Announcement PDF ANNUAL REPORT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2025 Element 25 Limited ABN 46 119 711 929 ASX E25 element25.com.au 2025 ANNUAL REPORT | 1 2025 2023 The future has always The future has always been electric... been electric... 2 | 2025 ANNUAL REPORT TABLE OF CONTENTS TABLE OF CONTENTS Chairman’s Letter 04 Message From The Chair 5 Principal Activities and Review of Operations Review of Operations 06 6 Directors' Report 18 Directors' Report 25 Audit Independence Declaration 27 Auditor’s Independence Declaration Corporate Governance Statement 35 28 Consolidated Statement of Comprehensive Income Consolidated Statement of Profit or Loss andConsolidated Other Comprehensive Income Statement of Financial Position Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements 36 30 37 31 38 32 39 33 40 Notes to the Consolidated Financial Statements 34 Directors' Declaration 64 Consolidated Entity Disclosure Statement Directors' Declaration Independent Auditor’s Report Independent Auditor’s Report 66 67 65 68 ASX Additional Information 105 Corporate Directory 107 ASX Additional Information Corporate Directory 73 77 2025 ANNUAL REPORT | 3 HIGHLIGHTS Updated Butcherbird Expansion Project Feasibility Study targeting 1.1Mtpa manganese concentrate production delivers compelling economics including AU$561 million NPV8 and 96% IRR, with estimated CAPEX of AU$64.8 million. US$166 million U.S. Department of Energy (DoE) grant formally awarded under the Battery Materials Processing Grant Programme to support construction of Element 25’s planned high purity manganese sulphate monohydrate (HPMSM) facility in Louisiana, USA. Butcherbird Ore Reserve increased 107% to 101.4 Mt at 10.4% Mn for 10.54 Mt contained manganese, underpinning Butcherbird’s robust, >18-year LOM operation at 1.1 Mtpa production rate, in line with Element 25’s strategic plan. Butcherbird Mineral Resource Estimate increased 6% to 274Mt @ 10% Mn, with Measured and Indicated Resources increased 142% to 130Mt at 10.23% Mn. Northern Australia Infrastructure Facility (NAIF) approves project financing of up to AU$50 million in senior debt for Butcherbird Expansion Project. National Patent Applications filed in multiple key jurisdictions to obtain global protection for Element 25’s proprietary lithium-ion battery grade HPMSM processing technology. Scoping Study completed for a potential Tokyo Bay HPMSM refinery in Japan, with Pre-Feasibility Study commenced, targeting a final investment decision by June 2026. 4 | 2025 ANNUAL REPORT MESSAGE FROM THE CHAIR Dear Fellow Shareholders, I am pleased to present the Element 25 Limited 2025 Annual Report, as we reflect on the significant progress the Company has made over the past 12 months to advance our Butcherbird Manganese Mine in Western Australia (WA) (Butcherbird) as well as furthering our vision to become a global producer of high purity manganese sulphate monohydrate. We remain committed to provide a pathway to deliver ethically sourced, traceable, transparent high purity manganese sulphate monohydrate to the US market, refining manganese from Butcherbird at our planned first-of-its-kind processing facility to be based in Louisiana, USA. There were several important achievements over the 2025 financial year, including securing a US$166 million (AU$268 million) grant from the United States Department of Energy (DoE) under its Battery Materials Processing Grant Program; updating Mineral Resources, Ore Reserves and a Feasibility Study for expanding production capacity at our Butcherbird project, and achieving AU$50M support from the Northern Australia Infrastructure Facility (NAIF) for this planned expansion. Foreshadowed last year, the DoE’s grant secured by the Company in January 2025 represents a critical funding component for our HPMSM refinery planned for Louisiana, adding to the US$115 million commitments already received from our partners General Motors (GM) and Stellantis N.V. (Stellantis), totalling US$115 million. The DoE’s grant will cover approximately half the construction capital costs for our planned Louisiana facility and comprises funding over five budget periods, each relating to a staged phase of project execution, with periods, milestones and stage gates agreed between the DoE and Element 25 as part of the grant negotiation. The Company’s planned Louisiana project is expected to create significant employment, investment and economic benefit for the region and as a result we are pleased to have this US Government support. We are currently co-ordinating a process to secure the balance of funding for the project’s construction costs. Similarly, after a due diligence process commenced in 2024, we recently received notification of up to AU$50 million project funding from NAIF for our Butcherbird expansion project. This financing was based on an updated January 2025 Feasibility Study which estimates expanding production