Announcement PDF ANNUAL REPORT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Element 25 Limited ABN 46 119 711 929 ASX E25 element25.com.au 2024 ANNUAL REPORT | 1 2024 2023 The future has always The future has always been electric... been electric... 2 | 2024 ANNUAL REPORT TABLE OF CONTENTS TABLE OF CONTENTS Chairman’s Letter 04 Message From The Chair 5 Principal Activities and Review of Operations 06 Review of Operations 6 Directors' Report 18 Directors' Report 26 Audit Independence Declaration 27 Auditor’s Independence Declaration 36 Corporate Governance Statement 28 Consolidated Statement of Comprehensive Income 37 Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position 38 Consolidated Statement of Financial Position 31 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 Notes to the Consolidated Financial Statements Consolidated Entity Disclosure Statement Directors' Declaration Directors' Declaration Independent Auditor’s Report Independent Auditor’s Report ASX Additional Information ASX Additional Information Corporate Directory Corporate Directory 30 39 32 40 33 41 34 67 64 68 65 69 105 74 107 77 2024 ANNUAL REPORT | 3 HIGHLIGHTS Butcherbird Expansion Feasibility Study targeting 1.1 million tonnes per annum (Mtpa) manganese production demonstrated robust economics. Butcherbird: Pre-tax Net Present Value (NPV) of A$228 million (8% discount), Internal Rate of Return (IRR) of 113% and Annual cashflow of A$57.3M. Acceleration of activities for Butcherbird expansion, focusing on process optimisation, Front-End Engineering and Design (FEED) activities, project finance and permitting. Resource infill drilling of 216 percussion drill holes for 6,203m completed at Butcherbird, targeting Mineral Resource re-estimation and subsequent Ore Reserve update. Northern Australia Infrastructure Facility (NAIF) proceeded to detailed due diligence after completing a strategic assessment of Butcherbird Stage 2 Expansion Project. Element 25 progressed plans for its proposed High Purity Manganese Sulphate Monohydrate (HPMSM) facility in Louisiana, USA in partnership with General Motors (GM) and Stellantis N.V. (Stellantis) under binding financing and offtake agreements. Binding term sheet signed with Veolia North America (Veolia) to secure a site for Element 25's planned HPMSM refinery in Louisiana, USA. Title V Air Permit received for HPMSM refinery at the Veolia Burnside site. Selected for award negotiations for a US$166m grant from the US Department of Energy (DoE) under their Battery Minerals Processing and Battery Manufacturing Program which will fund the construction of the planned HPMSM facility. Approval of US$57 million of tax incentives under Louisiana State’s Industrial Tax Exemption Program (ITEP). Two international HPMSM patents lodged under the Patent Co-Operation Treaty to provide protection for key manganese processing steps in Element 25's flowsheet. Share Purchase Plan (SPP) completed, raising $643,145 to support Butcherbird Stage 2 Expansion and Louisiana HPMSM project. 4 | 2024 ANNUAL REPORT MESSAGE FROM THE CHAIR Dear Fellow Shareholders I am pleased to present Element 25 Limited’s 2024 Annual Report, my first as Chair since my appointment in late 2023. This year has been marked by significant progress, and I want to highlight some key achievements in our journey to build a global manganese business. Our Butcherbird Manganese Mine in Western Australia, home to Australia’s largest onshore manganese resource, remains the cornerstone of our operations. This year, we completed a Feasibility Study (FS) to expand manganese concentrate production to 1.1 million tonnes annually. The FS results were compelling, with an NPV of A$228 million (pre-tax, real) and an IRR of 113%, alongside a rapid payback period of just 1.2 years. Expanding production at Butcherbird would establish Element 25 as a low-cost producer, capable of operating during the lowest price points in the market cycles. This expansion also aligns with our plans to produce high-purity manganese sulphate monohydrate (HPMSM) at a proposed facility in Louisiana, USA, in partnership with General Motors LLC (GM) and Stellantis NV (Stellantis) and potentially in Japan in the future, in partnership with Nissan Chemical Corporation. In the past six months, we advanced our expansion plans, including process optimisation, Front-End Engineering and Design (FEED), project finance, and permitting. In early 2024, we suspended production at Butcherbird to focus resources on the expansion. However, due to shifting market dynamics and disruptions in Africa, we began exploring the possibility of resuming operations to sell lower-grade stockpiles. This parallel opportunity is under review as we continue our expansion efforts. Additionally, our Butcherbird Expansion