ELEMENTOS LIMITED — Regulatory Filings 2012

May 22, 2012

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23 MAY 2012

TAMAYA SECOND PHASE SAMPLING IDENTIFIES FURTHER HIGH-GRADE COPPER

Highlights

• High-grade copper up to 4.57%, with 60% of reconnaissance samples containing over 1% copper, reported from multiple structures

• Gold and silver anomalies up to 2.21 g/t and 8.4 g/t respectively indicate potential for precious metals mineralisation

• Program advancing to target definition in preparation for drilling

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) is pleased to announce the results of the second phase sampling and mapping program at the Tamaya Project, central Chile.

This phase has concentrated on the main Tamaya structural trend that was the primary focus of historic mining activity. Reconnaissance sampling was carried out along six kilometres of the structure that trends north-south through the centre of the project, parallel to the ridge-top of the Cerro Tamaya hill. Seventy-three representative rock-chip and character samples were collected from outcropping structures, veins, historic mine workings and mine waste dumps.

Forty-four of the seventy-three samples returned over 1% copper, up to a maximum of 4.57% (Table 1).

Preliminary interpretations include:

• The main Tamaya vein is flanked on each side by a number of smaller subparallel structures and is off-set locally by small cross-cutting structures;

• This main structural trend coincides with a significant linear magnetic high;

• Gold values were reported from multiple, widely distributed samples with grades up to 2.21 g/t gold;

• Silver values ranged up to 8.4 g/t, which together with the gold values, demonstrate that a precious metal phase of mineralisation occurred. This appears to coincide with the presence of quartz veinlets cutting through the copper vein structures; and

• On-going mapping and sampling of the principle mineralised structure has clearly defined over six kilometres of strike length, with some minor off-sets by cross-cutting structures.

The on-going mapping and sampling programs are building a robust model of the geological environment, to be used in drill target generation. A further 124 assay results are pending.

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Figure 1: Copper grades of the 148 samples collected to date (75 previously reported and 73 from the second phase sampling program) superimposed on the ground-magnetometry reduced-to-pole map (left) and the Google Earth image (right).

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Figure 2: Gold grades of the 148 samples collected to date superimposed on the groundmagnetometry reduced-to-pole map (left) and the Google Earth image (right).

Next Steps

Mapping and geochemical sampling programs are continuing over the historic workings and surface exposures of the multiple structures, veins and systems which host copper mineralisation. This will be followed by a ground-penetrating pole-dipole IP geophysical survey, planned to commence in late May. The aim of this exploration is to aid target definition for drilling (planned for the third quarter 2012, subject to drill rig availability).

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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 Alistair Grahame, a member of the Australian Institute of Geoscientists. Mr Grahame is a full-time employee of Elementos Ltd 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 Grahame consents to the inclusion in the report of the matters based on his information in the form and context.

SAMPLE QUALITY CONTROL AND ASSURANCE

Samples were prepared and assayed by ALS Chile (“ALS”), Minerals Division, at their facility in Coquimbo, an ISO9001:2008 certified laboratory. Methods utilised were:

• Thirty-three element ICP_AES;

• Samples returning greater than 1.0% copper are assayed using Four Acid Digest and an Atomic Absorption Spectrometer (“AAS”);

• Gold assay by Fire Assay (30g) and AAS; and

• Samples returning greater than 1.0 g/t gold are check analysed by ALS using the same method.

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Table 1: Results of the second phase sampling at Tamaya

