New Risk • Apr 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$1.9m revenue, or US$1.3m). Market cap is less than US$100m (AU$96.1m market cap, or US$68.6m). Announcement • Apr 23
Element 25 Limited has completed a Follow-on Equity Offering in the amount of AUD 18 million. Element 25 Limited has completed a Follow-on Equity Offering in the amount of AUD 18 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: AUD 0.3
Discount Per Security: AUD 0.015
Transaction Features: Subsequent Direct Listing Announcement • Apr 13
Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 18 million. Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 18 million.
Security Name: ORDINARY SHARES
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: AUD 0.3
Transaction Features: Subsequent Direct Listing New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.2m free cash flow). Earnings have declined by 0.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (AU$1.9m revenue, or US$1.3m). Market cap is less than US$100m (AU$87.7m market cap, or US$61.1m). Reported Earnings • Mar 16
First half 2026 earnings released: AU$0.007 loss per share (vs AU$0.011 loss in 1H 2025) First half 2026 results: AU$0.007 loss per share (improved from AU$0.011 loss in 1H 2025). Net loss: AU$1.90m (loss narrowed 22% from 1H 2025). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$9.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.2m free cash flow). Earnings have declined by 0.7% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (AU$1.9m revenue, or US$1.3m). Market cap is less than US$100m (AU$89.0m market cap, or US$62.3m). New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Revenue is less than US$5m (AU$1.9m revenue, or US$1.2m). Market cap is less than US$100m (AU$88.8m market cap, or US$57.9m). Announcement • Oct 21
Element 25 Limited, Annual General Meeting, Nov 26, 2025 Element 25 Limited, Annual General Meeting, Nov 26, 2025. Location: in the conference room, building c, the garden office park, 355 scarborough beach road, osborne park, western australia., Australia New Risk • Sep 26
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$1.9m (US$1.2m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Revenue is less than US$5m (AU$1.9m revenue, or US$1.2m). Market cap is less than US$100m (AU$70.2m market cap, or US$45.9m). Reported Earnings • Sep 26
Full year 2025 earnings released: AU$0.026 loss per share (vs AU$0.099 loss in FY 2024) Full year 2025 results: AU$0.026 loss per share (improved from AU$0.099 loss in FY 2024). Net loss: AU$5.87m (loss narrowed 73% from FY 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Sep 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$70.2m market cap, or US$46.3m). Announcement • Sep 12
Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 10.170481 million. Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 10.170481 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,323,146
Price\Range: AUD 0.28
Discount Per Security: AUD 0.05
Transaction Features: Subsequent Direct Listing New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$49.2m market cap, or US$31.4m). Announcement • Jun 19
Element 25 Limited announced that it has received AUD 50 million in funding from Northern Australia Infrastructure Facility Element 25 Limited announced that it has received AUD 50 million on June 17, 2025. The transaction included participation from new lender Northern Australia Infrastructure Facility on June 17, 2025. The transaction involve issuance of senior debt finance facility and overrun facility. Reported Earnings • Mar 18
First half 2025 earnings released: AU$0.011 loss per share (vs AU$0.063 loss in 1H 2024) First half 2025 results: AU$0.011 loss per share (improved from AU$0.063 loss in 1H 2024). Revenue: AU$3.5k (down 100% from 1H 2024). Net loss: AU$2.44m (loss narrowed 82% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Oct 23
Element 25 Limited, Annual General Meeting, Nov 22, 2024 Element 25 Limited, Annual General Meeting, Nov 22, 2024. Location: conference room, building c, the garden office park, 355 scarborough beach road, osborne park, wa Australia Reported Earnings • Sep 28
Full year 2024 earnings released: AU$0.099 loss per share (vs AU$0.14 loss in FY 2023) Full year 2024 results: AU$0.099 loss per share (improved from AU$0.14 loss in FY 2023). Revenue: AU$13.3m (down 60% from FY 2023). Net loss: AU$21.5m (loss narrowed 14% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. New Risk • Sep 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$79.2m market cap, or US$54.2m). Announcement • May 21
Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 17.781957 million. Element 25 Limited has filed a Follow-on Equity Offering in the amount of AUD 17.781957 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 65,859,101
Price\Range: AUD 0.27 Reported Earnings • Mar 19
First half 2024 earnings released: AU$0.063 loss per share (vs AU$0.062 loss in 1H 2023) First half 2024 results: AU$0.063 loss per share (further deteriorated from AU$0.062 loss in 1H 2023). Revenue: AU$4.57m (down 66% from 1H 2023). Net loss: AU$13.8m (loss widened 43% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$40m free cash flow). Earnings have declined by 50% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$48.3m market cap, or US$31.7m). Announcement • Nov 30
