Announcement PDF ASX : E25 OTCQX : ELMTF Building a Global Manganese Business Sustainable manganese ore and HPMSM for global steel and battery markets. Presentation – NWR Critical Minerals (13 May 2026) 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 outsideof 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. Disclaimer Element 25 Introduction 3 E25 ELMTF 326M NIL ISSUED SHARES TOTAL DEBT Strong Feasibility Study/Financials Tier 1 Project Customers & Partners ESG Leading Innovative HPMSM Flowsheet Tier 1 Jurisdiction Long Life 100% Owned Manganese Mine Construction Ready Mine Expansion Strategic Vision to Create Shareholder Value Butcherbird Expansion 1.1Mt p.a. Manganese Concentrate Build and commission a large-scale processing facility at the 100% owned Butcherbird Manganese Mine in WA. Expand Globally HPMSM Expansion - EU & Asia Multiple HPMSM modules globally to deliver sustainable HPMSM supply to global markets targeting Europe and Asia. Louisiana HPMSM USA Critical Raw Materials Construct the first US HPMSM processing facility (Louisiana), producing 65,000 tonnes per annum of battery-grade HPMSM with GM and Stellantis 10-Year Plan 3-Year Plan 1-Year Plan Best in class, secure supply, ethically produced, scalable HPMSM for lithium-ion batteries: Sustainably Supplying Global Markets Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 12 April 2023 4 The Butcherbird Manganese Project The Butcherbird Manganese Project ▪ Unique geology - very clean metallurgically – no toxic contaminants. ▪ Located in Australia, a Tier-1 jurisdiction with strong ESG regulation. ▪ Produces a high-quality manganese concentrate ideal for manganese alloys and battery grade high-purity manganese sulphate (HPMSM). Reference: Company ASX Release Dated 29 October 2024 Reference: Company ASX Release Dated 21 February 2023 Providing high quality manganese for traditional and new energy markets. 6 World Class Resource >270M tonnes Long-Life Mine >18 years production Large Scale Production 1.1M tonnes per year Large, Long-Life Manganese Mine in Western Australia Reference: Company ASX Release dated 22 January 2025 Reference: Company ASX Release dated 29 October 2024 7 Mining Lease - M52/1074 Simple Logistics: Existing road and port infrastructure Mining Reserve: 101.4Mt @ 10.4% Mn1 Measured Indicated Coodamudgi Yanneri Ridge CONSTRUCTION READY • Granted Mining Lease • Fully Permitted • Early Procurement Commenced • Existing infrastructure in place (bore fields, TSF, roads, camp) • ~12 Month Construction Manganese ore loadout during Stage 1 pilot operations. Simple Geology: Low-Cost, Low-Impact Operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) Resource 274 10.0 27.4 Reserve 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 • Ore from surface. • Low strip-ratio. • No explosives required. • No dewatering required. • One reagent – water. • Very low levels of contaminants. Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) Reference: Company ASX Release Dated 22 January 2025 8 New, re-designed and expanded processing facility to optimise and scale the process. CRUSHER DMS PLANT SCREEN PRODUCT LOADING Butcherbird to Expand to 1.1Mt p.a. Production Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 7 October 2024 9 PRODUCT LOGWASHER Key Metrics Unit Value Ore Mined Ktpa 6,100 Concentrate Prod. Ktpa 1,100 Concentrate Grade Mn 31.6% Undiscounted Cashflow AUD (pa) $70.5 Mine Life Years 18.3 NPV8 (Real) (Pre-Tax) AUD $561M NPV8 (Real) (Post-Tax) AUD $379M IRR (pre-tax) % 96% Op. Cost C1 (FOB) USD/dmtu $2.86 Capital Cost AUD $64.8M Butcherbird Expansion Project - Process Plant Reference: KISA Washing Circuit: Clay removal from laterite feed • The logwasher is an agitated scrubber which acts to break up and wash clays out of the feed material. • The clay contains very little manganese so its removal upgrades the concentrate to approach the target Mn grade for sale. • The process uses water as the only reagent making the tailings environmentally benign. 