ELEMENTOS LIMITED — Regulatory Filings 2023

Jun 21, 2023

Elementos Limited Level 7, 167 Eagle St ABN 49 138 468 756 Brisbane Queensland 4000 ASX: ELT Phone +61 (0)7 2111 1110 elementos.com.au admin@elementos.com.au

22 June 2023

ASX RELEASE

Final drilling assays received at the Oropesa Tin Project

Elementos Limited (ASX: ELT) has intersected further tin, zinc and copper mineralisation outside the Mineral Resource at its Oropesa Tin Project in Spain.

Exploration Diamond Drilling to the north-west of the Oropesa Resource

Drill holes ADD_05 and ADD_07 were drilled to test for extensions to the semi-massive to massive sulphide mineralisation intersected in drill holes SGT_4 and ADD_04A[1&2 ] to the north-west of the Oropesa Mineral Resource.

ADD_05 intersected zinc and copper mineralisation over a distance of 8.9m (downhole). This result confirms continuity of the base metal mineralisation to the northwest of the Oropesa Mineral Resource.

ADD_05:8.9m @ 1.14% Cu & 0.31% Zn from 87.0m

ADD_07 intersected a significant zone of tin mineralisation to the northwest of and at depth below the current Oropesa Mineral Resource.

ADD_07:23.0m @ 0.14% Sn from 189.3m (0.1% Sn cut-off grade)

==> picture [448 x 256] intentionally omitted <==

Figure 1. Cross-section depicting the outlines of the mineral resource wireframes and location of exploration drill holes ADD-05 & ADD-07, at the Oropesa Tin Project, Spain (looking towards the northwest)

1 ELT ASX Release 16 March 2022, Oropesa Tin Project - Additional Mineralisation 2 ELT ASX Release, 29 March 2023, Further mineralisation outside Oropesa Resource

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Drill holes ADD_05 and ADD_07 not only contain valuable mineralised intercepts but also add important geological information to Oropesa’s exploration assessment and provides valuable information for the planning and execution of future exploration drilling programmes to the northwest of the current Oropesa Mineral Resource.

Extensional exploration diamond drilling to the south-east of the Oropesa Resource

Diamond drill hole ADD-46 was designed to test for shallow extensions to the south-eastern edge of the known Mineral Resource. The mineralisation intersected in ADD_46 has defined the boundaries of potential extensions to the Mineral Resource in this region.

ADD_46:0.6m @ 0.30% Sn from 102.0m (0.1% Sn cut-off grade)

Managing Director Joe David commented

“We continue to intersect a Volcanic Massive Sulphide (VMS) style of mineralisation to the northwest of the deposit. This appears to be derived from a different mineralising fluid to the main deposit which results in both lower tin grades but higher zinc grades, with the addition of some decent intersections of copper. We continue to view these intercepts as reconnaissance drilling and will use the current results to model the VMS style mineralisation further with the aim of assisting us to better target future drilling – and hopefully intersecting further, larger and more significant intersections.

The continuation of mineralisation outside the bounds of the currently defined Mineral Resource demonstrates the potential for the Oropesa Tin Project to be further extended and expanded beyond what is in the basis of design for the Definitive Feasibility Study.

This completes the current phase of exploration drilling at Oropesa

Today’s announced results do not contribute to the recently announced Mineral Resource Estimate[3] and therefore will not contribute tonnages or grade to the Oropesa Tin Project Definitive Feasibility Study (DFS). These results can therefore be viewed as indicative to further exploration potential contained both extensionally and regionally across the Oropesa tenement.

