Element 25 (E25) Investor Update summary

Strategic Project Overview

• Developing a vertically integrated manganese supply chain targeting steel and EV battery markets, anchored by the Butcherbird Project with over 270Mt in resources and an 18-year reserve at a 1.1Mtpa production rate.

• Fully permitted mining lease, strong logistics via Great Northern Highway, and proximity to infrastructure support expansion, with construction readiness and early procurement underway.

• Feasibility study confirms robust economics: AU$64.8M capital cost, AU$561M NPV, 96% IRR, and 16-month payback, with NAIF providing up to AU$50M in project financing.

• Partnerships and offtake agreements with Stellantis and GM support downstream plans, with Stellantis as the largest shareholder.

• Strategic vision includes global HPMSM expansion targeting Europe, Asia, and the U.S., leveraging proprietary process technology.

Operational and Technical Updates

• Mining operation uses a simple, low-strip, free-dig process, upgrading ore from 10-11% to 30-35% manganese, with minimal contaminants and low technical risk.

• New processing facility to be built, with upgrades including a rolls crusher and DMS drum for improved beneficiation.

• Expansion aims to position the project in the lower third of the global cost curve, enhancing competitiveness.

• Procurement for critical equipment has commenced, with advanced discussions for other key items.

• Ore suitable for both traditional ferroalloys and battery-grade HPMSM, supporting diverse market demand.

Downstream and Global Expansion Plans

• First planned refinery in Louisiana, USA, to convert ore into high-purity manganese sulfate for EV batteries, with DoE grant of $166M and $115M from GM and Stellantis covering most of the $300M+ capital needs.

• Additional refineries planned in Japan (Tokyo Bay, with Nissan Chemical) and Europe, leveraging proprietary process technology.

• Proprietary process eliminates polluting steps used in China, reduces emissions, and supports circular economy initiatives.

• Local supply chain for Louisiana refinery maximizes U.S. industry involvement and targets zero waste.

• Grant and partner funding secure about 85% of project capital, with the final 15% in advanced discussions.