Announcement PDF ASX : E25 OTCQX : ELMTF Building a Global Manganese Business Supplying low-carbon sustainable manganese and HPMSM to global markets AGM Update (November 2025) 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 outsideof 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. The information contained in this Presentation is not investment, tax, legal, accounting, financial or other advice and does not, and will not, form any part of any contract or commitment for any purpose including the acquisition of new shares in E25. It does not account for your particular needs and circumstances, including your investment objectives, financial situation, tax or other position. Any investment decision in relation to an equity raising or the Company should be made solely on the basis of your own independent enquiries. Disclaimer Share Register: Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate. 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. Element 25 Introduction Stellantis ATM Facility Retail Board & Management E25 ELMTF 265M NIL 3 Experienced Company Leadership John Ribbons Chairman CPA Sias Jordaan VP Marketing & Logistics Accountant Neil Graham VP Battery Materials Chemical Engineer Michael Jordon Chief Financial Officer CPA Board of Directors Project Development & Operations Leon Lima Technology Manager Chemical Engineer Justin Brown Managing Director Geologist Chad Moloney Technical Services Mining Engineer Liam O’Connor Business Systems Systems Engineer Fanie van Jaarsveld Non-Executive Director Analytical Chemist Sam Lancuba Non-Executive Director Chemical Engineer 4 Multi-disciplinary Board & Management Strategic Vision to Create Shareholder Value Butcherbird Expansion 1.1Mt p.a. Manganese Concentrate1 Build and commission a large-scale processing facility at the 100% owned Butcherbird Manganese Mine in WA. Expand Globally HPMSM Expansion - EU & Asia Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global markets targeting Europe and Asia. Louisiana HPMSM USA Critical Raw Materials2 Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM with GM and Stellantis 10-Year Plan 3-Year Plan 1-Year Plan Best in class, secure supply, ethically produced, scalable HPMSM for lithium-ion batteries: Sustainably Supplying Global Markets 1 Reference: Company ASX Release Dated 22 January 2025 2 Reference: Company ASX Release Dated 12 April 2023 5 Key Milestones & Events in 2025 US$166M MESC Grant Reference: ASX Release 20 Jan 2025 Updated Feasibility Study Reference: ASX Release 22 Jan 2025 Butcherbird Expansion Project Louisiana HPMSM Project Updated Ore Reserve Reference: ASX Release 22 Jan 2025 Approvals Finalised Reference: ASX Release 12 Mar 2025 $50M NAIF Funding Facility Approved Reference: ASX Release 17 June 2025 International HPMSM Patents Filed Reference: ASX Release 22 July 2025 $10M Equity Financing Reference: ASX Release 12 Sep 2025 External Events AU/US Critical Minerals Partnership Announced Reference: Gov. Press Release 20 Sep 2025 US President Trump’s Inauguration Reference: Gov. Press Release 20 Jan 2025 Ford Announces Breakthrough LMR Battery Technology Reference: Ford Press Release 23 April 2025 GM Announces LMR Battery Partnership with LG Reference: Ford Press Release 13 May 2025 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 update1). ▪ > 18-year Reserve at 1.1Mt per annum production supported by an updated Feasibility Study2. ▪ 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. 1 Reference: Company ASX Release Dated 29 October 2024 2 Reference: Company ASX Release Dated 22 January 2025 3 Reference: Company ASX Release Dated 21 February 2023 Providing high quality manganese for traditional and new energy markets. 8 Large, Long-Life Manganese Mine in Western Australia M52/1074 E52/2350 1Reference: Company ASX Release dated 22 January 2025 2Reference: Company ASX Release dated 29 October 2024 Simple Logistics: Existing road and port infrastructure Mining Reserve: 101.4Mt @ 10.4% Mn1 Measured Indicated Coodamudgi Yanneri Ridge 9 CONSTRUCTION READY • Granted Mining Lease • Fully Permitted • Early Procurement Commenced • Existing infrastructure (bore fields, TSF, roads, camp) • ~12 Month Construction 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 • Ore from surface. • Low strip-ratio. • No explosives required. • No dewatering required. • One reagent – water. • Very low levels of contaminants. 