3 ELT ASX Release 14 February, Oropesa Tin Project – 2023 Mineral Resource Update

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Figure-2. Plan depicting theOropesa Tin Mineral Resource wireframes displaying the location and orientation of drill holes ADD_05, ADD_07, & ADD_46 (looking towards the north-northeast)

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Table 1. Drill hole collar data

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ALS CODE	Drill Hole ID	MESPA Sample ID	From (m)	To (m)	Length (m)	ME-ICP % Sn	ME-ICP % Zn	ME-ICP % Cu
SV23089120	ADD_07	D824602	29.40	31.40	2.00	<0.01	0.16	0.01
SV23089120	ADD_07	D824603	31.40	33.40	2.00	0.02	0.11	0.01
SV23089120	ADD_07	D824604	33.40	35.40	2.00	0.01	0.13	0.01
SV23089120	ADD_07	D824605	35.40	36.40	1.00	0.01	0.10	0.01
SV23089120	ADD_07	D824606	36.40	37.90	1.50	0.01	0.20	0.01
SV23089120	ADD_07	D824607	37.90	39.30	1.40	0.01	0.13	0.01
SV23089120	ADD_07	D824608	39.30	41.40	2.10	0.01	0.10	0.01
SV23089120	ADD_07	D824609	41.40	43.40	2.00	0.02	0.12	0.01
SV23089120	ADD_07	D824610	43.40	45.50	2.10	0.01	0.09	0.01
SV23089120	ADD_07	D824611	45.50	47.50	2.00	0.03	0.10	0.01
SV23089120	ADD_07	D824612	47.50	49.50	2.00	0.01	0.13	0.01
SV23089120	ADD_07	D824613	49.50	51.10	1.60	0.01	0.12	0.01
SV23089120	ADD_07	D824614	51.10	53.20	2.10	0.01	0.12	0.01
SV23089120	ADD_07	D824615	53.20	54.40	1.20	0.02	0.10	0.01
SV23089120	ADD_07	D824617	60.30	61.90	1.60	0.01	0.11	0.01
SV23089120	ADD_07	D824618	61.90	62.70	0.80	0.01	0.14	0.00
SV23089120	ADD_07	D824619	62.70	64.20	1.50	0.02	0.05	0.00
SV23089120	ADD_07	D824620	64.20	65.70	1.50	0.01	0.15	0.00
SV23089120	ADD_07	D824621	65.70	67.90	2.20	0.02	0.10	0.01
SV23089120	ADD_07	D824622	67.90	69.20	1.30	0.01	0.10	0.00
SV23089120	ADD_07	D824623	69.20	70.80	1.60	0.01	0.12	0.00
SV23089120	ADD_07	D824624	84.00	85.50	1.50	0.01	0.16	0.00
SV23089120	ADD_07	D824625	91.00	92.60	1.60	0.01	0.10	0.00
SV23089120	ADD_07	D824626	92.60	94.00	1.40	0.02	0.12	0.00
SV23089120	ADD_07	D824627	94.00	95.30	1.30	0.02	0.19	0.00
SV23089120	ADD_07	D824628	129.80	131.80	2.00	0.02	0.13	0.00
SV23089120	ADD_07	D824629	131.80	133.80	2.00	0.18	0.18	0.15
SV23089120	ADD_07	D824630	133.80	135.80	2.00	<0.01	0.10	<0.002
SV23089120	ADD_07	D824631	142.00	143.00	1.00	<0.01	0.23	<0.002
SV23131939	ADD_07	D824729	189.30	190.70	1.40	0.13	0.02	0.00
SV23131939	ADD_07	D824730	190.70	192.00	1.30	0.11	0.08	0.03
SV23131939	ADD_07	D824731	192.00	193.00	1.00	0.16	0.08	0.02
SV23131939	ADD_07	D824732	193.00	194.00	1.00	0.21	0.12	0.03
SV23131939	ADD_07	D824733	194.00	195.00	1.00	0.18	0.02	0.01
SV23131939	ADD_07	D824734	195.00	196.00	1.00	0.23	0.02	0.02
SV23131939	ADD_07	D824735	196.00	197.10	1.10	0.16	0.03	0.01

