New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Revenue is less than US$1m (AU$56k revenue, or US$40k). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Feb 19
Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 29.5035 million. Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 29.5035 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 86,775,000
Price\Range: AUD 0.34
Discount Per Security: AUD 0.017
Transaction Features: Subsequent Direct Listing Announcement • Feb 17
Elementos Limited has filed a Follow-on Equity Offering in the amount of AUD 29.5035 million. Elementos Limited has filed a Follow-on Equity Offering in the amount of AUD 29.5035 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 86,775,000
Price\Range: AUD 0.34
Discount Per Security: AUD 0.017
Transaction Features: Subsequent Direct Listing Announcement • Jan 23
Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 8.716353 million. Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 8.716353 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,499,999
Price\Range: AUD 0.28
Discount Per Security: AUD 0.0168
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,928,573
Price\Range: AUD 0.28
Discount Per Security: AUD 0.0168
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,701,261
Price\Range: AUD 0.28
Discount Per Security: AUD 0.0168
Transaction Features: Subsequent Direct Listing New Risk • Dec 28
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 18% 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 (18% average weekly change). Earnings have declined by 1.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Revenue is less than US$1m (AU$105k revenue, or US$71k). Minor Risk Market cap is less than US$100m (AU$113.8m market cap, or US$76.4m). Announcement • Dec 23
Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 0.779876 million. Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 0.779876 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,785,272
Price\Range: AUD 0.28
Discount Per Security: AUD 0.014
Transaction Features: Rights Offering Recent Insider Transactions Derivative • Nov 04
Non-Executive Chairman exercised options to buy AU$3.8m worth of stock. On the 3rd of November, Andrew Greig exercised options to buy 10m shares at a strike price of around AU$0.18, costing a total of AU$1.8m. This transaction amounted to 22% of their direct individual holding at the time of the trade. Since December 2024, Andrew has owned 46.92m shares directly. Company insiders have collectively bought AU$1.9m more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Oct 01
New major risk - Revenue and earnings growth Earnings have declined by 1.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m (AU$112k revenue, or US$74k). Minor Risk Market cap is less than US$100m (AU$42.8m market cap, or US$28.2m). Announcement • Oct 01
Elementos Limited, Annual General Meeting, Nov 27, 2025 Elementos Limited, Annual General Meeting, Nov 27, 2025. New Risk • Sep 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m (AU$70k revenue, or US$46k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$41.3m market cap, or US$27.1m). Announcement • Jul 17
Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,277,698
Price\Range: AUD 0.0848
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 684,566
Price\Range: AUD 0.0848
Transaction Features: Subsequent Direct Listing New Risk • May 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m (AU$70k revenue, or US$46k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$30.9m market cap, or US$20.2m). Announcement • May 20
Elementos Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Elementos Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,277,698
Price\Range: AUD 0.0848
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 684,566
Price\Range: AUD 0.0848
Transaction Features: Subsequent Direct Listing New Risk • Mar 28
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$3.9m free cash flow). Revenue is less than US$1m (AU$70k revenue, or US$44k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$18.9m market cap, or US$11.9m). New Risk • Mar 13
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$3.9m 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$3.9m free cash flow). Revenue is less than US$1m (AU$62k revenue, or US$39k). Market cap is less than US$10m (AU$11.8m market cap, or US$7.46m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Board Change • Feb 01
