Elementos Limited · ASX:ELT
Elementos — Shareholder Meeting (November 2025)
25 slides from Elementos's shareholder meeting presentation, Nov 27, 2025
Slide 1: Delivering Europe's only tin supply
For personal use only Delivering Europe's only tin supply AGM Presentation November 2025 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: Rare and unparalleled exposure to tin metal
Elementos (ASX:ELT). Rare and ASX:ELT unparalleled exposure to tin metal. For personal use only 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
Slide 4: Tin focussed portfolio with critical mineral upside
Tin focussed ASX:ELT Countries where Elementos’ portfolio with a mineral portfolio are listed as critical mineral Critical or Strategic. upside. For personal use only • The international competition for critical minerals, including tin, tungsten, copper, molybdenum, rubidium, bismuth, fluorite and z
Slide 5: Offering investors a unique opportunity
Offering investors a ^ LME Tin Spot Price on 24 November 2025 = US$37,474/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 25 November 2025 01 02 03
Slide 6: Recent share price appreciation driven by key milestones
Recent share price appreciation ASX:ELT Referenced ASX Announcements on this slide: driven by delivery of key project 11. $8.7m (minimum) capital raising 1. 20 Mar 2025 ASX Link and corporate milestones. 2. 28 Mar 2025 ASX Link 3. 03 Apr 2025 ASX Link 4. 04 Apr 2025 ASX Link 10. Tungsten substantial
Slide 7: Major upcoming value drivers
Elementos (ASX:ELT) Offtake ASX:ELT Commitments Construction & major upcoming value Tin ingot offtake commitments Operations Construction & drivers. Finance FID Operations Smelter Final Project Finance Investment For personal use only Oropesa Tin Project Commitments Permits Option Exercise Decision
Slide 8: News Nov 2025: Placement and Entitlement raise minimum $8.7m
News | 24 Nov 2025 “ ASX:ELT Placement and Entitlement The funds raised will accelerate Commitments raise a minimum the development at both the Oropesa and Cleveland of $8.7m. For personal use only Projects, reinforcing our commitment to creating long- • Total capital raise will raise a minimum of $
Slide 9: Global tin prices are strong, European tin prices even stronger
Global tin prices are ASX:ELT LME & SHFE Cash/Spot Tin Prices Rising strong, European tin US$/tonne prices are even stronger. LME US$38,090/t US$40.0k 26 NOV 2025 For personal use only Tin prices have shown steady growth over past 24-months, averaging US$37.5k ~US$32.8k/t over last 12-months. Tin Me
Slide 10: 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. For personal use only Limited security of supply for Current producers struggling Europe, Australia and USA to maintain production levels Major mine pr
Slide 11: Oropesa is the only integrated mine-to-metal tin project in 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: For personal use only Electrical 51% solder This unique supply-chain will provi
Slide 12: Advancing strategy to mine, smelt and sell tin ingots in Europe
Advancing strategy to mine, ASX:ELT smelt and sell high quality tin ingots into the European market entirely from Spain. For personal use only • 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 politi
Slide 13: Oropesa is one of 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. For personal use only Maiden Ore Reserve^> Maiden Ore Reserve Contained Tin Metal Estimate Total Total 15.90Mt 57,894t 0.36% Sn 38% 62% 13 Mineral Resources*> 76% conversion
Slide 14: Responsible matured and fully-costed project design
Responsible ASX:ELT matured and fully-costed project design. For personal use only • Highly mature level of design and compliance. • Low level of external 14 disturbance, external facilities targeted at low disturbance areas. • Responsible approach to all aspects, including; water, trees, noise, dus
Slide 15: Definitive Feasibility Study confirms robust project design and economics
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 A$90M For personal use only Based on a reference tin *Refer ASX Release dated 4 April 2025 Oropesa Tin Project:
Slide 16: DFS NPV8% shows strong valuations at current and forecast tin price
DFS NPV8% shows Oropesa DFS NPV8% ASX:ELT strong valuations at (vs ELT market capitalisation) at variable referenced tin A$825M A$640M current & forecast Tin = US$45,000/t prices. Tin = US$40,000/t tin price. For personal use only ^London Metals Exchange (LME) Tin Official Prices, Cash offer, 26 Nov
Slide 17: The Cleveland tin mine continues to prove-up more minerals
The Cleveland tin mine ASX:ELT continues to prove-up more base, precious and critical minerals. For personal use only 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
Slide 18: Large set of tin, copper and tungsten Resources and Reserves
Large set of tin, copper and ASX:ELT tungsten Resources and Reserves already defined. For personal use only 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
Slide 19: 2024 drilling greatly expanded Cleveland's prospectivity
2024 drilling greatly ASX:ELT expanded Cleveland’s prospectivity. For personal use only 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
Slide 20: Tungsten grades substantially upgraded at Cleveland Project
Tungsten grades substantially ASX:ELT upgraded at Cleveland Project. X-Ray Transmission (XRT) ore sorting test For personal use only work of tungsten mineralisation has delivered significant upgrades, reduced mass and high recoveries. • Cleveland’s historic Mineral Resources Estimate (MRE) for Ore s
Slide 21: Our team has delivered multibillion dollar mining projects
Our team has delivered multibillion ASX:ELT dollar mining and natural resource projects around the world. For personal use only 21 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
Slide 22: Elementos corporate overview
Elementos (ASX:ELT) ASX:ELT corporate overview Share price Market capitalisation (undiluted) Major shareholders For personal use only Nov 20253 A$0.290 A$90.3M 26 Nov 2025 26 Nov 2025 52 week high $0.395, low $0.05 Metals X, 18.89% Shares on issue3 Cash3 Others, 38.30% 22 311.4M A$3.9m + 13.5m unlis
Slide 23: 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 For personal use only with us. 23 Joe David Managing Director eNews jd@elementos.com.au Join the conversation Follow us Subscribe to our e-news: www.x.com/ElementosTin w
Slide 24: Disclaimer: Competent Person Statements
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”. For personal use only The information
Slide 25: 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 April-2025 MAIDEN ORE RESERVE19 For personal use only Resource Contained Tin MRE Tonnes (M Contained Sn Metal Reserve Resource Classification Sn% Reserve Category Sn% Tonn