Element 25 (E25) Q4 2025 TU earnings summary

Executive summary

• Secured up to AU$50 million in senior debt from NAIF for Butcherbird Manganese Expansion Project, targeting 1.1Mtpa production over 18.3 years.

• HPMSM refinery in Louisiana supported by US$166 million DoE grant, US$85 million GM senior debt, and US$30 million Stellantis equity/offtake prepayment.

• Patent applications filed in 17 jurisdictions for proprietary HPMSM processing technology.

• Project execution plan for BBX aims for delivery in 2026, with key commercial contracts in progress.

Financial highlights

• Cash receipts from customers for the quarter: AU$1.78 million; year-to-date: AU$1.96 million.

• Net cash from operating activities: AU$86,000 for the quarter.

• Cash and cash equivalents at quarter end: AU$2.16 million, down from AU$4.07 million previous quarter.

• Payments to related parties during the quarter: AU$153,000.

• Mining exploration payments for the quarter: AU$98,000.

Outlook and guidance

• BBX expansion to 1.1Mtpa expected to supply both steel sector and HPMSM refinery feedstock.

• Louisiana HPMSM facility to produce up to 135Ktpa for US EV supply chains, with commercial production targeted post-2026.

• Tokyo Bay HPMSM refinery pre-feasibility underway, pending final scope and budget.