elementos.com.au

MAY 2013 ASX Code: ELT

Acquisition of the Cleveland Tin-Copper and Tungsten Project

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Acquisition of Cleveland Mine

1 Share price close 9 May 2013 2 March 2013 Quarterly Report 3 6 cent options expiring April 2014 4 Assumes that Rockwell shareholders will own 55% and current ELT shareholders 45% of the merged Company

Merger to create a diversified metals company, including an advanced stage tin-copper and tungsten project, together with a number of prospective gold and copper assets in South America and Australia

Share price1 2.5 cents

Cash2 $0.7 million

Capital structure Pre Merger Post Merger4

Ordinary shares 150 million 330 million

Listed options3 33 million 73 million

Market capitalisation A$3.75 million A$8.25 million For

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Reasons to Invest Share price appreciation potential – transitioning from explorer to developer through the acquisition of the Cleveland project

Strengths:

Advanced development project - approaching PFS stage with a number of key competitive advantages:

► JORC Resources – 60kt tin equivalent

► Lower capex – significant underground development in place and nearby infrastructure (port, power and labour)

► Lower operating costs are possible – known mining and metallurgy

Significant exploration potential – scope to expand known resources:

► Tin-copper mineralisation is open at depth and along strike

► Tungsten resource (12kt contained WO3) open at depth

Portfolio rationalisation – pursuing strategies to realise value from the Australian and South American assets

Multi-commodity focus - exposure to tin, tungsten, copper and gold

Board restructure - to bring new expertise and experience in tin

Valuation - stock trading at steep discount to Australian tin industry peers

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Undervalued Compared to Peers

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Australian Tin Peer Valuation Enterprise Value per tonne of JORC contained tin

Share prices 9 May 2013. Cash March 2013. ELT post Rockwell merger. Elementos assumption: 47,000 contained tin-copper metal equivalent. No tin tailings or tungsten resources included.

0 50 100 150 200 250 300 350 400

Stellar Resources

Elementos

Consolidated Tin

Venture Minerals

Kasbah Resources

Average $225/tonne

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Merger Overview ELT to merge with Rockwell Minerals Limited (“Rockwell”) to create diversified

company with assets including:

► Cleveland - an advanced stage project with tin-copper and tungsten JORC Mineral Resources and significant exploration potential

► Millenium / Selwyn South – portfolio of copper-cobalt exploration tenements

► South America – three copper and gold projects including two with drilling

Rockwell is an Australian unlisted public Company that owns 50% of Cleveland, with an option to acquire the remaining 50% interest for $700,000 by 31 Dec 2013

On completion, Rockwell shareholders will own 55% and present ELT shareholders 45% of the merged Company

The Directors of Rockwell have resolved unanimously to recommend that Rockwell shareholders accept the proposal, and intend accepting the proposal with respect to their own shares

Calvin Treacy (Chairman of Rockwell) and Richard Trevillion (a non-executive director of Rockwell) will join the board of Elementos

A. Anthony McLellan will remain non-executive chairman of the merged Company

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Merger Strategic Rationale Merger of ELT and Rockwell has a strong strategic rationale:

► Positions ELT with a more advanced asset, reducing the Company’s exposure to greenfield exploration

► Secures a new advanced stage project with near term development potential, and significant exploration upside

► Provides a potential valuation up-lift from relatively short-term work programs

► Enables a significant exposure to tin, which the board believes has attractive supply and demand fundamentals

► Bestows a management team and board with the expertise and experience to move the advanced assets through financing and into development

Acquisition subject to completion of due diligence, finalisation of implementation deed, and shareholder and statutory approvals

Transaction expected to be completed by late June/early July 2013

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North-West Tasmanian Tin Province Cleveland is located in north-west

Tasmania, Australia, approximately 80 kilometres south of Burnie

Established mining province since early 1900s

District has a number of high-grade, long life, iron ore, base and precious metal mining operations

World class tin province including^:

► Renison Bell (>200kt tin production)

► Mount Bischoff (>50kt tin production)

► Cleveland (24kt tin production)

Australia’s largest tin mining operation at Renison (~7kt/yr tin production)

New tin development projects planned at Zeehan and Mt Lindsay

Stable, pro-mining jurisdiction:

► Mining Lease recently granted for Venture Minerals Riley DSO project

^ Total estimated historical production from various reports and references

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The Cleveland project area covers the northern margins and metamorphic aureole of the Meredith Granite

The Meredith Granite is part of a suite of Devonian granites which are associated with numerous world class tin deposits in the province

Other types of deposits and mines in the region include:

► Savage River iron ore

► Henty gold

► Rosebery lead and zinc

► Mt Lyell copper

► Avebury nickel

► Hellyer and Que River lead and zinc

World Class Minerals Field F

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Large Tenement Holding 96 square kilometres of prospective exploration ground held in three exploration permits:

► EL7/2005 – covers historic Cleveland project site

► EL9/2006 and EL15/2011 – areas adjoining EL7/2005

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Excellent Support Infrastructure Port – Container, cargo and bulk handling port at Burnie, an export port 80

kilometres by road to the north-east, providing access to Asian smelters

Roads - Adjacent to an all weather sealed road with access to Burnie

Labour - Mining and industrial-savvy workforces in the region

Power – High tension transmission lines running through project site

Water – Adequate water resources exist within the tenement areas

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Geological Snapshot At Cleveland, tin and copper mineralisation

occurs in a series of sedimentary rocks belonging to Hall’s formation, underlain by sandstones and overlain by volcanics

