Announcement PDF ASX : E25 OTCQX : ELMTF Building a Global Manganese Business Sustainable manganese ore and HPMSM for global steel and battery markets. Presentation – IMARC Conference – October 2026 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 Element 25. 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 Element 25 Introduction 3 E25 ELMTF 326M NIL ISSUED SHARES TOTAL DEBT Strong Feasibility Study/Financials Tier 1 Project Customers & Partners ESG Leading Innovative HPMSM Flowsheet Tier 1 Jurisdiction Long-Life, 100%-Owned Manganese Mine Construction Ready Mine Expansion Strategic Vision to Create Shareholder Value Butcherbird Expansion 1.1Mt p.a. Manganese Concentrate 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 Materials 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 Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 12 April 2023 4 The Butcherbird Manganese Project 6 Butcherbird Manganese Project, WA Unique geology - very clean metallurgically – no toxic contaminants. Located in Australia, a Tier-1 jurisdiction with strong ESG regulation. Produces a high-quality manganese concentrate ideal for manganese alloys and battery grade high-purity manganese sulphate (HPMSM). Reference: Company ASX Release Dated 29 October 2024 Reference: Company ASX Release Dated 21 February 2023 Reference: Company ASX Releases Dated 22 January 2025 Providing high quality manganese for traditional and new energy markets. World-Class Resource >270M tonnes Long-Life Mine >18 years production Large-Scale Production 1.1M tonnes per year 7 Large, Long-Life Manganese Mine in the Pilbara Reference: Company ASX Release dated 22 January 2025 Reference: Company ASX Release dated 29 October 2024 Mining Lease - M52/1074 Simple Logistics: Existing road and port infrastructure Mining Reserve: 101.4Mt @ 10.4% Mn1 Measured Indicated Coodamudgi Yanneri Ridge CONSTRUCTION READY • Granted Mining Lease • Fully Permitted • Early Procurement Commenced • Existing infrastructure in place (bore fields, TSF, roads, camp) • ~12-Month Construction Manganese ore loadout during Stage 1 pilot operations. 8 Simple Geology: Low-Cost, Low-Impact Operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) Resource 274 10.0 27.4 Reserve 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. Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) Reference: Company ASX Release Dated 22 January 2025 New, re-designed and expanded processing facility to optimise and scale the process. CRUSHER DMS PLANT SCREEN PRODUCT LOADING 9 Butcherbird to Expand to 1.1Mt p.a. Production Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 7 October 2024 PRODUCT LOGWASHER Key Metrics Unit Value Ore Mined Ktpa 6,100 Concentrate Prod. Ktpa 1,100 Concentrate Grade Mn 31.6% Undiscounted Cashflow AUD (pa) $70.5 Mine Life Years 18.3 NPV8 (Real) (Pre-Tax) AUD $561M NPV8 (Real) (Post-Tax) AUD $379M IRR (pre-tax) % 96% Op. Cost C1 (FOB) USD/dmtu $2.86 Capital Cost AUD $64.8M 10 Butcherbird Expansion Project Delivery Summary Reference: Company ASX Release Dated 28 October 2026 SP1 EARLY WORKS MATERIALLY COMPLETE SP2 PROCESS PLANT AWARD PROCESS OPS OPERATIONAL READINESS IN PROGRESS EARLY SITE WORKS DELIVERED Site clearing, grubbing and bulk earthworks New process water pond commissioned with pumping and pipelines Administration facilities relocated; new offices and amenities installed Power, communications, potable water, wastewater, roads and drainage established PROCUREMENT & CONSTRUCTION Detailed engineering and IFC packages materially complete across CSMPE&I All major equipment packages awarded, ordered and in manufacture Mining, ore haulage, engineering, offtake and Kumarina camp agreements complete NAIF contractual close process approaching completion. OPERATIONAL READINESS ADVANCED Pit-to-Port operating model, organisational design and workforce planning complete Process plant control system and asset management design philosophy Recruitment, training, operating systems and statutory appointment planning advanced The project has moved from development into physical execution, with the site prepared