Ann: Element 25 Marks Historic Day With First Ore Shipment, page-39

1. We are selling manganese concentrate overseas to fund the operation of a high-purity manganese chemical business that will primarily benefit EV manufactures.

2. We are in lowest quartile when it comes to costs of production (at least for manganese concentrate until we have more information regarding high purity Mn). We are based in a tier 1 mining jurisdiction that is geographically close to Asian markets.

3. Management is heavily invested in the company and has proven themselves at every corner so far by meeting deadlines and hitting goals.

4. Based on JORC figures and the scalability of the business. the current MC of $300M makes this stock incredibly cheap. We are projected to reach an operating profit of $90M next year from concentrate alone. This is before the capital is redeployed into the high purity operation in which we will bring in 10 times the revenue that would come from concentrate.

CM would approve of E25 IMO.