1 Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) 2 Reference: Company ASX Release Dated 22 January 2025 10 Stage 1 Processing Plant • New, re-designed and expanded processing facility to optimise and scale the process. • Scale and improved efficiencies target lower costs and increased profits1. • Process optimisation to de-bottleneck and improve key processing outcomes: • Uptime (availability and utilisation) • Throughput • Grade (Mn & impurities) • Production Volume CRUSHER/SCREEN DMS PLANT PRODUCT STOCKS PRODUCT LOADING Butcherbird to Expand to 1.1Mt p.a. Production 1Reference: Company ASX Release Dated 22 January 2025 2Reference: Company ASX Release Dated 7 October 2024 Expanded 5.5 Mt p.a. Processing Facility 11 Annual Production 1.1 Mt Manganese Concentrate Case Study 1: • FMG Solomon Mine • Ore Type: Iron Ore • Feed Rate: 1,300 tph Case Study 2: • Brazil • Ore Type: Bauxite • Wet/clay rich feed Butcherbird Expansion – Process Optimisation: Ore Crushing Reference: MMD Sizing Iron Ore Upgrade 1 - Crushing: Opportunity: Better clay handling • High clay feed material can cause throughput challenges in the crushing circuit. • Production impacts materially compromises unit costs in a bulk operation. Solution – Design Change Two stage mineral sizer solution. • Eliminate grizzly • Designed for clay rich feed • Will handle wet or dry feed Butcherbird Stage 1 Pilot Grizzly/Jaw Crusher Process Upgrade: Mineral Sizer /Rolls Crusher Examples of Mineral Sizers in use in similar settings to BBX 12 Butcherbird Expansion – Process Optimisation: Grade/Quality Reference: Heavy Media Drum – Malvern Engineering Upgrade 2 – Quality/Grade: Opportunity: Improve Product • More effective separation of ore from waste. • Increased product grade (improved sale price). • Increase recovery and yield. Solution – Design Change Replace ore sorters with DMS. • Separate ore from gangue based on density not optics/colour • Eliminate separation challenges associated with imperfect washing and ore presentation. Low-density/lighter waste shale particle High-density/ heavier manganese product particle Dense media Separation (DMS) is a mature process technology used in a wide range of mineral processing plants including iron ore and manganese to separate lighter waste material from denser ore material by floating the waste in a ferro-silicon slurry to create separate product and waste streams. 13 • Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25’s Butcherbird Manganese Expansion Project2. • Butcherbird development based on a 1.1 Mtpa manganese concentrate operation and delivers outstanding metrics 1. • Manganese concentrate to be sold to steel industry partners and provide feedstock for E25’s planned HPMSM facility in Louisiana, USA. • Butcherbird Expansion plan is fully approved under WA Regulatory Framework3. • NAIF to act as the sole senior secured lender to the project - the balance of funds to be sourced from financiers including offtake prepayment, subordinated debt and royalty financing as potential mechanisms. Butcherbird Expansion Delivers Robust Economics 1Reference: Company ASX Release Dated 22 January 2025 2Reference: Company ASX Release Dated 17 June 2025 3 Reference: Company ASX Release Dated 12 March 2025 AUSTRALIAN FEDERAL GOVERNMENT (NAIF) TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT2 14 Reference: Company ASX Release dated 22 January 2025 Actual 2022/23 Expansion Shipping Cost 0.78 0.43 Total Rehabilitation Costs - 0.02 Total Logistics Costs 1.80 1.45 Total Administration Costs 0.47 0.18 Total Processing Costs 0.95 0.35 Total Mining Costs 1.14 0.79 Total Operational Cost (FOB) 4.36 2.80 Total Operating Cost (CIF) 5.14 3.22 - 1.00 2.00 3.00 4.00 5.00 Cost per DMTU (USD CIF) Butcherbird Operational Cost Comparison Stage 1 Actuals v Stage 2 Expansion Feasibility Study (AISC) Estimated 37% Unit Cost Reduction Butcherbird Expansion – Scale Strengthens the Business Butcherbird Expansion Project economies of scale delivers ~3x Increase in production volume and 37% reduction in unit operating costs 15 Reference: Company ASX Release dated 23 January 2024 Butcherbird Expansion – Low Costs Underpin Strong Margins Reference: Project Blue 2025 Historical Mn Ore Price Cycles – US$/dmtu CIF China 16 High Grade Index (historical) 36.5% Mn Index (historical) BBX AISC Cost (2025 FS) BBX Sale Price 44% Index Basis (Yrs 1-5 2025 FS) Butcherbird Expansion Project Key Suppliers 17 Reference: Company ASX Release dated 25 November 2025 • Element 25 engaged Perth-based Altris Engineering (Altris) to lead the expansion project on the Butcherbird Manganese Mine . Engineering works under this contract have been initiated and are currently underway with the E25 team working closely with Altris as part of an Integrated Project Team (IPT). • Mineral Sizers from MMD have been selected as the preferred equipment for this application and a procurement contract has been entered into with MMD to supply both the primary and secondary sizer units along with critical spares and commitment for commissioning support and post-commissioning maintenance services. • The road haulage agreement for the BBX Project is currently being negotiated with REGROUP to