Element 25 Limited · ASX:E25
Element 25 — Shareholder Meeting (November 2025)
36 slides from Element 25's shareholder meeting presentation, Nov 26, 2025
Slide 1: Building a Global Manganese Business
Building a Global Manganese Business Supplying low-carbon sustainable manganese and HPMSM to global markets AGM Update (November 2025) ASX : E25 OTCQX : ELMTF
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) contains only a brief overview of Element 25 Limited and its associated entities (Element 25 or E25) and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may
Slide 3: Element 25 Introduction
Element 25 Introduction Share Register: Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate. Retail Stellantis Board & Management Developing a USA-based refinery to supply ethical ATM Facility battery-grade High Purity Manganes
Slide 4: Experienced Company Leadership
Experienced Company Leadership Board of Directors Multi-disciplinary Board & Management John Ribbons Justin Brown Fanie van Jaarsveld Sam Lancuba Chairman Managing Director Non-Executive Director Non-Executive Director CPA Geologist Analytical Chemist Chemical Engineer Project Development & Operatio
Slide 5: Strategic Vision to Create Shareholder Value
Strategic Vision to Create Shareholder Value Butcherbird Expansion Louisiana HPMSM Expand Globally 1.1Mt p.a. Manganese Concentrate1 USA Critical Raw Materials2 HPMSM Expansion - EU & Asia Build and commission a large-scale processing Construct the first US HPMSM processing facility Multiple HPMSM m
Slide 6: Key Milestones & Events in 2025
Key Milestones & Events in 2025 Butcherbird Expansion Project Louisiana HPMSM Project External Events AU/US Critical Minerals Partnership Announced Reference: Gov. Press Release 20 Sep 2025 Updated Feasibility Study Reference: ASX Release 22 Jan 2025 US$166M MESC Grant Reference: ASX Release 20 Jan
Slide 7: The Butcherbird Manganese Project
The Butcherbird Manganese Project
Slide 8: Butcherbird Manganese Project
Butcherbird Manganese Project ▪ World-class manganese resource. ▪ Located in a Tier-1 jurisdiction with strong ESG regulation. ▪ Over 270 million tonnes in resources with potential to expand (2024 resource update1). ▪ > 18-year Reserve at 1.1Mt per annum production supported by an updated Feasibilit
Slide 9: Large, Long-Life Manganese Mine in Western Australia
Large, Long-Life Manganese Mine in Western Australia E52/2350 M52/1074 CONSTRUCTION READY Mining Reserve: 101.4Mt @ 10.4% Mn1 • Granted Mining Lease • Fully Permitted Coodamudgi • Early Procurement Commenced • Existing infrastructure Yanneri (bore fields, TSF, Ridge roads, camp) • ~12 Month Measured
Slide 10: Simple Geology: Low-Cost, Low-Impact Operations
Simple Geology: Low-Cost, Low-Impact Operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) RESOURCE GROWTH POTENTIAL Resource1 274 10.0 27.4 • Large resource offers long term Reserve2 101.4 10.4 10.5 operating potential. • Mineralisation outside existing resource provides upside. • Ore suit
Slide 11: Butcherbird to Expand to 1.1Mt p.a. Production
Butcherbird to Expand to 1.1Mt p.a. Production • New, re-designed and expanded processing facility to optimise and scale the process. CRUSHER/SCREEN Stage 1 Processing • Scale and improved efficiencies Plant Expanded 5.5 Mt p.a. target lower costs and increased Processing Facility profits1. • Proces
Slide 12: Butcherbird Expansion – Process Optimisation: Ore Crushing
Butcherbird Expansion – Process Optimisation: Ore Crushing Upgrade 1 - Crushing: Butcherbird Stage 1 Pilot Case Study 2: 1: Opportunity: Better clay handling Grizzly/Jaw Crusher •Process Upgrade: FMG Solomon Brazil Mine • High clay feed material can cause OreSizer Mineral • Type:/Rolls Iron Ore Baux
Slide 13: Butcherbird Expansion – Process Optimisation: Grade/Quality
Butcherbird Expansion – Process Optimisation: Grade/Quality Upgrade 2 – Quality/Grade: Low-density/lighter Dense media Separation (DMS) is a mature process technology used in a waste shale particle wide range of mineral processing plants including iron ore and manganese Opportunity: Improve Product
Slide 14: Butcherbird Expansion Delivers Robust Economics
Butcherbird Expansion Delivers Robust Economics AUSTRALIAN FEDERAL GOVERNMENT (NAIF) TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT2 • Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25’s Butcherbird Manganes
Slide 15: Butcherbird Expansion – Scale Strengthens the Business
Butcherbird Expansion – Scale Strengthens the Business Butcherbird Expansion Project economies of scale delivers ~3x Increase in production volume and 37% reduction in unit operating costs Butcherbird Operational Cost Comparison Stage 1 Actuals v Stage 2 Expansion Feasibility Study (AISC) Cost per D
Slide 16: Butcherbird Expansion – Low Costs Underpin Strong Margins
Butcherbird Expansion – Low Costs Underpin Strong Margins Historical Mn Ore Price Cycles – US$/dmtu CIF China High Grade Index 36.5% Mn Index (historical) (historical) BBX AISC Cost (2025 FS) BBX Sale Price 44% Index Basis (Yrs 1-5 2025 FS) Reference: Project Blue 2025 16 Reference: Company ASX Rele
Slide 17: Butcherbird Expansion Project Key Suppliers
Butcherbird Expansion Project Key Suppliers • Element 25 engaged Perth-based Altris Engineering (Altris) to lead the expansion project on the Butcherbird Manganese Mine . Engineering works under this contract have been initiated and are currently underway with the E25 team working closely with Altri