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. 1 experienced director. 3 highly experienced directors. MD, CEO & Director Joe David was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$16.1m (US$9.96m) This is considered a major risk. Companies with a small market capitalization 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 Risks Earnings have declined by 1.4% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$16.1m market cap, or US$9.96m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Announcement • Dec 03
Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 2.428717 million. Elementos Limited has completed a Follow-on Equity Offering in the amount of AUD 2.428717 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,654,614
Price\Range: AUD 0.095
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,910,832
Price\Range: AUD 0.095
Transaction Features: Rights Offering New Risk • Nov 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.8m (US$9.77m) This is considered a major risk. Companies with a small market capitalization 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 Risks Earnings have declined by 1.4% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$14.8m market cap, or US$9.77m). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Oct 10
Elementos Limited, Annual General Meeting, Nov 27, 2024 Elementos Limited, Annual General Meeting, Nov 27, 2024. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% 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 Risks Earnings have declined by 6.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Market cap is less than US$100m (AU$19.9m market cap, or US$13.2m). New Risk • Jun 28
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 12% 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$5.7m free cash flow). Earnings have declined by 6.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$25.3m market cap, or US$16.9m). New Risk • Dec 07
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$5.9m free cash flow). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$50k revenue, or US$33k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Market cap is less than US$100m (AU$17.5m market cap, or US$11.5m). New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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$5.9m free cash flow). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$50k revenue, or US$32k). Minor Risks Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Market cap is less than US$100m (AU$25.3m market cap, or US$16.1m). Announcement • Sep 28
Elementos Limited, Annual General Meeting, Nov 17, 2023 Elementos Limited, Annual General Meeting, Nov 17, 2023, at 11:00 E. Australia Standard Time. Recent Insider Transactions • Aug 15
Non-Executive Chairman recently bought AU$57k worth of stock On the 11th of August, Andrew Greig bought around 400k shares on-market at roughly AU$0.14 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of AU$162k worth in shares. New Risk • Aug 12
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 16% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$5.0m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (AU$50k revenue, or US$32k). Minor Risks Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Market cap is less than US$100m (AU$29.2m market cap, or US$19.0m). Breakeven Date Change • Jun 30
Forecast to breakeven in 2026 The analyst covering Elementos expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$16.5m in 2026. Average annual earnings growth of 39% is required to achieve expected profit on schedule. New Risk • Jun 21
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$5.0m free cash flow). Revenue is less than US$1m (AU$50k revenue, or US$34k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (AU$24.3m market cap, or US$16.5m). Announcement • May 26
Elementos Limited Announces the Resignation of Brett Smith as Director Elementos Limited advised that Mr. Brett Smith has resigned as a director of Elementos Limited to focus on his other business interests. Brett has been a director for the past three years and played an important role in the Company's journey from an early-stage tin developer through to maturing its flagship Oropesa tin project to the final stages of the Definitive Feasibility Study. Price Target Changed • Apr 29
Price target decreased by 31% to AU$0.70 Down from AU$1.02, the current price target is provided by 1 analyst. New target price is 367% above last closing price of AU$0.15. Stock is down 81% over the past year. The company is forecast to post a net loss per share of AU$0.02 next year compared to a net loss per share of AU$0.014 last year. Announcement • Feb 14
