Element 25 Limited AGM Investor Update Building a World-Class Battery Grade Manganese business November 2023 ASX:E25 OTCQX: ELMTF Disclaimer 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 multiple 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. 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. Corporate Summary ASX Ticker: OTCQX Ticker: E25 Stellantis 11% ELMTF Issued Shares: 220M Share Price: A$0.50 Market Capitalisation: A$110M Debt: Nil Reference: www.asx.com.au Share Ownership: Board & Managment 7% ATM Facility 4% Free Float 79% Growing the world class Butcherbird Manganese Mine in Western Australia to produce high quality manganese oxide concentrate and ethical supply of battery grade High Purity Manganese Sulphate Monohydrate (HPMSM) products to our offtake partners General Motors (GM) and Stellantis for electric vehicle (EV) batteries. Reference: Company Release dated 26 June 2023 -3- Traditional Manganese Alloys & Critical Battery Raw Material HPMSM - EV FUEL Mn ALLOYS Used in steel, alloys and aluminium products. High silica concentrate suitable for Si-Mn alloys Global demand grows in line with steel consumption A key raw material for Electric Vehicle (EV) Batteries E25 Manganese Concentrate Australian location close to Asian markets New approach to improve HPMSM ESG credentials Strong demand growth linked to the rapid transition to EV mobility E25 process offers key advantages -4- Growth through ethical, strategic critical mineral supply… Butcherbird Manganese Mine Louisiana HPMSM Plant Operational Discipline Ethical Ore Supply Plant Expansion Flowsheet Engineering -5- Increasing Volumes Measured Performance: Commodity: Coal Test date: 28 May 2010 Mine: BHP Douglas colliery Feed rate: 416tph Particle size: 19x50mm Set density point: 1.55 Epm: 0.033 Near Dense: 18.8% Misplaced material: 6.3% Product yield: 35.7 Organic efficiency: 90.6% Finance & Construct Sustainable Profits Global EV HPMSM Supply The year in retrospect… Key Milestones IRA Drives Relocation to USA Dec Jan HPMSM Offtake & Finance Stellantis Feb Stellantis Invests U$15M @$1.00 per Share HPMSM Feasibility Study Key Board Appointments Mar LCA Confirms E25 HPMSM as Global Leader in low CO2 https://www.element25.com.au/site/investors/ASX-Announcements Apr May Jun HPMSM Offtake & Finance GM Jul E25 Achieves Listing on OTCQX Aug Sep GM Completes Due Diligence on Feasibility Study E25 Files Key International Patents Oct Nov Experienced Owners Team BOARD OF DIRECTORS Experienced Board & Management Justin Brown Managing Director Geologist John Ribbons Non-Executive Director CPA Fanie van Jaarsveld Non-Executive Director Analytical Chemist Sam Lancuba Non-Executive Director Chemical Engineer Sias Jordaan VP Marketing & Logistics Accountant Doug Flanagan COO (HPMSM) Mechatronics Engineer PROJECT DEVELOPMENT AND OPERATIONS TEAM Michael Jordon Chief Financial Officer CPA Neil Graham VP Battery Materials Chemical Engineer -7- Ian Huitson Study Manager Mining Engineer Gideon van Wyk GM Manganese Ore Bus. Mechanical Engineer Clint Moxham GM Operations. Mining Engineer/Geol. Large long mine life manganese concentrate operation 100% E25 owned, long term tenure. E52/2350 M52/1074 Granted Mining Lease Measured & Indicated Simple Logistics Resources are the basis for the 42-year Base Case -8- Very simple geology equals low-cost, low impact manganese units Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) Resource 260.9 9.9 25.8 Reserve 49.2 10.2 5.0 RESOURCE GROWTH POTENTIAL • Enough resource base for multidecade long expansion pathway • Can produce concentrate, battery grade HPMSM and EMM without resource limitation ENVIRONMENTALLY BENIGN OPERATION -9- • Ore from surface • No explosives required • No waste water • One reagent – water • Extremely low levels of contaminants Butcherbird Expansion – sustainable margins through lower costs… Key Goals of Butcherbird Expansion Design: • Increase in production volume. • Reduction in unit operating costs. • Reduction in labour intensity. • Improved reliability, clay (and moisture). handling. • Key Design/Equipment Selection Outcomes: Increased profitability. Butcherbird Expansion Feasibility Study: Screen Design • Equipment selection complete. • Costing near complete. Improved clay handling and moisture tolerance • Implementation timeline and final study report pending. - 10 - DMS Drum Improved recoveries and grade Measured Performance: Commodity: Coal Mineral Sizer Improved clay handling & reliability Our Goal – Zero Carbon High Purity Manganese… Stage 1 First production of manganese concentrate to sell to manganese alloy manufacturers Capturing value through