Element 25 (E25) Q1 2026 TU earnings summary

Executive summary

• Completed AU$10 million share placement to fund Butcherbird Expansion Project and working capital.

• Secured AU$50 million senior debt facility from NAIF for Butcherbird expansion.

• Appointed Altris Engineering as lead consultant for detailed engineering design of Butcherbird Expansion.

• Progressed project financing for Louisiana HPMSM refinery, with US$166 million DoE grant, US$85 million GM debt, and US$30 million Stellantis equity/offtake prepayment.

Financial highlights

• Net cash from operating activities for the quarter was negative AU$534,000.

• Net cash from investing activities was negative AU$1,092,000.

• Net cash from financing activities was positive AU$9,658,000, mainly from share placement.

• Cash and cash equivalents at quarter end totaled AU$10.19 million.

• Payments to related parties during the quarter totaled AU$154,000.

Outlook and guidance

• Butcherbird Expansion Project aims to increase production to 1.1Mtpa, supporting both traditional and battery markets.

• Louisiana HPMSM refinery project advancing, with proprietary low-carbon process and significant grant and partner funding.

• Targeted final investment decision for Japan HPMSM facility by June 2026.