Announcement PDF Element 25 Limited Level 1, Building B, Garden Office Park, 355 Scarborough Beach Road, Osborne Park 6017, Western Australia, Australia ABN: 46 119 711 929 T: +61 8 6375 2525 E: admin@e25.com.au W: element25.com.au ANNOUNCEMENT | 28 October 2026 | ASX: E25 ELEMENT 25 PROGRESSES TO MAIN CONSTRUCTION PHASE AT BUTCHERBIRD EXPANSION PROJECT, WA HIGHLIGHTS • Early site works nearing completion at the Butcherbird Expansion Project in preparation for the planned main construction phase. • Works completed include site clearing, bulk earthworks and preparation of the planned process plant, run-of-mine and non-process infrastructure as construction of process water storage pond and pipelines. • Existing administration facilities have been relocated and new transportable offices and amenities installed, together with supporting power, communications, potable water and wastewater services. • The program has established essential infrastructure and construction-ready areas for subsequent processing plant construction and commissioning. • Tender process for main construction contract – SP1 (CSMP) and E&I construction contract SP2 (E&I) work package approaching finalisation and award. • Significant progress achieved toward financial close of Northern Australia Infrastructure Facility (NAIF) AU$50 million financing package. Major contracts signed include: • Mining Services Agreement. • Ore Haulage Agreement. • Engineering Services Agreement. • Offtake Agreement. • Kumarina Camp Lease Agreement. • Detailed engineering is substantially complete; engineering resources now tasked with construction support and oversight. • Main Construction – SP2 is on scheduled to commence Q4 2026, with completion of SP2 scheduled for Q1 2027. • Operational readiness program significantly advanced as project moves closer to operations. Element 25 Limited (E25 or Company) (ASX: E25; OTCQX: ELMTF) is pleased to advise early site works are materially complete at its Butcherbird Expansion Project (BBX) in preparation for process plant construction and commissioning in accordance with the BBX project execution plan (PEP). 28 October 2026 | ASX: E25 2 Element 25 Managing Director Justin Brown said: “Our Butcherbird Expansion Project continues to advance strongly across all major work fronts. We have secured important commercial contracts, advanced financing activities, progressed engineering and procurement programs, and significantly strengthened both our construction and operational readiness capability. A particularly important milestone is the completion of the SP1 early works package by Qetra. These works establish the critical infrastructure required to support major construction activities and represent the first significant site-based execution contract associated with the expansion project. In parallel, we have continued significant investment in operational readiness, ensuring that the people, systems, governance structures and operating procedures required for long-term success are being developed well ahead of commissioning." Figure 1: Aerial overview of early works activities at the Butcherbird Project – September 2026. Figure 2: Aerial overview of early works activities at the Butcherbird Project – October 2026. 28 October 2026 | ASX: E25 3 The SP1 work program establishes critical project infrastructure and construction-ready areas necessary to support the subsequent development of the expanded 1.1Mtpa manganese concentrate operation1 . Completion of these activities will enable the transition to the main construction phase, being SP2 and SP3 and support the planned recommencement of production at Butcherbird. PROJECT PROGRESS DASHBOARD Programs Work Packages NAIF Contractual Close Process Complete Procurement Program On Track Financial Model & Funding Package Complete Long Lead Equipment Procurement Orders Placed Due Diligence Program Advanced Financial Close In Progress Agreements & Contract Awards Plans & Frameworks Mining Services Agreement Complete Detailed Engineering Complete Ore Haulage Agreement Complete Operational Readiness Framework Complete Detailed Engineering (IFC) Complete Pit-to-Port Operating Model Complete Offtake Agreement Complete Organisational Design Complete Kumarina Camp Lease Complete Workforce Planning Complete Early Site-Works Contract Complete Recruitment Planning Advanced Port Services Agreement Advanced Training & Competency Framework Advanced Power Supply Agreement Advanced Mine Safety Management System (Construction) Complete Main Construction (CSMP) Award Mine Safety Management System (Operations) Advanced E&I Construction Tender Operational Systems Planning Advanced Construction Mobilisation Planning Advanced Statutory Appointments Planning Advanced 1 E25 ASX Announcement dated 22 January 2025 28 October 2026 | ASX: E25 4 SP1 WORK PACKAGE SCOPE SUMMARY The early works program, being SP1, was structured to provide critical project infrastructure and establish construction-ready areas for subsequent major contracts associated with the construction of the BBX processing plant and supporting facilities. Early works focused on establishing the site infrastructure and prepared work areas required for the main plant construction program, is scheduled for completion Q4, 2026. Scope of Early Works Key activities completed include: • Site clearing, grubbing and bulk earthworks to establish construction platforms for the expanded processing plant, run-of-mine infrastructure and supporting facilities. • Construction and commissioning of a new process water pond, including associated water supply, pumping and pipeline infrastructure required to support construction and future operations. • Relocation and reinstatement of existing water services, including bore field pipeline connections and standpipe facilities. • Relocation of existing administration and support facilities and installation of new offices, amenities and other non-process infrastructure. • Installation of preliminary site services, including power, communications, potable water, wastewater, roads and drainage infrastructure. • Decommissioning and rehabilitation of the existing process water pond following successful commissioning of the new facility. Detailed engineering activities are now materially complete with issued for construction (IFC) packages issues across civil, structural, mechanical, piping, electrical and instrumentation packages (CSMPE&I). Altris Engineering has transitioned into a procurement and construction support role, providing continuity of personnel through the construction and commissioning phases. Engineering priority work streams include: Final issued-for-construction documentation. Construction support. Vendor data integration. Procurement interfaces. Commissioning preparation activities. PROCUREMENT Procurement activities continue to advance across the expansion project. All major equipment packages are awarded, ordered and progressing through manufacturing in preparation for delivery in line with the construction plan. Procurement activities remain focused on schedule-critical and long-lead items required to support the overall project schedule. 