Project has successfully passed a strategic assessment by the Northern Australia Infrastructure Fund (NAIF), and is now in the due diligence phase. Given NAIF’s history of investing in significant minerals projects, we are closely monitoring progress and will keep shareholders informed. On the HPMSM front, we agreed terms for a preferred processing facility site in Louisiana. We have been selected for award negotiations by the US Department of Energy (DoE) for a US$166 million grant from the from the US Department of Energy under their Battery Minerals Processing and Battery Manufacturing Program which will contribute to funding the construction of the planned HPMSM facility. A Title V Air Permit has since been granted, and we are finalising agreements for a land sale and essential utilities. Our agreements with GM and Stellantis, combining offtake and funding, remain active, providing an additional US$115 million of construction capital. We will progress the DoE grant negotiations and continue to work with our advisor, Jett Capital, on private-sector funding options to secure the remaining funds for construction and commissioning, with multiple financing proposals under review. We also made strides in exploring our Lake Johnson lithium project in Western Australia, identifying several high-priority targets. While an application for forfeiture has been lodged against tenement E63/2027, we are defending it vigorously. I would like to acknowledge my predecessor, Seamus Cornelius, who resigned as Chairman before last year’s AGM. I sincerely thank Seamus for his leadership, leaving a strong legacy. I also extend my gratitude to our Directors and Management team for their dedication over the past year. We look forward to continuing our work towards creating shareholder value. The Board is excited about Element 25’s future as we strive to build a global manganese business, supplying in-demand, lowcarbon sustainable manganese ore and battery-grade HPMSM worldwide. On behalf of the Board, we thank our shareholders for their ongoing support. John Ribbons Non-Executive Chair Element 25 Limited 2024 ANNUAL REPORT | 5 REVIEW OF OPERATIONS KEY OPERATIONAL MILESTONES FOR FINANCIAL YEAR 2024 BUTCHERBIRD MANGANESE MINE, WA HPMSM REFINERY, LOUISIANA, USA • Butcherbird Expansion Feasibility Study targeting 1.1 million tonnes per annum (Mtpa) manganese production, pre-tax Net Present Value of A$228 million (8% discount) with an Internal Rate of Return of 113% and annual cashflow of A$57.3M.7 • Binding term sheet (TS) with Veolia North America (Veolia) to secure a site for Element 25's planned HPMSM refinery in Louisiana, USA. • • Acceleration of activities for the planned expansion of Butcherbird, focusing on process optimisation, Front-End Engineering and Design (FEED) activities, project finance and permitting. Title V Air Permit received for HPMSM refinery at the Veolia Burnside site. • Approval of US$57 million of tax incentives under Louisiana State’s Industrial Tax Exemption Program (ITEP). • Two key international patents lodged under the Patent Co-Operation Treaty, expected to be processed in 20242. • Selected for award negotiations by the US Department of Energy under their Battery Minerals Processing and Battery Manufacturing Program for a US$166M to fund construction of the planned refinery3. • Northern Australia Infrastructure Facility (NAIF) completed a strategic assessment of Butcherbird Stage 2 Expansion Project. • Investigations commenced into potential restart of operations at Butcherbird to take advantage of the recent movement in manganese ore prices caused by market factors, including disruptions at South 32 Limited’s Groote Eylandt (GEMCO) operations. • Resource infill drilling completed at Butcherbird, with 216 percussion drill holes completed for a total of 6,203m, targeting infill of existing inferred resources1. • Resource upgrade commenced to evaluate the conversion of inferred resources to measured and indicated to support an upgraded reserve estimate. 1. E25 ASX Announcement dated 19 June 2024 2. 3. E25 ASX Announcement dated 27 November 2023 E25 ASX Announcement dated 24 September 2024 6 | 2024 ANNUAL REPORT BUTCHERBIRD FEASIBILITY STUDY SUMMARY Capital Cost NPV IRR Cashflow Payback AU$49.8 AU$228M 113% AU$57.3M 1.2 (incl. contingency) (pre-tax, real) (annual) (years) COMPANY OVERVIEW Element 25 Limited (E25, Element 25 or Company) (ASX: E25 | OTCQX: ELMTF) is the operator of the Butcherbird Manganese Project (Butcherbird or the Project) which hosts Australia’s largest onshore manganese (Mn) resource with current JORC resources of over 260Mt of manganese ore 4. Butcherbird is 1,050km north of Perth and 130km south of Newman in the Pilbara region of Western Australia (WA). 