Ann: Element 25 Commences Butcherbird Stage 2 Expansion, page-22

Sent a follow up email last week and recieved a reply from Justin. In a nutshell asked what shareholders can expect on the newsflow front over the coming months and whether a 3rd Offtake partner would be US based. Reply below.

Potential catalysts (very brief)
- expansion plan execution

- manganese price recovery

- financing for HPMSM

- further HPMSM offtake

- Resource expansion at Butcherbird

- lithium exploration at Lake Johnston

Also, with regards to further offtakes, is it likely to be a North American manufacturer? Are further off takes required in order to secure funding? A general timeline.

- we are talking to potential offtake partners in the US, EU and Asia, both OEMs, PCAM and CAM manufacturers. Discussions are progressing well but exact timing difficult to predict.