to 1.1 million tonnes per annum (Mtpa) of manganese concentrate over a mine life of more than 18 years. NAIF is an Australian Federal Governmentbacked financier of loans for development of infrastructure projects in northern Australia, and its funding for the Butcherbird expansion reaffirms the government’s commitment to developing Australia’s critical minerals sector, as well as Butcherbird’s economic importance to Australia and the Pilbara region of Western Australia. Our NAIF funding was secured following an updated Mineral Resource Estimate for Butcherbird, now increased to 274 million tonnes, as well as an updated Ore Reserve which increased 107%, forming the basis for our updated Butcherbird expansion Feasibility Study. The Company has received full approval for Butcherbird expansion from the WA State Government, and look forward to advancing works over the coming 12 months. These milestones have all been important steps in our work to achieve set goals, and while at times progress may seem slower than we would like, we continue to witness changes in manganese market demand as battery composition continues to undergo optimisation. Recent industry developments include a potential shift towards lithium manganese-rich battery chemistry. While previous high nickel battery cells typically use up to 10% manganese, lithium manganese-rich battery cells can use up to 70% manganese, significantly increasing the manganese required to produce them. Pleasingly, our partner GM is one of the first automakers looking to adopt this new technology, after spending more than 10 years in research. In addition to Louisiana, we have continued to progress plans for a potential HPMSM Facility site in Chiba prefecture in Tokyo, Japan in partnership with Nissan Chemical, with the completion of a Scoping Study, which identified no major impediments. Advancing to a more detailed investigation for the project is another exciting step forward in realising the Company’s strategic plan, and we anticipate reaching a final investment decision by June 2026. As global plans continue to advance, the Company lodged National Patent Applications in multiple key jurisdictions to obtain global protection for our HPMSM processing technology, filing national patent applications in 17 strategic jurisdictions, including Australia, the United States, Mexico, Canada, China, Japan, and European markets. As patents are only granted by each country’s relevant national patent office, the individual National Phase filings are a key requirement in the process to have a patent granted internationally. All in all, we have achieved many critical steps in advancing our strategy over the past 12 months, and I thank our staff and management team for continuing to drive these initiatives. I also thank my fellow Directors for their expertise and guidance on Board matters. Lastly, I thank our Shareholders for your continued support and confidence in our ability to execute our strategy and deliver on our goals. The year ahead looks busy for our Company as we continue to work towards creating shareholder value. I hope you will remain with us on this journey as we continue to strive to become a global manganese business, supplying in-demand, low-carbon sustainable manganese ore and battery-grade HPMSM worldwide. John Ribbons Non-Executive Chair Element 25 Limited 2025 ANNUAL REPORT | 5 REVIEW OF OPERATIONS KEY OPERATIONAL MILESTONES FOR FINANCIAL YEAR 2025 BUTCHERBIRD MANGANESE MINE, WA • Updated Butcherbird Feasibility Study for 1.1Mtpa manganese concentrate production expansion delivers compelling economics including AU$561 million NPV8 and 96% IRR with estimated CAPEX of AU$64.8 million1. • Butcherbird Mineral Resource Estimate increased by 6% to 274Mt @ 10% Mn with Measured and Indicated Resources increased 142% to 130Mt at 10.23% Mn2. • Ore Reserve increased 107% to 101.4Mt at 10.4% Mn for 10.54Mt contained manganese3, confirming Butcherbird’s robust, >18-year LOM operation at 1.1Mtpa production rate1, in line with Element 25’s strategic plan. • Northern Australia Infrastructure Facility approves project financing of up to AU$50 million in senior debt for Element 25’s Butcherbird Expansion Project. • Financing based on updated January 2025 Butcherbird Expansion Project Feasibility Study which assumes a 1.1Mtpa manganese ore operation over an 18.3 year mine life4. • Collaboration with Scania and ReGroup to investigate potential launch of autonomous fleet of in-pit mining trucks at Butcherbird5. • Butcherbird Expansion Project mining proposal and mine closure plan approved6. • Regulatory Approval to proceed for Butcherbird Expansion Project 7 HPMSM PROJECT, USA • US$166 million US Department of Energy grant formally awarded under the Battery Materials Processing Grant Program to support construction of Element 25’s planned HPMSM facility in Louisiana, USA8 9. • Element 25 working to finalise project financing with US$85 million in senior debt from General Motors LLC and US$30 million from Stellantis N.V. as equity and offtake prepayment10 secured. • National Patent Applications filed in multiple key jurisdictions to obtain global protection for Element 25’s proprietary lithium-ion battery grade HPMSM processing technology11. 