Element 25 Limited Announces Resignation of Seamus Cornelius as Non-Executive Director and Chair of the Board Element 25 Limited announced that Mr. Seamus Cornelius has resigned as Non-Executive Director and Chair of the Element 25 Board. The Company previously announced that Mr. Cornelius resignation was effective at the conclusion of its Annual General Meeting held on Tuesday, 28 November 2023, subject to Mr. Ribbons being re-elected as a Director of the Company. All resolutions tabled at the Company's AGM were decided by a poll and carried. Mr. Cornelius joined the Element 25 Board in June 2011 as a Non-Executive Director and took on the role of Chair. Mr. Cornelius leaves a strong legacy and feels that now is the appropriate time to step away as the Company moves into the next strategic phase. Recent Insider Transactions Derivative • Nov 25
MD & Executive Director exercised options to buy AU$460k worth of stock. On the 24th of November, Justin Brown exercised options to buy 1m shares at a strike price of around AU$0.26, costing a total of AU$260k. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since December 2022, Justin has owned 8.01m shares directly. Company insiders have collectively bought AU$520k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 31
Element 25 Limited, Annual General Meeting, Nov 28, 2023 Element 25 Limited, Annual General Meeting, Nov 28, 2023, at 14:00 W. Australia Standard Time. Location: The Garden Office Park,355 Scarborough Beach Road Osborne Park Western Australia Australia Agenda: To receive the financial statements of the Company for the year ended 30 June 2023, consisting of the annual financial report, the Directors' report and the auditor's report; to consider Re-election of Director John Ribbons; to consider Election of Director Salvatore Lancuba; to consider Election of Director Rudolph van Jaarsveld; to consider Adoption of Remuneration Report; to consider Confirmation of Appointment of Auditor; to consider Approval of 10% Placement Facility; to consider Approval of Grant of Options to Justin Brown; to consider Adoption of Performance Rights Plan; to consider Approval of termination benefits under the Performance Rights Plan; to consider Section 195 Approval; and to consider other issues. Reported Earnings • Sep 30
Full year 2023 earnings released: AU$0.14 loss per share (vs AU$0.12 loss in FY 2022) Full year 2023 results: AU$0.14 loss per share (further deteriorated from AU$0.12 loss in FY 2022). Revenue: AU$33.5m (up 24% from FY 2022). Net loss: AU$24.9m (loss widened 42% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.071 loss per share (vs AU$0.076 loss in 1H 2022) First half 2023 results: AU$0.071 loss per share (improved from AU$0.076 loss in 1H 2022). Revenue: AU$12.3m (up 11% from 1H 2022). Net loss: AU$11.0m (loss narrowed 2.7% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 82% per year, which means it is well ahead of earnings. Announcement • Jan 30
Element 25 Limited Announces Director Appointments Element 25 Limited announced the appointment of Fanie van Jaarsveld and Sam Lancuba as Directors of the Company. Both new board members bring a wealth of experience in key disciplines to support the existing board. Mr. Fanie van Jaarsveld is an experienced company director and has held numerous senior management and executive positions over a career spanning more than 40 years. With a demonstrated history of working in the mining & metals industry, Mr. van Jaarsvelds Managing Director for OM Manganese which operates the Bootu Creek manganese mine in the Northern Territory and highly skilled in mining, mineral processing and operational management. He has strong business development expertise and will be a key asset in achieving the Company's production targets at the current manganese operation as well as helping to guide the planning and implementation of the expanded production plans at the Project and the downstream production of HPMSM. Mr. van Jaarsveld has a ND Analytical Chemistry from the Cape Peninsula University of Technology -Cape Town. Mr. Sam Lancuba is a chemical engineer with more than 40 years' experience in the global fertiliser industry. Mr. Lancuba has worked in research and development, process engineering, manufacturing and management. Following 27 years at Incitec Pivot Limited, an ASX top 50 company, Mr. Lancuba has been providing expert consulting services for industry clients in Australia, New Zealand, USA, South America, Europe, India and China. Mr. Lancuba currently advises fertiliser industry clients in a range of areas including plant design and maintenance, project management, project evaluation and marketing strategies for fertiliser products. He has extensive experience in chemicalprocessing, project development and operations in the chemical industry as well. Mr. Lancuba holds an Engineering Degree in Chemical Engineering from RMIT University. Recent Insider Transactions Derivative • Nov 29