Table 2. Analytical results for ADD_05, ADD_07 & ADD_46

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ALS CODE	Drill Hole ID	MESPA Sample ID	From (m)	To (m)	Length (m)	ME-ICP % Sn	ME-ICP % Zn	ME-ICP % Cu
SV23131939	ADD_07	D824736	197.10	198.10	1.00	0.16	0.05	0.00
SV23131939	ADD_07	D824737	198.10	199.90	1.80	0.07	0.04	0.01
SV23131939	ADD_07	D824738	199.90	201.40	1.50	0.20	0.02	0.01
SV23131939	ADD_07	D824739	201.40	202.80	1.40	0.18	0.06	0.01
SV23131939	ADD_07	D824740	202.80	204.70	1.90	0.13	0.02	0.01
SV23131939	ADD_07	D824741	204.70	205.70	1.00	0.13	0.02	0.01
SV23131939	ADD_07	D824742	205.70	206.90	1.20	0.12	0.02	0.02
SV23131939	ADD_07	D824743	206.90	208.10	1.20	0.11	0.02	0.01
SV23131939	ADD_07	D824744	208.10	209.40	1.30	0.10	0.02	0.01
SV23131939	ADD_07	D824745	209.40	210.30	0.90	0.18	0.02	0.01
SV23131939	ADD_07	D824746	211.70	213.70	2.00	0.12	0.04	0.01
SV23131939	ADD_07	D824747	213.70	214.90	1.20	0.05	0.09	0.01
SV23131939	ADD_07	D824748	214.90	216.50	1.60	0.09	0.01	0.02
SV23131939	ADD_07	D824749	219.10	219.60	0.50	0.08	0.04	0.00
SV23131939	ADD_07	D824750	224.50	225.00	0.50	0.05	0.01	0.01
SV23131939	ADD_46	D824706	65.60	67.60	2.00	<0.01	0.12	0.01
SV23131939	ADD_46	D824707	72.20	74.30	2.10	0.02	0.14	0.01
SV23131939	ADD_46	D824708	74.30	75.20	0.90	0.03	0.09	0.00
SV23131939	ADD_46	D824709	75.20	76.00	0.80	0.08	0.05	0.01
SV23131939	ADD_46	D824710	102.00	102.60	0.60	0.30	0.10	0.04
SV23131939	ADD_46	D824711	110.20	111.60	1.40	<0.01	0.11	0.01
SV23131939	ADD_05	D824713	9.90	11.20	1.30	<0.01	0.15	0.00
SV23131939	ADD_05	D824714	30.60	32.00	1.40	<0.01	0.19	0.02
SV23131939	ADD_05	D824715	37.00	38.10	1.10	0.01	0.08	0.01
SV23131939	ADD_05	D824716	49.10	51.10	2.00	<0.01	0.12	0.01
SV23131939	ADD_05	D824717	51.10	53.00	1.90	0.06	0.20	0.02
SV23131939	ADD_05	D824718	54.50	55.70	1.20	0.01	0.20	0.01
SV23131939	ADD_05	D824719	55.70	57.60	1.90	0.02	0.22	0.01
SV23131939	ADD_05	D824720	87.00	87.60	0.60	0.03	0.03	1.37
SV23131939	ADD_05	D824721	87.60	88.90	1.30	0.02	0.56	2.04
SV23131939	ADD_05	D824722	88.90	89.80	0.90	0.03	0.62	2.84
SV23131939	ADD_05	D824723	89.80	90.90	1.10	0.04	0.69	1.12
SV23131939	ADD_05	D824724	90.90	91.80	0.90	0.02	0.31	0.63
SV23131939	ADD_05	D824725	91.80	92.80	1.00	0.01	0.16	0.46
SV23131939	ADD_05	D824726	92.80	94.30	1.50	0.01	0.11	0.50
SV23131939	ADD_05	D824727	94.30	95.90	1.60	0.02	0.04	0.72

Table 2 (cont.). Analytical results for ADD_05, ADD_07 & ADD_46

Elementos’ Board has authorised the release of this announcement to the market.