28 October 2026 | ASX: E25 5 Procurement priority work streams include: Structural steel. Procurement interfaces. Mechanical equipment packages. Critical spares and commissioning inventory. Electrical infrastructure and MCCs. Instrumentation and control systems. Process plant equipment. Conveying systems. CONSTRUCTION READINESS Construction readiness remains a major focus as the Company prepares for mobilisation to immediately follow financial close under the lender financing contract. To support delivery in accordance with the overall project plan, the construction packages have been broken into multiple phases, SP1 (Early Works), SP2 (CSMP) and SP3 (E&I). The SP1 package was awarded to Qetra and is now materially complete. SP1 represents a critical enabling works package that establishes the site infrastructure required to support the main construction phase of the project. The SP1 package is designed to prepare the project site ahead of commencement of the larger SP2 process plant construction package. The SP1 scope includes: Site establishment infrastructure. Access and logistics infrastructure. Construction laydown areas. Early civil works. Temporary construction facilities. Construction support infrastructure. Utilities and site services. Camp and accommodation interfaces. SP2 comprises the primary process plant and associated infrastructure construction programme and represents the largest construction package within the expansion project. SP3 comprising the Electrical and Instrumentation construction and installation is the final phase of the project prior to hand over to the operational readiness team. This short phase is currently in the final tendering and scheduling phase and expected to run concurrently with SP2. The completion of SP1 marks an important transition from project development into physical site execution and establishes the foundation required for efficient delivery of major construction activities. Additional construction readiness activities completed or underway include: Construction execution planning. Statutory appointment planning. Site mobilisation planning. Site logistics planning. Contractor interface management. Camp mobilisation planning. Construction safety planning. 28 October 2026 | ASX: E25 6 OPERATIONAL READINESS Operational readiness has become a major strategic focus for the Company and represents a significant de-risking initiative ahead of project commissioning. Element 25 has continued development of a comprehensive Pit-to-Port operating framework covering mining, processing, logistics, maintenance, inventory management, laboratory services, safety, environmental management, business systems and operational governance. This aims to ensure the project transitions seamlessly from construction into stable and sustainable operations. Key achievements include: • Development of an integrated Pit-to-Port operating architecture. • Establishment of authoritative operating plans across business functions. • Workforce planning and organisational design development. • Recruitment planning for operational and statutory roles. • Development of training and competency programs. • Maintenance and asset management readiness planning. • Supply chain and inventory readiness planning. • Production accounting and reporting framework development. • Safety management and governance planning. • Site access, accommodation and travel management planning. Dedicated operational readiness workstreams are progressing across recruitment, training, systems implementation, governance, maintenance readiness, supply chain readiness and statutory compliance. PROJECT FINANCE The Company continues to work closely with the Northern Australia Infrastructure Facility (NAIF), legal advisers, technical consultants and commercial counterparties to complete the remaining conditions precedent associated with financial close. Substantial progress has been made across legal, technical, financial, environmental and commercial due diligence activities. Concurrent advancement of the Company's contracting strategy has significantly reduced project execution risk and increased certainty around project delivery, operating costs and future operational performance. Following multiple key project agreements now completed, the Company has entered the final phase of activities required to achieve financial close. 28 October 2026 | ASX: E25 7 Financial Close Contract Status The table below summarises the principal commercial agreements supporting financial close. Commercial Agreement Status Mining Services Agreement Complete Ore Haulage Services Agreement Complete Engineering Services Agreement Complete Offtake Agreement Complete Kumarina Camp Lease Agreement Complete Port Services Agreement Advanced SP1 Early Works Contract (Qetra) Complete SP2 Process Plant Construction Contract (CSMP) Award Process SP3 E&I Plant Construction Contract (E&I) Tender The remaining agreements are progressing through final negotiation and execution and are expected to be completed as part of the broader financial close work program. 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 recommence production at approximately 1.1Mtpa of medium-grade high silica manganese ore2 for use in traditional and new energy markets. E25 is also commercialising innovative proprietary technology to produce battery-grade high-purity manganese sulphate monohydrate (HPMSM) for use in battery manufacturing. The Company is planning its first HPMSM refinery in Louisiana USA to produce raw material for the US market, with a grant for US$166 million (AU$268 million) in project funding from the U.S. Department of Energy (DoE) under the Battery Materials Processing Grant (MESC) Programme3 . An anticipated strategic shift towards lithium manganese rich (LMR) battery chemistries over high nickel formulations will materially increase demand for HPMSM, with automakers looking to adopt this technology after extensive research. Automakers have announced plans to introduce LMR batteries to improve safety, energy density, and reduce costs. LMR battery cells use around to 50-70% manganese increasing the required manganese by up to 10X compared to high nickel ternary chemistries. 2 E25 ASX Announcement dated 22 January 2025 3 E25 ASX Announcement dated 7 July 2026 28 October 2026 | ASX: E25 8 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. 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 Competent Persons Statement 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. All estimates or Mineral Resources or Ore Reserves underpinning the production target have been prepared by a competent person or persons s in accordance with the requirements of the JORC Code, Appendix 5A. The Company confirms that in the case 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. 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. 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.