ELEMENTOS LIMITED — Major Shareholding Notification 2026

Feb 18, 2026

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/ Scheme ACN/ ARSN 1. Details of substantial holder (1) Name ACN/ ARSN (if applicable) The holder became a substantial holder on	ELEMENTOS LIMITED
	138 468 756
	L1 Capital PtyLtd
	125 378 145
	19/02/2026

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person's votes(5)	Voting power(6)
FPO	86,775,000	86,775,000	19.99%

*Based on issued capital of 434,139,708 shares

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Holder of relevant interest	Nature of relevant interest(7)	Nature of relevant interest(7)	Class and number of securities
See Annexure A
present registered holders registered as holders of the securities referred to in paragraph 3 above are as follows:
Holder of relevant interest	Registered Holder of securities		Person entitled to be registered as holder(8)	Class and number of securities
See Annexure A

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Consideration (9)	Class and number of securities	Class and number of securities
		Cash		Non-cash
See Annexure B

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ ARSN(if applicable)	Nature of association
N/A

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7. Addresses
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The addresses of persons named in this form are as follows:

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Name Address
L1 Capital Pty Ltd Level 45, 101 Collins Street, Melbourne, VIC, 3000
Signature
Print name Jane Stewart Capacity Head of Legal & Compliance
Sign here Date 19/02/2026
DIRECTIONS
(1)
If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an
annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names
and addresses of members is clearly set out in paragraph 7 of the form.
(2) See the definition of "associate" in section 9 of the Corporations Act 2001.
(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4) The voting shares of a company constitute one class unless divided into separate classes.
(5)
The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant
(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(7) Include details of:
(a)
any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant
agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this
contract, scheme or arrangement; and
(b)
any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates
(indicating clearly the particular securities to which the qualification applies).
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See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

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(8)
If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".
(9)
Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details
must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions,
even if they are not paid directly to the person from whom the relevant interest was acquired.
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Annexure A

L1 Capital Pty Ltd (ACN 125 378 145) notice of initial substantial holding in Elementos Limited This is Annexure "A" of 1 page referred to in the Form 603 (Notice of initial substantial holder)

Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests	Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests	Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests	Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests	Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests	Print Name Jane Stewart Capacity Head of Legal & Compliance Sign Here Date 19/02/2026 Details of present relevant interests
Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Nature of relevant interest	Class and number of securities
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	Power to (or to control) exercise vote and/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements.	51,718,210	FPO
L1 Capital PtyLtd	Goldman Sachs International	Goldman Sachs International	as above	35,056,790	FPO

Annexure B

L1 Capital Pty Ltd (ACN 125 378 145) notice of initial substantial holding in Elementos Limited This is Annexure "B" of 1 page referred to in the Form 603 (Notice of initial substantial holder)

Print Name Jane Stewart

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Sign Here

Capacity

Date

Head of Legal & Compliance 19/02/2026

Changes in relevant interests

Date of change	Person whose relevant interest changed	Nature of change(6)	Considerationgiven in relation to change(7)	Class and number of securities affected	Class and number of securities affected	Person's votes affected
19/02/2026	L1 Capital Pty Ltd	Participation in Placement	$ 29,503,500.00	86,775,000	FPO	86,775,000