Element 25 Limited announced Pre-Feasibility Study Highlights Robust for the 100% owned Butcherbird Manganese Project located in the southern Pilbara region of Western Australia. Highlights include: Start-up manganese concentrate export scenario has been developed for the Butcherbird Manganese Project as part of a staged development strategy. Maiden Proved and Probable Ore Reserve of 50.55Mt at 10.3% Mn containing 5.22Mt Mn (4.28Mt Recoverable Mn). Pre-tax Net Present Value8 (NPV8) of Nominal AUD 441M (Real AUD 283 million) and IRR of Nominal 255%, (Real 223%). Low capital requirement of $14.5 Million plus $9.2 Million working capital. Average annual operating cashflow of $32.1 Million for years 1-5. Simple payback period 6 months from start of operations. Full beneficial production scheduled for next financial year. 42 year mine life based on Measured and Indicated Resources. Medium grade manganese market is the fastest growing section of the manganese market. Base case assumes annual production and sale of 312,000tpa of medium grade lump manganese concentrate grading 30-35% Mn. Complements and enhances the plan to develop and Electrolytic Manganese Metal (EMM) plant. The Project consists of eight known manganese mineral resources located in an approximately 600km2 area of the southern Pilbara region, approximately 1,050km North of Perth and 130km South of Newman, WA. The Butcherbird site is accessible directly from the Great Northern Highway. E25 has held exploration tenure in the area since 2009 and has advanced the Project via a series of exploration programmes. Several Mineral Resource Estimates have been completed since work commenced. Refer to the Resource Estimate Section for details. The Project is 100% owned by Element 25 Limited and comprises two granted exploration licences E52/2350 and E52/3606. Mining Lease Application M52/1074 covers a portion of E52/2350 which encompasses the Yanneri Ridge and Coodamudgi manganese deposits. Water exploration has identified potential process water sources within Miscellaneous Licence L52/211. A number of contiguous exploration and miscellaneous licence applications are pending. Project approvals are well advanced with two Native Title mining agreements in place. The Butcherbird project is located on two pastoral stations. The Company has an access agreements in place with one pastoral station and the access agreement for the second pastoral station is agreed in principal, pending formal documentation. Base line environmental surveys have been completed with no impediments to Project development having been found.