For more information, please contact:

Mr Duncan Cornish Company Secretary Phone: +61 7 3221 7770 admin@elementos.com.au

Mr Joe David Managing Director Phone +61 7 2111 1110 jd@elementos.com.au

ABOUT ELEMENTOS

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Elementos is committed to the safe and environmentally conscious exploration, development, and production of its global tin projects. The company owns two world class tin projects with large resource bases and significant exploration potential in mining-friendly jurisdictions. Led by an experienced-heavy management team and Board, Elementos is positioned as a pure tin platform, with an ability to develop projects in multiple countries. The company is well-positioned to help bridge the forecast significant tin supply shortfall in coming years. This shortfall is being partly driven by reduced productivity of major tin miners in addition to increasing global demand due to electrification, green energy, automation, electric vehicles and the conversion to lead-free solders as electrical contacts.

Competent Persons Statement:

The information in this report that relates to the Annual Mineral Resources and Ore Reserves Statement, Exploration Results and Exploration Targets is based on information and supporting documentation compiled by Mr Chris Creagh, who is a consultant to Elementos Ltd. Mr Creagh is a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and who consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Chris Creagh has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

References to Previous Releases

The information in this report that relates to the Mineral Resources and Ore Reserves were last reported by the company in compliance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resources, Ore Reserves, production targets and financial information derived from a production target were included in market releases dated as follows:

• 1 – “Oropesa Tin Project 2023 Mineral Resource Update”, 14[th] February 2023

• 2 – “Oropesa Tin Project – Additional Mineralisation”, 16[th] March 2022

• 3 – “Optimisation Study Oropesa Tin Project”, 29[th] March 2022

• 4 – “Commencement of exploration drilling at Oropesa Tin Project”, 27[th] January 2023

• 5 - “Significant mineralisation intersected outside Mineral Resource at Oropesa Tin Project “. 21[st] February 2023

• 6 – “Further significant mineralisation intersected outside the Oropesa Tin Project Mineral Resource”. 29[th] March 2023

• 7 – “Further tin mineralisation zones intersected outside Mineral Resource at the Oropesa Tin Project”. 16[th] May 2023

The company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements referred above and further confirms that all material assumptions underpinning the production targets and all material assumptions and technical parameters underpinning the Ore Reserve and Mineral Resource statements contained in those market releases continue to apply and have not materially changed.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Diamond Drilling Exploration Program, Oropesa Tin Project, Spain – June 2023

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• ADD_05, ADD_07 & ADD_46 were completed by PQ diameter pre-collar diamond drill core to depths where hole stability had been established. The remainder of the drill hole was completed recovering HQ diameter drill core. • PQ and HQ drill core was sampled based on intervals determined by the project geologist and cut using a diamond saw to split the core in half. • Cassiterite mineralisation at Oropesa is rarely visible to the naked eye. Historical exploration mineralogical reports (¹) have reported a strong relationship between tin mineralisation (cassiterite) and sulphide mineralisation. High levels of oxidation of the sulphide mineralisation to iron oxides has been observed and recorded in drill logs from current and previous drilling campaigns at Oropesa. These oxidised zones occur near the surface (gossans) and within sub-vertical fault zones. Historical drilling data indicates that these highly oxidised zones can contain significant quantities of tin mineralisation (cassiterite). • Observations made from transitional and fresh drill core from the current drilling program are in keeping with historical observations as indicators of potential cassiterite mineralisation zones (± sulphides) at Oropesa. These include silicification of the host sandstones with finely disseminated to semi- massive sulphides (pyrite ± sphalerite ± arsenopyrite) with late-stage infill colloform and/or vuggy quartz(¹). Cassiterite mineralisation at Oropesa has also been observed to be associated with intense silicification, leaching and chlorite alteration of the host rocks. Physical or chemical weathering of the fine- grained sulphides has been observed as small voids (pitting) in the host rocks. • Samples have been selected for analysis based on portable NITON XRF analysis taken at 10cm intervals and from visual identification of zones of potential tin mineralisation. The NITON portable XRF data has been used solelyas aguide to sample boundaries for analysis at a commercial