11 Clays and other impurities are scrubbed by rotating intermeshing paddle shafts and washed by counter-current water flow. • Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25’s Butcherbird Manganese Expansion Project. • Butcherbird development based on a 1.1 Mtpa manganese concentrate operation and delivers outstanding metrics. • 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 Framework. • 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. Butcherbird Expansion Delivers Robust Economics Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 17 June 2025 Reference: Company ASX Release Dated 12 March 2025 AUSTRALIAN FEDERAL GOVERNMENT (NAIF) TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT 13 Low cost operation with forecast C1 cost of US$2.86/dmtu FOB. Long-life asset with >18-year Ore Reserve. Low capital costs of A$64.8M (2025 Feasibility Study Estimate). Operating cashflows of $70.5M per annum drive rapid capital payback. Manganese Is Comparatively Abundant But Not Everywhere… 14 • Manganese deposits heavily concentrated in challenging jurisdictions. • Australia is the only allied country with significant manganese reserves and production. • Australian manganese production declining with old mines closing and limited new production. Manganese ore global distribution: Manganese Ore Production 2020-2024: AUSTRALIA (decreasing) Reference: Company ASX Release dated 23 January 2024 Butcherbird Expansion – Low Costs Underpin Strong Margins Reference: Project Blue 2025 Historical Mn Ore Price Cycles – US$/dmtu CIF China 15 High Grade Index (historical) 36.5% Mn Index (historical) BBX AISC Cost (2025 FS) BBX Sale Price 44% Index Basis (Yrs 1-5 2025 FS) Butcherbird Expansion Project – On Track for Production 16 Reference: Company ASX Release dated 25 November 2025 • Detailed engineering well advanced utilizing Integrated project Team (IPT) approach. • Long lead time procurement progressed with orders placed for crusher and logwasher equipment. • Key construction and operational contracts being finalised including road haulage, mining, port and offtake. • Fully permitted under Department of Local Government, Industry Regulation and Safety (LGIRS) regulations. Construction Tender in Progress • Civils, SMP, E&I packages in the market with tender submissions under review. Subject to WHS compliance requirements. Butcherbird Expansion Project Timeline Guidance 17 The schedule remains subject to a number of key dependencies including achieving project financial close, completion of detailed engineering, procurement of key equipment and finalising the construction contract(s) in accordance with the planned key dates. BBX Project Plan Summary 2026 2027 Quarter 1 2 3 4 1 2 3 4 Month J F M A M J J A S O N D J F M A M J J A S O N D Major Milestones Finalise Funding Commissioning Commercial Production Major Activities All Approvals and Permitting Project Financing Detailed Engineering Design Engineering Procurement (MPI) Logistics Procurement (MPI) Camp Construction Construction - Civil Construction - SMP High Purity Manganese Strategy Manganese Is Abundant But Refining Capacity Is Not… 19 Source: Benchmark Forecasts – www.benchmarkminerals.com Refined battery grade manganese capacity is heavily concentrated in China. Breaking the Chinese Supply Chain Dominance • Refined manganese (HPMSM) capacity is heavily concentrated with >95% of refining capacity 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 manganese supply. • Element 25 provides a long-life mine and a future facing processing technology. South Africa China Other Manganese Ore Refined Manganese Improved, Cost-Competitive, Cleaner Process Technology Fewer Reagents Lower Emissions No Waste Residue The Element 25 Process brings significant changes & improvements: E25 technology enhances ESG profile by: • Eliminating waste residues. • Eliminating toxic Reagents like fluorine. • Increased efficiency and lower costs. • Faster permitting due to lower impacts. Reference: Company ASX Release Dated 16 February 2023 20 Global Refining Capacity in the Longer Term ** • 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. EU US AU KR JP 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 Butcherbird Manganese Mine: 1.1 million tonnes per annum of manganese concentrate production is planned at the Butcherbird Project in Western Australia. Flagship Louisiana HPMSM Facility: • Supply chain security needs driving capital flows into US projects. • Government supported push to secure critical mineral supply chains. • E25 partnering with Stellantis & GM to onshore