Announcement PDF ELEMENT 25 ANNUAL REPORT 2026 | 1 ANNUAL REPORT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 Element 25 Limited ABN 46 119 711 929 ASX E25 element25.com.au 2 | ELEMENT 25 ANNUAL REPORT 2026 2026 The future has always been electric... ELEMENT 25 ANNUAL REPORT 2026 | 3 TABLE OF CONTENTS Message From The Chair 05 Review of Operations 06 Directors' Report 27 Auditor’s Independence Declaration 38 Consolidated Statement of Comprehensive Income 39 Consolidated Statement of Financial Position 40 Consolidated Statement of Changes in Equity 41 Consolidated Statement of Cash Flows 42 Notes to the Consolidated Financial Statements 43 Consolidated Entity Disclosure Statement 70 Directors' Declaration 71 Independent Auditor’s Report 72 ASX Additional Information 78 Corporate Directory 83 4 | ELEMENT 25 ANNUAL REPORT 2026 The Butcherbird Expansion Project (BBX) transitioned from Feasibility1 through financing and into full project delivery – targeting mechanical completion and commissioning in Q1 CY2027 Altris Engineering appointed as Lead Project Engineer, establishing an Integrated Project Team to accelerate design, cost optimisation and execution readiness BBX Project Execution Plan delivered to establish structured construction planning and contractor integration Executed Integrated Mining & Haulage Contracts with ReGroup, using a single‑contractor model to optimise pit‑to‑port operations and reduce interface risk Binding take-or-pay offtake agreement signed with OM Holdings Limited (ASX: OMH) subsidiary, OM Materials (S) Pte Ltd, for 100% of manganese concentrate (subject to carve-outs for future high purity manganese sulphate monohydrate (HPMSM) feedstock requirements) produced at Butcherbird Secured and delivered major long-lead equipment for BBX, with the first item – the logwasher – arriving at Fremantle Port in June 2026 Strengthened balance sheet and project delivery with two equity placements (AU$10 million and AU$18 million) and materially progressed Northern Australia Infrastructure Facility’s (NAIF) AU$50 million senior debt facility Review and optimisation of the HPMSM Project in the USA reflective of evolving market dynamics and new battery technologies Secured a revised agreement with the US Department of Energy (DoE) for a US$166 million DoE grant to ensure alignment with our updated execution strategy 1 E25 Butcherbird Feasibility Study, released as ASX Announcement dated 22 January 2025. HIGHLIGHTS 4 | ELEMENT 25 ANNUAL REPORT 2026 ELEMENT 25 ANNUAL REPORT 2026 | 5 MESSAGE FROM THE CHAIR Dear Fellow Shareholders, Welcome to the 2026 Annual Report for Element 25 Limited (ASX: E25). The past year was a defining period for Element 25 as we advanced our Butcherbird Expansion Project (BBX) in Western Australia’s Pilbara region from feasibility into full project delivery, while continuing to advance our long term strategy to become a global supplier of high purity manganese. The Company has made disciplined and measurable progress across engineering, procurement, contracting and financing workstreams, positioning BBX for mechanical completion and commissioning. Following the appointment of Altris Engineering as our Lead Project Engineer for BBX, the Company implemented an Integrated Project Team with Altris, embedding our technical personnel directly into the detailed design process. This collaborative model has delivered tangible benefits, including cost optimisation opportunities, greater execution flexibility and a more robust engineering foundation for construction. The execution of integrated mining and haulage contracts with ReGroup further strengthened our pit to port operating model, aligning performance incentives across the supply chain and reducing interface risk. The arrival of the purpose built 600 tonne per hour logwasher at Fremantle Port in June 2026 marked the first equipment milestone for BBX and provided further validation of our vendor to site logistics chain. Post year-end, the Company announced a binding take or pay offtake agreement with OM Materials (S) Pte Ltd, a subsidiary of OM Holdings Limited (ASX: OMH), for 100% of manganese concentrate from our expanded Butcherbird operations (subject to carve-outs for future high purity manganese sulphate monohydrate (HPMSM) feedstock requirements). This agreement secures a high quality, long-term offtake partner for Butcherbird’s manganese concentrate and further extends our existing relationship with OM Holdings, which previously purchased Butcherbird product. Alongside BBX, we continued to refine our strategy for HPMSM in response to evolving market conditions, emerging battery chemistries and updated U.S. government priorities. The renegotiated US$166 million grant agreement with the U.S. Department of Energy reflects strong alignment between Element 25’s updated execution plan and the strategic objectives of the United States to