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) products for traditional and new energy markets. 4. E25 ASX Announcement dated 17 April 2019 5. 6. E25 ASX Announcement dated 12 April 2023 E25 ASX Announcement dated 24 September 2024 The Company plans to construct a HPMSM facility (Facility), in Louisiana, USA, having completed a Feasibility Study (FS)5 for this project in April 2023 and selected for award negotiations by the US Department of Energy for a US$166m grant6. The Facility will use concentrate from Element 25's existing mine at the Butcherbird Project in Western Australia as feedstock. The Facility is supported by key offtake and funding agreements in place with General Motors LLC (GM) and Stellantis N.V. (Stellantis), which are contributing a combined US$115M in project funding through equity, pre-payment and senior debt alongside offtake for ~65% of planned HPMSM production from the first production train. 2024 ANNUAL REPORT | 7 BUTCHERBIRD OPERATIONS, WESTERN AUSTRALIA SAFETY For the 12 months ending 30 June 2024, the Butcherbird minesite sustained 2 Lost Time Injuries (LTIs) and 0 Medical Treatment Injuries (MTIs). The 12-month LTI and MTI rates were noted as 28 and 0 respectively. BUTCHERBIRD EXPANSION STRATEGY In January 2024, Element 25 released the Butcherbird (BB) Expansion Feasibility Study (FS)7 on the proposed expansion of the Butcherbird Mine to produce 1.1 million tonnes per annum (Mtpa) of manganese concentrate. The BB FS demonstrated strong economics with robust economic returns and rapid capital payback. Highlights included: • Expansion to 1.1Mtpa manganese concentrate production using expanded open-cut mining methods, a modified primary comminution circuit and a dense media separation (DMS) back-end solution to optimise grade and recoveries. • Measured, Indicated and Inferred Mineral Resources used to support the 7.2 years mine life from 2024 to 2031 represents approximately 36.0% of the total mineral resource inventory within granted mining lease M52/1074. • Expanded operation will establish Butcherbird as a low-cost Mn operation with a US$2.76/dmtu C1 (direct production cost) FOB (Free on Board) cost – which will ensure sustainable profitability at lower manganese prices compared to the current pilot operation. • Average base case annual operating cashflow of A$57.3M at full production. • Payback period of 14 months from start of operations based on forecast cashflows. The BB FS utilises all the available Measured and Indicated resources within the mine plan. The Company plans to undertake infill drilling in areas containing inferred resources, outside the current mine plan, within the next 12 months, targeting an additional 20-25 years of mine reserves at the proposed production levels. • Process plant commissioning is currently estimated to be achievable within approximately 11 months from a final investment decision (FID). • The base case contemplates annual production and sale of 1.1Mtpa of manganese ore grading 32% Mn. • Expanded concentrate production strategy complements and enhances Element 25's plan to develop a HPMSM plant in Louisiana. • • The BB FS indicated a modest capital cost of A$49.8M. The BB FS results confirm that the economics of the mine are improved under the planned expansion scenario, which benefit from the inherent economies of scale achieved in the 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. The seven-year project utilises 86% of the Measured resources and 61% of the Indicated resources available within the Butcherbird resource base. If viable, restarted activities will occur in parallel with and will not impact the expansion plans for the Butcherbird Project. A potential restart requires several critical steps with respect to operational readiness and an assessment of re-start and production costs, and it is not guaranteed that this will be commercially feasible. 7. E25 ASX Announcement dated 23 January 2024 8 | 2024 ANNUAL REPORT MINING AND PROCESSING With manganese prices at cyclical lows during the reporting period, Element 25 restructured production at Butcherbird to reduce ore production and costs to align with this lower-priced environment. This helped to preserve cash and allow the team to focus on Element 25's downstream project. In-pit mining ceased and production shifted focus to processing stockpiles to minimise operational costs. With the release of Element 25's expansion study for Butcherbird, the Company subsequently suspended Butcherbird’s production operations in early calendar year 2024 to re-focus resources and available cash on implementing the mining and processing expansion plan. Stockpiles were depleted in line with care and maintenance activities on site, with haulage winding back and ceasing in early March 2024. In June 2024, Element 25 commenced investigations