Annual Report to Shareholders

Our Butcherbird Manganese Mine in Western Australia, home to Australia’s largest onshore manganese resource, remains the cornerstone of our operations. This year, we completed a Feasibility Study (FS) to expand manganese concentrate production to 1.1 million tonnes annually. The FS results were compelling, with an NPV of A$228 million (pre-tax, real) and an IRR of 113%, alongside a rapid payback period of just 1.2 years.

Expanding production at Butcherbird would establish Element 25 as a low-cost producer, capable of operating during the lowest price points in the market cycles. This expansion also aligns with our plans to produce high-purity manganese sulphate monohydrate (HPMSM) at a proposed facility in Louisiana, USA, in partnership with General Motors LLC (GM) and Stellantis NV (Stellantis) and potentially in Japan in the future, in partnership with Nissan Chemical Corporation.