1 E25 ASX Announcements dated 23 January 2024 and 22 January 2025 2 E25 ASX Announcement dated 29 October 2024 3 E25 ASX Announcement dated 22 January 2025 4 E25 ASX Announcement dated 22 January 2025 5 E25 ASX Announcement dated 07 October 2024 6 E25 ASX Announcement dated 13 January 2025 7 E25 ASX Announcement dated 12 March 2025 8 E25 ASX Announcement dated 20 January 2025 9 E25 ASX Announcement dated 24 September 2024 10 E25 ASX Announcements dated 9 January 2023 and 26 June 2023 11 E25 ASX Announcement dated 22 July 2025 6 | 2025 ANNUAL REPORT COMPANY OVERVIEW Element 25 Limited (Element 25 or Company) (ASX: E25 | OTCQX: ELMTF) is the operator of the Butcherbird Manganese Project, which hosts Australia’s largest onshore manganese (Mn) resource with current Joint Ore Reserve Committee (JORC) resources of 274Mt of manganese ore. Butcherbird is located approximately 1,050km north of Perth and 130km south of Newman in the Pilbara region of Western Australia (WA). Element 25 plans to expand Butcherbird output to 1.1Mpta manganese concentrate production based on an updated Feasibility Study completed in January 202512. Element 25’s goal is to become an industry leading low-carbon battery materials manufacturer, producing high quality manganese concentrate and battery grade high purity manganese sulphate monohydrate (HPMSM), a critical raw material used in the manufacture of lithium-ion batteries for traditional and new energy applications including electric vehicles (EV). The Company plans to construct a HPMSM facility, in Louisiana, USA, based on a 2023 Feasibility Study13, having secured a US$166 million grant towards the Project’s development from US Department of Energy in January 202514. The Facility will use manganese concentrate from Element 25’s existing mine at the Butcherbird Project as feedstock to produce HPMSM. The US Facility is supported by key offtake and funding agreements in place with General Motors LLC and Stellantis N.V., which are contributing a combined US$115 million in project funding15 through equity, pre-payment and senior debt alongside offtake for ~65% of planned HPMSM production from the first production train. Element 25 is investigating the potential for further HPMSM production sites, including in Japan, to expand production of HPMSM over time to meet anticipated demand growth from the battery industry. 12 E25 ASX Announcement dated 22 January 2025 13 E25 ASX Announcement dated 12 April 2023 14 E25 ASX Announcement dated 20 January 2025 15 E25 ASX Announcements dated 9 January and 26 June 2023 2025 ANNUAL REPORT | 7 BUTCHERBIRD OPERATIONS, WESTERN AUSTRALIA SAFETY For the 12 months ending 30 June 2025, the Butcherbird mine site sustained 0 (nil) Lost Time Injuries and 0 (nil) Medical Treatment Injuries. The 12-month Lost Time Injury and Medical Treatment Injury rates were noted as 0 (nil) and 0 (nil) respectively. UPDATED MINERAL RESOURCE ESTIMATE AND ORE RESERVE STATEMENT FOR BUTCHERBIRD In 2024, Element 25 completed extensive resource infill drilling at Butcherbird, with 216 percussion drill holes for 6,202m to infill existing inferred resources within granted Mining Lease M52/1074, where the Butcherbird mining and processing operations are located16. Drilling further confirmed the geological model and, importantly, the continuity of mineralisation - a key attribute of the lateritic manganese mineralisation at Butcherbird. The drilling also provided sufficient data density to underpin a re-evaluation of Resources and Reserves to support Butcherbird’s planned expansion. Element 25 appointed MEC Mining to undertake an updated Mineral Resource Estimate17, and a revised mine schedule and Reserve statement. Infill drilling results were used to update the Mineral Resource Estimate for the Yanneri Ridge, Coodamudgi, Richies Find, and Mundawindi deposits, supporting a 142% increase in the (mining depleted) 2019 Measured and Indicated Resource base within the target mining area for Butcherbird’s planned Stage 2 Expansion operations. Following the updated Mineral Resource Estimate, in January 2025, Element 25 announced a 107% increase in Ore Reserves18 at Butcherbird, relating to the Yanneri Ridge and Coodamudgi manganese deposits within granted mining lease M52/107411. These are two of the eight known deposits at Butcherbird and will form the mining inventory for the planned Stage 2 expansion operations. The updated Ore Reserve was developed from the October 2024 Mineral Resource Estimate for the Yanneri Ridge and Coodamudgi manganese deposits. The resource models and their development are described separately in the Mineral Resource Estimate report19. Proved and Probable Ore Reserves have been derived from Measured and Indicated Mineral Resources in accordance with Joint Ore Reserve Committee Code 2012 guidelines. The Ore Reserve classification reflects the Competent Persons’ assessment of the deposits with the application of appropriate modifying factors. Full details for the Company’s resources and reserves are located in this report at Mineral Resources and Ore Reserves. 