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Investor Presentaiton

Optimisation Study (2022) Summary NPV = A$342m, 2.5yr payback Life of mine Tonnage averages Annual ore mined Annual ore sorter feed Annual processing plant feed 1,250,000t Annual waste mined 8.8x average LoM strip ratio 11,000,000t Optimisation Study Basis (at US$32,500/t tin price) AUD:USD 1:0.64] ELEMENTOS 1,250,000t 1,000,000t Annual tin concentrate (62%) 5,400t Annual tin metal production 3,350t Total tin metal production x13 years mine life 38,550t Capital Cost US$86m A$134m Annual gross revenue US$108m A$169m Annual EBITDA US$56m A$88m NPV 8% (Pre-tax, ungeared) US$219m A$342m TOMORROW'S TIN 11

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