Element 25 (E25) Investor presentation summary

Butcherbird resource and expansion

• Butcherbird has a 274Mt resource at 10.0% Mn and a 101.4Mt reserve at 10.4% Mn, supporting an 18.3-year mine life; the reserve uses ~40% of the resource.

• Expansion targets 1.1Mtpa concentrate at 31.6% Mn from 6.1Mtpa ore mining.

• 2025 feasibility metrics include A$561M pre-tax real NPV, A$379M post-tax real NPV, 96% pre-tax IRR and A$64.8M capital cost.

• Surface ore, low strip ratio, no explosives or dewatering, and water as the sole reagent underpin the low-impact operating approach.

• The project is fully permitted and construction-ready, with existing infrastructure and an estimated ~12-month construction period.

Construction and delivery

• Early site works are complete, including earthworks, process-water pond and pipelines, operations-centre relocation, and site services.

• Major equipment packages were awarded and ordered; mining, haulage, engineering, offtake and camp agreements were complete as of October 2026.

• Detailed engineering was well advanced, with long-lead crusher and logwasher orders placed and operational-readiness work progressing.

• Mechanical completion is targeted for Q1 2027; a binding 100% take-or-pay offtake agreement with OMH was noted in August 2026.

Manganese market and HPMSM strategy

• China accounts for 95% of HPMSM production, while manganese refining is identified as a key supply-chain bottleneck.

• GM’s Gen IV EV platform is planned to use LMR; LMR cells are cited as offering 33% greater energy density than LFP at comparable cost.

• Plans call for a 65,000tpa U.S. battery-grade HPMSM facility with GM and Stellantis; development is subject to financing and permitting.

• A US$166M U.S. Department of Energy grant supports the Louisiana project and its domestic battery-material supply chain.

• The process is designed to use fewer reagents, lower emissions and eliminate waste residues and toxic fluorine reagents; Japan and other global markets are also targeted for future capacity.