Element 25 Limited is excited to share the completion of the updated Butcherbird Expansion Study, aimed at increasing manganese ore production to capture economies of scale. The study supports a decision to expand the Butcherbird Project, located in Western Australia. With a mine life of 18.3 years at a production rate of 1.1Mt per annum of manganese concentrate, an NPV(8) of A$561M and annual free cashflow of >A$70M, the project shows outstanding economic potential.

The Butcherbird Manganese project will produce manganese for traditional steel markets as well as supplying feedstock to Element 25's planned high-purity manganese sulfate (HPMSM) refinery to be constructed in Louisiana USA with strong financial and offtake support from General Motors and Stellantis as well as a U$166M grant from the US Department of Energy MEXC office. Key areas covered in the study include geology, resource estimate, mining, processing, logistics, project infrastructure, manganese market analysis, economic assessment, and more. The feasibility study targets 1.1 Mtpa manganese production, emphasising long-term value creation. We invite investors to review the full details of the study on our website and to reach out with any questions they may have. Our commitment to transparent communication and value creation for our investors remains a top priority. Thank you for your continued support.