into the potential to recommence operations at Butcherbird to take advantage of movement in manganese ore prices caused by market factors, including disruptions at the GEMCO operations, which is expected to be out of operation until quarter three calendar year 2025. Restarted Element 25 operations may include the sale of stockpiles and/or recommencing processing of run-of-mine (ROM) stockpiles at site, which have been mined but not yet processed. If viable, Element 25 restart activities will occur in parallel with and will not impact the expansion plans for the Butcherbird Project. A potential restart requires several critical steps with respect to operational readiness and an assessment of re-start and production costs, and it is not guaranteed that this will be commercially feasible. LOGISTICS Element 25 completed a shipment of 50,540mt of manganese concentrate on 27 January 2024, and ~15,000mt of manganese concentrate was later transported to Port Hedland. Plans to cooperate with a small iron ore exporter were reviewed to optimise the use of trucks and bunker space in Port Hedland. The use of ultra-quad combinations was also investigated to reduce overall haulage costs in the future, particularly in relation to the planned mining expansion. PLANT DESIGN OPTIMISATION Element 25 accelerated activities for the expansion of Butcherbird, focusing on key areas, including process optimisation, FEED activities, project finance and permitting. There have been important advancements, particularly in the FEED phase of the Butcherbird expansion, where the Company has optimised the plant’s delivery while minimising design, cost, delivery and processing risks and improving energy efficiency and emission profiles. 2024 ANNUAL REPORT | 9 ENGINEERING DESIGN AND PROJECT MANAGEMENT Element 25 engaged local specialist engineering firm Aspect Engineering Solutions (Aspect) to manage the engineering design phase and serve as owner’s engineer throughout project execution. Aspect will assist with engineering, procurement and construction management activities to ensure a streamlined and well-managed project implementation plan. OPERATIONAL IMPROVEMENTS The project team has made strategic improvements to the initial plant design, enhancing operational efficiency and maximising productivity. Integrating a second-stage crushing system will process larger materials directly into the primary circuit. The feed bin and apron feeder were upsized to optimise truck cycling times and minimise feed disruptions, which has the potential to increase plant utilisation and reduce bottlenecks. The secondary crushing stage was optimised to handle specific material sizes, ensuring a seamless process flow and eliminating the need for additional screening and material re-handling, a key focus of the design methodology. Mining equipment sizing optimisation modelling has confirmed equipment selection to minimise unit mining costs, rehandling and ensure continuous plant feed availability. Further studies will investigate the potential to introduce electrified mining equipment and mine site light vehicles to reduce carbon emissions. Process controls are being designed to ensure that each principal processing stage can operate as close to maximum performance as possible whilst allowing for in-process surge points and redundancy to allow for scheduled maintenance without interrupting production. Automation is being implemented at each stage to optimise equipment set points and performance. Water consumption reduction through the potential introduction of a thickener and intelligent recycling will reduce the impact on the local water resources while reducing bore field operational costs. Inline analysers will enable dynamic feedback to process control systems based on desired product specifications and allow for the optimisation of product blends and sales pricing based on customer requirements. Element 25 has identified numerous improvements across various aspects of the plant including: • Crushing and screening circuit; • Logwashing system; • Incorporating a new Dense Media Separation (DMS) circuit; • Dust suppression and containment systems; and • Incorporating control optimisation and industrial internet of things (IIoT). Each of these improvements and their benefits is outlined in detail in Element 25's June 2024 Quarterly Report8. 