Announcement PDF Building a Global Manganese Business Supplying low-carbon sustainable manganese ore and EV battery grade HPMSM to global markets 2025 Investor Update - March 2025 ASX : E25 OTCQX : ELMTF Disclaimer This presentation (Presentation) contains only a brief overview of Element 25 Limited and its associated entities (Element 25 or E25) 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. 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Any investment decision in relation to an equity raising or the Company should be made solely on the basis of your own independent enquiries. Element 25 Introduction Share Register: Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate. Other Stellantis Board & Management Developing a USA-based refinery to supply ethical battery-grade High Purity Manganese Sulphate Monohydrate (HPMSM) products. Offtake and funding agreements in place with our partners General Motors and Stellantis to supply HPMSM for Electric Vehicle batteries. ATM Facility E25 ELMTF 229M NIL Company Leadership Board of Directors Experienced, Multi-disciplinary Board & Management John Ribbons Chairman CPA Justin Brown Managing Director Geologist Fanie van Jaarsveld Non-Executive Director Analytical Chemist Sam Lancuba Non-Executive Director Chemical Engineer Sias Jordaan VP Marketing & Logistics Accountant Chad Moloney Technical Services Mining Engineer Project Development & Operations Michael Jordon Chief Financial Officer CPA Neil Graham VP Battery Materials Chemical Engineer Leon Lima Technology Manager Chemical Engineer Liam O’Connor Business Systems Chemical Engineer The Butcherbird Manganese Project Butcherbird Manganese Project ▪ World-class manganese resource. ▪ Located in a Tier-1 jurisdiction with strong ESG regulation. ▪ Over 270 million tonnes in resources with potential to expand (2024 resource update 1). ▪ > 18-year Reserve at 1.1Mt per annum production supported by an updated Feasibility Study 2. ▪ Long mine-life with further upside by converting Inferred Resources. ▪ Very clean metallurgically – no toxic contaminants. ▪ Produces a low carbon, high-quality manganese concentrate ideal for manganese alloys and high-purity manganese sulphate monohydrate (HPMSM) 3. Providing high quality manganese for traditional and new energy markets. 1 Reference: Compan y ASX Release Dated 29 Octob er 2024 2 Reference: Compan y ASX Release Dated 22 January 2025 3 Reference: Compan y ASX Release Dated 21 February 2023 Butcherbird Manganese Mine - Resources & Reserves Ore Reserve 1 Deposit Classification Yanneri Ridge Coodamudgi Stockpiles Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) Proved 11.3 11.8 1.33 Probable 70.4 10.2 7.15 Proved - - - Probable 19.1 10.3 1.97 Proved 0.6 9.2 0.06 101.4 10.4 10.5 Total Mineral Resource Only utilises approximately ~40% of global Mineral Resource; • Provides for a mine life of >18 years1. • High conversion of measured and • Excellent potential for future expansion Tonnes (Mt) Mn (%) Measured 14 11.3 Indicated 116 10.1 Inferred 144 9.8 Total 274 10.0 1 Reference: Company ASX Release Dated 22 January 2025 (O re Reserve Update) 2 • indicated resources to reserve. 2 Resource Category • Current Reserve: Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) with known mineralization outside resource areas. • Simple geology, low technical risk. • Global resources not closed off. Large, long-life manganese ore mine in Western Australia E52/2350 M52/1074 ▪ Granted Mining Lease Mining Reserve: 101.4Mt @ 10.4% Mn1 ▪ Fully Permitted Coodamudgi ▪ >18 Year Reserve (1.1 Mtpa) ▪ Early Procurement Started Yanneri Ridge ▪ ~12 Month Construction Measured Simple Logistics: Existing road and port infrastructure 1 Reference: Compan y ASX Release d ated 22 Jan uary 2025 Indicated Simple Geology: low-cost, low-impact operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) Resource1 274 10.0 27.4 Reserve2 101.4 10.4 10.5 RESOURCE GROWTH POTENTIAL • Large resource offers long term operating potential. • Mineralisation outside existing resource provides upside. • Ore suitable for ferroalloys, battery grade HPMSM and EMM. ENVIRONMENTALLY BENIGN OPERATION 1 Reference: Company ASX Release Dated 29 October 2024 (Mi neral Resource Estimate Update) 2 Reference: Company ASX Release Dated 22 January 2025 • Ore from surface. • Low strip-ratio. • No explosives required. • No dewatering required. • One reagent – water. • Very low levels of contaminants. Company strategic vision for growth Butcherbird Expansion Louisiana HPMSM Expand Globally 1.1Mt/a Manganese Ore1 USA EV Critical Raw Materials2 HPMSM Expansion - EU & Asia Build and commission a full large-scale processing facility at the 100% owned Butcherbird Manganese Mine in WA. Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM with GM and Stellantis Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global EV markets targeting Europe and Asia. 1-Year Plan 3-Year Plan 10-Year Plan Best in class, low carbon 3, ethically produced, scalable HPMSM for electric vehicle batteries: Sustainably Supplying Global EV Markets 1 Reference: Company ASX Release Date 22 Jan uary 2025 2 Reference: Company ASX Release Dated 12 April 2023 3 Reference: Company ASX Release Dated 21 February 2023 Butcherbird Manganese Mine Expansion • New processing facility to optimise and scale the process. • Scale and improved efficiencies target lower costs and increased profits1. • CRUSHER/SCREEN Stage 1 Pilot Processing Plant Expanded 1.1Mtpa Processing Facility CO2 emission intensity and ESG outcomes will be improved by: • Integration of renewable energy (targeting year 3 of operations). • Equipment selection criteria for energy efficiency. • Investigating potential for autonomous mining fleet2. • Transition to EV mining fleet (targeting Year 2 of operations). 1Reference: Company ASX Release Dated 22 Jan uary 2025 2Reference: Company ASX Release Dated 7 October 2024 DMS PLANT PRODUCT LOADING PRODUCT STOCKS Butcherbird Expansion – Feasibility Study delivers robust economics 1 • Butcherbird Expansion Feasibility Study targets 1.1 Mtpa manganese ore production. • Production to capture Economies of Scale with reduced operating costs. • Moves Element 25 down the global manganese ore cost curve. • Negotiations underway with current offtake partners and other industry players. • Demand for additional volumes robust. • Approximately 12 months to deliver post FID. • NAIF Strategic Assessment successfully completed, currently undergoing due diligence. 1Reference: Company ASX Release Dated 22 Jan uary 2025 Reference: ASX Release dated 23 January 2024 Butcherbird Expansion – Scale Strengthens the Business Economies of scale from the expanded operation intend to move the Butcherbird production costs lower on the global cost curve and strengthen the business through all price cycles. Mn ore cost curve (CIF China, US$/t) July 2024 Estimated E25 Butcherbird Exp ansion cif Cost Reference: Fastmarkets, Project Blue 2024 Reference: ASX Release dated 23 January 2024 E25 HPMSM Strategy Vertically-integrated global HPMSM supply WA Manganese Ore Supply: Australian manganese ore concentrates as feedstock for HPMSM production to supply Vertically integrated critical battery raw material supply chain. US EV markets. Surplus ore will supply existing ferroalloy customers. Louisiana HPMSM Refinery: Louisiana manganese refinery will utilise the Australian ore as feedstock to produce high purity low carbon IRA compliant battery grade manganese sulphate. Global Refining Capacity in the Longer Term EU EU & UK policy shifts are competing with the IRA for investment in battery and related plants MoU signed with Nissan Chemical Corporation to jointly develop HPMSM capacity in Japan JP KR • Design one, build many approach to development. • E25 manganese concentrate is a very stable, easily transported feedstock. • Allows location optionality for the processing facility. • Multiple potential sites being explored. 1 Reference: Company ASX Release Dated 22 January 2025 First HPMSM Facility: Louisiana USA - IRA is driving capital flows into US electrification infrastructure. E25 is partnering with Stellantis & GM to onshore refining capacity and capability AU Butcherbird Manganese Mine: 1.1 million tonnes per annum of manganese concentrate production is planned at the Butcherbird Project in Western Australia1. US Improved, Cost-Competitive Cleaner Process Technology The Element 25 Process makes significant changes & improvements: Reagents/Cost Carbon Emissions 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. Reference: Company ASX Release Dated 16 February 2023 Waste Residue Current Outdated Technologies mean: • Large volumes of waste residues. • Toxic Reagents like fluorine. • Inefficient. • Higher Cost. • Outdated processing technology. ESG - LCA demonstrates a low-carbon, ethical process • LCA covers Scope 1, 2 and 3 emissions from mining through E25 Process Reduces Global Warming Potential Relative to Incumbent Producers to the proposed USA-based HPMSM processing plant. 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. 5. 2 3. 2 2. 3 1. 7 ELEMENT 25 EURO MANGANESE (RENEWABLE) Element 25 HPMSM Process Industry leading carbon intensity Reference: Company ASX Release Dated 16 February 2023 4. 