ELEMENTOS LIMITED — Regulatory Filings 2012

May 28, 2012

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29 MAY 2012

MERCEDES IP GEOPHYSICS AND PROJECT UPDATE

Highlights

• At the Elvira porphyry prospect, IP geophysics identifies a weak chargeability anomaly at a depth considered uneconomic

• Copper oxide potential remains prospective, to be assessed through on-going mapping and sampling programs

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) is pleased to provide the preliminary results of the Mercedes pole-dipole induced polarisation geophysics program, together with a project strategy update.

Induced Polarisation Geophysics Results

At the Elvira prospect, a dacite porphyry with minor alteration and disseminated mineralisation, and a number of structural occurrences containing high-grade copper oxide and sulphide mineralisation, had been identified during mapping.

Subsequent airborne magnetometry highlighted a large magnetic low, which supported the hypothesis of a porphyry system at depth. The Company has now completed four lines, totalling 24 line-kilometres, of pole-dipole induced polarisation (“PDP-IP”) geophysics, seeking to identify evidence of a mineralised porphyry system. Although the results have highlighted a large low-level chargeability anomaly (potential presence of sulphide mineralisation), it is located at depths considered uneconomic.

Project Update

The Company has completed a number of phases of mapping and sampling, and an airborne magnetometry and PDP-IP survey targeting both the porphyry and oxide targets. Whilst exploring, Elementos has identified a number of near surface, high-grade copper oxide targets, including Mecha I, II and III, Pamela, and a large structure at Elvira. The oxide potential remains highly prospective, although further exploration is required prior to committing to drilling.

Sampling and mapping programs of exposed mineralisation and artisanal mines demonstrate the wide-spread distribution of high-grade copper oxides throughout the project area. There is also potential for deeper sulphide mineralisation within these structures. This hypothesis is also supported by the airborne magnetometry, which reveals a strong correlation between extensive geophysical lineaments and high-grade copper oxide mineralisation on surface. Additionally, the IP geophysics identified a shallow, moderately-high conductivity anomaly which correlates with near surface copper oxide structures at Elvira, highlighting the potential for extensions of the structure at depth.

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Further geological mapping, sampling and drilling will be required to demonstrate that there are sufficient structures to achieve the volume required to create an economic copper oxide resource, capable of development into a solvent extraction and electro-winning operation.

For more information, please contact:

Corey Nolan Managing Director Phone: +61 (7) 3221 7770 Email: admin@elementos.com.au

Elementos is an Australian, ASX-listed, copper and gold exploration company, with projects in Chile, Argentina and Australia. The properties are all in mineral rich, highly prospective provinces, with developed infrastructure nearby. Please visit us at www.elementos.com.au

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Gustavo Delendatti, a member of the Australian Institute of Geoscientists. Mr Delendatti is a full-time employee of Elementos Ltd, and its subsidiaries, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which it is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Delendatti consents to the inclusion in the report of the matters based on his information in the form and context.

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