Announcement PDF Building a Global Manganese Business Supplying low-carbon sustainable manganese ore and EV battery grade HPMSM to global markets 2025 Diggers & Dealers Mining Forum (August 2025) ASX : E25 OTCQX : ELMTF Disclaimer This presentation (Presentation) contains only a brief overview of Element 25 Limited and its associated entities (Element 25 or E25) and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification. This presentation contains multiple forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Element 25’s control, may cause the actual results, performance and achievements of Element 25 to differ materially from those expressed or implied in this presentation. To the maximum extent permitted by law, Element 25 does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Element 25, and will not be responsible for any loss or damage arising from the use of the information. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Element 25 or its activities. The information contained in this Presentation is not investment, tax, legal, accounting, financial or other advice and does not, and will not, form any part of any contract or commitment for any purpose including the acquisition of new shares in E25. It does not account for your particular needs and circumstances, including your investment objectives, financial situation, tax or other position. Any investment decision in relation to an equity raising or the Company should be made solely on the basis of your own independent enquiries. Element 25 Introduction Share Register: Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate. Other Stellantis Board & Management Developing a USA-based refinery to supply ethical battery-grade High Purity Manganese Sulphate Monohydrate (HPMSM) products. Offtake and funding agreements in place with our partners General Motors and Stellantis to supply HPMSM for Electric Vehicle batteries. ATM Facility E25 ELMTF 229M NIL 3 Company Leadership Board of Directors Experienced, Multi-disciplinary Board & Management John Ribbons Chairman CPA Justin Brown Managing Director Geologist Fanie van Jaarsveld Non-Executive Director Analytical Chemist Sam Lancuba Non-Executive Director Chemical Engineer Sias Jordaan VP Marketing & Logistics Accountant Chad Moloney Technical Services Mining Engineer Project Development & Operations Michael Jordon Chief Financial Officer CPA Neil Graham VP Battery Materials Chemical Engineer Leon Lima Technology Manager Chemical Engineer Liam O’Connor Business Systems Chemical Engineer 4 Company strategic vision for growth Butcherbird Expansion Louisiana HPMSM Expand Globally Build and commission a full large-scale processing facility at the 100% owned Butcherbird Manganese Mine in WA. Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM with GM and Stellantis Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global EV markets targeting Europe and Asia. 1.1Mt/a Manganese Ore1 USA EV Critical Raw Materials2 HPMSM Expansion - EU & Asia 1-Year Plan 3-Year Plan 10-Year Plan Best in class, low carbon3, ethically produced, scalable HPMSM for electric vehicle batteries: Sustainably Supplying Global EV Markets 1 Reference: Company ASX Release Dated 22 January 2025 2 Reference: Company ASX Release Dated 12 April 2023 3 Reference: Company ASX Release Dated 21 February 2023 5 The Butcherbird Manganese Project Butcherbird Manganese Project ▪ World-class manganese resource. ▪ Located in a Tier-1 jurisdiction with strong ESG regulation. ▪ Over 270 million tonnes in resources with potential to expand (2024 resource update1). ▪ > 18-year Reserve at 1.1Mt per annum production supported by an updated Feasibility Study2. ▪ Long mine-life with further upside by converting Inferred Resources. ▪ Very clean metallurgically – no toxic contaminants. ▪ Produces a low carbon, high-quality manganese concentrate ideal for manganese alloys and high-purity manganese sulphate monohydrate (HPMSM)3. Providing high quality manganese for traditional and new energy markets. 1 Reference: Company ASX Release Dated 29 October 2024 2 Reference: Company ASX Release Dated 22 January 2025 3 Reference: Company ASX Release Dated 21 February 2023 7 Large, long-life manganese ore mine in Western Australia E52/2350 M52/1074 ▪ Granted Mining Lease Mining Reserve: 101.4Mt @ 10.4% Mn1 ▪ Fully Permitted Coodamudgi ▪ >18 Year Reserve (1.1 Mtpa) ▪ Early Procurement Started Yanneri Ridge ▪ ~12 Month Construction Measured Simple Logistics: Existing road and port infrastructure 1Reference: Company ASX Release dated 22 January 2025 Indicated 8 Simple Geology: low-cost, low-impact operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) Resource1 274 10.0 27.4 Reserve2 101.4 10.4 10.5 RESOURCE GROWTH POTENTIAL • Large resource offers long term operating potential. • Mineralisation outside existing resource provides upside. • Ore suitable for ferroalloys, battery grade HPMSM and EMM. ENVIRONMENTALLY BENIGN OPERATION 1 Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) 2 Reference: Company ASX Release Dated 22 January 2025 • Ore from surface. • Low strip-ratio. • No explosives required. • No dewatering required. • One reagent – water. • Very low levels of contaminants. 