Elementos Limited Announces A 2023 Mineral Resource Estimate Update At Its Oropesa Tin Project, Spain Elementos announced a 2023 Mineral Resource Estimate (MRE) Update at its Oropesa Tin Project, Spain. The MRE update has achieved its goal of significantly upgrading the Inferred and Indicated Mineral Resource categories, increasing the geological confidence of the deposit. The MRE will be further assessed for conversion to JORC Ore Reserves, via techno-economic modification factors, during Oropesa's Definitive Feasibility Study (DFS) which is currently underway and schedule for delivery during Second Quarter CY2023. The Oropesa Tin Project MRE update was completed by Measured Group, following completion of an 11-hole in-fill drilling program and supersedes the Mineral Resource Estimate previously released in November 2021. The Oropesa property represents a 13km² concession package (Investigation Permit No. 13.050) located approximately 75km northwest of Cordoba and 180km northeast of Seville, within the province of Andalucía, in southern Spain. Elementos currently holds a 100%^ interest in the Oropesa property with registered title to the property with the Andalucia mining authorities under the Spanish Mining Act through its 100%1 subsidiary Minas de Estaña de España SLU (MESPA). The Oropesa deposit is located within the Espiel Thrust Sheet, at the western margin of the Peñarroya basin, a Carboniferous, trans-tensional basin that formed during the Late Carboniferous Hercynian/Variscan orogeny. The Espiel Thrust Sheet is located between Ossa-Morena Zone and Central Iberian Zone within the Iberian Massif in southern Spain. The Oropesa project area comprises intercalated sandstones and conglomerates with rare siltstones and shales. The sedimentary units have complex geometries, reflecting an active depositional environment and syn-sedimentary faulting. This geometry has been further complicated by a subsequent phase of deformation involving the re- activation of some basin-controlling faults as strike slip and reverse faults with associated folding of the stratigraphic package, producing upright to locally overturned bedding. The majority of the tin mineralisation (cassiterite with minor stannite) is replacement style, primarily occurring in granular sandstones at the contacts between the sandstone and conglomerate units. The mineralisation is volumetrically more significant as replacement style within the sandstones, however fault/structurally hosted mineralisation has also been interpreted as occurring within reverse thrust fault zones that bound and occur within the deposit. The tin mineralisation is associated with pervasive leaching of the host rocks, silica alteration and several phases of paragenetically late disseminated to semi-massive sulphides. The geometry of the Oropesa deposit is primarily the result of two major deformation phases, an initial strike-slip to extensional phase of deformation during basin formation followed by a strong contractional overprint. The initial phase of basin formation produced a complicated geometry characterised by at least two major fault orientations: a basin-parallel, NW striking fault set, the original dip of which is still uncertain, and an oblique N-S striking, fault set with steep to subvertical dips. Both fault sets appear to have been active during basin formation, producing rapid lateral facies changes and the characteristic wedge-shaped stratigraphic packages interpreted from drill hole lithology logging. Post sediment deposition tectonic activity appears to have been a key mechanism in providing structural conduits for mineralising fluids contemporaneously providing more permeable locations along the sandstone/conglomerate contact zones for the development of the ore body. The geological interpretation of the Oropesa resource is based on the application of progressive analysis of the reported and observed data and the application of strike-slip restraining stepover geometries to the Oropesa deposit (McClay and Bonora, 2001). This model is based on the re-activation of basement structures by sinistral strike-slip movement in a northwest-southeast orientation that results in pop-up structures within the basin that are bounded by steep to shallow dipping reverse faults of similar orientation to the bounding structures but also can occur as pseudo-Riedel sheer structures between the bounding structures. This model can be used to explain the steeply dipping sedimentary boundaries adjacent to shallow dipping layers, separated by reverse thrust fault zones which are frequently located along the boundary between the sandstones and conglomerates (zones of weakness). The development of the thrust zones along the sedimentary boundaries enhances the permeability of these zones in preparation for the influx of mineralising fluids. This could explain the presence of a large proportion of the mineralisation at Oropesa along these lithological boundaries, albeit significantly deformed. The thrust planes promote the development of localised overturned folds. Announcement • Jan 28
