Element 25 (E25) Q4 2026 TU earnings summary

Executive summary

• Advanced expansion of Butcherbird Manganese Mine in WA, targeting 1.1Mtpa concentrate production and 18+ year mine life, with first equipment delivered and key contracts awarded.

• Integrated development strategy links Butcherbird with a planned HPMSM facility in Louisiana, USA, supported by a US$166M DOE grant.

• Project execution and procurement activities are on track for Q1 2027 commissioning.

Financial highlights

• Raised A$18M via share placement at A$0.30 per share, a 5.6% discount to 5-day VWAP.

• Cash and cash equivalents at quarter end: A$18.3M.

• Net cash used in operating activities: A$1.37M for the quarter.

• Net cash used in investing activities: A$5.13M for the quarter, mainly for property, plant, and equipment.

• Estimated 13.2 quarters of funding available at current burn rate.

Outlook and guidance

• Butcherbird Expansion Project remains on schedule for mechanical completion and commissioning in Q1 2027.

• HPMSM Project Execution Plan under review to align with evolving EV market and battery chemistries.

• Continued strong engagement with US government and strategic partners to advance the Louisiana HPMSM facility.