establish resilient domestic supply chains for critical minerals. This support, together with current offtake commitments reinforces the strategic importance of high purity manganese in the next generation of lithium manganese rich and lithium manganese iron phosphate (LMFP) battery technologies. Capital management remained a key priority throughout the year. The Company successfully completed two share placements, raising AU$10 million in September 2025 and AU$18 million in April 2026 to fund BBX engineering, procurement and working capital requirements. I thank our Shareholders, both new and existing, for their support in these initiatives. Together with support from the Northern Australia Infrastructure Facility (NAIF) in relation to the AU$50 million senior debt facility, this positions Element 25 to execute its growth plans with confidence. Finally, on behalf of the Board, I acknowledge the retirement of Rudolph (Fanie) van Jaarsveld as Non-Executive Director. Fanie has made a significant contribution to Element 25 during his tenure and his guidance, support and assistance to the Board have been greatly valued and appreciated. I also thank all the Board members and senior management team for their efforts in continuing to steer Element 25 towards achievement of its strategic objectives over the past 12 months. Element 25 enters FY2027 with clarity, momentum and a strengthened platform as we work towards creating shareholder value. I thank our Shareholders for their continued support and look forward to sharing this journey with you as we progress the Company’s strategy. John Ribbons Non-Executive Chair Element 25 Limited ELEMENT 25 ANNUAL REPORT 2026 | 5 6 | ELEMENT 25 ANNUAL REPORT 2026 BUTCHERBIRD MANGANESE MINE, WESTERN AUSTRALIA • Altris Engineering appointed as Lead Project Engineer for the Butcherbird Expansion Project (BBX) and established an Integrated Project Team to accelerate design, cost optimisation and execution readiness • Project Execution Plan outlined structured construction planning and contractor integration • Integrated Mining & Haulage Contracts executed with ReGroup, using a single‑contractor model to optimise pit‑to‑port operations and reduce interface risk • Major long-lead equipment for BBX procured and delivered, with the first items now arriving in WA for transport to site • Strengthened balance sheet to deliver BBX by completing two equity placements (AU$10 million and AU$18 million) and progressed NAIF’s AU$50 million senior debt facility • Post year-end, in August 2026, binding take-or-pay offtake agreement executed with OM Holdings Limited (ASX: OMH) subsidiary, OM Materials (S) Pte Ltd, for 100% of manganese concentrate (subject to carve-outs for future HPMSM feedstock requirements) produced at Butcherbird HPMSM PROJECT, UNITED STATES OF AMERICA • Review initiated of the High Purity Manganese Sulphate Monohydrate (HPMSM) Project in Louisiana, USA to better position it for new battery technologies • Agreement with the US Department of Energy (DoE) for a US$166 million DoE grant to ensure alignment with our updated execution strategy revised and signed BUSINESS DEVELOPMENT • Detailed investigation on potential location of a battery- grade HPMSM facility in Chiba prefecture, Japan is underway as part of a non-binding Memorandum of Understanding with Nissan Chemical Corporation and NC Tokyo Bay Corporation KEY OPERATIONAL MILESTONES FOR FINANCIAL YEAR 2026 REVIEW OF OPERATIONS ELEMENT 25 ANNUAL REPORT 2026 | 7 COMPANY OVERVIEW Element 25 Limited (Element 25, E25 or Company) (ASX: E25; OTCQX: ELMTF) operates the Butcherbird Manganese Project (Butcherbird or Project), 130km south of Newman in the Pilbara region of Western Australia (WA), which hosts Australia’s largest onshore manganese resource with JORC resources of 274Mt of manganese ore2 . Element 25’s goal is to become an industry-leading sustainable battery materials manufacturer, producing high- quality manganese concentrate and battery grade High Purity Manganese Sulphate Monohydrate (HPMSM) products for traditional and new energy markets. Element 25 has commenced works to expand the Butcherbird operation to 1.1Mtpa of manganese concentrate production3 , targeting commercial production by Q1 CY2027 (Butcherbird Expansion Project or BBX). The expanded processing operation is based on Butcherbird’s 18-year Reserve4 . E25 plans to use ore from BBX as feedstock for its HPMSM processing strategy, with its first HPMSM facility planned for Louisiana – a first of its kind in the USA. Additionally, Element 25 was awarded US$166 million (AU$268 million)5 in grant funding from the U.S. Department of Energy (DoE) originally in January 20256 to support the project. In addition to Louisiana, Element 25 is investigating the potential for further HPMSM production sites, including in Japan. Ore from Butcherbird will also supply traditional steel markets. Element 25’s priorities during FY26 focused on: • De-risking and readying its BBX for construction and commissioning; • Securing and aligning project finance and commercial contracts; and • Repositioning the HPMSM refinery plan to reflect evolving market and grant conditions in the United States. 