Elementos Limited Commences Exploration Drilling at Oropesa Tin Project Elementos Limited has commenced an eight-hole 1,000m exploration drilling campaign at its Oropesa Tin Project, Spain, targeting additional mineralisation outside the 2021 Mineral Resource Estimate (MRE). The drilling will target the north-west and south-east ends of the deposit, and was designed based on results from the recent 10-hole infill drilling and the geotechnical drill program in 2022 at Oropesa. The company is awaiting one batch of assays to finalise an update to the 2021 MRE and support Oropesa's Definitive Feasibility Study (DFS). South-East Exploration Targets: Five shallow diamond drill holes will target potential up-dip and therefore shallower mineralisation towards the southeast margin of the Mineral Resource. North-West Exploration Targets: Three diamond drill holes will target potential extensions to significant tin and zinc mineralisation intersected in geotechnical drill hole SGT-04² in 2022 located northwest of the current Mineral Resource boundary. Announcement • Jan 10
Elementos Limited Provides Oropesa Infill Drilling Update Elementos Limited report assay results from its latest two infill drill holes at its Oropesa Tin Project, Spain, which have intersected large zones of tin mineralisation. Elementos' infill drilling program continues to extend mineralisation beyond the Oropesa geological resource model, which underpinned the 2021 Mineral Resource Estimate. Drill hole ADD_28 has returned three significant zones of tin mineralisation which exceed the 2021 geological resource estimate cut-off grade of 0.15% Sn. These three zones have an impressive combined downhole length of 99.8m (true width interpreted to be approximately 50m), and sit largely outside the previously modelled Mineral Resource wireframes. Drill hole ADD_29 also intersected and confirmed narrow zones of previously modelled tin mineralisation, increasing Elementos' confidence in the geological model. Announcement • Nov 16
Elementos Limited Reports Material Results from Infill Drilling at Oropesa Project Elementos Limited reported material results from further infill drilling. The drilling continues to confirm the presence of high grade, near-surface tin mineralisation at its Oropesa Tin Project, Spain. Drill hole ADD_31 has returned two high-grade tin intersections with additional copper. ADD_31: 18.2m @ 1.28% Sn (& 0.22% Cu) from 107.0m, including 3.6m @ 3.35% Sn (& 0.9% Cu) from 112.9m, (0.1% Sn cut-off grade). The program, which is designed to upgrade the Inferred Mineral Resources that sit within the USD 30,000/t pit shell4, is targeting mineralisation projected by the geological model and 2021 Mineral Resource Estimate. Recent Insider Transactions • Oct 28
Non-Executive Chairman recently bought AU$75k worth of stock On the 27th of October, Andrew Greig bought around 250k shares on-market at roughly AU$0.30 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of AU$266k worth in shares. Announcement • Oct 24
Elementos Limited Reports Material Results from Further Infill Drilling, Continuing to Confirm the Presence of Near-Surface Tin Mineralisation at its Oropesa Tin Project, Spain Elementos Limited reported material results from further infill drilling, continuing to confirm the presence of near-surface tin mineralisation at its Oropesa Tin Project, Spain. This report contains assay results from four recently completed drill holes in Elementos' infill drilling program which is targeting mineralisation predicted by the geological model and 2021 Mineral Resource Estimate, with the aim of upgrading the portion of Inferred Mineral Resources that sit within the USD 30,000/t pit shell. Drill holes ADD_30 and ADD_32 have returned high-grade tin intersections, and additionally, significant intersections of both zinc and copper. ADD_30:- 6m @ 2.59% Sn & 0.15% Cu from 74.6m & 1.7m @ 0.71% Sn & 0.5% Zn from 177.4m. ADD_32:- 18.2m @ 0.21% Sn from 12.7m, 17.4m @ 1.06% Sn & 0.31% Cu from 114.5m, 3.1m @ 0.81% Sn, & 12.58% Zn & 0.43% Cu from 176.6m & 10.5m @ 0.46% Sn, 1.66% Zn & 0.26% Cu from 185.2m. ADD_26:- 10.4m @ 0.27% Sn from 53.6m. ADD_27:- 2.4m @ 0.21% Sn from 59.4m, 2.0m @ 0.45% Sn from 65.4m & 2.0m @ 0.19% Sn from 204.3m (0.1% Sn cut-off grade). Announcement • Oct 14
