Element 25 (E25) Q1 2027 TU earnings summary

Executive summary

• Butcherbird Expansion Project (BBX) advanced toward construction, with early site works underway and a long-term offtake agreement signed for manganese concentrate production.

• A binding AU$50 million NAIF facility agreement was executed to support BBX; financial close and first drawdown remain conditional on outstanding requirements.

Financial highlights

• Q1 operating cash outflow was AU$711,000; investing outflow was AU$7.732 million and financing outflow AU$21,000.

• Cash and cash equivalents were AU$9.826 million at quarter-end, down from AU$18.277 million at the start of the period; exchange movements added AU$13,000.

• Cash outflows included AU$7.570 million for property, plant and equipment and AU$162,000 for exploration and evaluation; related-party payments totalled AU$185,000.

Outlook and guidance

• BBX targets 1.1Mtpa of manganese concentrate, supported by an updated 101.4Mt Ore Reserve at 10.4% Mn and a planned mine life exceeding 18 years at the target rate.

• Revised US$166 million US Department of Energy grant terms for the planned Louisiana HPMSM facility are confirmed; the project remains in a refinement phase and the grant is progressing toward finalisation.

• Main BBX construction is planned after early works establish construction-ready areas and essential services; major CSMP and E&I tender processes are advanced, with contract awards expected in line with the project plan.