MD & Executive Director exercised options to buy AU$654k worth of stock. On the 25th of November, Justin Brown exercised options to buy 600k shares at a strike price of around AU$0.35, costing a total of AU$213k. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. Since June 2022, Justin has owned 7.41m shares directly. Company insiders have collectively bought AU$426k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Chairman Seamus Cornelius was the last director to join the board, commencing their role in 2011. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 25
Element 25 Limited, Annual General Meeting, Nov 25, 2022 Element 25 Limited, Annual General Meeting, Nov 25, 2022, at 13:00 W. Australia Standard Time. Location: The Celtic Club 48 Ord Street Perth WA 6005 Perth Western Australia Australia Agenda: To receive the financial statements of the Company for the year ended 30 June 2022, consisting of the annual financial report, the Directors' report and the auditor's report; to re-elect a director; to adopt the remuneration report; and to discuss other matters. Announcement • Oct 11
Element 25 Limited Provides Update with Respect to the Planned Production of High Purity Battery Grade Manganese Sulphate Monohydrate from Manganese Oxide Concentrates Currently Produced at it's 100% Owned Butcherbird Project Element 25 Limited provided an update with respect to the planned production of high purity battery grade manganese sulphate monohydrate (HPMSM) from manganese oxide concentrates currently produced at the Company's 100% owned Butcherbird Project (Project). Several locations are being investigated in line with the Company's ambition to develop multiple processing location over time to serve the rapidly expanding lithium-ion battery material markets in different geographic regions with a particular short-term focus on Asia and North America. Important macro-economic and geopolitical influences support the business case for HPMSM production from anAustralian manganese source including widespread efforts to electrify the global vehicle fleet, as well as supply chain ESG considerations which require more scrutiny on material provenance and a move towards diversifying the source of supply of critical minerals. HPMSM is the highest purity "battery grade" manganese chemical used in lithium-ion batteries and demand for this specialty material is expected to grow rapidly in coming years in line with the growth in production of Electric Vehicles (EV's) and sustainable and ethical considerations will, in the opinion of the Company's board, become an increasingly important factor in sourcing strategies across the globe. The Feasibility Study (FS) remains on schedule for completion in December 2022. Vendor pricing and approximate lead times have been received for all major packages with the preliminary numbers for the project capital cost estimate in line with company expectations. Ongoing engagement with project engineers and third-party consultants has progressively improved layout and equipment selection with consequent cost optimisation. Decisions around layout and overall design continue to be optimised to align with the DOBM engineering philosophy. Announcement • Jul 30
Element 25 Limited Announces Resignation of Mr. Errol Turner as Joint Company Secretary Element 25 Limited (E25 or Company) announced that Mr. Errol Turner will step down as Joint Company Secretary, effective 29 July 2022 as part of the Company's transition towards streamlining the corporate functions of the business. The Board wishes to sincerely thank Mr. Turner for his contributions to the Company. Mr. Michael Jordon continues as Chief Financial Officer and Company Secretary and has now joined the E25 team as a full time employee of the Company. Mr. Jordon has over 25 years' experience across many industries with a focus on manufacturing and service delivery sectors. He has most recently held positions of Chief Financial Officer and Chief Operating Officer. Over the period he has been responsible for business start up development, merger and acquisition and business financing activities across Australia, Europe and America. Announcement • Jul 28
Element 25 Limited Announces Dense Media Bulk Trial Results Element 25 Limited announced that it has completed a bulk trial, processing approximately 280 tonnes of Butcherbird manganese ores through the Dense Media Separation (DMS) plant located at the Bootu Creek Manganese Mine in the Northern Territory. The Bootu Creek Mine is owned by E25's off-take partner, OM Holdings Limited (OMH). The test programme was undertaken in mid- June 2022. The 280 tonne trial parcel, made up of six parcels of between 44 tonnes to 49 tonnes each, was transported to the Bootu Creek Manganese Mine via road train for processing through the existing production DMS facility. The six parcels were processed through the DMS drum plant using three different media densities of 2.7, 2.9 and 3.1 g/cm, to provide data on the optimal processing design parameters for Butcherbird material. The trial results clearly indicate that the use of a DMS drum can meaningfully improve manganese product grades by improving the elimination