Announcement PDF BUTCHERBIRD PROJECT MINERAL RESOURCE ESTIMATE UPDATE CONFIRMS SCALE AND CONTINUITY OF RESOURCE Element 25 Limited ASX: E25, OTCQX:ELMTF element25.com.au 29 October 2024 2024 ANNUAL REPORT | 1 BUTCHERBIRD MINERAL RESOURCE UPGRADE CONFIRMS SCALE AND CONTINUITY OF RESOURCE HIGHLIGHTS • Butcherbird Manganese Project Measured and Indicated Resources increased 142% to 130,000,000 tonnes at 10.23% Mn following the recent infill drilling program • Total Mineral Resource Estimate increased by 6% to 274,000,000 tonnes @ 10% Mn • Measured and Indicated classifications now represent approximately 47% of the global Mineral Resource • Mine pit optimisation and scheduling in progress to support an updated Ore Reserve Statement Element 25 Limited (E25) (ASX: E25; OTCQX: ELMTF) is pleased to announce an updated Mineral Resource Estimate (MRE) for its 100%-owned Butcherbird Manganese Project (Butcherbird, the Project) in WAʼs Pilbara region. The updated MRE has delivered a 142% increase to the Measured and Indicated resource categories. E25 recently completed an extensive infill drilling program at its Project, targeting known mineralisation within the current granted Mining Lease M52/1074, where Butcherbird Stage 1 mining and processing operations are located. Results from the infill drilling have been used to update the Mineral Resource Estimate for the Yanneri Ridge, Coodamudji, Richies Find, and Mundawindi deposits. The work program has achieved the expected result, supporting a 142% increase to the (mining depleted) 2019 Measured and Indicated Resource base within the target mining area for Butcherbirdʼs planned Stage 2 Expansion operations. The updated MRE will support re-statement of the Butcherbird Ore Reserve, pending mine optimisation and scheduling activities which are currently in progress, aiming to extend the current mine life. Table 1: Butcherbird Manganese Project - Global Mineral Resource Estimate – October 2024. Resource Category Volume (m3) Density (t/m3) Tonnes (t) Mn % Measured 6,000,000 2.36 14,000,000 11.3 Indicated 50,000,000 2.33 116,000,000 10.1 Inferred 59,000,000 2.42 144,000,000 9.8 Total 115,000,000 2.38 274,000,000 10.0 Element 25 Managing Director Justin Brown said “The updated Mineral Resource Estimate is a very important step in our delivery of the planned Stage 2 Expansion Project for Butcherbird. The increase in Measured and Indicated inventory is expected to support a significant increase in the mining Reserve which will translate to a longer mine life and reserve tail, an important metric in financing the project.” Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 2 EXECUTIVE SUMMARY In September 2024, Element 25 commissioned MEC Mining (MEC) to complete an updated MRE for the Butcherbird Manganese Project, located approximately 130km south of Newman in Western Australia, and 100% owned by Element 25. The October 2024 Mineral Resource statement comprises recently prepared estimates for the Coodamudgi and Yanneri Ridge deposits, incorporating recent 2024 drilling information, as well as the previous 2019 Mineral Resource estimates for the Richies Find and Mundawindi deposits. The Butcherbird October 2024 Global MRE summary, (depleted for mining to December 2023), is shown in Table 1, with details of each deposit shown in Table 2. The 2024 updated Butcherbird MRE for the four updated deposits (depleted for mining to December 2023) is shown in Table 3. The grade tonnage curve for Butcherbird MRE is shown in Figure 1. Table 2: October 2024 Butcherbird Global MRE by Resource Category and Deposit. Deposit Resource Category Volume (m3) Density (t/m3) Tonnes (t) Mn % 2024 Updated Mineral Resource Estimate Yanneri Ridge Coodamudgi Mundawindi Richies Find 2024 MRE Sub Total Measured 5,000,000 2.39 13,000,000 11.4 Indicated 38,000,000 2.33 89,000,000 10.1 Inferred 6,000,000 2.96 17,000,000 9.0 Subtotal 49,000,000 2.41 119,000,000 10.1 Measured - Indicated 11,000,000 2.36 27,000,000 10.2 Inferred 2,000,000 2.98 5,000,000 11.2 Subtotal 13,000,000 2.44 32,000,000 10.3 Measured - - - - Indicated - - - - Inferred 14,000,000 2.35 33,000,000 10.2 Subtotal 14,000,000 2.35 33,000,000 10.2 Measured - - - - Indicated - - - - Inferred 15,000,000 2.34 34,000,000 9.2 Subtotal 15,000,000 2.34 34,000,000 9.2 Measured 5,000,000 2.39 13,000,000 11.4 Indicated 50,000,000 2.34 116,000,000 10.1 Inferred 36,000,000 2.50 89,000,000 9.7 Subtotal 91,000,000 2.39 219,000,000 10.0 - - - Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 3 Table 2: October 2024 Butcherbird Global MRE by Resource Category and Deposit (continued). Deposit Resource Category Volume (m3) Density (t/m3) Tonnes (t) Mn % Previously Reported Mineral Resource Estimates Ilgarrarie Ridge Inferred 15,000,000 2.35 36,000,000 9.9 Budgie Hill Inferred 2,000,000 2.35 5,000,000 9.3 Bindi Bindi Hill Inferred 6,000,000 2.35 14,000,000 10.4 Cadgies Flat Inferred 100,000 2.35 300,000 10.0 Stockpiles Measured 300,000 1.81 600,000 9.2 Butcherbird Global Mineral Resource Estimate Total Measured 6,000,000 2.36 14,000,000 11.3 Indicated 50,000,000 2.33 116,000,000 10.1 Inferred 59,000,000 2.42 144,000,000 9.8 115,000,000 2.38 274,000,000 10.0 Total NOTE: MRE are reported above a 7% Mn economic cutoff with no top-cut. Mineral Resources are rounded to reflect they are an estimation, numbers may not sum due to rounding. Mineral Resources are depleted for mining. Table 3 below shows the summary of the Yanneri Ridge, Coodamudgi, Richies Find and Mundawindi MREʼs. Table 3: October 2024 Butcherbird Mineral Resource Estimate (excluding previously reported estimates for Ilgarrarie Ridge, Budgie Hill, Bindi Bindi Hill and Cadgies Flat) . Resource Category Volume (m3) Density (t/m3) Tonnes (t) Mn % Measured 5,000,000 2.39 13,000,000 11.4 Indicated 50,000,000 2.34 116,000,000 10.1 Inferred 36,000,000 2.50 89,000,000 9.7 Total 91,000,000 2.39 219,000,000 10.0 NOTE: MRE are reported above a 7% Mn economic cutoff with no top-cut. Mineral Resources are rounded to reflect they are an estimation, numbers may not sum due to rounding. Mineral Resources are depleted for mining. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 4 Figure 1: Grade tonnage curve for Butcherbird October 2024 MRE. The 2024 MRE tonnage estimates for the four reported MRE’s is 219 Mt versus the 2019 MRE tonnage estimate of 208.0 Mt. The 2024 MRE grade estimate is 10.0 Mn% versus the 2019 MRE grade estimate of 9.9 Mn%. A comparison of the 2024 and 2019 MRE related to the 4 MRE’s reported is shown in Table 4. An increase of 11 Mt is reported, with a minor increase in grade of 0.1 Mn%. Both MREs were reported at a cut-off of ≥7% Mn for all units. The October 2024 MRE has been depleted by mining. The 2024 MRE included an additional 216 RC drillholes drilled in early 2024. Table 4: Comparison between 2024 (depleted) and 2019 MRE for total resource. Resource Category Density (t/m3) Tonnes (t) Mn % 2024 MRE 2019 MRE 2024 MRE 2019 MRE 2024 MRE 2024 MRE Measured 2.39 2.40 13,000,000 16,000,000 11.4 11.6 Indicated 2.34 2.27 116,000,000 41,000,000 10.1 10.0 Inferred 2.50 2.46 89,000,000 151,000,000 9.7 9.7 Total 2.39 2.42 219,000,000 208,000,000 10.0 9.9 NOTE: MRE are reported above a 7% Mn economic cutoff with no top-cut. Mineral Resources are rounded to reflect they are an estimation, and numbers may not sum due to rounding. Mineral Resources are depleted for mining. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 5 For the mineralised shale only (Table 5) the denser spaced drilling resulted in a 3 Mt decrease in Measured Mineral Resources from 16 Mt in 2019 to 13 Mt in 2024 due to mining depletion since 2019, with an increase of 76 Mt increase in Indicated Mineral Resources from 40 Mt in 2019 to 116 Mt in 2024. The Inferred Resource tonnage decreased by 12 Mt from 101 Mt in 2019 to 89 Mt in 2024 due to conversion to Indicated Mineral Resources. The total mineralised shale MRE increased by 62 Mt from 157 Mt in 2019 to 219 Mt in 2024. Table 5: Comparison between 2024 (depleted) and 2019 MRE for mineralised shale. Resource Category Volume (m3) Density (t/m3) Tonnes (t) Mn % 2024 MRE 2019 MRE 2024 MRE 2019 MRE 2024 MRE 2019 MRE 2024 MRE 2019 MRE Measured 5,000,000 7,000,000 2.39 2.42 13,000,000 16,000,000 11.41 11.66 Indicated 50,000,000 17,000,000 2.34 2.28 116,000,000 40,000,000 10.11 10.00 Inferred 36,000,000 45,000,000 2.50 2.25 89,000,000 101,000,000 9.66 9.80 