down-stream processing… Stage 2 Expansion of the concentrate production to produce manganese feedstock to convert to MnSO4 Stage 3 Establishing a conversion facility to convert the concentrate to battery grade HPMSM with renewable energy Electric Vehicle (EV) uptake accelerating… “…S-curve modelling, based on the EV growth so far and the lessons of other technology shifts, suggests EV sales will grow at least four-fold by 2030, and make up between 62 percent and 86 percent of global car sales in 2030…” RMI – Energy Transformed 2023 Mn - 12 - The EV battery industry is looking to Manganese… Reference: Volkswagen, Stellantis, Tesla, CPM Group, Morgan Stanley Research, Bloomberg New Energy Finance Umicore Capital Markets Day 2022 Reference: CRU Wh/Kg US$/KWh LMFP, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility Manganese, the battery raw material supply chain solution… PDAC 2023 Keynote Speaker “…manganese (is) the single most critical mineral for batteries right now,” he said. “How many companies outside of China make manganese commercially for a battery right now? Which is the hottest metal for batteries? How many? None, not one,” Hoffman said, adding “and there’s where the opportunity is — unbelievable.” “…manganese is the single most critical mineral for batteries right now…” Ken Hoffman, co-head of the EV battery materials research group and senior expert at McKinsey & Company https://www.benzinga.com/news/23/03/31265433/exclusive-ev-battery-guru-ken-hoffman-at-pdac-talks-critical-minerals-which-metals-will-rise Low cost, efficient HPMSM process – significant improvements… Problems with Current Technologies • • • • • The Element 25 Process makes significant changes & improvements… Large volumes of waste residues Toxic Reagents Inefficient Higher Cost Outdated processing technology Reagents/Cost Carbon Emissions Waste Residue Element 25 Process • • • • • More efficient (fast kinetics, reduced energy) Minimises reagent requirements Reduced carbon intensity Lower volumes of waste residues Non-toxic residues may be able to be repurposed. 99.99% MnSO4 - 15 - Targeting Zero Carbon Manganese – ESG is integral to our thinking • LCA covers Scope 1,2 and 3 emissions from mining through Existing producers often use high energy processes to the proposed USA-based HPMSM processing plant. like electrowinning and/or toxic reagents like fluoride. E25 HPMSM to produce ~1.7kg of CO2 for every 1kg of HPMSM: o ~ 67% lower than competitors in China. o up to 47% lower than competitors outside China. o ~26% lower than next lowest project’s optimised case. • E25 process is not yet fully optimised for carbon reduction. • E25 to explore renewable energy and other potential carbon reduction strategies to further reduce CO2. Supply chain transparency and traceability partner. 5.2 4.8 PUBLISHED PEER COMPARISONS Kg CO2 eq. per kg (Scope 1+2+3) • Global Warming Potential 3.2 2.3 1.7 ELEMENT 25 EURO MANGANESE (RENEWABLE) GIYANI METALS THE E25 PROCESS IS THE LOWEST CARBON INTENSITY OPTION FOR HPMSM TODAY Reference: Company ASX Release dated 16 February 2023 EURO MANGANESE (GRID) CHINESE PLANTS (CURRENT) Stage 3 Expansion of Conversion Capacity – Multiple Plants Planned EU EU & UK policy shifts are competing with the IRA for investment in battery and related plants Japan & Korea remain important region in terms of battery technology and innovation First HPMSM Facility: Louisiana USA JP KR Mn Concentrate Feedstock (33% Mn): Up to 1M tonnes per annum manganese concentrate production planned at the Butcherbird Project in Western Australia. MY • E25 manganese concentrate is a very AU stable, easily transported feedstock. • Allows location optionality for the processing facility. • IRA is driving capital flows into US electrification infrastructure. E25 partnering with Stellantis & GM Multiple potential sites being explored. - 17 - Design One Build Many US Proposed Production Plant – France Ore Storage Processing Train 2 Processing Train 1 Product storage and despatch - 18 - Feasibility Study - compelling economics Offtake & Financing – Stellantis & General Motors & USD$30M equity prepay USD$85M senior debt • Binding agreements signed for offtake and funding. • Binding agreements signed for offtake and funding. • Key commercial terms include: • Key commercial terms include: • Five (5) year HPMSM supply commitment (nominal 10Ktpa). • Seven (7) year HPMSM supply commitment (up to 32,500Ktpa). • Stellantis commits US$30M funding to E25’s HPMSM • GM commits $85M funding to E25’s HPMSM processing facility. processing facility. • Funding committed as senior project debt. First US$15 has been completed as equity