Elementos Limited · ASX:ELT
Elementos — Investing in Tin Conference 2025
30 slides from Elementos's conference presentation, Dec 5, 2025
Slide 1: Delivering Europe's Primary Tin Supply
For personal use only Delivering Europe’s Primary Tin Supply Investing in Tin Conference Presentation December 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: Elementos: Unparalleled exposure to tin projects and tin metal
Elementos (ASX:ELT). ASX:ELT Unparalleled exposure to tin projects and 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
Slide 4: Tin focussed portfolio with critical mineral upside
Tin focussed ASX:ELT Countries where Elementos’ mineral portfolio portfolio with a are listed as Critical or Strategic. critical mineral 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 project and corporate 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: Elementos 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 For personal use only Oropesa Tin Project Commitments Permits Option Exercise Decision Equity
Slide 8: Placement and Entitlement Commitments raise a minimum of $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 are even stronger
Global tin prices are ASX:ELT LME & SHFE Cash/Spot Tin Prices Rising strong, European tin LME US$39,000/t US$/tonne 01 DEC 2025 prices are even stronger. US$40.0k SHFE US$38,321/t 01 DEC 2025 For personal use only Tin prices have shown steady growth US$37.5k over past 24-months, averaging ~US$32.5k/
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 high quality tin ingots
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 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. 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: 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 For personal use only ✓ Dump operational slope angle
Slide 16: Integrated site 3D designs
Integrated site 3D designs ASX:ELT Masterplan modelling ensures efficient design and interaction of major and minor packages. For personal use only 3D-Modelled areas: Open Pit, waste dumps, haul roads, ROM pad, civil pads, crushing, screening and 16 material handling infrastructure, stockpiles, ore
Slide 17: 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$96M For personal use only Based on a reference tin *Refer ASX Release dated 4 April 2025 Oropesa Tin Project:
Slide 18: DFS capital costs estimated at €149.3M
DFS capital costs estimated at ASX:ELT DFS capital cost estimate EUR€ US$ 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 For personal use only through mature design, clear scopes, distinct packaging
Slide 19: 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. For personal use only Mining $250,715,680 $15.71 $3,958 $6,267 The Operating C
Slide 20: DFS NPV8% shows strong valuations at current and forecast tin prices
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, 01 Dec
Slide 21: 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 For personal use only Mineralised extensions possible in NW rights) and SE of Mineral Resource Model. [Minimal drilling confirming exten
Slide 22: 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. 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 23: 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. 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 24: 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 25: 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 26: 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. For personal use only 26 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 27: Elementos corporate overview
Elementos (ASX:ELT) ASX:ELT corporate overview Share price Market capitalisation (undiluted) Major shareholders For personal use only 01 Dec 20253 A$0.290 A$95.6M 01 Dec 2025 01 Dec 2025 Metals X, 17.88% 52 week high $0.395, low $0.05 Shares on issue3 Cash3 Others, 38.73% 27 329.7M A$8.5m Andy Greig
Slide 28: 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. 28 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 29: 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 30: 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 For personal use only Resource Contained Tin MRE Resource Contained Zinc MRE Resource Classification Sn% Resource Classifica