.
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ELEMENTOS
27
Cleveland Tin Project
Exploration Target
Competent Persons Statement
- The information in this Presentation that relates to the Cleveland Exploration Target is based on, and fairly represents, information and supporting documentation compiled or reviewed by Mr Chris Creagh. Mr Creagh is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the JORC Code (2012). Mr Creagh consents to the inclusion of this information in the form and context in which it appears. Mr Creagh holds securities in Elementos Limited. Further information is contained in the Company's ASX Announcement dated 4 February 2026 titled "Tungsten Mineral Resource Estimate Increase at Cleveland Tin Project".
- The information in this presentation that relates to the Exploration Target for the Cleveland Project is based on, and fairly represents, information and supporting documentation either compiled or reviewed by Mr Chris Creagh.
Qualifying Statement
- The potential quantity and grade are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. There is no certainty that further exploration will result in the determination of a Mineral Resource or that a production target will be realised.
Cleveland Exploration Target (Tungsten)
- Exploration Target Range:
- 90 Mt @ 0.17% WO₃ (cut-off grade 0.05% WO₃) - 32 Mt @ 0.24% WO₃ (cut-off grade 0.175% WO₃)
- Located within the Foley's Zone, beneath and adjacent to the historic Cleveland Tin Mine, Tasmania. Spatially separate from the existing Inferred Tungsten Mineral Resource and the established Tin-Copper Mineral Resources and Reserves.
Geological Setting
- Polymetallic system hosted within altered sediments and intrusive bodies. Tungsten mineralisation dominated by wolframite, hosted in a quartz vein stockwork system.
- Strong association with critical minerals including rubidium, molybdenum, bismuth and fluorite.
- Mineralisation extends below historic underground workings and beyond historical mine limits.
Strike, Depth & Thickness
- Strike: Interpreted from historic mine data, recent and historic diamond drilling, and geological reinterpretation of the Foley's Zone.
- Depth: Drilling confirms continuous mineralisation to depths exceeding 1,000 m downhole.
- Thickness: Derived from logged drill intersections and 3D geological modelling, extrapolated along strike and down-dip.
Tonnage & Grade Assumptions
- Tonnages estimated from 3D model volumes using appropriate bulk density assumptions.
- Grade ranges informed by:
- Updated Inferred Tungsten MRE (8.49 Mt @ 0.24% WO₃)
- Historic tungsten assay data
- Recent drilling and geological continuity
- Ore sorting test work
- All assumptions remain conceptual and subject to further drilling and validation.
Exploration Activities
- Ongoing and planned work programs include:
- Diamond drilling targeting extensions of the Foley's Zone
- Geological and structural reinterpretation
- Metallurgical and ore-sorting studies
- Progressive resource definition and technical studies
- Objective is to assess potential conversion of the Exploration Target to a JORC-compliant Mineral Resource.