at A$1 per share. • Seven year post construction repayment schedule. • • Arrangement includes commitments from E25 with respect to ESG and IRA. (Reference: Company ASX Release dated 9 January 2023) • Arrangement includes commitments from E25 with respect to ESG and IRA. (Reference: Company ASX Release dated 26 June 2023) Project Financing Strategy – Building the Capital Stack Multiple funding pathways being actively negotiated: US$30M $15M Equity & $15M Prepay Binding documents executed • US$115M secured through GM and Stellantis deals. • Discussions in progress with other potential offtake partners. US$85M Senior debt Binding documents executed • Offtake + Finance. • Debt/Pre-Pay/Equity all in play. US$30-50M • Other funding avenues: Senior debt/Prepay/Equity with offtake Negotiations in progress. • Nordic/Green Bonds/PE Debt. US$100-150M • Traditional project finance. Senior debt plus equity Negotiations in progress • Government funding – DoE/DoD. US$289M • Green bonds. Construction Capital Cost Feasibility Study Estimate for Train 1 Construction - 21 - Growth through ethical, strategic critical mineral supply… Butcherbird Manganese Mine Louisiana HPMSM Plant Operational Discipline Ethical Ore Supply Plant Expansion Flowsheet Engineering - 22 - Increasing Volumes Measured Performance: Commodity: Coal Test date: 28 May 2010 Mine: BHP Douglas colliery Feed rate: 416tph Particle size: 19x50mm Set density point: 1.55 Epm: 0.033 Near Dense: 18.8% Misplaced material: 6.3% Product yield: 35.7 Organic efficiency: 90.6% Finance & Construct Sustainable Profits Global EV HPMSM Supply Lake Johnston Project Summary E25 is exploring for lithium in the Lake Johnston Greenstone belt of Western Australia. • Consists of one exploration licence 63/2027. • 450kms east of Perth. • Total project area of 136km² • Tenement covers +25 km strike of Lake Johnston Greenstone Belt. • Recent exploration success by adjourning tenement holders has shown the belt is a fertile LCT pegmatite field. 23 Lake Johnston Competitor Activity Significant exploration and corporate activity in the region • TG Metals Ltd • Recent high-grade spodumene lithium pegmatite discovered at the Burmeister Prospect. • MC increase from ~$6m to ~$60m in past 2 months • Charger Metals Ltd • High-grade Li within spodumene-bearing swarm at the Medcalf prospect • Rio Tinto have recently farmed into Charger’s project. Deal involves potentially spending up to $42.5m to earn 75% 24 Thank you For more information, please contact Element 25 Limited: +61 8 6375 2525 admin@e25.com.au www.element25.com.au ASX:E25 Reserves and Resources Maiden Ore Reserve1 Category Tonnes (Mt) Mn (%) Contained Mn (Mt) Proved 13.0 11.1 1.4 Probable 36.2 10.1 3.6 Total 49.2 10.2 5.0 • indicated resources to reserve. • Maiden Reserve only exploits approximately 20% of global mineral resource. Global Mineral Resource2 Category Tonnes (Mt) Mn (%) Si (%) Fe (%) Al (%) Measured 14.1 11.4 20.6 11.7 5.7 Indicated 40.8 10.0 20.9 11.0 5.8 Inferred 206.0 9.8 20.8 11.4 5.9 Total 260.9 9.9 20.8 11.4 5.9 1Reference: Element 25 Limited ASX release - Annual Report, year ending 30 June 2023, released 29 September 2023 2 89% conversion of measured and Reference: Element 25 Limited ASX release - Annual Report, year ending 30 June 2023, released 29 September 2023. - 26 - • Excellent potential for future expansion. • More drilling has potential to add to global resource. Competent Person’s Statement The information in this presentation that relates to Exploration Results is based on information compiled by Mr Justin Brown who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Justin Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Justin Brown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. All references to Mineral Resources pertain to the ASX release – Element 25 Limited Annual Report for the year ending 30 June 2023, released 29 September 2023. The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed. All references to Mineral Reserves pertain to the ASX release Element 25 Limited Annual Report for the year ending 30 June 2023, released 29 September 2023. . The Company confirms that all material assumptions, underpinning the estimations continue to apply and have not materially changed. For further information on Element 25 Limited and its Projects please visit its website at www.element25.com.au which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies. DISCLAIMER The views expressed herein are not necessarily the views of the Australian Government, and the Australian Government does not accept responsibility for any information or advice contained herein. - 27 -