9 Butcherbird Expansion – Feasibility Study delivers robust economics 1 NAIF TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT2 • Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25’s Butcherbird Manganese Expansion Project2. • Butcherbird development based on a 1.1Mtpa manganese ore operation and delivers outstanding metrics1. • Manganese concentrate to be sold to steel industry partners and provide feedstock for E25’s planned HPMSM facility in Louisiana, USA. • Butcherbird Expansion plan is fully approved under WA Regulatory Framework3. • NAIF to act as the sole senior secured lender to the project - the balance of funds to be sourced from financiers including offtake prepayment, subordinated debt and royalty financing as potential mechanisms. 1Reference: Company ASX Release Dated 22 January 2025 2Reference: Company ASX Release Dated 17 June 2025 3 Reference: Company ASX Release Dated 12 March 2025 10 Butcherbird Manganese Mine Expansion • New, re-designed and expanded processing facility to optimise and scale the process. • Scale and improved efficiencies target lower costs and increased profits1. • Process optimisation to debottleneck and improve key processing outcomes: • Uptime (Availability and Utilisation) • Throughput (tonnes) • Grade (Mn & impurities) • Production Volume 1Reference: Company ASX Release Dated 22 January 2025 2Reference: Company ASX Release Dated 7 October 2024 CRUSHER/SCREEN Stage 1 Pilot Processing Plant Expanded 1.1Mtpa Processing Facility DMS PLANT PRODUCT LOADING PRODUCT STOCKS 11 Butcherbird Expansion – Process Optimisation: Ore Crushing Upgrade 1 - Crushing: Opportunity: Better clay handling • High clay feed material can cause throughput challenges in the crushing circuit. • Production impacts materially compromises unit costs in a bulk Butcherbird Stage 1 Pilot Grizzly/Jaw Crusher Case Study 2: 1: Upgrade: •Process FMG Solomon Brazil Mine • OreSizer Type:/Rolls Iron Ore Bauxite Mineral Crusher • Feed Rate:rich Wet/clay 1,300 feedtph Examples of Mineral Sizers in use in similar settings operation. Solution – Design Change Two stage mineral sizer solution. • Eliminate grizzly • Designed for clay rich feed • Will handle wet or dry feed Reference: MMD Sizing Iron Ore 12 Butcherbird Expansion – Process Optimisation: Grade/Quality Upgrade 2 – Quality/Grade: Opportunity: Improve Product • Low-density/lighter waste shale particle More effective separation of ore from waste. • Dense media Separation (DMS) is a mature process technology used in a wide range of mineral processing plants including iron ore and manganese to separate lighter waste material from denser ore material by floating the waste in a ferro-silicon slurry to create separate product and waste streams. Increased product grade (improved sale price). • Increase recovery and yield. Solution – Design Change Replace ore sorters with DMS. • Separate ore from gangue based on density not optics/colour • Eliminate separation challenges associated with imperfect washing and ore presentation. Reference: Heavy Media Drum – Malvern Engineering High-density/ heavier manganese product particle 13 Butcherbird Expansion – Scale Strengthens the Business Butcherbird Expansion Project economies of scale deliver ~3X Increase in production volume and 37% reduction in unit operating costs… Butcherbird Operational Cost Comparison Cost per DMTU (USD CIF) Stage 1 Actuals v Stage 2 Expansion Feasibility Study (AISC) 5.00 Estimated 37% Unit Cost Reduction 4.00 3.00 2.00 1.00 - Actual 2022/23 Expansion Shipping Cost 0.78 0.43 Total Rehabilitation Costs - 0.02 Total Logistics Costs 1.80 1.45 Total Administration Costs 0.47 0.18 Total Processing Costs 0.95 0.35 Total Mining Costs 1.14 0.79 Total Operational Cost (FOB) 4.36 2.80 Total Operating Cost (CIF) 5.14 3.22 Reference: Company ASX Release dated 22 January 2025 14 Butcherbird Expansion – Scale Strengthens the Business Production Cost (US$/t Ore) Global Production Cost Curve – US$/dmtu CIF China 6.0 Butcherbird Expansion FS Price - Independent Consensus (44% CIF 5Y average) 5.5 Historical Average Actual Price (44% CIF 6Y average) 5.0 Butcherbird Expansion Project Estimated Costs (US$3.22/dmtu CIF China AISC) Current Spot Price (44% CIF China) 4.5 Current Spot Price (36.5% CIF China) 4.0 3.5 3.0 2.5 2.0 0 7,304 Gabon Reference: Project Blue 2025 Reference: Company ASX Release dated 23 January 2024 14,609 Ghana 21,914 Brazil South Africa 29,219 Australia 36,524 Côte d'Ivoire 43,829 Namibia 51,134 China 58,439 65,744 Kazakhstan 15 E25 HPMSM Strategy Vertically-integrated global HPMSM supply WA Manganese Ore: Australian manganese ore concentrates as feedstock for planned HPMSM production to Vertically integrated critical battery raw material supply chain. Steel supply US EV markets. Surplus ore will supply existing ferroalloy customers. Louisiana HPMSM: The planned Louisiana manganese refinery will utilise the Australian ore as feedstock to produce high Li-Ion Batteries purity low carbon IRA compliant battery grade manganese sulphate. 