Sample Number	Easting UTM WGS84	Northing UTM WGS84	Altitude (metres)	Sample Classification	Description	Copper (%)	Gold (g/t)
954543	273047	6615835	507	Representative	Veinlets in fault zone	1.39	0.23
954544	274427	6616827	771	Representative	Veinlets in volcanic wallrock	2.82	0.09
954545	274330	6616690	760	Representative	Silicification of volcanic wallrock	1.25	0.19
954546	274211	6616702	695	Representative	Veinlets in volcanic wallrock	0.04	0.02
954547	273466	6616557	558	Representative	Veinlets in a dyke	0.14	0.00
954548	274962	6619411	992	Selective	Veinlets in fault zone	3.86	0.18
954549	275323	6619124	1027	Representative	Silicified breccia structure	2.03	0.04
954550	275367	6619131	1058	Representative	Silicified breccia structure	1.52	0.05
954551	275369	6619205	1097	Representative	Silicified breccia structure	3.36	0.57
954552	275310	6619350	1082	Representative	Veinlets in volcanic wallrock	4.00	0.10
954553	275435	6619278	1102	Representative	Veinlets in a shear	4.44	0.06
954554	275617	6619069	1190	Selective	Mineralised wallrock (waste dump)	3.11	0.12
954555	275563	6619012	1181	Selective	Silicified breccia(waste dump)	3.12	0.10
954556	275301	6618971	1030	Representative	Silicified breccia structure	2.45	0.10
954557	275274	6618991	1004	Representative	Silicified breccia structure	0.78	0.02
954558	275299	6618798	993	Representative	Vein breccia	2.95	0.05
954559	275467	6618742	1106	Representative	Veinlets in silicified structure	1.34	0.02
954560	275473	6618705	1105	Representative	Veinlets in fault zone	1.41	0.01
954561	275484	6618700	1119	Representative	Breccia structure	2.01	0.09
954562	275644	6618561	1211	Representative	Veinlets in a dyke	0.30	0.04
954563	275629	6618549	1206	Representative	Silicified breccia structure	0.34	0.06
954564	275649	6618467	1200	Representative	Silicified breccia structure	0.96	0.04
954565	275636	6618470	1190	Representative	Silicified breccia structure	0.30	0.10
954566	275267	6618479	1005	Selective	Volcanic wallrock(Waste dump)	2.61	0.44
954567	275230	6618651	942	Representative	Silicified breccia structure	2.23	0.50
954568	275380	6618502	1044	Selective	Volcanic wallrock(Waste dump)	3.33	1.61
954569	274668	6618562	909	Selective	Mineralised dyke(Waste dump)	4.57	2.10
954570	274729	6618632	868	Representative	Veinlets in volcanic wallrock	1.73	0.15
954571	274693	6618639	863	Representative	Breccia structure	0.05	0.02
954572	274596	6618360	799	Representative	Veinlets in volcanic wallrock	0.66	0.03
954573	274983	6618398	884	Selective	Potassic wallrock(Waste dump)	2.86	0.03
954574	274929	6618375	871	Selective	Volcanic wallrock(Waste dump)	1.92	0.00
954575	274460	6617914	716	Selective	Volcanic breccia(Waste dump)	2.61	0.06
954576	275750	6618311	1209	Selective	Fault breccia(Waste dump)	0.65	0.06
954577	275753	6618285	1209	Representative	Veinlets in volcanic wallrock	0.10	0.01
954578	275622	6617723	1160	Representative	Veinlets in breccia structure	0.33	0.04
954579	275338	6617601	1029	Representative	Silicified breccia structure	0.06	0.00
954580	275340	6617585	1031	Representative	Vein breccia	0.03	0.00
954581	275576	6617641	1139	Representative	Fault breccia	1.62	0.22
954582	275590	6617605	1145	Representative	Fault breccia	2.79	0.13
954583	275625	6617341	1109	Representative	Veinlets in breccia structure	4.36	0.58
954584	275691	6617189	1104	Representative	Intersection of two structures	2.17	0.07
954585	275766	6617378	1023	Representative	Silicified breccia structure	0.10	0.00
954586	275782	6617436	1028	Representative	Breccia structure	1.41	0.05
954587	275786	6617463	1019	Representative	Breccia structure	1.46	0.14
954588	275787	6617531	1009	Representative	Veinlets in fault zone	0.97	0.05

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Sample Number	Easting UTM WGS84	Northing UTM WGS84	Altitude (metres)	Sample Classification	Description	Copper (%)	Gold (g/t)
954589	275819	6617610	1007	Representative	Veinlets in a shear	0.60	0.09
954590	275840	6617651	1009	Representative	Veinlets in silicified breccia	0.80	0.06
954591	275872	6617726	1017	Representative	Veinlets in silicified breccia	1.54	0.06
954592	275939	6617875	1025	Selective	Weak stockwork(Waste dump)	2.85	0.24
954593	275946	6617924	1013	Representative	Veinlets in breccia structure	0.03	0.00
954594	275938	6617946	1011	Representative	Silicified breccia	0.24	0.14
954595	275951	6618032	1004	Representative	Fault breccia	3.93	0.29
954596	275995	6618082	1024	Representative	Fault breccia	0.01	0.04
954597	275995	6618070	1023	Representative	Fault breccia	0.07	0.00
954598	275966	6618049	1008	Representative	Veinlets in fault zone	3.44	0.38
954599	276069	6618412	980	Representative	Veinlets in breccia structure	0.05	0.02
954600	276029	6618450	1009	Representative	Breccia structure	1.57	0.00
954601	276041	6618583	1009	Representative	Veinlets in wallrock	0.78	0.02
954602	276046	6618357	1035	Representative	Stockwork in volcanic wallrock	1.93	0.09
954603	276049	6618308	1039	Representative	Sheeted veinlets in wallrock	0.80	0.06
954604	276044	6618245	1044	Representative	Sheeted veinlets in wallrock	1.18	0.79
954605	276137	6618208	1025	Representative	Stockwork in volcanic wallrock	1.72	0.10
954606	276204	6618571	931	Representative	Veinlets in silicified wallrock	1.33	0.06
954607	276193	6618592	937	Representative	Veinlets in silicified breccia	0.01	0.00
954608	275069	6619474	1038	Selective	Veinlets in wallrock(waste dump)	3.16	0.05
954609	275053	6619509	1029	Representative	Veinlets in a dyke	2.76	0.78
954610	275098	6619494	1042	Representative	Veinlets in fault zone	3.44	0.36
954611	275502	6619309	1073	Representative	Veinlets in volcanic wallrock	1.66	0.07
954612	275972	6619135	1013	Representative	Veinlets in breccia structure	0.68	0.00
954613	276028	6619015	1021	Representative	Veinlets in silicified breccia	0.42	2.21
954614	276015	6619027	1018	Representative	Veinlets in silicified breccia	0.24	0.01
954615	276171	6618436	921	Representative	Veinlets in breccia structure	0.26	0.04

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