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Criteria	JORC Code explanation	Commentary
		laboratory and are not presented in this report. Samples were split into half core with a minimum sample weight of approximately 1kg. Samples were prepared and analysed in a certified commercial laboratory.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• A Drillcon Christensen CS 140 self-propelled track mounted drilling rig was used, drilling PQ and HQ standard diamond core. Coring was from surface. • Drill core was collected using a standard triple tube system. • Drill core is not oriented
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Diamond drill hole core recoveries and RQD are logged. Measurements are taken systematically downhole between core blocks. The maximum increment being 3.1m. Drill core recovery for the mineralised intervals being reported was: ADD_05 – 8.9m @ 0.31% Zn & 1.14% Cu from 87.0m – 96% ADD_07 – 23.0m @ 0.14% Sn from 189.3m – 98% ADD_46 – 0.6m @ 0.30% Sn from 102.0m – 100% • The mineralisation occurs predominantly in softer sandstone units. A mineralisation depth prediction table is used to assist the drillers in preparing to drill the mineralised zones and maximise recoveries. • Visual assessment of the drill core shows that core recovery is variable with zones of lower recoveries often noted in zones of significant oxidation, mineralisation or structure. No clear relationship exists between tin grade and recovery.
	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged.	• All drill core has been photographed dry and wet. The core is photographed within core boxes, which are identified by drill hole number and start and finish depths. Drill run depths are marked on core blocks. All drill core has been geologically and geotechnically logged prior to being sampled.

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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Whole core was split using a core saw operated by trained Company personnel. The samples were recorded and submitted to an ISO-accredited ALS facility in Seville for preparation. This facility followed procedure CRU-31 to weigh, dry and crush the samples where 70% <2mm. A 1000g sample was split and pulverised to 85% passing 75 microns. Prepared samples were sent to the ALS laboratory in Galway, Ireland for analysis. • Duplicate samples were analysed by ALS as part of the internal QAQC procedures
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• ALS, Galway, Ireland, analysed the samples for tin by peroxide fusion, ICP- AES (ME-ICP81X). • The QAQC procedures featured the insertion of accredited standards and blanks at an insertion rate of approximately 5% in every batch to the laboratory. • ALS Galway selected sample repeats in accordance with their procedures Elementos considers the assay data from the drill core to be accurate, based on the generally accepted industry standard practices employed by the company and the QAQC procedure adopted by ALS.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All the mineralised intersections and assay data is reviewed by the Elementos Competent Person. • The geological logging and drilling program supervision is being carried out by the Company’s Senior Geologist and experienced personnel. The drilling program is controlled by the Company’s Competent Person • Drill core is available for verification at the Company’s facility in Fuente Obejuna, Spain.

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Criteria	JORC Code explanation	Commentary
		• One partial twinned hole has been drilled in this program. • Geological data is recorded on laptop computers onto a standardised Excel logging template utilising the Company’s coding system. Data is uploaded on a daily basis onto a commercial “cloud” data storage system. • No adjustment has been made to the original assay data as received from ALS.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill collars have been located using a hand-held GPS and confirmed using a triangulation method from known survey points. • Downhole surveys (dip and azimuth) have been collected using a single shot tool. Downhole surveys are collected every 30-50m, depending on ground conditions. • The grid system used for the GPS is 1989 ETRS Spanish Datum (ETRS89) • The level of topographic control offered by the initial collar survey is considered sufficient for the current stage of the work program. • Drill orientation during set-up is established using a compass and back sight and foresight markers. Dip is determined using a clinometer on the drilling rig mast.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• All the drill holes in this report have been targeted to increase the confidence level in the existing geological mineral resource. Drill holes are oriented perpendicular to the strike of known mineralisation. The drill hole spacing has been designed to be suitable in the reporting of Exploration Results and Geological Resources. • Sample compositing has not been carried out.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key	• Where applicable, drill hole orientation is approximately perpendicular to the strike and dip of known mineralisation, as previously reported. • The orientation of the drilling is not considered to have introduced any bias to the sample data.