provide for increased volumes as well as more efficient material movement through revised equipment selection and scheduling and improved analytics as well as a broader review of contract terms. • E25 has entered into a supply contract with KISA Gmbh to supply a logwasher unit with a nominal 600 t/h federate and max 11° gradient. The unit has been carefully selected for the proposed BBX use. The logwasher has been manufactured and awaits transportation to the Project site in accordance with the current schedule. Butcherbird Expansion Project Timeline Guidance 18 The schedule remains subject to a number of key dependencies including achieving project financial close, completion of detailed engineering, procurement of key equipment and finalising the construction contract(s) in accordance with the planned key dates. BBX Project Schedule Summary 2025 2026 2027 Quarter 1 2 3 4 1 2 3 4 1 2 3 4 Month J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Major Milestones E25 Board FID Commissioning Complete Commercial Production Major Activities All Approvals and Permitting Project Financing Detailed Engineering Design Engineering Procurement (MPI) Logistics Procurement (MPI) Camp Construction Construction - Civil Construction - SMP Reference: Company ASX Release dated 25 November 2025 High Purity Manganese Strategy Manganese Is Comparatively Abundant But Not Everywhere… 20 • Heavily concentrated in a small number of jurisdictions: • South Africa • Gabon • Ghana • Australia • China • Brazil • Supply chain security a key factor in sourcing strategies. • Refined manganese even more heavily concentrated - >95% in China. Manganese Is Comparatively Abundant But Not Everywhere… 21 • The USA is dependent on imports for 100% of its manganese requirements. • Includes steel, battery and defence related end users. • Australia has a relative abundance of manganese and has a strong partnership with the USA. • Presents an opportunity for growth for Butcherbird manganese in both high purity and traditional markets. Selected US Critical Mineral Supply Metrics and Forecasts Reference: US Geological Survey, 2025 Supply Demand Mineral Production Pipeline 2035 Supply 2035 Consumption Copper 1,100,000 700,000 1,800,000 2,915,875 Graphite 0 350,000 350,000 1,026,795 Lithium 4,000 24,000 28,000 106,936 Manganese 0 0 0 810,300 Molybdenum 33,000 3,000 36,000 16,644 Nickel 8,000 0 8,000 749,987 Silver 1,100 300 1,400 16,596 Zinc 750,000 200,000 950,000 970,000 Manganese Is Abundant But Refining Capacity Is Not… 22 Source: Benchmark Forecasts – www.benchmarkminerals.com Refined battery grade manganese capacity is heavily concentrated in China. Breaking the Chinese Supply Chain Dominance • Refined manganese (HPMSM) capacity is heavily concentrated with >95% of refining capacity located in China. • Concentrated supply creates supply risk for critical raw materials used in batteries including manganese. • Customers are seeking alternative sources of long-term manganese supply. • Element 25 provides a long-life mine and a future facing processing technology. South Africa China Other Manganese Ore Refined Manganese Improved, Cost-Competitive, Cleaner Process Technology Reagents/Cost Carbon Emissions Waste Residue The Element 25 Process makes significant changes & improvements: Current Outdated Technologies mean: • Large volumes of waste residues. • Toxic Reagents like fluorine. • Inefficient. • Higher Cost. • Outdated processing technology. 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 23 Global Refining Capacity in the Longer Term ** • 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. EU US AU KR JP 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 Butcherbird Manganese Mine: 1.1 million tonnes per annum of manganese concentrate production is planned at the Butcherbird Project in Western Australia 1 . Flagship Louisiana HPMSM Facility: • Supply chain security needs driving capital flows into US projects. • Government supported push to secure critical mineral supply chains. • E25 partnering with Stellantis & GM to onshore refining capacity and capability 1 Reference: Company ASX Release Dated 22 January 2025 24 World-First Non-China HPMSM Refinery – Louisiana USA WA Manganese Ore: Louisiana HPMSM: The planned Louisiana HPMSM refinery to utilise Australian manganese to produce high purity battery grade manganese sulphate (HPMSM) for lithium - ion batteries. Vertically integrated critical battery raw material supply chain. Australian manganese concentrate supplying customers in traditional ferro-allow markets and planned battery grade manganese(HPMSM) production for US lithium-ion battery manufacturers. Steel Li-Ion Batteries 25 The Importance of Manganese Reference: Umicore 2023 Transition to Higher Manganese Battery Cathodes Reduced nickel and very low