Elementos Advances Oropesa DFS and Expands Exploration Amid Tin Price Surge

Oropesa Tin Project: A Definitive Step Forward

Elementos Limited has marked a significant milestone with the release of a Definitive Feasibility Study (DFS) for its flagship Oropesa Tin Project, located in the mineral-rich Andalucía region of Spain. The DFS, announced in early April 2025, confirms the project’s robust technical, environmental, and economic credentials. Designed as a 1.4 million tonnes per annum open-cut mine, Oropesa is projected to produce an average of 3,405 tonnes of contained tin annually over a 12-year mine life.

With a maiden ore reserve estimate of 15.9 million tonnes at 0.36% tin, the project is positioned as one of the most advanced tin developments globally. The DFS outlines a pre-tax net present value (NPV8%) of A$270 million and an internal rate of return (IRR) of 26% based on a conservative tin price of US$30,000 per tonne. Notably, at recent spot prices exceeding US$38,000 per tonne, the project’s NPV and IRR improve substantially, underscoring its economic resilience.

Strategic Partnerships and Vertical Integration

Elementos is actively pursuing a vertically integrated mine-to-metal strategy within the European Union, a key differentiator in the tin market. The company signed an Industrial Testwork Partnership Agreement with Atlantic Copper, a subsidiary of Freeport-McMoRan, to fund the production and processing of tin concentrate samples from Oropesa’s lower-grade ore and waste streams. This partnership aims to assess the feasibility of smelting tin concentrate at Atlantic Copper’s CirCular Plant near the Port of Huelva, approximately 245 km from the mine site.

Additionally, Elementos extended its investigation permit for Oropesa and submitted comprehensive documentation for the primary environmental and mining licenses required to advance the project. These regulatory steps are critical to securing approvals and demonstrate the company’s commitment to responsible and community-aligned development.

Cleveland Project Exploration Gains Momentum

In Tasmania, the Cleveland Tin Project continues to reveal promising exploration potential. A recent downhole electromagnetic survey identified a significant shallow target rich in copper, gold, and silver, located just 70 meters below the surface. Drilling commenced in March 2025 to test this target, with plans for multiple holes aiming to extend high-grade mineralization discovered in 2024.

The Cleveland project also hosts substantial tungsten and critical mineral resources, positioning Elementos to capitalize on a diversified portfolio of metals critical to emerging technologies and green energy applications.

Market Context and Financial Position

The March quarter saw tin prices surge approximately 24%, closing above US$35,700 per tonne, driven by supply disruptions in Myanmar, the Democratic Republic of Congo, and Indonesia. These geopolitical and logistical challenges have tightened the global tin supply chain, while demand from electronics, electric vehicles, and renewable energy sectors remains robust.

Elementos reported a cash balance of approximately A$654,000 at quarter-end and has drawn $750,000 from a $2 million unsecured loan facility provided by its largest shareholder and Non-Executive Chairman, Andy Greig. Exploration and evaluation expenditures totaled $576,000 during the quarter, reflecting ongoing investment in advancing both key projects.

With a clear pathway to production and strategic partnerships in place, Elementos is well-positioned to address forecast tin supply deficits and meet growing demand within the European market.