Element 25 (E25) H1 2026 earnings summary

Executive summary

• Operations focused on the Butcherbird Manganese Project, with expansion and HPMSM facility development underway in Australia and the USA.

• Secured AU$50 million senior debt facility and AU$10 million share placement to fund expansion and working capital.

• Awarded US$166 million grant from the US Department of Energy for the Louisiana HPMSM facility.

• No manganese ore sales during the period due to expansion activities; site remained in care and maintenance.

Financial highlights

• Operating loss after tax for the half year ended 31 December 2025 was $1,900,733, an improvement from $2,435,181 in the prior year.

• No revenue from manganese ore sales; other income totaled $102,207 (2024: $94,170).

• General and administration expenses increased to $1,577,028 (2024: $1,128,529).

• Cash balance at 31 December 2025 was $7,772,915.

• Basic and diluted loss per share improved to (0.71) cents from (1.10) cents.

Outlook and guidance

• Targeting commercial production from Butcherbird Expansion Project by Q1 CY2027.

• HPMSM facility in Louisiana expected to produce 65,000 metric tonnes annually, reducing US dependency on Chinese supply.

• Ongoing exploration at Lake Johnston Project for gold and lithium.