2 E25 ASX Announcement dated 22 January 2025 3 E25 ASX Announcement dated 22 January 2025 4 E25 ASX Announcement dated 22 January 2025 5 USD:AUD conversion rate 0.62. Reference: www.xe.com 6 E25 ASX Announcement 20 January 2025 2026 ANNUAL REPORT | 7 ELEMENT 25 ANNUAL REPORT 2026 | 7 8 | ELEMENT 25 ANNUAL REPORT 2026 SAFETY For the 12 months ending 30 June 2026, the Butcherbird minesite 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. MINERAL RESOURCE ESTIMATE AND ORE RESERVE STATEMENT The Mineral Resource Estimate and Ore Reserve Statement for Butcherbird have minor changes for the period reflecting an inventory adjustment of remaining manganese product stockpiles, with no manganese concentrate shipments made during the year. The estimates and statement are outlined within this report (see section: Mineral Resources and Ore Reserves). BUTCHERBIRD EXPANSION PROJECT Element 25’s 100%-owned Butcherbird Project in northern WA hosts Australia’s largest onshore manganese resource of 274 million tonnes7 , comprising large tonnages of near-surface manganese oxide ore. Following a small-scale mining campaign at Butcherbird which ended in 2024, Element 25 completed a Feasibility Study in January 2025, targeting expansion of its Butcherbird processing facility to 1.1 million tonnes per annum8 . The BBX Feasibility Study remains the economic foundation for the expansion and continues to drive decisions based on estimates of: 7 E25 ASX announcement dated 29 October 2024 8 E25 ASX announcement dated 22 January 2025 BUTCHERBIRD MANGANESE PROJECT, WESTERN AUSTRALIA Those metrics underpin Element 25’s capital allocation and contracting strategy and explain the concentrated effort on procurement, contractor selection and schedule discipline during FY2026. Payback 1.3 (years) Cashflow AU$70.5M (annual) IRR 96% Capital Cost AU$64.8M (incl. contingency) NPV AU$561M (pre-tax, real) ELEMENT 25 ANNUAL REPORT 2026 | 9 BUTCHERBIRD EXPANSION PROJECT PROGRESS Through FY2026, the Company transitioned BBX from feasibility and front end engineering into a coordinated delivery phase, appointing Altris Engineering as lead project engineer to lead BBX and undertake all detailed engineering design for the project9 . Altris is a Perth-based engineering consultancy providing practical and innovative solutions to clients in the mineral processing sector. Element 25 and Altris implemented an Integrated Project Team (IPT) methodology, with Element 25 engineering personnel embedded and located with the Altris team to ensure collaboration and information sharing are maximised. Early process and cost improvement studies commenced with benefits being identified relating to cost-saving and execution flexibility opportunities. Altris expanded its team in line with the ramp up of project resourcing requirements as the project advances towards commencement of construction. The IPT has focussed on refinement and further definition of the core engineering detail, including trade-off studies, site layout, detailed cost range analysis and a review of pricing and quantities with the previous project cost estimate as the baseline. The logwasher, which boasts 600 tonne per hour throughput, was designed and manufactured specifically for the BBX flowsheet. It arrived in Western Australia in June 202610 and was transported to a safe storage location in preparation for construction. This marked the first major equipment arrival and validated Element 25’s vendor to site logistics chain. Other key long lead equipment items for BBX, including the primary and secondary sizers from Mining Machinery Developments (MMD), are en route to WA. Orders have been placed for the balance of main plant items, including the apron feeder, conveyors and stackers, thickener and screens, with the remaining packages including structural steel, pumps and drives in the final stages of award. 9 E25 ASX announcement dated 22 October 2025 10 E25 ASX Announcement dated 23 June 2026 ELEMENT 25 ANNUAL REPORT 2026 | 9 10 | ELEMENT 25 ANNUAL REPORT 2026 MINING AND HAULAGE CONTRACTS Element 25 negotiated and executed integrated mining and haulage arrangements with Regroup Australia Pty Ltd (ReGroup) in May11 , representing another major milestone for BBX. By securing a single contractor across mining and haulage activities, Element 25 is establishing an integrated operating model designed to optimise productivity, reduce operating costs, minimise commercial interface risk and enhance overall project efficiency. Under the Mining Services Agreement, ReGroup will deliver open pit mining services, including ore extraction in