to no cobalt content. LMFP, LMR, 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: Why LMR batteries will change the outlook for the EV market 27 Transition to Higher Manganese Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility. Enhanced Safety and Stability: With a safety profile comparable to Lithium Iron Phosphate (LFP) batteries, LMR offers peace of mind without compromising performance. Industry-Leading Energy Density: LMR chemistry provides higher energy density than high-nickel batteries, allowing EVs to achieve greater range and reduce consumer range anxiety. Unprecedented Cost Reduction: Targeting a cost point well below current mid-nickel batteries. This cost efficiency is essential to reaching parity with gasoline-powered vehicles and making EVs more accessible to the masses. Ford Announces Breakthrough With LMR Battery Chemistry Lithium Manganese Rich (LMR) batteries offer a number of key advantages over high nickel: (17) Ford Makes Breakthrough with LMR Battery Chemistry 28 Louisiana Battery Grade HPMSM HPMSM 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. • Site located close located adjacent to acid recycling facility. • Solid residues as co-products will be placed into local industries targeting zero waste. • Low carbon, circular economy approach. Mn Ore Acid Reductant Neutralisation MAIN PRODUCT US$166M Grant Comminution Leach Purification Crystallisation Logistics Fertiliser Gypsum SiRon Co-Product Processing 30 • 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 US$115M financing commitments from GM and Stellantis. • Discussions in train with prospective financiers to close out remaining capital funding requirement. DoE Grant Award Underpins Project Capital Stack MESC Grant provides 50% of capital requirement up to US$166M Final funding piece ~15% of capital requirement. Process underway. 1 Reference : Company ASX Release Dated 20 January 2025 31 • 18.3 Year Reserve within granted Mining Lease • 274Mt Resource global resource with exploration upside • Feasibility Study and project permitting complete • Northern Australia Infrastructure Facility (NAIF) finance of up to $50M approved • Life cycle assessment (LCA) completed confirming industry leading carbon intensity • Further reductions available via renewable energy and reagents • $64.8M Construction Capital ($70.5M approved NAIF project budget) • 96% Internal Rate of Return (IRR) and $561M Net Present Value (NPV) (Pre-Tax, Real) • Competitive cost structure through innovation • Waste minimisation and reduced emissions provides competitive advantages • Australian owned and operated mine providing long term secure ethical Mn supply • USA, Japan and EU Partnerships to enhance battery raw material supply chains • Stellantis N.V and General Motors LLC – Louisiana HPMSM Project • Nissan Chemical Corporation– Tokyo Bay Japan HPMSM Project Global Sustainable Secure Manganese Supply Long Mine Life Tier 1 Jurisdiction Strong Feasibility Study/Financials Innovative HPMSM Flowsheet ESG Leading HPMSM Flowsheet Tier 1 Project Customers & Partners Construction Ready 1Reference: Company ASX Release Dated 29 October 2024 2Reference: Company ASX Release Dated 17 June 2025 1 2 3 5 4 6 7 3Reference: Company ASX Release Dated 21 February 2023 4Reference: Company ASX Release Dated 22 January 2025 5Reference: Company ASX Release Dated 12 April 2023 6Reference: Company ASX Release Dated 26 June 2023 7Reference: Company ASX Release Dated 2 April 2025 32 The Planned Element 25 HPMSM facility in Louisiana, USA *Subject to successful project financing and permitting For Illustration Purposes Only 33 ASX : E25 OTCQX : ELMTF Justin Brown Media Inquiries: Managing Director Email: admin@e25.com.au Phone: +61 (8) 6375 2525 Nathan Ryan Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (0) 420 582 887 Contact Details Butcherbird Manganese Mine - Resources & Reserves 1 Reference: Company ASX Release Dated 22 January 2025 (Ore Reserve Update) 2 Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) • Current Reserve: • Only utilises approximately ~40% of global Mineral Resource; • Provides for a mine life of >18 years1. • High conversion of measured and indicated resources to reserve. • Excellent potential for future expansion with known mineralization outside resource areas. • Simple geology, low technical risk. • Global resources not closed off. Mineral Resource 2 Ore Reserve 1 Resource Category Tonnes (Mt) Mn (%) Measured 14 11.3 Indicated 116 10.1 Inferred 144 9.8 Total 274 10.0 Deposit Classification Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) Yanneri Ridge Proved 11.3 11.8 1.33 Probable 70.4 10.2 7.15 Coodamudgi Proved - - - Probable 19.1 10.3 1.97 Stockpiles Proved 0.6 9.2 0.06 Total 101.4 10.4 10.5 35 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. 36