Total 91,000,000 69,000,000 2.39 2.27 219,000,000 157,000,000 9.95 10.04 NOTE: MRE are reported above a 7% Mn economic cutoff with no top-cut. Mineral Resources are rounded to reflect they are an estimation, and numbers may not sum due to rounding. Mineral Resources are depleted for mining. The MEC scope of work included a MRE update for Butcherbird compliant with the JORC 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. MEC Manager of Resources, Dean O’Keefe, visited the Butcherbird project in April 2023 to observe mining operations, to gain an understanding of the project geology, and to complete a geo-metallurgical study. The study incorporated the 2019 MRE grades and yield data, to predict product grade and tonnage. Dean O’Keefe, the Competent Person for the October 2024 MRE, observed the geology and mine operations, and all observations were consistent with supplied data and information. Mining in pit was free dig except for the cap rock which was dozer ripped prior to excavation. Ore was hauled to the ROM pad and fed into a scalper, to produce barren fines and lump product. ROM sized lump was fed through a secondary belt feeder to bypass the crusher, and oversize was fed through the crusher. Both material streams were then fed into the log-washer, product material was then fed into the ore sorter and the fines were slurried as tailings to the settlement pond. The ore sorter removed non-manganese lump, and the manganese lump then became a saleable product. Typical intrinsic grade is ~30 to 33% Mn. The yield produced was ~20%. MEC also completed a drillhole spacing study in February 2024. A kriging neighbourhood analysis (KNA) approach was used to test the impact of various drillhole spacings for the Project. For the Butcherbird Mineral Resource, the findings were: • A drillhole spacing of at least 50m x 50m is required to delineate Measured Mineral resources. • A drillhole spacing of at least 100m x 100m is required to delineate Indicated Mineral resources. • Areas defined by drilling wider than 100m x 100m should be classified as Inferred Mineral Resources at best. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 6 The Project lies in the Bangemall Basin, near the eastern boundary of the Savory Basin in central Western Australia. The Bangemall Basin features three main rock units: the Backdoor Formation (shales, mudstone, and minor siltstone); the Calyie Sandstone (quartzite sandstone to the north) and the Ilgarrari Formation (grey/white shales, mudstone, and dolerite sills, containing the target manganiferous shales). Locally, the Project comprises a stratiform sedimentary sequence hosted within the Ilgarrari Formation, which is mostly flat lying with some occurrences of gentle folding. Mineralisation occurs within a manganiferous surface cap, a supergene manganiferous laterite, and a basal shale. Where the hardcap material is mineralised, the mineralisation is from surface. The manganese occurs as sub-horizontal layers within bounding clays, and the average thickness of the mineralisation is approximately 5 metres. The dominant strike direction is east west. There are five major lithologic units within the Project area capped by a thin botryoidal duricrust, with the duricrust ranging in thickness from 0.1 metres to 2 metres. The lithological units are as follows: • Cap Rock occurs intermittently across the Project area, particularly away from the Yanneri ridgeline. The cap rock is comprised predominantly of iron-rich calcretes and soils with minor occurrences of manganiferous bands with botryoidal and cemented textures. The economic cut-off grade for the Cap Rock for the October 2024 MRE is 25% Mn, as the intrinsic manganese may not be upgraded within the current process. • Manganiferous Shale is the primary shale unit containing a supergene-enriched manganiferous sequence with an average thickness of 10m to 25m. The manganese layers are predominantly 1cm to 1m thick which are confined to distinct bands of cryptomelane within goethitic friable clays. There are also very minor interbedded red/brown shales intermixed within the clay bands. Botryoidal textures are a common characteristic observed within the manganese