accordance with the Company’s rolling mine plans and associated activities required to support processing, waste removal and stockpiling operations. The Ore Haulage Services Agreement provides for the loading and transportation of ore from site to the Utah Point port facility in Port Hedland under a structured and scalable logistics framework. Ore haulage from Butcherbird minesite to Utah Point is a core component of Element 25’s Pit-to-Port (P2P) supply chain. Taken together, the contracts cover on-site material handling, stockpile management and loading; road transport logistics from mine to port, and real-time fleet monitoring and operational data integration to support end-to-end visibility in line with the Company’s P2P business intelligence framework which will be designed to provide clear transparency and visibility on all elements of the Project supply chain. Commercial terms for the contracts are generally in line with the BBX Feasibility Study, with volumes and performance indicators directly linked to the Butcherbird mine plan. The contracts include variable cost structure with a monthly floor for mining services and a scalable take or pay obligation for haulage, with cross defaults for underperformance in either contract providing a robust risk management structure for Element 25 and clear performance incentives for ReGroup. This structure will provide clear alignment between all parts of the P2P supply chain. BINDING OFFTAKE AGREEMENT Post year-end, in August 2026, Element 25 announced the execution of a binding take-or-pay offtake agreement with a subsidiary of OM Holdings Limited (ASX: OMH) for 100% of manganese concentrate produced at E25’s Butcherbird Mine in WA, subject to carve-outs for future E25’s HPMSM feedstock requirements. The agreement provides offtake certainty for an initial five-year term, with the option to extend for a further five years. Product specification is aligned with standard manganese concentrate benchmarks (~31.5% Mn), and there are restrictions on resale into certain downstream markets to support the Company’s plans to produce HPMSM. OM Holdings is a long-established manganese alloy producer and operator of manganese smelting facilities in Malaysia, providing a downstream industrial customer for Butcherbird production. OTHER CONTRACTS At year end, Element 25 had issued construction contract tender packages for BBX to several pre-qualified bidders, and initial bid evaluations are underway. In addition, the camp services and port contracts are close to finalisation, pending agreement on final commercial details. 11 E25 ASX Announcement dated 27 May 2026 10 | 2026 ANNUAL REPORT 10 | ELEMENT 25 ANNUAL REPORT 2026 ELEMENT 25 ANNUAL REPORT 2026 | 11 BUTCHERBIRD EXPANSION GOVERNMENT APPROVALS AND PERMITTING Element 25 has maintained all regulatory approvals from the Stage 1 pilot plant operations through ongoing compliance and regular statutory reporting. The environmental licence, water abstraction licence, heritage clearances, native title and pastoral agreements are in place and continue to remain applicable. A fully approved Tailings Storage Facility (TSF) supports the initial six years of operations with staged lifts designed for the Reserve life. To reflect the expanded processing plant footprint and increase in throughput, the Mining Proposal and Mine Closure Plan were updated and approved in December 2024 by the Department of Local Government, Industry Regulation and Safety (LGIRS), formerly Department of Mines, Industry Regulation and Safety (DMIRS)12 . The Works Approval for the construction of the expanded processing facility project was approved by the WA Department of Environmental Regulation (DWER) in March 202513 . PROJECT EXECUTION In parallel with equipment procurement, the Company continues to advance project execution activities across multiple workstreams, including contractor engagement, detailed engineering, and construction planning. These coordinated activities are designed to ensure readiness for the commencement of construction and efficient progression through the build phase. A Project Execution Plan (PEP) was finalised in the March quarter, and Element 25 finalised supply arrangements for primary processing equipment, including mineral sizers from MMD and a purpose built logwasher from KISA in Germany. The Company maintains a disciplined project management framework, with ongoing tracking of milestones, supplier deliverables and schedule alignment to support timely delivery and proactive risk management across the project. Element 25 continues to progress the remaining workstreams required to move into full construction, including finalisation of key commercial arrangements and integration of suppliers and contractors into the overall execution plan. All permits remain in place for construction and BBX remains on track for mechanical completion and commissioning in Q1 