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Criteria	JORC Code explanation	Commentary
	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	• Transport of core samples to the ALS preparation facility in Seville is carried out by Company personnel. All drill core and crushed reject samples are stored in the Company’s secure facility in Fuente Obejuna, Spain.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been carried out for the current drilling program described in this release.

Section 2. Reporting of Exploration Results

Diamond Drilling Exploration Program, Oropesa Tin Project, Spain – June 2023

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Elementos Limited announced to the ASX the acquisition of Minas De Estaño De España, SLU (“MESPA or the Company”) from TSX-V listed Eurotin Ltd on 31 July 2018: (Acquisition of the Oropesa Tin Project) • MESPA has registered title to the Oropesa project property with the Andalucia mining authorities (Permit number 13.050), under the Spanish Mining Act. The property is a 14.51km² concession in Andalucía, southern Spain, located 75 km northwest of Cordoba and 180 km northeast of Seville. . In April 2022 the Company filed an updated Exploitation Permit application, Environmental Impact Study and Restoration plan with the Andalucian authorities for the Oropesa property. Under Spanish Law an Exploitation Concession is granted for a 30-year period and may be extended for two further periods of 30 years each and up to a maximum of 90 years. Completing and filing the Exploitation Application prior to the expiration of the Investigation Permit allows the Company to remain in compliance with its title for the Oropesa property

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Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Instituto Geológico y Minero de España (“IGME”) conducted an exploration program in southern Spain between1969–1990, including geological mapping and geochemical surveys, which led to the discovery of tin on the Oropesa property in 1982.Additional tin exploration targeted Oropesa and the neighbouring La Grana property during 1983–1990, which included further mapping, stream sediment sampling, geochemical soils, geophysical surveys, trenching and initial drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Oropesa deposit is characterised by replacement-style tin mineralisation (cassiterite and minor stannite) occurring mainly at sandstone-conglomerate contacts in the Peñarroya Basin, a Carboniferous basin formed during the Hercynian/Variscan Orogeny. Re-activation of syn-sedimentary and basin- controlling faults has resulted in complex, folded geometries. Subordinate fault-hosted mineralisation is also present.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• All material data for the drill hole information related to this report is located in Table 1 in the body of this announcement. • An updated Mineral Resource for Oropesa was released to the ASX on 14th February 2023 - “Oropesa Tin Project 2023 Mineral Resource Update”*1 Please refer to this announcement for information related to the geological resource.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results,theprocedure used for such	• Weighted averaging based on core length and tin grade has been applied to the reporting of mineralised intervals in the body of this report. • The variation in tin, zinc and copper grades are not considered significant enough to be material in the compilation of the reported mineralisation

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TOMORROW’S TIN

Criteria	JORC Code explanation	Commentary
	aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	intervals. See Table 2 in the body of this report. • No assay results were considered necessary to be truncated for the weighted averaging techniques employed in this report. • No metal equivalent values are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• This report is based on analytical data from ALS, Seville on drill core analyses only. • The drill holes have been targeted to intersect the mineralisation perpendicular to the known mineralisation boundaries. • All drill hole lengths reported in the release are “down hole lengths”. True widths are not known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• See main body of the report
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The reporting is considered to be balanced.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Elementos is reporting results for drill holes that have the following principal objectives; • To extend the known boundaries of existing resources and to locate additional resources outside the boundaries of the known resources.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Conversion of remaining Inferred to Indicated • Follow-up exploration drill testing on significant open-ended mineralisation trends that were identified during the 2021 exploration drilling program • Follow-up exploration on mineralisation identified outside the current mineral resource boundaries

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Criteria JORC Code explanation Commentary

Section 3 Estimation and Reporting of Mineral Resources

n/a

Section 4 Estimation and Reporting of Ore Reserves

n/a

Section 5 Estimation and Reporting of Diamonds and Other Gemstones

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