mineralisation zone, in particular the clay rich zone. The geological cut-off grade used for the October 2024 MRE for the manganiferous shale is 6% Mn. The economic cut-off grade for the manganiferous shale is 7% Mn. With the removal of the unmineralised clays the remaining manganese is economic. For the October 2024 MRE all basal shales were currently considered uneconomic and were designated as unclassified material. • Dolerite Unit is a medium-grained weathered unit interbedded between the two basal shales which exhibits relatively parallel bedding that have undergone gentle folding. • Basal shale: Lower Shale; capped by the weathered dolerite. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 7 The combined extents of the four deposits (Coodamudgi, Mundawindi, Richies Find, and Yanneri) extends from approximately 769,500mE to 778,800mE, and 7,297,000mN to 7,299,500mN (GDA94 with projection MGA Zone 50). Drilling programs have been conducted across the Project from 2010 to 2024. E25 completed 717 drillholes for 25,493m for inclusion in the October 2024 MRE, including both RC and AC drillholes. Diamond drillholes were used to support geological interpretations, but the assays were not used for estimation. The drillhole spacing at Richies Find and Mundawindi is 400m east-west by 100m north-south. The drillhole spacing at Coodamudgi and Yanneri Ridge is 100m north-south by 100m east-west, with localised drilling at 50m by 50m at Yanneri Ridge. A plan view of the location of the drillhole collars is provided in Figure 2. The image includes an outline of the mined area at Yanneri Ridge, and Figure 3 shows the topographical surface for this area. Figure 2: Butcherbird drillhole collar locations. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 8 Figure 3: Plan view of mined area at Yanneri Ridge. The drillhole database contains collar, lithology, assay and downhole geophysical density data. Validation checks were performed and any issues resolved prior to estimation. For the 2024 MRE, the data was supplied by Element 25, a complete QAQC dataset was provided directly by Expedio (External database management consultant) in the form of Excel spreadsheets or CSV files extracted from the E25 database. Chip samples were collected from the drill rig by splitters mounted on the rig. The 2010, 2011, 2012, 2022 and 2024 drilling was all RC drilling, and was completed using 5-6m rods with a 5.5 inch bit and face sampling hammer. The 2018 drilling was air core (AC), using a 3 ½” drill string and a combination of blade and percussion hammer bits. Samples were collected over 1m intervals and dispatched to the relevant laboratory for drying, crushing, splitting and pulverising. 19,172 samples were used in the 2024 MRE for Coodamudgi and Yanneri Ridge, and 1,421 samples were used for the 2019 MRE for Richies Find and Mundawindi. The laboratories which were used to analyse the samples depends on the drilling program, but include Nagrom, Aurum, SGS and Bureau Veritas. All samples were dried at 105˚ by the laboratory, then prepared into discs using a lithium tetraborate/metaborate flux. Element concentrations were analysed using a Panalytical Axios XRF, which is considered an appropriate analytical technique for Mn ore. All laboratories, with the exception of Nagrom, are NATA accredited and procedures are considered appropriate and of sufficient quality. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 9 The QAQC results for the Butcherbird project update are satisfactory for the 2024 MRE update (Coodamudgi and Yanneri Ridge). Supporting QAQC data included field duplicates, standards, blanks, laboratory repeats, and laboratory splits (duplicates). A 6% Mn cut-off was applied to guide the mineralisation interpretation, and all geological and mineralisation domains were treated as hard boundaries. Geological and mineralisation interpretations were created in cross-section by constructing strings snapped to drillhole traces, which were then used to construct wireframes. The geological interpretation includes an upper layer of hardcap material (HCAP), followed by manganese shale (MNSHALE), and then basal shale (BS1), with a dolerite basement (DOLERITE). All