Element 25 (E25) Q2 2026 TU earnings summary

Executive summary

• Advanced Butcherbird Expansion Project (BBX) towards construction, targeting 1.1Mtpa manganese concentrate production for steel and battery markets.

• Secured AU$10M equity placement and AU$50M senior debt facility from NAIF to fund BBX.

• Finalised key equipment procurement and advanced offtake and mining services contract negotiations.

• Progressed HPMSM refinery project in Louisiana, supported by US$166M DoE grant and US$115M from GM and Stellantis.

Financial highlights

• Net cash used in operating activities for the quarter: AU$941,000; for six months: AU$1,474,000.

• Net cash used in investing activities for the quarter: AU$1,423,000; for six months: AU$2,515,000.

• Net cash from financing activities for the quarter: AU$9,605,000 (mainly from equity placement).

• Cash and cash equivalents at quarter end: AU$7,774,000.

Outlook and guidance

• BBX project schedule on track, with commissioning and commercial production targeted for 2027.

• HPMSM refinery in Louisiana expected to supply US EV battery market, with further facilities planned under a hub-and-spoke model.