of waste and gangue materials from the product stream. Manganese pricing is positively impacted by higher grades and eliminating sub-grade waste material also reduces the overall haulage and shipping costs of transporting the concentrate to market, thereby reducing overall operating costs. Trial Programme Results: Six parcels of ore were processed. Sample A consisted of five parcels of low-grade Butcherbird post ore-sorter manganese product with the primary feed material sourced from current operational mining faces to provide material for the test programme. Sample B consisted of a single sample of post- scalper ore which had undergone primary screening for the removal of fines material, with the coarse fraction used for the test programme through the DMS circuit. This was then compared to material from the same parcel of scalped ore which was further processed at Butcherbird via the existing process plant. The results from the DMS processing of Sample A resulted in the removal of an additional 3.5-7.3% of waste material by weight from the run-of-mine feed that had undergone processing using the current production circuit. All cut densities yielded a similar result with a slightly better result at the highest cut density of 3.1 g/cm3. The net result is an increase in the final manganese grades from 28.3% Mn to up to 30.9% Mn, equivalent to a 9.1% improvement. Importantly this demonstrates that even for material where the ore-sorters struggle to achieve the optimum product grades, the DMS process is likely to deliver a higher product grade. Sample B comprised sub-grade material which was treated using two different methods. The bulk of the parcel wasprocessed through the existing plant at Butcherbird, and yielded a below specification grade of 24.4% Mn due to presence of clays and other factors which impacted the effective operation of the ore sorter and its ability to remove the waste material. The ore sorters work using optical colour sensors which measure the Red-Green-Blue (RGB) colour of each feed particle. The sorters classify each particle as either ore or waste according to the algorithm that is currently being used. Consequently, it is very important that material is presented as cleanly as possible as any surficial clays or otherdebris can negatively impact the ore sorter effectiveness. The DMS process relies on particle density so surface contamination should have only a minor detrimental impact. Importantly and as expected, the DMS plant was not effected by the presence of clays and other surface effects and successfully upgraded the relatively poor ore-sorter result of 24.4% Mn to an significantly improved grade of 32-33.4% Mn depending on the cut density. As the cut density increases, the product grade increases, also as expected, however there is an associated recovery loss. The optimal density cut is still to be defined, however it is clear from these results that a relatively easily achievable medium density of 2.7 is adequate and the optimal density may be even lower, potentially reducing media costs. Sample B shows that the use of a DMS circuit can increase the manganese grade by an extra 7.55 to 8.92% by the removal of material which is currently part of the tonnage of waste in the Ore Sorter product. This allows manganesegrades to increase from 24.4% Mn to between 32.0 and 33.4% Mn for that material, equivalent to at least a 30% improvement. Announcement • Jul 12
Element 25 Limited Announces Drilling Extends Manganese Mineralisation At Butcherbird Element 25 Limited announced that assay results have now been received for exploration drilling completed in the March 2022 quarter. A reverse circulation drilling programme comprising 34 holes for 904m was completed in the first quarter of 2022 targeting areas where there was no historical drilling. The programme was designed to test for extensions to the known manganese resource areas. The drilling primarily targeted the areas to the west and south of the Ilgarari Ridge deposit. Manganese mineralisation was logged multiple drillholes and assays have now confirmed commercially significant grades and widths of manganese in multiple holes. Several holes were drilled to sterilise potential infrastructure locations as part of the planning for the proposed expanded production at Butcherbird, however a number these holes also intersected significant manganese mineralisation forcing a re-evaluation of the proposed layout. As in previous drilling at Butcherbird, this programme has identified broad widths of near surface supergene enriched manganese oxide mineralisation similar in style the currently mined areas at the Yanneri Ridge deposit to the south. Economic manganese mineralisation at Butcherbird typically comprises interacted bands of siliceous manganese and waste clay material. This habit lends itself to mechanical upgrading via crushing, washing and ore-sorting in line with current mining and processing operations. There is nothing visually different about the newly discovered mineralisation in this programme. Project team focus E25's Operations team continues to focus on delivering sustained nameplate production. The Project is