Elementos Limited, Annual General Meeting, Nov 15, 2022 Elementos Limited, Annual General Meeting, Nov 15, 2022, at 10:30 E. Australia Standard Time. Location: at the offices of Piper Alderman, Level 26, Riparian Plaza, 71 Eagle Street, Brisbane Queensland 4151 Queensland Australia Agenda: To consider the remuneration report; to consider Re-Election of Andrew Greig; to consider Re-Election of Joe David; to consider Approval of Employee Share and Option Plan; and to consider other matters. Announcement • Oct 01
Elementos' Infill Drilling Program Continues to Confirm Mineralisation At Oropesa Elementos Limited confirmed the intersection of additional near-surface tin mineralisation at its Oropesa Tin Project, Spain. The infill drilling program continues to achieve its goal of intersecting mineralisation where predicted by the geological model and 2021 Mineral Resource Estimate 1. The second drill hole completed in Elementos' infill drilling program, ADD_25, returned significant intersections along strike from the first drill hole completed in this program (ADD_24 3) at the margins of the current geological resource, highlighted by the results below: ADD_25:- 15.8m @ 0.24% Sn from 54.0m - 5.5m @ 0.29% Sn from 78.3m - 2.5m @ 0.29% Sn from 104.4m - 11.3m @ 0.53% Sn from 108.9m. (0.1% Sn cut-off grade) Lower than desirable drill core recoveries in the top section of ADD_25 (above a depth of 54m) warranted drilling an adjacent twin drill hole, ADD_25A, to a depth of 60.3m, with the notable intersection of: ADD_25A:- 3.5m @ 0.19% Sn from 45.0m - (0.1% Sn cut-off grade). Announcement • Sep 30
Elementos Limited Confirms Metallurgical Upgrades and Conventional Tin Flowsheet At Oropesa Project in Spain Elementos Limited announced pilot scale metallurgical test work program has successfully confirmed ore from its flagship Oropesa Project in Spain can be processed via a conventional tin flow sheet to produce a high-grade and commercially desirable tin concentrate. Testing at Wardell Armstrong International's (WAI) laboratory in Cornwall, UK used a large representative bulk sample sourced from the Oropesa Tin Project in Andalucía, Spain. Metallurgical upgrade results from the pilot plant have confirmed the project's Definitive Feasibility Study (DFS) flow sheet, which will now be further matured with process engineering contractor Duro Felguera, which was recently awarded the ECI Mineral Process Plant Contract. The flow sheet encompasses crushing and grinding, sulphide flotation, a gravity tin recovery circuit, tin flotation recovery circuits and magnetic separation. The pilot plant test work program has confirmed robust average metallurgical upgrade factors. Elementos confirms production of a commercially appealing >61% tin concentrate with low impurity specifications. The company, as previously detailed, is engaged with a number of tin smelters and traders and will further progress commercial offtake discussions based on achieving these grades on a pilot-scale basis. Metallurgical upgrade factors are based on a representative bulk sample which has been confirmed as representative of the ore for the project on the following criteria: spatial distribution, ore domain, average-grade, weathering and geology. Summarized as follows: Spatial locations of the individual samples used in the bulk sample provide sufficient coverage of the potential open pit; Proportions of the weathering types used in the bulk sample are generally representative of the proportions of the total mineable resource; Samples are considered representative of a range of mineralized domains with the number of samples coming from the mineralized domains (by tonnage); and Average grade of the bulk sample (0.46% Sn) is consistent with the estimated average deposit grade being fed into the plant. In addition to the summarized overall metallurgical upgrade and flowsheet information, test work has again confirmed, via mineralogy tests, that Oropesa tin ore is hosted in cassiterite (>99%) mineralization, with only the minor quantities of tin (<1%) hosted in stannite. Cassiterite is the `economic' form of tin mineralization, with stannite being a difficult tin mineral to recover. This aligns with and confirms the findings from previous mineralogy test work on the deposit. Announcement • Aug 17
Elementos Limited Announces Oropesa Infill Drilling Intercepts Elementos Limited has confirmed intersections of near-surface tin mineralisation at its Oropesa Tin Project, Spain, which are significantly broader than previously modelled by its 2021 Mineral Resource Estimate. The first hole to be completed in Elementos' nine-hole infill drill program3, drill hole ADD_24, returned broad intersections at the margins of the current geological resource, highlighted by the results below: ADD_24:- 37.9m @ 0.34% Sn from 59.3m. 9.6m @0.2% Sn from 109.3m. (0.1% Sn cut-off grade). Recent Insider Transactions • Jul 20