and the core engineering, procurement, contracting and operating frameworks in place for the main construction phase. Key operational leadership roles appointed and onboarding commenced 11 Early Works Package Completed Reference: Company ASX Release Dated 15 September 2026 SITE OFFICES RECLAIM PROCESS WATER STORAGE ROM • Site clearing, • Bulk earthworks • Process water storage pond and pipelines. • Relocation and expansion of operations centre. • Power, communications, water and wastewater services. MAIN PLANT CONSTRUCTION 12 Butcherbird Expansion – Targeting Completion in Q1 2027 Reference: Company ASX Release dated 25 November 2025 • Detailed engineering well advanced utilizing Integrated project Team (IPT) approach. • Long lead time procurement progressed with orders placed for crusher and logwasher equipment. • Key construction and operational contracts finalised including road haulage, mining, port and offtake. • SP1 (early site works) package completed including bulk earthworks, NPI installation & process water pond construction. A$30M standby ATM facility – Acuity Capital JAN 2026 APR 2026 A$18M placement at A$0.30 ReGroup mining & haulage contracts; HPMSM plan under review MAY 2026 JUN 2026 KISA 600tph logwasher arrives Fremantle Revised DoE grant agreement signed JUL 2026 AUG 2026 Binding 100% take-or-pay offtake – OMH NAIF binding agreement & contractual close; SP1 early works SEPT 2026 OCT 2026 IMARC Sydney Targeting mechanical completion Q1 2027 The Manganese Ore Market Manganese Is Comparatively Abundant But Not Everywhere… 14 • Manganese deposits heavily concentrated in challenging jurisdictions. • Australia is the only allied country with significant manganese reserves and production. • Australian manganese production declining with old mines closing and limited new production. Manganese ore global distribution: Manganese Ore Production 2020-2024: AUSTRALIA (decreasing) Ghana Reference: Company ASX Release dated 23 January 2024 Butcherbird Expansion – Scale Supports Lower Cost Structure Reference: Project Blue 2025 Global Production Cost Curve – US$/dmtu CIF China 15 Current Spot Price (44% CIF China) Long-term Average Price(44% CIF China) Butcherbird Expansion Project Estimated Costs (2025 FS) (US$3.22/dmtu CIF China AISC) Groote Eylandt Woodie Woodie Butcherbird Expansion Project 2025 FS Sale Price (Yrs 1-5) (US$4.59/dmtu CIF China AISC) High Purity Manganese Strategy Manganese: Rising Demand and Concentrated Supply 18 DEMAND — DIVERSIFYING BEYOND EVs 158 GW Grid storage reaches mass deployment BNEF: 112 GW / 307 GWh of non-pumped hydro storage added in 2025; 158 GW forecast for 2026 +33% Mn-rich cells enter OEM volume plans GM & LGES LMR cells: 33% more energy density than LFP at comparable cost; U.S. production from 2028 Defence Defence adds a second demand driver US DoW: manganese essential for batteries — drones, soldier power, ground vehicles and aviation SUPPLY — HPMSM IS A CHINA CHOKEPOINT China share of HPMSM production 95% Projects vs expected 2035 demand 55% SUPPLY — TOP REFINER SHARE BY MINERAL Manganese: 3rd most China-reliant Gallium 98% Graphite 96% Manganese 95% Rare earths 92% Silicon metal Molybdenum 80% Cobalt 76% Tellurium 76% Antimony 73% Germanium 73% Indium 70% Lithium 70% Titanium metal 68% Vanadium 59% Tantalum 45% Tungsten 44% Copper 44% Nickel* 42% Chromium 42% 84% China share of refined output, % · *Nickel: Indonesia Zirconium 38% Sources: Bloomberg New Energy Finance (bnef.com); General Motors (investor.gm.com); International Energy Agency (iea.org); U.S. Department of War (war.gov). Transition to Higher Manganese Battery Cathodes High manganese cathode chemistries materially increase the demand for refined HPMSM: NMC LMR 5-10x GM’s Gen IV EV platform will be LMR only² Cathode makers are maximising manganese The bottleneck is refining, not ore “We will start off exclusively with LMR in this Gen Four.” – Mark Reuss, GM President “There's an all-round tendency in cathode technology to increase the manganese concentration.” – Umicore, R&D&I Director Element 25: Australian manganese + planned US HPMSM