Element 25 (E25) H2 2026 earnings summary

Executive summary

• Advanced Butcherbird Expansion Project (BBX) from feasibility to full project delivery, targeting mechanical completion and commissioning in Q1 CY2027.

• Secured AU$28 million in equity placements and progressed a AU$50 million NAIF senior debt facility to strengthen the balance sheet.

• Signed a binding offtake agreement for 100% of manganese concentrate with OM Holdings subsidiary, supporting long-term sales.

• Revised US$166 million grant agreement with the US Department of Energy for the HPMSM project in Louisiana, aligning with updated execution strategy.

• Initiated review and optimisation of the HPMSM Project in the USA to reflect evolving battery market dynamics.

Financial highlights

• No revenue recognized for FY2026 due to no ore shipments; prior year revenue was $1.88 million.

• Operating loss after tax of $2.14 million, improved from $5.87 million loss in FY2025.

• Cash balance at 30 June 2026 was $18.28 million, up from $2.16 million at prior year-end.

• Other income of $1.18 million, up from $0.80 million in FY2025.

• General and administration expenses reduced to $1.67 million from $3.16 million year-over-year.

Outlook and guidance

• BBX remains on track for mechanical completion and commissioning in Q1 CY2027.

• Focused on recommencing mining operations and advancing the HPMSM processing facility in the USA.

• Continued evaluation of further HPMSM production sites, including in Japan.