Non-Executive Chairman recently bought AU$191k worth of stock On the 15th of July, Andrew Greig bought around 449k shares on-market at roughly AU$0.43 per share. This was the largest purchase by an insider in the last 3 months. This was Andrew 's only on-market trade for the last 12 months. Announcement • Jun 29
Elementos Limited Commences New Oropesa Drilling Program Elementos Limited announced that it has commenced a 1,590m diamond drilling campaign over nine holes at its Oropesa Tin Project in Spain, following the success of its 2021 program which concluded in the announcement of a 50% increase to Mineral Resources. Elementos' 2022 program has two clear objectives: Infill drilling designed to convert the remaining Inferred Resources sitting within the proposed USD 30,000/t mining pit shell (6% of 15.5Mt 2022 Production Target) identified in the project's Optimisation Study to a targeted minimum category of Indicated; and Exploration drilling to test possible mineralised extensions to significant open ended mineralization trends (outside the current Mineral Resource) identified in the 2021 drilling campaign. Infill drilling, and subsequent Mineral Resource Estimate update, is planned for completion before the finalisation of the Definitive Feasibility Study (DFS) mine planning to ensure these tonnes can be considered during the assessment of Ore Reserves. The DFS is currently forecast for completion in Quarter 1 CY2023. The initial area for follow-up investigation in this program is the possible extensions to the shallow, near surface mineralisation towards the south-eastern end of Oropesa's mineral resource. Elementos completed a geotechnical drilling program in early 2022 which returned some significant intersections of tin, copper and zinc mineralisation located outside the boundaries of the current mineral resource. Significant results from a drill hole (SGT 04) are located within Zone B. Drilling will investigate a potential northwest extension to the known mineralisation. A second area of immediate interest that resulted from the recently completed geotechnical drilling program is located adjacent to the north-central region of the mineral resource (Zone C). Drill hole SGT_13B intersected a significant zone of tin, copper and zinc at the margins of the current mineral resource. This mineralisation trend is open to the northwest and will be investigated further during the exploration drilling component of the program. Announcement • Jun 15
Elementos Limited Confirms Major Extensions to Both the Battery Tin-Copper Lode and Deeper Foley's Tungsten Zone at its Cleveland Tin Project in Tasmania Elementos Limited has confirmed major extensions to both the Battery Tin-Copper Lode and deeper Foley's Tungsten Zone at its Cleveland Tin Project in Tasmania after receiving assay results from its recently completed reconnaissance diamond drill hole program: Tungsten intercept of 14.2 m at 0.36% WO3 from 221.0 m; Tin-copper intercept of 3.85 m at 1.05% Sn & 0.28% Cu from 64.25 m Battery Lode and Foley's Zone are known deposits at Cleveland that make up part of the project's Mineral Resource. Drilled to a depth of 300 m, drill hole C2119 targeted an untested zone between northeast dipping and southwest dipping limbs of the historical underground mine workings at Cleveland and its current JORC 2012 compliant mineral resource. Following these assay results, an additional 59 samples have been taken from the C2119 core and sent for additional assays. Elementos Managing Director, Mr. Joe David, said two separate intersections from a single reconnaissance hole was a rewarding return for the program thus far. Results & Interpretation: Battery Tin-Copper Lode: C2119 intersected an extension to the Battery Lode below the current JORC resource from a downhole depth of 64.25 m for a downhole length of 3.7 m. This intercept is also located approximately 160m above a zone of tin, copper and tungsten mineralisation in a historical drill hole (C0783 10.31 m at 0.26% Sn, 0.09% Cu & 0.15% WO3 from 302.51 m) which is not included in the current Mineral Resource. These intercepts are at the same interpreted position within the geological mine sequence which `possibly' (subject to further confirmation) indicates the continuity of mineralisation between these drill holes. Foley's Tungsten Zone: C2119 was extended deeper beyond the Battery Lode to test for potential extensions within the untested zone above both the known Foley's Tungsten Mineral Resource and Foley's Tungsten Exploration Target. The current Foley's Zone Inferred Mineral Resource is comprised