Slide 18: Butcherbird Expansion Project Timeline Guidance
Butcherbird Expansion Project Timeline Guidance BBX Project Schedule Summary 2025 2026 2027 Quarter 1 2 3 4 1 2 3 4 1 2 3 4 Month J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Major Milestones E25 Board FID Commissioning Complete Commercial Production Major Activities All A
Slide 19: High Purity Manganese Strategy
High Purity Manganese Strategy
Slide 20: Manganese Is Comparatively Abundant But Not Everywhere…
Manganese Is Comparatively Abundant But Not Everywhere… • Heavily concentrated in a small number of jurisdictions: • South Africa • Gabon • Ghana • Australia • China • Brazil • Supply chain security a key factor in sourcing strategies. • Refined manganese even more heavily concentrated - >95% in Chi
Slide 21: Manganese Is Comparatively Abundant But Not Everywhere…
Manganese Is Comparatively Abundant But Not Everywhere… • The USA is dependent on imports for Supply Demand 100% of its manganese requirements. Mineral Production Pipeline 2035 Supply 2035 Consumption • Includes steel, battery and defence Copper 1,100,000 700,000 1,800,000 2,915,875 related end user
Slide 22: Manganese Is Abundant But Refining Capacity Is Not…
Manganese Is Abundant But Refining Capacity Is Not… Refined battery grade manganese capacity is heavily concentrated in China. Manganese South Africa Ore China Other Refined Manganese Breaking the Chinese Supply Chain Dominance • Refined manganese (HPMSM) capacity is heavily concentrated with >95% o
Slide 23: Improved, Cost-Competitive, Cleaner Process Technology
Improved, Cost-Competitive, Cleaner Process Technology The Element 25 Process makes significant changes & improvements: Current Outdated Technologies mean: • Large volumes of waste residues. • Toxic Reagents like fluorine. • Inefficient. • Higher Cost. Reagents/Cost Carbon Emissions Waste Residue •
Slide 24: Global Refining Capacity in the Longer Term
Global Refining Capacity in the Longer Term ** Flagship Louisiana HPMSM Facility: EU EU & UK policy shifts are MoU signed with Nissan • Supply chain security needs driving competing with the IRA Chemical Corporation to capital flows into US projects. for investment in battery jointly develop HPMSM •
Slide 25: World-First Non-China HPMSM Refinery – Louisiana USA
World-First Non-China HPMSM Refinery – Louisiana USA WA Manganese Ore: Australian manganese concentrate supplying customers in traditional ferro-allow markets and planned Steel Vertically integrated critical battery battery grade manganese(HPMSM) raw material supply chain. production for US lithium-
Slide 26: The Importance of Manganese
The Importance of Manganese
Slide 27: Transition to Higher Manganese Battery Cathodes
Transition to Higher Manganese Battery Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per kWh and greater supply chain flexibility. High Mn means reduced reliance on Ni and Co: Reduced nickel and very low to no cobalt content. Referenc
Slide 28: Transition to Higher Manganese Cathodes
Transition to Higher Manganese Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per KWh and greater supply chain flexibility. Lithium Manganese Rich (LMR) batteries offer a number of key advantages over high nickel: Enhanced Safety and S
Slide 29: Louisiana Battery Grade HPMSM
Louisiana Battery Grade HPMSM
Slide 30: DoE MESC Grant - Supporting Local Raw Material Supply
DoE MESC Grant - Supporting Local Raw Material Supply Local Supply Chain Mn Ore Comminution • Process and supply chain developed to maximise U.S. industry US$166M Reductant involvement. Leach Grant • Working with partners GM and Acid Stellantis to supply low carbon HPMSM for EV batteries. Purificati
Slide 31: DoE Grant Award Underpins Project Capital Stack
DoE Grant Award Underpins Project Capital Stack • DoE US$166M grant award provides cornerstone funding to support project success1. • Louisiana HPMSM Project grant awarded under DoE’s MESC Battery Materials Processing Grant Program. • Binding grant agreements signed, award committed. • Grant support
Slide 32: Global Sustainable Secure Manganese Supply
Global Sustainable Secure Manganese Supply 1 • 18.3 Year Reserve within granted Mining Lease Long Mine Life • 274Mt Resource global resource with exploration upside 2 • Feasibility Study and project permitting complete Construction Ready • Northern Australia Infrastructure Facility (NAIF) finance of
Slide 33: The Planned Element 25 HPMSM facility in Louisiana, USA
The Planned Element 25 HPMSM facility in Louisiana, USA For Illustration Purposes Only 33 *Subject to successful project financing and permitting
Slide 34: Contact Details
Contact Details Justin Brown Media Inquiries: Managing Director Nathan Ryan Email: admin@e25.com.au Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (8) 6375 2525 Phone: +61 (0) 420 582 887 ASX : E25 OTCQX : ELMTF
Slide 35: Butcherbird Manganese Mine - Resources & Reserves
Butcherbird Manganese Mine - Resources & Reserves 1 Ore Reserve Deposit Classification Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) • Current Reserve: Proved 11.3 11.8 1.33 Yanneri Ridge • Only utilises approximately ~40% of Probable 70.4 10.2 7.15 Coodamudgi Proved - - - global Mineral Resource; Proba
Slide 36: Competent Person’s Statement
Competent Person’s Statement The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration