Slide 1: Delivering Europe's Primary Tin Supply
Delivering Europe’s Primary Tin Supply Investor Presentation – General Meeting 21 January 2026 ASX:ELT elementos.com.au
Slide 2: Cautionary Statement
Cautionary Statement. ASX:ELT This Presentation provides general background information about Elementos Limited’s (“Company’s”) activities. That information is current at the This Presentation contains a series of forward-looking statements and forecast financial information. The words “expect”, “po
Slide 3: Elementos (ASX:ELT)
Elementos (ASX:ELT). ASX:ELT Unparalleled exposure to tin projects and tin metal. Oropesa Project Cleveland Project Andalucia, Spain Tasmania, Australia EU’s only integrated tin supply chain Historic tin mine under re-evaluation as a tin 3 project (mine-to-metal). and critical minerals project after
Slide 4: Tin focussed portfolio with a critical mineral upside
Tin focussed ASX:ELT Countries where Elementos’ mineral portfolio portfolio with a are listed as Critical or Strategic. critical mineral upside. • The international competition for critical minerals, including tin, tungsten, copper, molybdenum, rubidium, bismuth, fluorite and zinc is evidenced by ma
Slide 5: Offering investors a unique opportunity
Offering investors a ^ LME Tin Spot Price on 20 January 2026 = US$49,650/t see: https://www.lme.com/en/metals/non- ferrous/lme-tin#Price+graphs, all other inputs as per DFS ASX:ELT unique opportunity: # ELT Market Cap, Based on Ordinary Shares on Issue and closing price on 20 January 2026 01 02 03 0
Slide 6: Major upcoming value drivers
Elementos (ASX:ELT) Offtake ASX:ELT Commitments Construction & major upcoming value Tin offtake commitments Operations Construction & drivers. Finance FID Operations Smelter Final Project Finance Investment Oropesa Tin Project Commitments Permits Option Exercise Decision Equity & ‘Nearing the develo
Slide 7: Option Exercise, Placement and Entitlement Commitments
Option Exercise, Placement “ ASX:ELT and Entitlement Commitments The funds on-hand will have Elementos well funded accelerate the development at with ~A$12m cash both the Oropesa and Cleveland Projects, reinforcing our commitment to creating 1. Elementos is well funded to mature the Oropesa Tin long
Slide 8: Global tin prices are strong, European tin prices are even stronger
Global tin prices are ASX:ELT LME & SHFE Cash/Spot Tin Prices Rising strong, European tin US$/tonne prices are even stronger. US$55.0k US$52.5k SHFE US$50,732/t 20 JAN 2026 Tin prices have shown steady growth US$50.0k LME US$49,650/t over past 24-months, averaging US$47.5k 20 JAN 2026 ~US$35k/t over
Slide 9: Global tin supply grim after decades of underinvestment
Global tin supply grim after Limited security of supply from responsible ASX:ELT sources for major technology economies. decades of underinvestment. Limited security of supply for Current producers struggling Europe, Australia and USA to maintain production levels Major mine production by country 20
Slide 10: Oropesa is the only integrated mine-to-metal tin project in development within the EU
Oropesa is the only ASX:ELT Manufacturers across integrated mine-to-metal tin Europe are seeking non- conflict, responsibly project in development sourced and secure within the European Union. supplies of tin to produce: Electrical 51% solder This unique supply-chain will provide security of supply
Slide 11: Advancing strategy to mine, smelt and sell high quality tin ingots into the European market
Advancing strategy to mine, ASX:ELT smelt and sell high quality tin ingots into the European market entirely from Spain. • Tin ingots delivered in Europe attract a significant price premium (~US$950-US$1,000/t) above LME spot price. • Fully aligned with the strategic and political goals of the EU’s
Slide 12: Oropesa is one of the few tin projects with an Ore Reserve
Oropesa is one of the few tin Maiden Ore Reserve^> ASX:ELT projects with an Ore Reserve, and the only major project in Europe. Maiden Ore Reserve^> Maiden Ore Reserve Contained Tin Metal Estimate Total Total 15.90Mt 57,894t 0.36% Sn 38% 62% 12 Mineral Resources*> 76% conversion Mineral Resource Esti
Slide 13: Responsible matured and fully-costed project design
Responsible ASX:ELT matured and fully-costed project design. • Highly mature level of design and compliance. • Low level of external 13 disturbance, external facilities targeted at low disturbance areas. • Responsible approach to all aspects, including; water, trees, noise, dust, tailings dam manage
Slide 14: Oropesa will observe the highest environmental benchmarks
Oropesa will observe the ASX:ELT The entire operations has been efficiently highest environmental designed to achieve responsibility goals benchmarks in construction, above the requirements of applicable operations and rehabilitation. legislations ✓ Dump operational slope angles designed to final ✓
Slide 15: Integrated site 3D designs
Integrated site 3D designs ASX:ELT Masterplan modelling ensures efficient design and interaction of major and minor packages. 3D-Modelled areas: Open Pit, waste dumps, haul roads, ROM pad, civil pads, crushing, screening and 15 material handling infrastructure, stockpiles, ore sorting equipment, min