16 E25 ASX Announcement dated 19 June 2024 17 E25 ASX Announcement dated 29 October 2024 18 E25 ASX Announcement dated 22 January 2025 19 E25 ASX Announcement dated 29 October 2024 8 | 2025 ANNUAL REPORT BUTCHERBIRD EXPANSION STRATEGY – UPDATED FEASIBILITY STUDY In January 2025, Element 25 released an updated Butcherbird Expansion Project Feasibility Study, refining the previous January 2024 Butcherbird Expansion Project Feasibility Study to include an updated mining reserve, updated operating costs and extended mine life for the Butcherbird Project utilising the extended mining reserve20. Highlights of the updated Butcherbird Expansion Project Feasibility Study included: • Base case involves an annual production and sale of 1.1Mtpa of lump manganese ore grading 31.6% Mn20. • Butcherbird expansion established as a low-cost manganese operator (US$2.86/dmtu C1 cost, US$3.22/dmtu AISC cost) able to produce high-quality manganese concentrate at a globally competitive operating cost. • Average base case annual operating cashflow of AU$70.5 million at full production. • Low capital requirement of AU$64.8 million capital in total construction costs including process and non-process infrastructure. • Study uses all the available Measured and Indicated resources within the 18.3-year mine plan. • The increase in the Mn production provides a secure, long term supply of concentrate for the Company's planned HPMSM facility to supply current offtake partners GM and Stellantis with HPMSM and also aims to achieve the Company's Design One, Build Many strategy. The Study contemplated a revised comminution and procession circuit based on learnings gained from the operation of the current Butcherbird processing facility since 2021. Changes to the processing circuit include the use of a mineral sizer for primary comminution, a dense media separation drum for final beneficiation and a tailings screen and thickener for tails thickening and improved water recovery. The Study confirmed the project’s robust economics, with performance benefiting from the inherent economies of scale achieved in larger-scale production operations. This results in better utilisation of mining and processing equipment, improved operational efficiencies and better utilisation of the large resource/reserve base underpinning the project. 20 E25 ASX Announcement dated 22 January 2025 2025 ANNUAL REPORT | 9 NAIF PROJECT FINANCING FACILITY In June 2025, Element 25 secured a senior debt finance facility of up to AU$50 million from the Federal Government’s Northern Australia Infrastructure Facility (NAIF) towards its Butcherbird Expansion Project21. The Northern Australia Infrastructure Facility will provide AU$42.5 million in senior debt and up to AU$7.5 million cost overrun facility to support Element 25’s plans to expand Butcherbird. The Company is in discussions with other potential financiers for the balance of the required project finance for the Butcherbird Expansion Project via a range of structures including offtake prepayment and royalty instruments. The Northern Australia Infrastructure Facility is a Commonwealth Government financier providing concessional loans for the development of infrastructure projects in northern Australia and the Australian Indian Ocean Territories to deliver economic and social growth22. The Northern Australia Infrastructure Facility commenced a strategic assessment and due diligence over the Butcherbird Expansion Project in 2024. BUTCHERBIRD EXPANSION GOVERNMENT APPROVALS In March 2025, the Butcherbird Expansion Project received final statutory approval from the WA Department of Water and Environmental Regulation, meaning the Butcherbird Expansion Project is fully approved under the Western Australian mining regulatory framework23 Receipt of the Works Approval followed approval of Butcherbird Expansion Project Mining Proposal and Mine Closure Plan by WA Department of Energy, Mines, Industry Regulation and Safety as announced in January 202524. These approvals enable the Company to commence construction once funding is secured, as all other required approvals and access agreements are in place and established from Butcherbird’s Stage 1 pilot operations including water abstraction, heritage clearances, Native Title and pastoral agreements. 