CY2027. PROJECT FINANCE Element 25 significantly advanced financing for BBX during FY2026 through a combination of debt and equity. In September 2025, Element 25 completed a AU$10 million (before costs) share placement to fund detailed engineering works and long lead item procurement activities for the Butcherbird Project. The placement settled on 19 September 2025. In April 2026, the Company successfully undertook a placement of new shares to raise AU$18 million (before costs) to fund the Butcherbird Project and for working capital purposes. The placement settled on 23 April 2026. In September 2026 the Company executed the facility agreement for an AU$50 million financing package provided through Northern Australia Infrastructure Facility (NAIF). Execution of the binding facility agreement represents a major project financing milestone and progresses the previously announced NAIF funding package from commitment into an agreed contractual framework. 12 E25 ASX Announcement dated 13 January 2025 13 E25 ASX Announcement dated 12 March 2025 ELEMENT 25 ANNUAL REPORT 2026 | 11 12 | ELEMENT 25 ANNUAL REPORT 2026 HPMSM PROJECT, USA Element 25 plans to build and operate a first-of-its-kind, environmentally sustainable refining facility in the Baton Rouge area, Louisiana, to produce HPMSM, a critical raw material in lithium-ion batteries. The planned 230,000 square-foot (~21,000m2 ) HPMSM refining facility will employ an innovative process to produce approximately 71,650 tons (65,000 metric tonnes) of HPMSM annually from the first processing train using manganese ore sourced from its expanded Butcherbird manganese mine. This development will be one of the first commercial facilities to produce HPMSM in the U.S., reducing current dependency on Chinese sources, and is expected to create hundreds of highly skilled construction and permanent jobs for Louisianans. In January 2025, Element 25 was formally awarded a US$166 million grant14 from the U.S. Department of Energy (DoE) under its Manufacturing and Energy Supply Chains (MESC) Battery Materials Processing Grant Program for this facility. The grant forms a key component of Element 25’s financing strategy, in addition to commitments by offtake partners GM and Stellantis. During the year, Element 25 initiated a review of the HPMSM Project Execution Plan to optimise sequencing, capital intensity and feedstock logistics in response to evolving EV battery chemistries and original equipment manufacturer (OEM) demand signals. The review considered the accelerating interest in lithium manganese-rich (LMR) and lithium-manganese-iron-phosphate (LMFP) chemistries, which materially increase manganese demand per cell. LMR and LMFP batteries are characterised by a significantly higher proportion of manganese relative to conventional cathode chemistries, substituting more expensive materials such as nickel and cobalt. LMR battery cells use around 50% to 70% manganese, increasing the required manganese by up to 10X compared to high nickel ternary chemistries. This increased manganese content not only reduces overall battery costs but also enhances energy density and performance15 . LMR batteries can deliver energy density comparable to conventional nickel-rich chemistries, while achieving higher energy density than lithium iron phosphate (LFP) batteries. In addition, the stable cathode structure of LMR materials enhances thermal stability and safety performance, further supporting their suitability for large-scale EV adoption16 . 14 E25 ASX Announcement dated 20 January 2025 15 https://news.gm.com/home.detail.html/Pages/topic/us/en/2025/may/0513-LMR-batteries-outlook-EV-market.html?pubDate=20250518 16 https://inside.lgensol.com/en/2025/11/a-better-life-with-batteries-lithium-manganese-rich-batteries-with-high-energy-density-safety-and-cost- competitiveness/ 17 https://news.gm.com/home.detail.html/Pages/news/us/en/2025/may/0513-GM-LG-Energy-Solution-pioneer-LMR-battery-cell-technology.html 18 https://www.mobilityglobal.com/en-us/automotive-insights/blog/lmr-battery-technology-the-next-rival-to-lfp 19 E25 ASX Announcement dated 7 July 2026 Major automotive manufacturers, including General Motors and Ford, are actively advancing LMR battery technologies in these areas, as well as supply chain stability, highlighting the growing commercial momentum behind manganese-rich chemistries17,18 . In July 2026, Element 25 advised that following discussions with the DoE over preceding months, the Company agreed on a revised grant agreement for US$166 million in funding19 . The DoE’s continued support reflects strong alignment between the Company’s updated project execution strategy and the objectives of the U.S. government to strengthen critical domestic manufacturing and supply chains while increasing critical minerals production for key critical materials used in batteries and other applications. The material