Tin Price Rally and Permitting Risks Loom as Elementos Advances Oropesa and Cleveland

Strategic Progress at Oropesa

Elementos Limited has marked a pivotal quarter advancing its flagship Oropesa Tin Project in Andalucía, Spain. The company delivered a robust Definitive Feasibility Study (DFS) and Maiden Ore Reserve, underscoring the project's technical and economic viability. Engagements with the Andalucian Regional Government have progressed permitting, moving the project closer to production within the European Union's only major tin development.

Crucially, Elementos executed a binding option agreement to acquire a 50% stake in Iberian Smelting SL, owner of the Robledollano Tin Smelter located 220 kilometres from Oropesa. This move locks in a mine-to-metal strategy, enabling Elementos to refine tin concentrate into metal ingots domestically, reducing environmental impact and transportation costs compared to Asian smelters. The smelter's existing operations and licenses for multiple metals position Elementos uniquely as a vertically integrated tin producer within Europe.

Advancements at Cleveland and Government Support

Meanwhile, the Cleveland Tin Project in Tasmania continues to reveal its multi-commodity potential. Recent X-Ray Transmission ore sorting test work has substantially upgraded tungsten ore grades by over 400%, enhancing the project's development economics. The company is targeting a re-evaluation of the tungsten Mineral Resource Estimate by February 2026, supported by new assay results indicating extensions to tungsten and rubidium mineralisation.

The Tasmanian Government has also announced a feasibility study into a Common User Processing Facility for tin and tungsten in the state's northwest, which could provide critical infrastructure support for Cleveland and other regional projects. This governmental backing adds a layer of strategic confidence to Elementos' plans.

Financial Strength and Market Tailwinds

Elementos closed the quarter with a significant capital raise totalling $9.1 million, including an $8.3 million placement and a $0.8 million entitlement offer, alongside $2.9 million raised from option exercises by directors and shareholders. This has bolstered the company's cash position to over $12 million, providing a solid runway to fund permitting, pre-final investment decision activities, and ongoing technical work.

Market conditions are highly favourable, with tin prices reaching multi-year highs, recently touching approximately US$55,000 per tonne on the London Metal Exchange. This price strength is driven by supply tightness and robust demand linked to electrification, green energy, and industrial automation trends. Elementos is well positioned to capitalise on these dynamics as it advances both projects.

Looking Ahead

With funding secured and strategic partnerships in place, Elementos is set to focus on advancing Oropesa through key permitting milestones, progressing commercial discussions, and refining its mine-to-metal strategy in Spain. Concurrently, technical and resource development work at Cleveland will continue, supported by government initiatives and strong commodity markets. The company’s integrated approach and geographic diversification offer a compelling growth narrative in the critical minerals sector.