10 | 2024 ANNUAL REPORT 8. E25 ASX Announcement dated 16 July 2024 PROJECT SCHEDULING, PROCUREMENT AND COST MANAGEMENT The Company is initiating the FEED design stage before the final funding allocation, which allows Element 25 to control initial costs and avoid timeline delays. This proactive strategy ensures that plant design advances efficiently to 3D modelling, effectively managing equipment selection risks, ordering long-lead items, layout design, and permitting. Detailed project scheduling has identified several long-lead procurement requirements, particularly the vendor selection and ordering of the principal equipment for the crushing circuit. The project team has confirmed mineral sizers as the technology of choice, and a bid package has been prepared to source crushing equipment from reputable suppliers who can provide ongoing support and maintenance services. Other long-lead items are being approached similarly to minimise project execution schedules. INDIGENOUS ENGAGEMENT As part of the Company’s commitment to ongoing engagement with Traditional Owners, an Indigenous Engagement Plan (IEP) is being developed to provide a strategy to enhance Indigenous groups’ participation, procurement, and employment in relation to the project. The IEP will include processes for engaging with local Indigenous groups to assess their capabilities and capacity to participate and ensure that they have an opportunity to participate in procurement and contracting opportunities as they arise throughout project execution. Element 25 has agreements in place with Traditional Owners on whose lands the project will operate, but the intention is to expand the level of Indigenous engagement into other opportunities through construction and operations. COMMITMENT TO EXCELLENCE AND SUSTAINABILITY Element 25's commitment to building a state-of-the-art processing plant that sets new standards in performance, reliability, emission reduction, safety and operational efficiency is unwavering. By leveraging industry-leading expertise and lessons learned from the Butcherbird pilot plant, the Company targets a high level of operational readiness and smooth project execution and commissioning. The Stage 2 Butcherbird Expansion Project aims to harness lessons learned from the Stage 1 Pilot Plant to extract the maximum value from the process-proven resource at the Butcherbird Project, deploying cutting-edge technologies with a view to generating shareholder returns whilst demonstrating a core focus on safety, sustainability, Indigenous engagement and operational excellence. The expanded Butcherbird Mine has the potential to supply high-quality, low-carbon, sustainable manganese ore over many years to the Company’s planned HPMSM refineries to provide a critical raw material for the electrification of energy systems as the world looks to reduce its dependency on fossil fuels and fight climate change. “generating shareholder returns whilst demonstrating a core focus on safety, sustainability, Indigenous engagement and operational excellence.” 2024 ANNUAL REPORT | 11 BUTCHERBIRD INFILL DRILLING In June 2024, Element 25 completed resource infill drilling at Butcherbird, with 207 percussion drill holes for 6,202m targeting infill of existing inferred resources. All samples were dispatched to Bureau Veritas for assay with results pending. Current Butcherbird reserves are based around mineral resources within granted mining lease M52/1074, of which less than half has been drilled to a sufficient density to meet the requirements for Measured and Indicated resource classifications. The balance is classified as inferred. The additional drilling will provide infill data to better define and potentially convert these areas to Indicated or Measured categories to support the re-estimation of mine reserves. The increase in the “reserve tail” will support project financing activities with NAIF and other potential financiers who are currently undertaking project expansion due diligence. NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY STRATEGIC ASSESSMENT The Northern Australia Infrastructure Facility (NAIF) successfully completed a strategic assessment of the Butcherbird Stage 2 Expansion Project during the March 2024 quarter and proceeded to detailed due diligence under the NAIF assessment process. NAIF 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 growth. Completion of a strategic assessment by NAIF does not represent a formal decision to offer or commit finance. NAIF has not yet made any decision to offer finance or made any commitment to provide any financial support to the Project, and there is no certainty that an agreement will be reached between the parties. The NAIF assessment process has moved into a detailed project review by an independent technical expert (ITE). Element 25 has appointed RPM Global to act as the ITE during the review process. The results of this phase will be announced as soon as the process is completed. 