ideally placed to feed this potential demand, with advanced flowsheet development work undertaken in 2019 and 2020 confirming a simple leach process for E25 ores which, when combined with offsets, will target the world's first Zero Carbon Manganese for EV cathode manufacture. About the Butcherbird Manganese Project E25's Butcherbird Manganese Project is a world-class manganese resource with current JORC resources of more than 263Mt of manganese ore6. In May 2020, the Company completed a Pre-Feasibility Study (PFS)7 with respect to developing the deposit to produce manganese concentrate for export to generate early cashflow with a modest capital requirement. Stage 1 of the Project development plan is complete and E25 has commenced shipping ore to offtake partners. The PFS also highlighted the Project's potential for significant growth beyond the initial Stage 1 production volumes (the studies examined the potential for a 2X and 3X expansion to Stage 1 within 12 months of initial commissioning), and the Company expects to expedite the expansion of the Project in 2H FY2022. In addition to the concentrate export business, the Company has completed extensive research & development and laboratory test work into the production of high purity manganese products including battery grade manganese sulphate (HPMSM) and High Purity Electrolytic Manganese Metal (HPEMM). The work has highlighted that the Butcherbird ores are highly amenable to an ambient temperature, atmospheric pressure leach process, resulting in a very efficient extraction of the manganese into solution, the key requirement for the cost effective and sustainable production of HPMSM and HPEMM. The Project straddles the Great Northern Highway and the Goldfields Gas Pipeline, providing turnkey logistics and energy solutions. The Company plans to integrate renewable energy into the power solution over time to target a zero-carbon footprint for the Project, which is expected to also reduce energy costs. A cleaner, lower carbon flowsheet and high penetration renewable energy will place Butcherbird at the forefront of sustainable high purity manganese production. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Chairman Seamus Cornelius was the last director to join the board, commencing their role in 2011. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Chairman Seamus Cornelius was the last director to join the board, commencing their role in 2011. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 18
Element 25 Ltd Announces A Scoping Study (Study) into the Construction and Operation of A High Purity Manganese Sulphate Monohydrate Plant Element 25 Ltd. announced that a Scoping Study (Study) into the construction and operation of a High Purity Manganese Sulphate Monohydrate (HPMSM) plant has returned a robust set of financial metrics over a 20 year project life. The project is strongly leveraged to the emerging Electric Vehicle (EV) industry. EV's typically use lithium-ion batteries for energy storage and battery cathode materials contain HPMSM1. The Company is moving directly into a definitive Feasibility Study (FS) for the development of a High Purity Manganese Sulphate project and expects that study to be finalised in the second half of 2022. Announcement • Jan 06
Element 25 Limited Announces Recommencement of Operations and Record Daily Production Element 25 Limited advised that the processing plant at the Company's Butcherbird Manganese Project (Project) is demonstrating significant performance improvements since the logwasher repair and engineering modification works were completed on schedule in late December 2021. The works undertaken during December 2021 focussed on the repair of the shaft failure as announced and updated on 22 November and 13 December 2021 respectively and the implementation of a range of engineering improvements that had already been planned prior to the plant failure. Pleasingly, plant production volumes have shown significant improvements since re-commissioning of the plant, with a new daily production record of 1,209 tonnes being achieved on 3 January 2022, well above the target nameplate production of 1,000 tpd for the Stage 1 production plant. In parallel with the repair works, a range of modifications have been made to the plant to improve plant access for maintenance, manage material flow through the plant, reduce wear on key components, improve noise and dust control as well as adjusting the overall site layout to increase operational and maintenance scheduling flexibility and throughput. Recent Insider Transactions Derivative • Nov 24
MD & Executive Director exercised options to buy AU$1.1m worth of stock. On the 23rd of November, Justin Brown exercised options to buy 1m shares at a strike price of around AU$0.20, costing a total of AU$201k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Since June 2021, Justin has owned 6.41m shares directly. Company insiders have collectively bought AU$401k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.05 loss per share (vs AU$0.019 loss in FY 2020) Full year 2021 results: Net loss: AU$6.49m (loss widened 257% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 118% per year, which means it is well ahead of earnings. Announcement • Jul 15