refining capacity and capability Reference: Company ASX Release Dated 22 January 2025 21 Global EV Sales Outlook Remains Strong 22 EV market share continues to grow: • Electric vehicles to reach over 50% market penetration by 2030 according to Bloomberg NEF. • Short term policy settings have reduced uptake in some markets but medium-term demand forecasts remains bullish. • Critical raw material supply remains a key geopolitical challenge with near total dominance by China of key raw materials including manganese. • Battery grade manganese expected to see strong demand due to increase in electric vehicle sales and shift to higher manganese cathode materials. Near-term global sales outlook for electric and fuel-cell vans, trucks and buses Global passenger-vehicle sales by drivetrain Reference: Umicore 2023 Transition to Higher Manganese Battery Cathodes Reduced nickel and very low to no cobalt content. 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: Why LMR batteries will change the outlook for the EV market 23 Louisiana Battery Grade HPMSM HPMSM DoE MESC Grant - Supporting Local Raw Material Supply Local Supply Chain • Process and supply chain developed to maximise U.S. industry involvement. • Working with partners GM and Stellantis to supply low carbon HPMSM for EV batteries. • All reagents sourced locally from established suppliers. • Site located close located adjacent to acid recycling facility. • Solid residues as co-products will be placed into local industries targeting zero waste. • Low carbon, circular economy approach. Mn Ore Acid Reductant Neutralisation MAIN PRODUCT US$166M Grant Comminution Leach Purification Crystallisation Logistics Fertiliser Gypsum SiRon Co-Product Processing 25 • 18.3 Year Reserve within granted Mining Lease • 274Mt Resource global resource with exploration upside • Feasibility Study and project permitting complete • Northern Australia Infrastructure Facility (NAIF) finance of up to $50M approved • Life cycle assessment (LCA) completed confirming industry leading carbon intensity • Further reductions available via renewable energy and reagents • $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) • Competitive cost structure through innovation • Waste minimisation and reduced emissions provides competitive advantages • Australian owned and operated mine providing long term secure ethical Mn supply • USA, Japan and EU Partnerships to enhance battery raw material supply chains • Stellantis N.V and General Motors LLC – Louisiana HPMSM Project • Nissan Chemical Corporation– Tokyo Bay Japan HPMSM Project Global Sustainable Secure Manganese Supply Long Mine Life Tier 1 Jurisdiction Strong Feasibility Study/Financials Innovative HPMSM Flowsheet ESG Leading HPMSM Flowsheet Tier 1 Project Customers & Partners Construction Ready Reference: Company ASX Release Dated 29 October 2024 Reference: Company ASX Release Dated 17 June 2025 Reference: Company ASX Release Dated 21 February 2023 Reference: Company ASX Release Dated 22 January 2025 Reference: Company ASX Release Dated 12 April 2023 Reference: Company ASX Release Dated 26 June 2023 Reference: Company ASX Release Dated 2 April 2025 26 The Planned Element 25 HPMSM facility in Louisiana, USA *Subject to successful project financing and permitting For Illustration Purposes Only 27 ASX : E25 OTCQX : ELMTF 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 Contact Details Butcherbird Manganese Mine - Resources & Reserves Reference: Company ASX Release Dated 22 January 2025 (Ore Reserve Update) Reference: Company ASX Release Dated 29 October 2024 (Mineral Resource Estimate Update) • Current Reserve: • 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. • Excellent potential for future expansion with known mineralization outside resource areas. • Simple geology, low technical risk. • Global resources not closed off. Mineral Resource 2 Ore Reserve 1 Resource Category Tonnes (Mt) Mn (%) Measured 14 11.3 Indicated 116 10.1 Inferred 144 9.8 Total 274 10.0 Deposit Classification Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) Yanneri Ridge Proved 11.3 11.8 1.33 Probable 70.4 10.2 7.15 Coodamudgi Proved - - - Probable 19.1 10.3 1.97 Stockpiles Proved 0.6 9.2 0.06 Total 101.4 10.4 10.5 29 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. 30