8 PUBLISHED PEER COMPARISONS Kg CO2 eq. per kg (Scope 1+2+3) • Reference: Company ASX Release dated 16 February 2023 GIYANI METALS EURO MANGANESE (GRID) CHINESE PLANTS (CUR RENT) ESG Benchmarking • Digbee ESG benchmarking process completed for 2024. • Opportunities identified for action over following period. • Executive incentive KPIs now linked to ESG outcomes. • Internal reporting processes being developed to improve ESG credentials and preparedness for compliance reporting. The Importance of Manganese Transition to Higher Manganese Cathodes LMFP, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility. High Mn means reduced reliance on Ni and Co: LMFP vs LFP vs NMC ”Japan’s manganese-boosted EV battery hits game-changing 820 Wh/Kg…” Yokohama University Japan LMFP offers improved energy density over LFP, lower cost/kwh and improved safety over NMC “…our manganese-rich HLM technology moves closer to commercial production for future customers and provides an optimum alternative for the production of lowReduced nickel and very low to no cobalt content. Reference: Umicore 2023 cost EV batteries…” Umicore Finland Reference: Integrals Power Louisiana Battery Grade HPMSM DoE Grant - Part of US Government Drive for Domestic Manufacturing DoE Grant Selection • E25’s planned HPMSM facility in Louisiana awarded a US$166 million grant from the U.S. DoE. • Louisiana HPMSM Project selected under DoE’s MESC Battery Materials Processing Grant Program. • Binding agreements signed, grant awarded for the project. • The DoE's funding commitment is in addition to U$115M financing commitments from GM and Stellantis. Reference: https://www.energy.gov/sites/default/files/2024-11/Supply_Chain_Readiness_Level_%28SCRL%29_Analysis_%28Nov-2024%29_2.p df DoE MESC Grant - Supporting Local Raw Material Supply Local Supply Chain • Process and supply chain developed to maximise U.S. industry involvement. • Working with partners GM and Stellantis to supply low carbon HPMSM for EV batteries. • All reagents sourced locally from established suppliers. Mn Ore US$166M Reductant Leach Grant Acid Neutralisatio n • Site located close located adjacent to acid recycling facility. Purification Crystallisation • Solid residues as co-products will be placed into local industries targeting zero waste. • Low carbon, circular economy approach. Comminution Co-Product Processing Logistics MAIN PRODUCT HPMSM Fertiliser Gypsum SiRon DoE Grant Award Underpins Project Capital Stack • DoE US$166M grant award provides cornerstone funding to support project success1. • Louisiana HPMSM Project grant awarded under DoE’s MESC Battery Materials Processing Grant Program. • Binding grant agreements signed, award committed. • Grant support is in addition to U$115M financing commitments from GM and Stellantis. • Discussions in train with prospective financiers to close out remaining capital funding requirement. Final funding piece ~15% of capital requirement. Process underway. Grant award secures 50% of capital requirement up to US$166M 1 Referenc e : Company ASX Release Dated 20 Jan uary 2025 The Planned Element 25 HPMSM facility in Louisiana, USA Questions? *Subject to successful project financing and permitting Contact Details Justin Brown Managing Director Email: admin@e25.com.au Phone: +61 (8) 6375 2525 Media Inquiries: Nathan Ryan Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (0) 420 582 887 ASX : E25 OTCQX : ELMTF Competent Person’s Statement The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration Targets were compiled, Mr Brown was an employee of Element 25 Limited. Mr Brown is a geologist and 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’. Mr Brown consents to the inclusion of this information in the form and context in which it appears in this report. The Company confirms that in the case of Production Targets, all material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the market announcement dated 22 January 2025 continue to apply and have not material changed. The Company confirms that in the case of estimates of Mineral Resource or Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the market announcements dated 29 October 2024 and 22 January 2025 continue to apply and have not materially changed. All estimates or Mineral Resources or Ore Reserves underpinning the production target have been prepared by a competent person/s in accordance with the requirements of the JORC Code, Appendix 5A. The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource. 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. This release has been approved by the Element 25 Limited Board of Directors.