units except the dolerite basement are mineralised. The block model configuration consists of parents blocks of size 50 x 50 x 1m, and sub blocks of 5 x 5 x 0.5m. The blocks are aligned orthogonal to the grid (no rotation). Block sizes are based on an average drillhole spacing across all deposits of 100 x 100m, with 1m samples down hole, such that there is adequate sample support for the blocks. The October 2024 MRE (central section that was updated by MEC) included 10 elements (Mn, Fe, Al, K, Si, Ni, Ca, Co, Mg, Na) estimated by Ordinary block Kriging with no top cut. At Yanneri Ridge, density was also estimated using Ordinary Kriging, but due to the lack of geophysical density data at Coodamudgi, a mean nominal density was assigned for each domain. Samples were composited to the dominant sample length of 1m. No extreme grades were observed and no grade top cut was applied. A block discretisation of 2 x 2 x 2 was used. The 2019 MRE for Richies Find and Mundawindi was estimated using IDW3 and was not updated by MEC, however, these estimates were combined with the MEC update of Coodamudgi and Yanneri Ridge to provide the complete 2024 MRE for the Butcherbird project. The MEC semi-variogram model was applied to all 10 elements and density, within all mineralised domains. The orientation of the variogram main axis is 90˚ with a plunge of 0˚. The secondary axis azimuth is 180˚ with a plunge of 0˚. The rotation is 0˚. The semi-variogram parameters are shown in Table 6. Table 6: Semi-variogram parameters for 2024 MRE. Variogram Mn% Nugget 7.25 Component Sill Range Axis1 Axis 2 Axis 3 Spherical 1 3.6 75.4 74 2.4 Spherical 2 4.55 130 136 14.2 Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 10 Global validation was completed by comparing the composited assays and the estimated block grades. Local validation was completed by using trend/swath plots by easting, northing and RL slices. There were no concerns with the outcomes of the validation checks. A cross section through the Yanneri Ridge deposit is shown in Figure 4. Figure 4: Cross section through the Yanneri Ridge deposit at 772,000mE looking west. A plan view of the depleted 2024 block model showing the Measured, Indicated, and Inferred Mineral Resources for the mineralised shale is shown in Figure 5. Figure 5: Plan view of depleted 2024 block model, Measured, Indicated, and Inferred Mineral Resources for mineralised shale. The Resource Classification for the Butcherbird Project was based on drill hole spacing, risk assessment, and QAQC. Clause 20 of the JORC (2012) Code requires that all reports of Mineral Resources must have reasonable prospects for eventual economic extraction, regardless of the classification of the resource. The Butcherbird Resource passes the RPEEE hurdle on the basis that the mine was producing as recently as late 2023. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 11 ABOUT ELEMENT 25 Element 25 is an ASX-listed company (ASX: E25) that operates the world-class 100%-owned Butcherbird Manganese Project in Western Australia and is currently undertaking activities to expand production to approximately 1.1Mtpa of medium-grade high silica manganese ore for use in traditional and new energy markets1. E25 is also commercialising innovative proprietary technology to produce battery-grade high-purity manganese sulphate monohydrate (HPMSM) for use in Electric Vehicle (EV) battery manufacturing. The Company plans to build it’s first HPMSM refinery in Louisiana, USA to produce raw materials for the US EV market, in partnership with General Motors LLC (GM) and Stellantis N.V. (Stellantis)2. E25 aims to become an industry leading, world class, low-carbon battery materials manufacturer. Company information, ASX announcements, investor presentations, corporate videos, and other investor material in the Company’s projects can be viewed at: www.element25.com.au. This announcement is authorised for market release by Element 25 Limited’s Board of Directors. 