refining = secure non-China supply HPMSM facility subject to successful project financing and permitting. HPMSM refining outside China: currently only pilot scale operations in South Africa & Belgium LMR: +33% energy density vs LFP at the same price¹ of manganese refining capacity – particularly battery- grade HPMSM – concentrated in China⁴ Ore Refining Cathode LFP 100 LMR 133 ~95% 02 – HPMSM Demand Illustrative image 03 – Security of Supply Illustrative image 01 – LMR Batteries 19 M. Reuss (GM President), GM Forward event, New York, as reported in CarExpert, “GM’s next-generation EV platform detailed: LMR batteries only, fewer parts, mainstream focus”, October 2026. Umicore, “Manganese: Essential ingredient of the modern world”, umicore.com, 21 October 2026. Benchmark Mineral Intelligence, 23 October 2026). Benchmark forecasts, not Element 25 forecasts Improved, Cost-Competitive, Cleaner Process Technology Fewer Reagents Lower Emissions No Waste Residue The Element 25 Process brings significant changes & improvements: E25 technology enhances ESG profile by: • Eliminating waste residues. • Eliminating toxic Reagents like fluorine. • Increased efficiency and lower costs. • Faster permitting due to lower impacts. Reference: Company ASX Release Dated 16 February 2023 20 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: 1.1Mt pa of manganese concentrate production is planned at Butcherbird, WA. 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 Reference: Company ASX Release Dated 22 January 2025 21 Louisiana Battery Grade 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. 23 Mn Ore Acid Reductant Neut. US$166M Grant Comminution Leach Purification Crystallisation Logistics Co-Product Processing MAIN PRODUCT HPMSM Fertiliser Gypsum SiRon DoE MESC Grant - Supporting Local Raw Material Supply The MESC Grant Program: • The Battery Manufacturing and Recycling Grants Program provides grant funding to selected projects on a co-funding basis. • The Program aims to ensure that the United States has a viable domestic manufacturing and recycling capability to support a North American battery supply chain. • The Program is designed to ensure that the United States has a viable battery materials processing industry. Reference: U.S. Department of Energy, Office of Critical Minerals and Energy Innovation / Manufacturing Deployment Office, Battery Materials Processing & Battery Manufacturing and Recycling Grant Programs, NOFO DE-FOA-0003585, 13 March 2026 Demand Capital Louisiana HPMSM Project: Strategic Drivers 25 Project timing driven by three intersecting elements: STRONG SUPPORT US$166M US DoE grant funding ▪ Alignment with U.S. critical minerals strategy ▪ Major global OEM partners ▪ Louisiana State & community support ▪ ▪ ▪ STRATEGIC ASSET 1st Facility US HPMSM refinery GROWING DEMAND 5-10X Mn structural demand drivers Policy Settings ▪ Purpose-built for battery-grade HPMSM ▪ Enables non-China battery supply chain ▪ ▪ High-Mn cathodes: LMR / LMFP ▪ Surge in grid-storage batteries ▪ Rising defence battery demand ▪ ▪ 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 Sustainable, Secure Manganese Supply Long Mine Life at Butcherbird Tier 1 Jurisdiction Strong Feasibility Study/Financials Innovative HPMSM Flowsheet ESG Leading HPMSM Flowsheet Tier 1 Project Customers & Partners Construction Ready Reference: Company ASX Release Dated 29 October 2024 Reference: Company ASX Release Dated 17 June 2025 Reference: Company ASX Release Dated 21 February 2023 Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 12 April 2023 Reference: Company ASX Release Dated 26 June 2023 Reference: Company ASX Release Dated 2 April 2025 26 Planned HPMSM facility in Louisiana, USA *Subject to successful project financing and permitting For Illustration Purposes Only 27 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 Reference: Company ASX Release Dated 22 January 2025 (Ore Reserve Update) 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 mineralisation 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 31 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. 32