Element 25 (E25) Q3 2026 TU earnings summary

Executive summary

• Advanced expansion and restart of Butcherbird Manganese Mine in Western Australia, targeting 1.1Mtpa manganese concentrate production for steel and battery markets, with an 18+ year mine life based on updated reserves.

• Progressed key project milestones: engineering, procurement, and contractor selection for construction, mining services, and site services, with mechanical completion and commissioning targeted for Q1 CY2027.

• HPMSM refinery project in Louisiana, USA, advancing with proprietary low-carbon flowsheet, aiming to supply the US EV battery market.

Financial highlights

• $18M equity raised via placement at A$0.30/share, a 5.6% discount to 5-day VWAP, to fund BBX Project and working capital.

• At-the-Market Subscription Agreement with Acuity Capital provides up to A$30M standby equity over 36 months.

• Cash and cash equivalents at quarter end were A$4.36M, excluding the post-quarter $18M capital raise.

• Net cash used in operating activities for the quarter was A$1.67M; net cash used in investing activities was A$1.73M.

• Estimated 2.61 quarters of funding available at quarter end, prior to the capital raise.

Outlook and guidance

• BBX construction contract award, mining, haulage, and site services contracts expected in Q2 CY2026; mobilisation in Q3 CY2026.

• Mechanical completion and commissioning of BBX targeted for Q1 CY2027, contingent on securing remaining project funding.

• Ongoing offtake negotiations for expanded production, with completion expected in Q2 CY2026.

• HPMSM refinery in Louisiana to benefit from US$166M DOE grant and strategic partnerships with GM and Stellantis.