Element 25 (E25) Investor presentation summary

Strategic vision and project overview

• Expanding the Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate and supply both steel and battery markets.

• Developing a USA-based refinery in Louisiana to produce battery-grade HPMSM, with offtake and funding agreements from GM and Stellantis.

• Plans for global HPMSM expansion targeting Europe and Asia, leveraging a scalable, ethical supply chain.

Butcherbird project details and economics

• Butcherbird hosts a world-class resource of over 270Mt, supporting more than 18 years of production at 1.1Mtpa.

• Simple, low-cost, low-impact mining operation with no explosives or dewatering required and minimal contaminants.

• Fully permitted, construction-ready project with existing infrastructure and a 12-month construction timeline.

• Feasibility study shows a pre-tax NPV of AU$561M, IRR of 96%, and payback in 16 months, with NAIF providing up to AU$50M in finance.

• Operating cost is US$2.86/dmtu FOB, with capital cost at AU$64.8M and annual cashflow of AU$70.5M.

Process optimisation and technology

• Upgrades include a two-stage mineral sizer for better clay handling and DMS for improved ore-waste separation, increasing product grade and recovery.

• Innovative HPMSM flowsheet eliminates toxic reagents, reduces emissions, and produces no waste residue, enhancing ESG credentials.