1. E25 ASX Release dated 23 January 2024 2. E25 ASX Releases dated 9 January 2023 and 26 June 2023 Investors Justin Brown Media Inquiries: Managing Director Nathan Ryan Email: admin@e25.com.au Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (8) 6375 2525 Phone: +61 (0) 420 582 887 Investor Hub: Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 12 Competent Persons 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 information in this report that relates to the Yanneri Ridge and Coodamudgi Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr. Dean O’Keefe, who acts as Consultant Geologist for Element 25 and is a full time employee of MEC Mining. Mr. O’Keefe is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposits 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 (JORC Code). Mr. O’Keefe consents to the inclusion in this report of the Mineral Resources estimates and supporting information in the form and context in which it appears. The information in this report that relates to the Mundawindi and Ritchies Find Mineral Resources is based on and fairly represents information and supporting documentation prepared by Mr Greg Jones, who acts as Consultant Geologist for Element 25 and is a full-time employee of IHC Robbins. Mr. Jones is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposits 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 (JORC Code). Mr. Jones consents to the inclusion in this report of the Mineral Resources estimates and supporting information in the form and context in which it appears. The information in this report that relates to the Bindi Bindi, Budgie Hill, Cadgies Flat and Ilgarrarie Ridge Mineral Resources is based on, and fairly represents information and supporting documentation prepared by Mr Mark Glassock who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Mineral Resources were compiled, Mr Glassock was a consultant to Element 25 Limited. Mr Glassock 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 Glassock consents to the inclusion of this information in the form and context in which it appears in this report. Element 25 confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements 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. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 13 Investor Relations Disclaimer Certain Statements included in this announcement are forward-looking statements concerning Element 25 Limited and its subsidiaries (E25) and its operations, economic performance, financial condition, plans and expectations. Without limiting the foregoing, statements including the words “believes”, “anticipates”, “plans”, “expects”, “could”, “potential”, “should” and similar expressions are also forward-looking statements. All forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of production, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets, uncertainty in the measurement of mineral reserves and resource estimates, E25’s ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral or mineral deposit or mineral processing facility that are beyond E25’s control, the availability of capital to fund all of the Company’s projects and other risks and uncertainties. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. E25 cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. E25’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and E25 does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements. Butcherbird Mineral Resource Estimate Update - 29 October 2024 | 14 APPENDIX – JORC TABLE 1 Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • The majority of the drillholes were sampled as drill chips at 1m intervals, excluding diamond drillholes • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • There is no information available on the drilling companies which conducted the drilling, except for • • The samples used in the 2024 MRE for Coodamudgi and Yanneri Ridge are detailed below (diamond which were sampled to lithological contacts. • The 2010, 2011, 2012, 2022 and 2024 drilling was all RC drilling and completed using 5-6m rods with a 5.5 inch bit. Samples were taken from a rig mounted splitter. • The 2018 drilling was air core (AC), using a 3 ½” drill string and a combination of blade and percussion hammer bits. Drill chips were collected through a rig mounted cyclone and cone splitter. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) the 2018 AC drilling which w