10 | 2025 ANNUAL REPORT 21 E25 ASX Announcement dated 17 June 2025 22 https://www.naif.gov.au/ 23 E25 ASX Announcement dated 12 March 2025 24 E25 ASX Announcement dated 13 January 2025 HPMSM PROJECT, USA Element 25 is progressing plans for construction of an integrated high purity manganese sulphate monohydrate (HPMSM) facility in Louisiana, USA to produce battery-grade HPMSM, a critical raw material used in the construction of lithium-ion battery cathode precursor materials to supply project partners GM and Stellantis. Element 25 plans to produce up to 135Kt per annum of HPMSM for US electric vehicle supply chains in a first-of-its-kind processing facility. The facility will utilise concentrate produced from Element 25’s existing operations at Butcherbird (WA), which exports high silica manganese concentrate for use in the steel industry. The concentrate produced at Butcherbird is uniquely suited for conversion to HPMSM using Element 25’s proprietary process, which has a number of advantages over existing processes used in China. Element 25’s HPMSM US Facility is supported by key offtake and funding agreements with GM and Stellantis, which are contributing a combined US$115 million in project funding through a combination of equity, pre-payment and senior debt alongside offtake25. In January 2025, Element 25 announced formal awarding and signing of a Grant Agreement for US$166 million (AU$268 million) in grant funding from the US Department of Energy (DoE) under the Battery Materials Processing Grant Program26 to support construction of Element 25’s planned HPMSM facility. The US Department of Energy grant comprises a total of US$166,128,094 funding, broken into five budget periods, each relating to a staged phase of project execution. The structure of the grant is predicated on matching funding (cost-share) being provided by the Company for a total of US$166,128,095 in cost-share. The grant agreement outlines the tasks and milestones required for each budget period with associated reporting and approval requirements. The milestones and stage gates were agreed between the DoE contracts team and the Company as part of the grant negotiation and award process, subsequent to the announcement for the grant award. The grant award is in addition to the US$115 million already committed by offtake partners GM and Stellantis. The project is expected to create 400 jobs during construction and 144 full-time ongoing roles once production commences. Element 25 is co-ordinating a process to secure the balance of funding for the project’s construction costs, which were estimated in the Company’s HPMSM Feasibility Study at US$289 million27. Recent industry developments include a potential industry shift towards Lithium Manganese Rich battery chemistry, rather than a high nickel formulation, with Element 25’s offtake partner GM one of the first automakers looking to adopt this technology, after spending more than a decade on research28. While high nickel battery cells typically use about 5-10% manganese, lithium manganese-rich battery cells use around to 50-70% manganese29 increasing the required manganese by a factor of around 10X. Element 25’s process offers a pathway to the delivery of expanding volumes of ethically sourced, traceable, transparent HPMSM supply to US markets. 25 E25 ASX Announcements dated 9 January and 26 June 2023 26 E25 ASX Announcement dated 20 January 2025 27 E25 ASX Announcement dated 12 April 2023 28 Article: Why LMR batteries will change the outlook for the EV market 29 Article: GM, LG Energy target commercializing manganese-rich batteries for EVs 2025 ANNUAL REPORT | 11 HPMSM PROJECT, JAPAN In September 2024, Element 25 signed a non-binding Memorandum of Understanding with Nissan Chemical Corporation and NC Tokyo Bay Corporation to complete a pre-feasibility study into a battery grade HPMSM facility to be located at the existing NCTB site in Chiba prefecture, Japan30. The potential for a HPMSM facility to be built using the unique Element 25 flowsheet supplied with Butcherbird manganese concentrate fits well with Element 25’s strategy of building multiple refineries to serve various global markets. Key synergies can be realised by co-locating Element 25’s low-emission technology and process at NC Tokyo Bay Corporation, including: • NC Tokyo Bay Corporation operates a sulphuric acid plant at the Chiba production facility, which can supply acid to the proposed project. • NC Tokyo Bay Corporation has substantial ancillary infrastructure, utilities and services that can be provided to the HPMSM project. • NC Tokyo Bay Corporation is located in Tokyo Bay and has private berths that can handle both liquid and bulk cargo, providing important logistics solutions. The NC Tokyo Bay Corporation site in Chiba offers unique opportunities for the potential co-location of a HPMSM facility. In addition to the production sulphuric acid at the Chiba site, NC Tokyo Bay Corporation also produces sulphuric acid at both its Aichi and Toyama prefecture facilities, as well as other key reagents at the