Slide 16: Definitive Feasibility Study confirms robust project design and economic outcomes
Definitive Feasibility Study ASX:ELT Market cap# vs Oropesa DFS NPV8% comparison confirms robust project design and economic outcomes.* NPV8% (DFS Base Case at US$30k/t Tin) A$270M Market Based on a reference tin *Refer ASX Release dated 4 April 2025 Oropesa Tin Project: Definitive Feasibility Study
Slide 17: DFS capital costs estimated at €149.3M
DFS capital costs estimated at ASX:ELT DFS capital cost estimate EUR€ US$ A$ €149.3M (inc.10.4% contingency). Mining (inc Pre-Strip) 18.3 19.2 31.8 The Capital Cost Estimate has been developed Process Plant 45.2 47.5 78.6 through mature design, clear scopes, distinct packaging and market pricing. Ta
Slide 18: DFS tin production cash costs confirms a competitive operating cost basis
DFS tin production ASX:ELT US$/tonne US$/tonne US$/tonne cash costs confirms a Cost Area US$ million ROM Ore Sn Conc. Sn Metal competitive operating Clearing, Topsoil & Mining Preparation $595,537 $0.04 $9 $15 cost basis. Mining $250,715,680 $15.71 $3,958 $6,267 The Operating Cash Cost output has Pr
Slide 19: DFS NPV8% shows strong valuations at current & forecast tin price
DFS NPV8% shows Oropesa DFS NPV8% ASX:ELT strong valuations at (vs ELT market capitalisation) at variable referenced tin prices~. A$1,009M current & forecast Tin = US$50,000/t tin price. ~ All Other published DFS Assumptions unchanged A$996M ^London Metals Exchange (LME) Tin Official Prices, Tin Pri
Slide 20: Oropesa has significant Resource expansion opportunities
Oropesa has significant Resource ASX:ELT expansion opportunities. Oropesa Tin Extensions (NW & SE) Along-strike Tin Opportunities (Tenements ELT has been nominated Mineralised extensions possible in NW rights) and SE of Mineral Resource Model. [Minimal drilling confirming extension] ASTER remote sen
Slide 21: The Cleveland tin mine continues to prove-up more base, precious and critical minerals
The Cleveland tin mine ASX:ELT continues to prove-up more base, precious and critical minerals. 100%-owned historical mining operation in mineral rich north-west Tasmania. • Operated as underground tin (and by-product copper) mine for 27-years. Current Mineral Resources include: 21 • 2024 exploratio
Slide 22: Large set of tin, copper and tungsten Resources and Reserves already defined
Large set of tin, copper and ASX:ELT tungsten Resources and Reserves already defined. Tin & Copper JORC Resources1 1All resources calculated using a 0.35% Tin cut-off grade. This information was first disclosed under the JORC Code 2012 on 31 July 2018. Total Indicated Inferred 6.23Mt 1.24Mt 7.47Mt 0
Slide 23: 2024 drilling greatly expanded Cleveland's prospectivity
2024 drilling greatly ASX:ELT expanded Cleveland’s prospectivity. Identification of new tin zones outside published Mineral Resource Estimates. Significant Tungsten and critical mineral intercepts, including: • 319.5m @ 0.18% WO3 (Tungsten) with molybdenum and Bismuth. • 76.75m @ 0.15%Rb2O (Rubidium
Slide 24: Tungsten grades substantially upgraded at Cleveland Project
Tungsten grades substantially ASX:ELT upgraded at Cleveland Project. X-Ray Transmission (XRT) ore sorting test work of tungsten mineralisation has delivered significant upgrades, reduced mass and high recoveries. • Cleveland’s historic Mineral Resources Estimate (MRE) for Ore sorting tests at the TO
Slide 25: Our team has delivered multibillion dollar mining and natural resource projects
Our team has delivered multibillion ASX:ELT dollar mining and natural resource projects around the world. 25 Andy Greig Joe David Calvin Treacy Corey Nolan Brett Smith Daniel Broughton Non-Exec Chairman Managing Director Non-Exec Director Non-Exec Director Non-Exec Director Non-Exec Director As Bech
Slide 26: Elementos corporate overview
Elementos (ASX:ELT) ASX:ELT corporate overview Share price Market capitalisation (undiluted) Major shareholders 01 Dec 20253 A$0.365 A$121.7M 20 Jan 2026 20 Jan 2026 Metals X, 17.88% 52 week high $0.44, low $0.05 Shares on issue3 Cash3 Others, 38.73% 26 333.5M A$9.7m Andy Greig, 17.33% 16 Jan 2026 2
Slide 27: Connect with us
Elementos Ltd Level 7, 167 Eagle Street ASX:ELT ABN 76 075 103 221 Brisbane Queensland 4000 ASX:ELT Phone: +61 7 3212 6299 Connect with us. 27 Joe David Managing Director eNews jd@elementos.com.au Join the conversation Follow us Subscribe to our e-news: www.x.com/ElementosTin www.x.com/elementos- el
Slide 28: Disclaimer
Disclaimer. ASX:ELT Competent Person Statements The information in this Presentation that relates to Mineral Resources for the Cleveland Project has been extracted from the Company’s ASX Announcement on 30 August 2024 “Cleveland tungsten mineralisation updated”. The information in this Presentation
Slide 29: Oropesa Mineral Resource Estimate & Maiden Ore Reserve Tables
Oropesa Mineral Resource Estimate4 & ASX:ELT Maiden Ore Reserve Tables19 OROPESA TIN PROJECT FEB-2023 MINERAL RESOURCE ESTIMATE4 OROPESA 2023 MINERAL RESOURCE ESTIMAT – ZINC 8 Resource Contained Tin MRE Resource Contained Zinc MRE Resource Classification Sn% Resource Classification Zn% Tonnes Metal