Element 25 Limited Announces First Ore Shipment Element 25 Limited confirmed the first commercial shipment of manganese concentrate has now been loaded with the ship departing the Utah Point facility at Port Hedland late on 14 July 2021. This is the first cargo to be shipped from the Company's 100%-owned world class Butcherbird Manganese Project (Project) located in the Pilbara region of Western Australia. The ore will be delivered to the Company's offtake partner OM Materials (S) Pte Ltd. (OMS), a wholly owned subsidiary of ASX listed company OM Holdings Limited. The loading of approximately 27,000 tonnes of high quality manganese concentrate aboard the Handymax size vessel Shakespeare Bay is the culmination of an extraordinary achievement by both the construction and operations teams which have worked tirelessly to achieve this important milestone in the Company's journey to develop the Project as a globally significant producer of high quality manganese concentrate and high purity battery grade manganese sulphate (HPSM) in subsequent stages of project development. Announcement • Jun 16
Element 25 Limited Announces Transport of First Manganese Shipment to Port Hedland in Progress Transport of First Manganese Shipment to Port Hedland in Progress confirmed that ore haulage has commenced under the terms of the Letter of Intent executed with AK Evans Group Australia for transportation of manganese concentrate from the Company's 100% owned world class Butcherbird Manganese Project (Project) to Utah Point in Port Hedland. The first trucks departed the Project on 8 June 2021 containing the first manganese concentrate produced from the Project. This material has been produced as part of the commissioning and ramp up of the Stage 1 processing plant which will produce a nominal 365Kt of high-quality manganese concentrate over a mine life of approximately 40 years prior to a proposed 3X expansion in Stage 2. Haulage of the remaining concentrate to make up the planned total 27Kt of material will occur over coming days culminating in the loading of the first ship containing Butcherbird manganese product, currently scheduled to for the last week of June 2021. The Project team will now turn its focus to the next stages of the multi-stage development strategy of the Project including a Stage 2 expansion of the concentrate business followed by a Stage 3 development to convert the concentrate material into high purity manganese sulphate monohydrate (HPMSM) for electric vehicle (EV) batteries to power the global transition away from fossil fuel powered mobility. Manganese is emerging as an increasingly important ingredient for EV batteries, with potential supply constraints for nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of cathode material required by the EV industry in coming years. The Project is ideally placed to feed this potential demand, with advanced flowsheet development work undertaken in 2019 and 2020 confirming a simple, unique, ambient temperature and atmospheric pressure leach process for E25 ores which, when combined with offsets, will target the world's first Zero Carbon ManganeseTM for EV cathode manufacture. Announcement • May 25
Element 25 Limited Confirms Utah Point Port Access Agreement with the Pilbara Port Authority Element 25 Limited confirmed the execution of a Multi User Access Agreement (Agreement) with the Pilbara Port Authority. The Agreement provides for the use of the Port Hedland Utah Point facility for the bulk export of manganese from the Company's 100% owned production facility at the Butcherbird Project (Project). Utah Point is a well regarded multi-user bulk handling and loading facility located at Utah Point in Port Hedland, Western Australia. The terms of the agreement are commercial in confidence however they are in line with the Pilbara Port Authority's normal operating terms and satisfy the Company's capacity requirement for the first stage of operations up to 390Ktpa. Announcement • Mar 25
Element 25 Limited announced that it expects to receive AUD 35.500001 million in funding Element 25 Limited (ASX:E25) announced a private placement of 16,136,364 shares at a price of AUD 2.20 per share for gross proceeds of AUD 35,500,000 on March 24, 2021. The transaction will include participation from a leading Swiss ESG Fund. Announcement • Mar 05