Toyama prefecture facility, all key inputs into the Element 25 process. NC Tokyo Bay Corporation also generates CO2-free power via an established cogeneration unit attached to the acid plant. All other required utilities, including natural gas, water and sewer services are also available at the NC Tokyo Bay Corporation site, in addition to substantial ancillary infrastructure and services. Japan has a long and proud history in automotive excellence including the production of hybrid and electric vehicles, and several leading electric vehicle battery and precursor manufacturers are also based there. Japan, like many other countries, has designated manganese as a critical mineral and has legislated incentives to establish domestic battery-related industries. Manganese is becoming an increasingly important input into electric vehicle batteries as the technology shifts away from nickel-rich chemistries to high manganese and lithium manganese iron phosphate (LMFP) cathodes. This transition is expected to generate increased demand for high-purity manganese chemicals for use in the production of these batteries as the electric vehicle transition accelerates. As announced in April 2025, the parties completed a high-level scoping study, which examined a range of factors, including permitting, logistics, reagent supply, labour, capital and operating costs. The Study used the detailed information available from Element 25’s HPMSM Louisiana Project and utilised local knowledge about the Japanese market to factorise costs where direct estimates were not available31. Pleasingly, the Study confirmed the potential feasibility of the Facility and identified no fatal flaws. The Memorandum of Understanding parties have agreed to proceed to a more detailed investigation of the project in accordance with the terms of the Memorandum of Understanding. The Memorandum of Understanding is non-binding but outlines several key steps, including the identification of potential engineering, procurement and construction contracts, the finalisation of offtake agreements and the securing of sufficient project finance to reach a targeted final investment decision date of June 2026. 30 E25 ASX Announcement dated 3 September 2024 31 E25 ASX Announcement dated 2 April 2025 12 | 2025 ANNUAL REPORT INTELLECTUAL PROPERTY (IP) PROTECTION Element 25 has lodged National Patent Applications32 in multiple key jurisdictions to obtain global protection for its proprietary lithium-ion battery grade HPMSM processing technology. The two patent applications relate to innovative hydrometallurgical processes developed in-house that significantly enhance the product quality, efficiency, sustainability, and commercial value of HPMSM recovery operations: • Patent 1: Leach and primary purification - the first key step in the Company’s technology is a low carbon, low energy leach and purification method which reduces reagent consumption and, importantly, generates a saleable by-product, negating the generation of waste material which is a key issue for incumbent technologies in China. • Patent 2: Selective extraction of manganese from acidic leach solution to generate a high purity manganese sulphate product, without the use of conventional (toxic) fluoride reagents, making it safer and more cost effective. The process allows for the generation of a very high purity product whilst generating a saleable by-product stream, with zero waste generation. The Company has filed national patent applications in 17 strategic jurisdictions, including Australia, the United States, Mexico, Canada, China, Japan, and European markets. As patents are only granted by each country’s relevant national patent office, the individual National Phase filings are a key requirement in the process to have a patent granted internationally. These filings follow initial provisional patents lodged in November 2023 under the International Patent Cooperation Treaty and represent the next step in securing global protection for the Company’s intellectual property. The patent applications reflect the Company’s ongoing commitment to innovation in the mining and minerals sector. By protecting these technologies, Element 25 is positioned to: • Enhance its commercial offering to project partners and customers; • License the technology across multiple regions and commodities; and • Support long-term value creation through IP-driven competitive advantage. LAKE JOHNSTON PROJECT, WA During the period, Element 25 continued exploration activities at its 100%-owned Lake Johnston Project to follow up on targets defined in an earlier study. On-ground investigations by Element 25 personnel confirmed pegmatite occurrences within the project area. Although no economic lithium or spodumene has been located to date, the project remains prospective for lithium. Exploration is continuing. CORPORATE In January 2025, Element 25 announced it had utilised an At-