12 | 2024 ANNUAL REPORT HPMSM PROJECT, USA Element 25 is progressing with plans for construction of an integrated battery grade high purity manganese sulphate (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 power the electrification of the global vehicle fleet. The HPMSM produced in Louisiana will be used in the manufacture of electric vehicle Pre-Cathode Active Materials (pCAM). The Facility will utilise concentrate produced from Element 25's existing operations at the Butcherbird Manganese Mine 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 unique advantages over existing processes used in China. Element 25's HPMSM Facility is supported by key offtake and funding agreements with GM and Stellantis, which are contributing a combined US$115M in project funding through a combination of equity, pre-payment and senior debt alongside offtake for approximately 65% of the planned HPMSM production from the first production train. LOUISIANA SITE SECURED In May 2024, the Company signed a binding term sheet (TS) with Veolia North America (Veolia) to secure a site for Element 25's planned high-purity manganese sulphate monohydrate (HPMSM) refinery in Louisiana, USA. The TS contemplates several parallel definitive agreements, and completion is conditional on the execution of these contract documents as well as securing project financing and the Company’s Board reaching final investment decision (FID) before 30 October 2024 (or such later date as the parties may agree). Definitive agreements in the TS include: • Land Purchase Agreement; • Sulphuric Acid Supply Agreement; • Road Easement Agreement; • Utilities and Services Agreement; and • Temporary Lease Agreement. Element 25 has based civil engineering works for the HPMSM project on the Veolia site. It brings together a number of important synergies to support the long-term competitiveness of the Element 25 Facility. Under the Sulphuric Acid Supply Agreement, Veolia will provide long-term secure sulphuric acid supply and agreed tariffs. The Veolia site was chosen following a rigorous process which included numerous surveys, including a cultural survey, a wetland delineation survey and geotechnical, boundary and topographical surveys, which did not highlight any issues or concerns. 2024 ANNUAL REPORT | 13 ENGINEERING DEVELOPMENT Equipment vendors have generated basic engineering packages for specific sections of the plant, with design development of the balance of the processing facility progressing. The project engineers developed an initial project execution plan, procurement plan and other foundational elements, which are being reviewed, with controls to manage cost and schedule. The schedule incorporates all facets of the project, including engineering, permitting, project financing and construction. It provides for approximately 80 weeks of project build time, based on the current critical path. PILOT-SCALE METALLURGICAL TEST PROGRAM Early in the year, Element 25 completed a final pilot-scale process verification test program for its flowsheet at Veolia HPD’s North America facility, utilising the purified leach solution (PLS) previously produced and processed it through the Veolia pilot scale crystalliser facility using optimised conditions established in previous tests. This was successful, producing HPMSM well within the required specifications for battery applications and well inside the Element 25 Standard Specification stipulated in the agreements with both Stellantis and GM. The results exceeded expectations and confirmed the Element 25 process is able to deliver into existing requirements and offer opportunities to supply higher purity product options into the future as battery technology develops and higher purities are required. The program yielded significant quantities of HPMSM which was packaged and dispatched to Element 25's existing offtake partners as well as potential future offtake and funding partners to assist in discussions. SUPPLY AGREEMENTS Apart from negotiating a Sulphuric Acid Supply Agreement with Veolia, Element 25 also commenced discussions with utility, service and reagent suppliers, covering other essential components for the facility, including natural gas, water and power. KEY PERMIT SECURED In May 2024, Element 25 was issued a Title V Air Permit for the construction of its HPMSM refinery via its subsidiary Element 25 (Louisiana) LLC (E25LA). As part of the process, Element 25 completed a detailed assessment of expected emissions from the HPMSM refinery and provided this information along with supporting documentation to the Louisiana Department of Environmental Quality (LDEQ). The Element 25 HPMSM refinery was defined as a “minor source” for New Source Review9 federal hazardous air pollutant (HAP), Louisiana toxic air pollutant, or Title V (Part 70) purposes. Any source, including a temporary source, which emits or has the potential to emit any air contaminant (defined as particulate matter, dust, fumes, gas, mist, smoke, or vapour, or any combination thereof produced by the process(