Element 25 (E25) H2 2025 earnings summary

Executive summary

• Updated Butcherbird Expansion Project Feasibility Study targets 1.1Mtpa manganese concentrate, with AU$561M NPV, 96% IRR, and AU$64.8M CAPEX, supporting >18-year mine life.

• US$166M US Department of Energy grant awarded for Louisiana HPMSM facility; GM and Stellantis committed US$115M in funding.

• Butcherbird Ore Reserve increased 107% to 101.4Mt at 10.4% Mn; Mineral Resource Estimate up 6% to 274Mt at 10% Mn.

• NAIF approved up to AU$50M in senior debt for Butcherbird expansion.

• National patent applications filed for proprietary HPMSM processing technology in 17 jurisdictions.

• Scoping Study for Tokyo Bay HPMSM refinery completed; Pre-Feasibility Study underway, targeting FID by June 2026.

Financial highlights

• Revenue for FY25: $1.88M (FY24: $13.3M); cost of sales: $5.36M (FY24: $30.4M).

• Operating loss after tax: $5.87M (FY24: $21.5M loss).

• Cash balance at 30 June 2025: $2.16M.

• No dividends declared or paid.

Outlook and guidance

• Progressing Butcherbird expansion and US HPMSM facility construction.

• Final investment decision for Japan HPMSM facility targeted by June 2026.

• Ongoing efforts to secure additional project financing.