of the greisenisation of a quartz porphyry dyke, and fissure quartz veins that contain tungsten in the form of wolframite. A significant zone of fissure quartz veining containing visible wolframite, associated with silica/muscovite/sericite alteration, was intersected in drill hole C2119. The mineralised zone is located approximately 150 m above the current Foley's tungsten resource. In addition to the Mineral Resources, the company released an Exploration Target for Foley's Zone (below 850 m RL) in October 2013 at between 24 mt at 0.3% WO3 at a 0.2% WO3 cut-off grade and 60 mt at 0.2% WO3 at a 0.0% WO3 cut-off grade below -180mRL. (The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.). Announcement • Feb 10
Elementos Limited Announces Exploration Drilling Campaign At the Company's Cleveland Tin-Copper Project in Tasmania Elementos Limited announced exploration drilling campaign at the company's Cleveland Tin-Copper Project in Tasmania has begun, with the first of five exploration diamond drill holes now being drilled. Elementos Managing Director Joe David said the 1,230m planned drilling would target further tin-copper mineralization along strike of and within a significant gap in the historical drilling and currently defined Mineral Resources. Mr. David said drilling would test historical Self Potential (SP) anomalies along strike to the northeast of the current Mineral Resource. The program is currently forecast to be completed and reported within the first half of 2022. Elementos' Cleveland Tin-Copper Project is located 80km southwest of Burnie in the mineral-rich northwest region of Tasmania, Australia. It is a historic underground mine site boasting excellent electrical, water and transport infrastructure. It was operated as an underground mine by Aberfoyle Resources from 1968 to 1986 -demonstrating robust mining results and metallurgical recoveries. Announcement • Jan 29
Elementos Limited Appoints Joe David as Managing Director Elementos Limited has appointed company chief executive officer Mr. Joe David to the Board of Directors as Managing Director. Mr. David served as CEO since April 2021 during which time he led the completion of the drilling campaign at the company's Oropesa Tin Project in Spain that returned significant intersections and contributed to a material increase in the project's Total Resource Estimate. Additionally, he has announced an Optimisations Study and the commencement of the Definitive Feasibility Study at the Oropesa Tin Project. Progressing the Cleveland Tin Project has also been a focus with a strategic review underway and the commencement of prospective targets likely to be underway during Q1-2022. Mr. David held executive positions in mining, construction, and finance industries prior to joining Elementos. His career has spanned executive roles with private equity, listed and private companies as well running his own consulting group for four years. He has managed the development of natural resource projects, bankable feasibility studies, exploration and metallurgical programs, project financing, corporate finance advisory, corporate strategy, and mergers and acquisitions. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 29
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended after 6.1 years in the role. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 28
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. We don't have any record of a personal shareholding under Christopher's name. Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. We don't have any record of a personal shareholding under Christopher's name. Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 27
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Executive Departure • Nov 26
Non-Executive Director Christopher Dunks has left the company On the 26th of November, Christopher Dunks' tenure as Non-Executive Director ended. As of September 2021, Christopher still personally held 175.00k shares (AU$109k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Announcement • Sep 12
Elementos Limited Announces Additional Tin Mineralization At Oropesa Elementos Limited announced new assay results have confirmed the significant thickness of a new zone of mineralization at its wholly-owned, flagship Oropesa Tin Project in Spain. Hole Expn_53A has confirmed the thickness of the recently identified shallow tin mineralization zone, whilst holes Expn_008 & Expn_009 have confirmed additional mineralization and continuity down to a depth of approximately 190m below surface. Drill assay results from the three drill holes include (cut-off of 0.1% Sn): Expn_53A: 30.6m at 0.22% Sn from 22.2m; 9.1m at 0.16% Sn from 62.0m; 10.2m at 0.25% Sn from 73.4m; 1.8m at 0.33% Sn from 85.5m; 6.2m at 0.19% Sn from 92.6m. Expn_008: 19.5m at 0.18% Sn from 70.3m; 32.3m at 0.20% Sn from 161.7m. Expn_009: 8.1m at 0.26% Sn from 96.6m; 15.8m at 0.44% Sn from 108.4m; 2.6m at 0.15% Sn from 140.6m; 5.7m at 0.12% Sn from 140.5m; 11.9m at 0.18% Sn from 167.7m; 12.9m at 0.27% Sn from 191.4m. Announcement • Aug 31
Elementos Limited Reports Another Significant and Shallow Mineralisation Intersection At Its Wholly Owned, Oropesa Tin Project in Spain with Assays from Single Hole Expn_061A Elementos Limited has reported another significant and shallow mineralisation intersection at its wholly owned, Oropesa Tin Project in Spain with assays from single hole Expn_061A. These results follow assay data from 34 drill holes previously reported from this program. Assays from seven drill holes remain outstanding. Elementos Chief Executive Mr. Joe David said the drill hole assay results are material to the project due to the 1) shallowness, 2) significant mineralisation, 3) location outside the previously released 2018 Mineral Resource Estimate, and 4) the possibility it now links other previously defined zones of mineralisation. Announcement • Aug 12
Elementos Limited Confirms Additional Zones of Significant Mineralization At Its Wholly Owned, Oropesa Tin Project Elementos Limited has confirmed additional zones of significant mineralization at its wholly owned, Oropesa Tin Project in Spain following the completion of its planned 44 diamond drill hold program (with two re-drills, totaling 46). The results from the latest four drill hole assays are listed below (intersection 1m & Sn 0.1%) and follows assay data from 29 drill holes previously reported from this program. Assay data from an additional 11 drill holes remains outstanding. ADD_019: 1.5m at 1.75% Sn from 116.0m. Expn_058: 9.4m at 0.58% Sn from 11.2m; 22.0m at 0.18% Sn from 36.7m. Expn_056: 11.3m at 0.38% Sn from 34.7m; 7.1m at 0.37% Sn from 96.5m. Announcement • Jul 14
Elementos Limited Commits to Completing A Definitive Feasibility Study for the Oropesa Tin Project The Elementos Limited announced that Board of Directors has approved moving the development of the Oropesa Tin Project (Project) directly to a Definitive Feasibility Study (DFS). This decision was taken in recognition of the extensive work undertaken to date, and to take advantage of the opportunity to accelerate the development timeframe of the Project in a strong tin market. Following a robust and multifaceted project review, the Board endorsed the strategy of moving directly into a Definitive Feasibility Study (DFS) to mature the project. Bypassing a Pre-Feasibility Study (PFS) in favour of a DFS confirms the company's confidence in the Oropesa's mineralisation, the scope of the project and is driven by numerous techno-economic factors, including: The high levels of project definition and engineering delivered in the 2020 Updated Economic Study 3. The limited number of options remaining to be assessed with the project scope being defined clearly in the 2020 Updated Economic Study. The feasibility development programs16 already in progress (Metallurgical, Geotechnical, Hydrogeological) will input DFS level of engineering confidence. Recent tin price strength and the long-term supply and demand fundamentals. Strong European Union (EU) support for the development of `intra-EU' strategic and critical mineral supplies and mines. Strong demand for the proposed Oropesa tin concentrate by industry offtakers Bypassing a PFS in favour of a DFS reflects the Company's confidence in the project and should demonstrate to Elementos' shareholders and stakeholders that the Company's primary focus is to drive the Oropesa Tin Project through its development gates and into production. The company will further refine its DFS delivery date as programs of work are completed but is targeting the finalisation in the second half of 2022. Announcement • Jun 16
Elementos Limited Updates on Oropesa Tin Project Elementos Limited has intersected further significant zones of mineralisation in its current drilling campaign to increase the confidence of the Mineral Resource at its flagship Oropesa Tin Project in Spain. With 37 of 44 planned holes now drilled, assays for another two diamond drill holes have been received from the ALS laboratory in addition to the 27 diamond drill hole results previously reported from this program. Significant zones of mineralisation interpreted from these latest results are shown below: Expn_015A: 3.6m @ 0.77% Sn from 22.9m. 13.6m @ 0.32% Sn from 31.5m. 7.6m @ 0.53% Sn from 119.5m. ADD_17A: 1.1m @ 0.63% Sn from 134.0m. 
