Oropesa Tin Project

The Oropesa Tin Project is strategically located within the European Union, 150km north of Seville within Spain’s Andalucía Autonomous Region. Oropesa has one of the world’s only undeveloped, opencut tin deposits, with easy access to Spain and Europe’s world class infrastructure. The project is at an advanced stage of development, with a recently completed Definitive Feasibility Study (DFS) and Maiden Ore Reserve Statement. The company has made strategic steps to vertically integrate and not only develop Europe’s only tin mine but a mine-to-metal supply chain of tin metal ingots.

Definitive Feasibility Study

The DFS confirms the project’s compliance with regulations, responsible approach to planning, minimisation of environmental disturbance and low impact to the surrounding communities; whilst also highlighting the strategic benefits of being the only mine-to-metal vertically integrated tin project in development within the European Union.

The DFS, delivered by Elementos’ Spanish subsidiary Minas de Estaño de España S.L.U. (MESPA), is based on the responsible development, operation and rehabilitation of an open-cut tin mine, processing plant, tailings storage facility, waste dumps and supporting infrastructure to support a base-case mine life of approximately 12 years. The operation is designed to produce a high-grade, low impurity tin concentrate (~63% Sn), which is planned to be toll treated in a local Spanish smelter before being sold by the company onto customers as tin ingots (metal).

All the assumptions used in the DFS align with the submitted project approvals with the Junta de Andalucia (Andalucian Government) and its major departments. The project has undergone extensive data acquisition, lab work, metallurgical assessment and pilot testing, engineering development works, reporting, scheduling, market tendering, assessment and definition. The project exceeds the 30% design level, and is 90% market priced, meeting the AACE Class-3 threshold for DFS maturity.

DFS Summary Data

Please note that this table has been rounded for compliance, which may lead to differences in reporting

Definitive Feasibility Study confirms robust project design and economic outcomes.

Project layout design.

Mine-to-Metal Tin Supply

Elementos holds a binding, unconditional option to acquire a 50% interest in Iberian Smelting SL, owner of the Robledollano tin smelter, about 220km by road from Oropesa. All option conditions were satisfied in August 2026 following a €475,000 payment; a further €620,000 is payable in January 2027.

Additionally, Elementos has signed an Industrial Testwork Partnership Agreement with Atlantic Copper (a Freeport McMoran Company, ~250km away) to evaluate increasing tin production and recovery at the Oropesa Project, potentially leading to further offtake discussions.

Elementos has appointed MA Moelis Australia Advisory Pty Ltd as exclusive debt financial adviser to advise on project funding and potential transactions for the Oropesa Tin Project.

Ore Reserve & Mineral Resource Estimate

Notes:

1. All figures are rounded to reflect appropriate levels of confidence, apparent differences in totals may occur due to rounding.
2. A cut -off grade of 0.15% Sn has been applied.
3. Tonnages are expressed on a ROM basis, incorporating the effects of mining losses and dilution.
4. The reference point at which these ore reserves are defined is as the ore is delivered to the ROM Pad.

The Oropesa Tin Project contains a JORC compliant Measured, Indicated and Inferred Resource.

Permitting & Tenure

The Environmental Licence (AAU) and Mining Licence applications were lodged in April 2025 and are under assessment. In June 2026 the Andalucía Regional Government granted the project an Overriding Public Interest declaration, and a water permit application has since been lodged with the Guadalquivir River Basin Authority. In July 2026 the Provincial Council of Córdoba approved 8.1km of access road works. The next major milestones are the Environmental Compliance Statement and Public Exhibition.

The AAU and Mining Licence submissions (totalling 152 separate files, ~11,324 pages) are being assessed by the following government departments – as simplistically presented below.

The Company received a requested extension to its rights over the key Oropesa Tin Project tenement. The granting of the Investigation Permit extension follows the Company having worked closely with the Andalucia Mining Department to ensure the continuity of its rights over the Investigation Permit (equivalent of Australian Exploration Licence) for the Oropesa Project area.

The project has significant support within the Junta de Andalucia (Government) and remains a key mining project within the Government’s Project Accelerator Unit (Unidad Aceleradora de Proyectos).

In May 2026 Elementos was awarded the Pascuala, Laurencia and San Jose permits surrounding the Oropesa Tin Project.