17 Global Refining Capacity in the Longer Term EU EU & UK policy shifts are competing with the IRA for investment in battery and related plants MoU signed with Nissan Chemical Corporation to jointly develop HPMSM capacity in Japan JP KR • Design one, build many approach to development. • E25 manganese concentrate is a very stable, easily transported feedstock. • Allows location optionality for the processing facility. • Multiple potential sites being explored. 1 Reference: Company ASX Release Dated 22 January 2025 First HPMSM Facility: Louisiana USA - IRA is driving capital flows into US electrification infrastructure. E25 is partnering with Stellantis & GM to onshore refining capacity and capability US AU Butcherbird Manganese Mine: 1.1 million tonnes per annum of manganese concentrate production is planned at the Butcherbird Project in Western Australia1. 18 Improved, Cost-Competitive Cleaner Process Technology The Element 25 Process makes significant changes & improvements: Reagents/Cost Carbon Emissions Waste Residue Current Outdated Technologies mean: • Large volumes of waste residues. • Toxic Reagents like fluorine. • Inefficient. • Higher Cost. • Outdated processing technology. Element 25 Process • • • • • More efficient (fast kinetics, reduced energy) Minimises reagent requirements Reduced carbon intensity Lower volumes of waste residues Non-toxic residues may be able to be repurposed. Reference: Company ASX Release Dated 16 February 2023 19 The Importance of Manganese Manganese is comparatively abundant but not everywhere… • Heavily concentrated in a small number of jurisdictions: • South Africa • Gabon • Ghana • Australia • China • Brazil • Supply chain security a key factor in sourcing strategies. • Refined manganese even more heavily concentrated - >95% in China. 21 Manganese is abundant but refining capacity is not… • Refined manganese (HPMSM) is heavily concentrated. • >95% of manganese refining capacity is located in China. • Concentrated supply creates supply risk for critical raw materials used in batteries including manganese. • Customers are seeking alternative sources of long-term supply. • Element 25 provides a long-life mine and a future facing processing Refined battery grade manganese (HPMSM) capacity is heavily concentrated in China. technology. Source: Benchmark Forecasts – www.benchmarkminerals.com 22 Transition to Higher Manganese Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per kWh and greater supply chain flexibility. High Mn means reduced reliance on Ni and Co: LMFP vs LFP vs NMC ”Japan’s manganese-boosted EV battery hits game-changing 820 Wh/Kg…” Yokohama University Japan LMFP offers improved energy density over LFP, lower cost/kWh and improved safety over NMC “…our manganese-rich HLM technology moves closer to commercial production for future customers and provides an optimum alternative for the production of lowReduced nickel and very low to no cobalt content. Reference: Umicore 2023 Next-gen LMFP batteries could boost EV range by 20% cost EV batteries…” Umicore Finland Reference: Integrals Power 23 Transition to Higher Manganese Battery Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per kWh and greater supply chain flexibility. High Mn means reduced reliance on Ni and Co: Reduced nickel and very low to no cobalt content. Reference: Umicore 2023 Why LMR batteries will change the outlook for the EV market 24 Transition to Higher Manganese Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility. Lithium Manganese Rich (LMR) batteries offer a number of key advantages over high nickel: Enhanced Safety and Stability: With a safety profile comparable to Lithium Iron Phosphate (LFP) batteries, LMR offers peace of mind without compromising performance. Industry-Leading Energy Density: LMR chemistry provides higher energy density than high-nickel batteries, allowing EVs to achieve greater range and reduce consumer range anxiety. Unprecedented Cost Reduction: Targeting a cost point well below current mid-nickel batteries. This cost efficiency is essential to reaching parity with gasoline-powered vehicles and making EVs more accessible to the masses. (17) Ford Makes Breakthrough with LMR Chemistry Ford Announces Breakthrough WithBattery LMR Battery Chemistry 25 Louisiana Battery Grade HPMSM DoE MESC Grant - Supporting Local Raw Material Supply Local Supply Chain • Process and supply chain developed to maximise U.S. industry involvement. Mn Ore US$166M Reductant Leach • Working with partners GM and Stellantis to supply low carbon HPMSM for EV batteries. Acid • All reagents sourced locally from established suppliers. Neutralisation • Site located close located adjacent to acid recycling facility. Grant Purification Crystallisation • Solid residues as co-products