Element 25 : AGM Presentation

ersonal use only

Element 25 Limited

Investor Update

Building a world-class Zero Carbon Manganese business

November 2021 AGM Presentation

Introduction

Disclaimer

Overview

This presentation contains only a brief overview of Element 25 Limited and its associated entities ("Element 25") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Element 25's control, may cause the actual results, performance and achievements of Element 25 to differ materially from those expressed or implied in this presentation.

Developing the world class Butcherbird Manganese Project in Western Australia to produce high quality manganese concentrate and High Purity Manganese (HPM) products for traditional and new energy markets.

Financial Information

ASX Ticker	E25
Shares on Issue	153M
Share Price	$1.10
Debt	Nil

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To the maximum extent permitted by law, Element 25 does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Element 25, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Element 25 or its activities.

• Australia's largest onshore manganese deposit.
• >260 Mt of manganese ore in JORC resources1.
• Reserve containing 5.22 Mt of manganese2.
• 100% owned by Element 25 Limited.
• Located in WA, ranked #1 for mining investment3.
• Ethical, proven, sustainably regulated jurisdiction.

• Simple low-cost mining and processing.
• No blasting or dewatering required.
• Long mine life - 42 years using only 20% of the global resource, potential to improve.
• Outstanding economics2
• Excellent infrastructure: highway and gas pipeline

1Reference: Company ASX release 17 April 2019. 2Reference: Company ASX Release 3 December 2020. 3Reference: Fraser Institute Annual Survey of Mining Companies, 2019, 3Reference: Company ASX Release 26 May 2021, 4Reference: Company ASX Release 16 June 2021

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Our Strategic Vision…

only	Stage 1
	365Kt per annum
use	Commissioning and ramp-
up underway
2 year plan
	12 month plan
ersonal	5 year plan
Cashflow
	Low capital cost, rapid
	start up to establish E25 as
	a producer while
	minimising dilution.

Stage 2	Stage 3
1 Mt per annum	High Purity Mn
PFS study complete,	PFS study anticipated
startup 2022	for completion H1 2022

Expansion	The Prize
Improved resource	Position E25 as a globally
utilisation, reduction in	dominant producer of high
unit operating costs,	purity, sustainable
increased operating cash.	manganese products.
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Stage 4

MnSO4 Expansion

Long term - multiple HPMSM modules globally

Zero Carbon Manganese™

Best in class, zero carbon, ethically produced, scalable high purity manganese for global markets.

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Not all manganese is created equal

E25 Manganese

Serving the Established…

• Manganese (Mn) is the fourth most used metal on earth in terms of tonnage.
• Used in steel, specialty alloys and aluminium products.
• Traditionally the market has been dominated by the steel and alkaline battery industries.
• There is no substitute for manganese in steel.
• E25 manganese concentrate and EMM feed this market.

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And the Emerging…

• The electrification of the global vehicle fleet requires vast amounts of cathode materials.
• Nickel and cobalt supplies cannot meet projected demand for new energy vehicle (NEV) growth.
• Batteries are trending toward higher manganese content for safer, more cost-effective solutions.
• E25 high purity manganese will feed these markets.

Manganese prices - stable since commissioning

ersonalMn PriceuseUSD/dmtuonly

Manganese Price (44%Mn cif Tianjin)

$6.00

$5.50

$5.00

$4.50

$4.00

$3.50	Nov 2020	Dec 2020	Jan 2021	Feb 2021	Mar 2021

Reference: Fastmarkets

Apr 2021

May 2021

Jun 2021

Jul 2021

Aug 2021

Sep 2021

Oct 2021

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• Fundamentals have favoured higher ore prices;
• • COVID Disruptions
  • Shipping congestion
  • Supply shortages
  • Elevated alloy prices
• Fundamentals remain sound going forward but may be impacted by seasonal factors in China.
• Supply side constraints likely to continue.
• Future incremental demand increases likely.