Element 25 Limited Confirms the Delivery of the First Stage of Planned Multi-Stage Development Element 25 Limited confirmed that the delivery of the first stage of a planned multi-stage development at the company's 100% owned world class Butcherbird Project (Project) continues with completion on track and in line with the original target of Quarter 1, 2021. Pre-commissioning activities have commenced on schedule with electrical systems and instrument loop checking underway utilising temporary power. Sequential rotational checking of drives is expected to commence today. The power station is due to arrive at site with installation and power up scheduled for later in the week. This is the first stage of a multi-stage development strategy for the Project, which will be expanded to produce high purity manganese sulphate monohydrate (HPMSM) for electric vehicle (EV) batteries to power the global transition away from fossil fuel powered mobility. Manganese is emerging as an increasingly important ingredient for EV batteries, with potential supply constraints for nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of cathode material required by the EV industry in coming years. The Project is ideally placed to feed this potential demand, with advanced flowsheet development work undertaken in 2019 and 2020 confirming a simple, unique, ambient temperature and atmospheric pressure leach process for E25 ores which, when combined with offsets, will target the world's first Zero Carbon ManganeseTM for EV cathode manufacture. About the Butcherbird Manganese Project The Butcherbird Manganese Project is a world class manganese resource with current JORC resources in excess of 263 Mt of manganese ore. The company completed a Pre-Feasibility Study (PFS) with respect to developing the deposit to produce manganese concentrate for export to generate early cashflow with a modest capital requirement. The outstanding economics and low capital hurdle of less than AUD 17 million for the first stage of development will allow the company to develop the project in a relatively short timeframe. The delivery of this first stage of production is fully funded and already underway. The PFS also highlighted the Project has the potential for significant growth beyond the initial Stage 1 production volumes (the studies examined the potential for a 2X and 3X expansion to Stage 1 within 12 months of initial commissioning) and the Company expects to expedite the expansion of the Project once Stage 1 is fully operational. In addition to the concentrate export business, the Company has completed extensive research & development and laboratory test work into the production of high purity manganese products including battery grade manganese sulphate (HPMSM) and High Purity Electrolytic Manganese Metal (HPEMM). The work has highlighted that the Butcherbird ores are highly amenable to an ambient temperature, atmospheric pressure leach process, resulting in a very efficient extraction of the manganese into solution, the key requirement for the cost effective and sustainable production of HPMSM and HPEMM. The Project straddles the Great Northern Highway and the Goldfields Gas Pipeline, providing turnkey logistics and energy solutions. The Company plans to integrate renewable energy into the power solution over time to target a zero-carbon. Is New 90 Day High Low • Mar 02
New 90-day high: AU$1.97 The company is up 35% from its price of AU$1.46 on 30 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. Announcement • Feb 24
Butcherbird Announces Closing in on Stage 1 Commissioning Element 25 Limited confirmed that the delivery of the first stage of a planned multi-stage development at the Company's 100% owned world class Butcherbird Project (Project) continues with completion scheduled for March 2021, in line with the original target of Quarter 1, 2021. The current work plan has dry commissioning scheduled for the first half of March 2021 followed by wet commissioning and first ore processing in the second half of the month. This is the first stage of a multi-stage development strategy for the Project, which will then be expanded to produce high purity manganese sulphate monohydrate (HPMSM) for electric vehicle (EV) batteries to power the global transition away from fossil fuel powered mobility. Manganese is looming as an increasingly important ingredient for EV batteries, with potential supply constraints looming for nickel and cobalt forcing battery manufacturers to look at high manganese cathodes to produce the vast amount of cathode material needed by the EV industry in coming years. The Project is ideally placed to feed this demand, with advanced flowsheet development work in 2019 and 2020 confirming a simple, unique, ambient temperature and atmospheric pressure leach process for the E25 ores which, when combined with offsets, will target the world's first Zero Carbon Manganese™ for EV cathode manufacture. Is New 90 Day High Low • Feb 09
New 90-day high: AU$1.92 The company is up 106% from its price of AU$0.93 on 11 November 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: AU$1.85 The company is up 88% from its price of AU$0.98 on 23 October 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. Announcement • Dec 12
Element 25 Limited Receives Approvals to Commence Work At Butcherbird Project Element 25 Limited announced that the works approval and mining proposal have been approved by the relevant state government departments. Permission has also been obtained from the State Mining Engineer allowing construction and mining operations to commence. These approvals are the final milestone required for construction to commence at the company's 100% owned Butcherbird Project. Accordingly, work crews are now being mobilised to undertake the necessary civil works including roads, processing plant, tails storage facility and other ancillary works to allow the commissioning of the project in the first quarter of calendar 2021. The Water Abstraction Licence remains pending for operations. Is New 90 Day High Low • Dec 07