will be placed into local industries targeting zero waste. • Low carbon, circular economy approach. Comminution Co-Product Processing Logistics MAIN PRODUCT HPMSM Fertiliser Gypsum SiRon 27 DoE Grant Award Underpins Project Capital Stack • DoE US$166M grant award provides cornerstone funding to support project success1. • Louisiana HPMSM Project grant awarded under DoE’s MESC Battery Materials Processing Grant Program. • Binding grant agreements signed, award committed. • Grant support is in addition to U$115M financing commitments from GM and Stellantis. • Discussions in train with prospective financiers to close out remaining capital funding requirement. Final funding piece ~15% of capital requirement. Process underway. Grant award secures 50% of capital requirement up to US$166M 1 Reference : Company ASX Release Dated 20 January 2025 28 Global Sustainable Secure Manganese Supply Long Mine Life • • 18.3 Year Reserve within granted Mining Lease 274Mt Resource global resource with exploration upside Construction Ready • • Feasibility Study and project permitting complete Northern Australia Infrastructure Facility (NAIF) finance of up to $50M approved ESG Leading HPMSM Flowsheet • • Life cycle assessment (LCA) completed confirming industry leading carbon intensity Further reductions available via renewable energy and reagents Strong Feasibility Study/Financials • • $64.8M Construction Capital ($70.5M approved NAIF project budget) 96% Internal Rate of Return (IRR) and $561M Net Present Value (NPV) (Pre-Tax, Real) Innovative HPMSM Flowsheet • • Competitive cost structure through innovation Waste minimisation and reduced emissions provides competitive advantages Tier 1 Jurisdiction • • Australian owned and operated mine providing long term secure ethical Mn supply USA, Japan and EU Partnerships to enhance battery raw material supply chains Tier 1 Project Customers & Partners • • Stellantis N.V and General Motors LLC – Louisiana HPMSM Project Nissan Chemical Corporation – Tokyo Bay Japan HPMSM Project 1Reference: Company ASX Release Dated 29 October 2024 2Reference: Company ASX Release Dated 17 June 2025 3Reference: Company ASX Release Dated 21 February 2023 4Reference: Company ASX Release Dated 22 January 2025 5Reference: Company ASX Release Dated 12 April 2023 6Reference: Company ASX Release Dated 26 June 2023 7Reference: Company ASX Release Dated 2 April 2025 1 2 3 4 5 6 7 29 The Planned Element 25 HPMSM facility in Louisiana, USA For Illustration Purposes Only 30 *Subject to successful project financing and permitting Contact Details Justin Brown Managing Director Email: admin@e25.com.au Phone: +61 (8) 6375 2525 Media Inquiries: Nathan Ryan Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (0) 420 582 887 ASX : E25 OTCQX : ELMTF Butcherbird Manganese Mine - Resources & Reserves Ore Reserve 1 Deposit Classification Yanneri Ridge Coodamudgi Stockpiles Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) Proved 11.3 11.8 1.33 Probable 70.4 10.2 7.15 Proved - - - Probable 19.1 10.3 1.97 Proved 0.6 9.2 0.06 101.4 10.4 10.5 Total Mineral Resource • Only utilises approximately ~40% of global Mineral Resource; • Provides for a mine life of >18 years1. • High conversion of measured and indicated resources to reserve. 2 Resource Category • Current Reserve: • Excellent potential for future expansion Tonnes (Mt) Mn (%) Measured 14 11.3 Indicated 116 10.1 Inferred 144 9.8 Total 274 10.0 1 Reference: Company ASX Release Dated 22 January 2025 (Ore Reserve Update) 2 Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) with known mineralization outside resource areas. • Simple geology, low technical risk. • Global resources not closed off. 32 Competent Person’s Statement The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration Targets were compiled, Mr Brown was an employee of Element 25 Limited. Mr Brown is a geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Brown consents to the inclusion of this information in the form and context in which it appears in this report. The Company confirms that in the case of Production Targets, all material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the market announcement dated 22 January 2025 continue to apply and have not material changed. The Company confirms that in the case of estimates of Mineral Resource or Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the market announcements dated 29 October 2024 and 22 January 2025 continue to apply and have not materially changed. All estimates or Mineral Resources or Ore Reserves underpinning the production target have been prepared by a competent person/s in accordance with the requirements of the JORC Code, Appendix 5A. The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource. For further information on Element 25 Limited and its Projects please visit its website at www.element25.com.au which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies. This release has been approved by the Element 25 Limited Board of Directors. 33