obligations under the grant remain consistent with those previously announced, with the scope of work, budget- period tasks and associated milestones updated. The signing of the revised agreement is part of the DoE and Element 25’s ongoing review and repositioning of the planned HPMSM Project to align with evolving market conditions, emerging battery chemistries, and long-term demand for manganese-based cathode materials for electrification across multiple sectors including transport, grid storage, defence and aviation. The DoE’s Battery Materials Processing Grant Program is designed to support the development of domestic battery materials processing capacity in the United States, ensuring a resilient and secure supply chain for batteries and other applications. ELEMENT 25 ANNUAL REPORT 2026 | 13 Source: U.S. Department of Energy, Office of Critical Minerals and Energy Innovation / Manufacturing Deployment Office, Battery Materials The grant funding from the DoE reinforces the importance of high purity manganese as a critical raw material for USA’s strategic requirements. Element 25 looks forward to re-engaging with project stakeholders to implement the updated project execution plan and progress towards delivery of this project. Upstream Mining and Extraction Midstream Material Refinement, Anode and Cathode Powder Production, Separator Production, Electrode and Cell Manufacturing Downstream Pack Manufacturing, End of Life Recycling and Reuse Critical Minerals Lithium Cobalt Nickel Manganese Graphite Fluorospar Copper Materials Processing Component Manufacturing Cell Manufacturing Pack Manufacturing Transportation Stationary Storage National Defense Aviation End of Life Recycling and Reuse INTELLECTUAL PROPERTY (IP) PROTECTION Element 25 has lodged national patent applications across multiple key jurisdictions to secure international protection for its proprietary lithium-ion battery grade HPMSM processing technology. The two patent applications cover innovative in-house hydrometallurgical processes designed to materially improve the quality, efficiency, sustainability and commercial value of HPMSM recovery operations: • Patent 1: Leach and primary purification – the first key stage of the Company’s technology is a low-carbon, low-energy leach and purification process that reduces reagent consumption and generates a saleable by-product, thereby avoiding the creation of waste material that is a key challenge for incumbent technologies in China. • Patent 2: Selective extraction of manganese from acidic leach solution to produce a high-purity manganese sulphate product without using conventional toxic fluoride reagents, making the process safer and more cost-effective. The technology enables production of a very high-purity product while also 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 key European markets. As patents are granted by each country’s relevant national patent office, these National Phase filings are an important step in progressing patent protection internationally. These filings follow the initial provisional patent applications lodged in November 2023 under the International Patent Cooperation Treaty and represent the next stage in securing global protection for the Company’s intellectual property. LAKE JOHNSTON PROJECT, WESTERN AUSTRALIA Following a strategic review of the Company’s tenement portfolio, E63/2027 was relinquished during the year. 14 | ELEMENT 25 ANNUAL REPORT 2026 BUSINESS DEVELOPMENT PROPOSED JAPANESE HPMSM FACILITY In September 2024, Element 25 signed a non-binding Memorandum of Understanding with Nissan Chemical Corporation and NC Tokyo Bay Corporation (NCTB) to complete a pre-feasibility study into a battery grade HPMSM facility to be located at the existing NCTB site in Chiba prefecture, Japan20 . 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. The parties agreed to proceed to a more detailed investigation21 . CORPORATE SHARE PLACEMENTS In September 2025, Element 25 completed a AU$10 million (before costs) share placement22 to fund detailed engineering works and long lead item procurement activities for BBX. The placement followed the announcement in June 202523 of a AU$50 million senior debt facility secured from the NAIF. Under the placement, Element 25 issued 36,323,146 shares (13,461,906 under ASX Listing Rule 7.1 and 22,861,240 under ASX Listing Rule 7.1A) at a price of AU$0.28 per share. In April 2026, the Company undertook a further placement of new shares to raise AU$18 million (before costs), issuing 60,000,000 fully paid ordinary shares (34,602,414 under ASX Listing Rule 7.1 and 25,397,586 under ASX Listing Rule 7.1A) at an issue price of AU$0.30 per share. DIRECTOR RETIREMENT In December 2025, the Company announced the retirement of Rudolph (Fanie) van Jaarsveld from its Board of Directors and his position as a Non-Executive Director, effective 1 January 202624 . Mr van Ja