New 90-day high: AU$1.49 The company is up 166% from its price of AU$0.56 on 08 September 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. Announcement • Nov 23
Element 25 Limited Announces Butcherbird Project Development Update Element 25 Limited announced that project development activities continue to accelerate at the Company's 100% owned Butcherbird Manganese Project (Project). As previously announced the Company is fast tracking the development of the Project with the first production scheduled for the first quarter of calendar 2021. The development of the Project remains on time and on budget with the Company fully funded to first production based on current forecasts. Is New 90 Day High Low • Nov 19
New 90-day high: AU$1.13 The company is up 102% from its price of AU$0.56 on 21 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 2.0% over the same period. Recent Insider Transactions Derivative • Oct 28
MD & Executive Director exercised options to buy AU$930k worth of stock. On the 26th of October, Justin Brown exercised options to buy 1.00m shares at a strike price of around AU$0.35, costing a total of AU$350k. This transaction amounted to 19% of their direct individual holding at the time of the trade. Since December 2019, Justin's direct individual holding has increased from 5.26m shares to 5.41m. Company insiders have collectively bought AU$573k more than they sold, via options and on-market transactions, in the last 12 months. Is New 90 Day High Low • Oct 19
New 90-day high: AU$1.05 The company is up 136% from its price of AU$0.45 on 21 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. Announcement • Oct 12
Element 25 Limited announced that it expects to receive AUD 11.75 million in funding from OM Materials (S) Pte Ltd. and other investors Element 25 Limited (ASX:E25) announced a private placement of 12,500,000 common shares at a price of AUD 0.78 per share for gross proceeds of AUD 9,750,000 and convertible notes for AUD 2,000,0000; for aggregate of AUD 11,750,000 on October 12, 2020. The company has received firm commitments from sophisticated, professional and institutional investors. The senior executive of the company will subscribe for a total of AUD 309,000. The tranches one will be of 8,800,000 shares not subject to shareholder s approval and tranche two will be of 3,700,000 shares and is subject to available capacity at the conclusion of its annual general meeting scheduled for November 4, 2020. The tranche 1 is expected to close on October 19, 2020 and tranche 2 is expected top close on November 16, 2020. Announcement • Oct 06
RareX Pty Ltd acquired the Cummins Range Rare Earth Project from Element 25 Limited (ASX:E25) for AUD 3 million. RareX Pty Ltd acquired the Cummins Range Rare Earth Project from Element 25 Limited (ASX:E25) for AUD 3 million on September 27, 2019. As part of consideration, RareX will pay AUD 0.5 million in cash and 13.3 million ordinary shares of Sagon Resources Limited at a deemed price of $0.0375 per share. The shares are subject to a six month restriction agreement. In addition to this, within twelve months of the settlement of the acquisition, RareX will pay a deferred consideration of AUD 0.5 million in cash and issue AUD 0.5 million in shares in Sagon or pay AUD 1 million in cash. Also, within 36 months of settlement and subject to the completion of a positive Bankable Feasibility Study, RareX will pay a further deferred consideration of AUD 1 million in cash or Sagon shares or a combination thereof to a total value of AUD 1 million. If the bankable feasibility study is not completed within 36 months of the date of settlement, the further deferred consideration is not payable and RareX will, in lieu, grant E25 a 1% Net Smelter Return Royalty on future production from the Cummins Range project capped at AUD 1 million.
RareX Pty Ltd completed the acquisition of the Cummins Range Rare Earth Project from Element 25 Limited (ASX:E25) on September 27, 2019. As reported on October 6, 2020, AUD 1 million has been received in relation to the deferred consideration. Reported Earnings • Sep 20
Full year earnings released - AU$0.019 loss per share Over the last 12 months the company has reported total losses of AU$1.82m, with losses narrowing by 50% from the prior year. Announcement • Jul 23
Element 25 Limited has completed a Follow-on Equity Offering in the amount of AUD 3.2 million. Element 25 Limited has completed a Follow-on Equity Offering in the amount of AUD 3.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: AUD 0.4 Announcement • Jul 08
Element 25 Limited announced that it expects to receive AUD 3.5 million in funding Element 25 Limited (ASX:E25) announced a private placement of 8,750,000 common shares at a price of AUD 0.4 per share for gross proceeds of AUD 3,500,000 on July 6, 2020. The company has received firm commitments from sophisticated, professional and institutional investors. The transaction is not subject to shareholder approval, and is expected to close on July 14, 2020.