Mineralisation in the sedimentary rocks originated from the Meredith granite at depth

Transportation and distribution was controlled by a number of faults and favourable lithologies

Known tin and copper bearing semi-massive sulphide mineralisation occurs as lenses within Hall’s Formation

The lenses dip more or less vertically with:

► strike lengths of up to 550 metres

► across strike thicknesses of up to 30 metres

► down-dip extents of up to 800 metres

Tungsten is hosted in a quartz stock-work (veinlets and stringers) around a dyke

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Redeveloping a Historic Tin Mine Historic underground mine operated by

Aberfoyle from 1969 to 1986

5.6Mt of ore processed at 0.68% tin and 0.29% copper to produce in concentrate:

► 23,519 tonnes of tin

► 9,691 tonnes of copper

Cleveland was among the first mines in the world to use trackless mining for ore haulage to the surface

Significant investment in underground declines and underground development – mine access will be restricted until dewatering and rehabilitation is completed

The mine closed due to the low tin prices in the mid-1980s – US$8,000/t compared to US$21,000/t today

Some exploration outside the areas defined in the mine resource

Note: Entrance to the Cleveland mine shown by red circle and heights above sea level marked in red on the right

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Cleveland Mine & Tailings JORC Resource

Cleveland Tin and Copper Mineral Resources 31 March 2013 (0.35% Sn cut-off grade)

Category Tonnage % Sn Tin Metal (tonnes) % Cu Cu metal

(tonnes) % Sn Eq

Tin Eq Metal (tonnes)

Indicated 4,239,000 0.70 30,000 0.28 12,000 0.80 34,000

Inferred 1,880,000 0.64 12,000 0.19 3,600 0.70 13,000

Total 6,119,000 0.68 42,000 0.25 15,600 0.77 47,000

Cleveland Tin and Copper Tailings Mineral Resources 31 March 2013 (0% Sn cut-off grade)

Category Tonnage % Sn Tin Metal (tonnes)

% Cu

Cu metal (tonnes)

% Sn Eq

Tin Eq Metal

(tonnes)

Inferred 3,850,000 0.30 11,600 0.13 5,000 0.34 13,000

Independent JORC Resource prepared by Mining One Consultants – Cleveland Mine, Luina, Tasmania, “Mineral Resource Report” for Rockwell Minerals, April 2013

Tin Equivalent based on: Sn_Eq % = Sn% + (Cu% / 2.94) – please see disclaimer for calculation methodology

No mining or metallurgical factors have been applied

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Cleveland Mine Resource Model Resource model ►Mineral Resources have been

estimated for the tin and copper in the individual lenses

►The tin and copper lenses occur in three main structural domains, separated by two flatly dipping faults - Ratchet and Nadir

Exploration potential ►Aberfoyle focused on the

incremental expansion of existing resources

►The deposit is open at depth and along strike

►Two shallow targets near the surface provide opportunities for modest resource increase

►Known tin and copper intersections outside the current resource

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JORC Resources Database Aberfoyle’s mining database includes: ►2,040 drill holes totalling 134,000 metres ►75,000 assay points for tin, copper,

tungsten, lead and zinc ►Core from 87 diamond drill holes stored in

the Mineral Resources Tasmania core facility; 111 samples re-assayed to check reliability of Aberfoyle sampling and assaying

►Tailings resource based on reported operating records of the Aberfoyle processing plant

Above: 3D model showing all the historical drill holes and decline in green. Left: Historical core preserved in Hobart

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Precedent for Deposit to Extend to Depth The granite contact is estimated

to be ~4km below Cleveland

Current mine development extends down to approximately 500 metres below the surface

There are precedents for the possibility that mineralisation will extend down to the granite, for example:

► Renison tin mineralisation extends down vertically for >1km to the granite contact

► Cornish tin mineralisation in the UK occurs within granite

Implies significant depth potential at Cleveland

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Tungsten Deposit Top located approximately

500 metres below surface

Inferred Mineral Resource of 3.98Mt at 0.30% WO3 for 12,000 tonnes of contained WO3

Existing underground development reaches upper portions of the deposit

Deposit is a quartz stock-work related to a quartz porphyry dyke

Potentially amenable to low cost bulk mining

Cleveland Tungsten Mineral Resource 31 March 2013 (0.2% WO3 cut-off grade)

Category Tonnage % WO3 Contained WO3

(tonnes)

Inferred 3,980,000 0.30 12,000

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Tungsten Deposit Resource model ► Tungsten mineralisation occurs as

wolframite ([Fe,Mn]WO3) hosted in a quartz stock-work

► Tungsten bearing stock-work is considered to dip vertically and has a known strike length of 300 metres, an across strike width of up to 300 metres and a down dip extent of 900 metres

Exploration potential ► The tungsten system remains open

at depth – diagram to the left shows extrapolation down to 1100m

► Significant potential for the mineralisation to extend to depth

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Mining Mine historically a low-cost, open stoping

operation Significant underground mine development

in place: ► 4 km decline development down to

500m via a 5.0m X 5.0m drive expanded to 5.5m² on curves

► More than 11km of underground development in place (needs rehabilitating)

Key tin deposit characteristics: ► Ore lenses up to 30 metres width ► Steeply dipping and relatively long strike

length ► Competent wall rocks

Amenable to low-cost mechanised bulk extraction methods using large machinery

Expect low ground support costs Tasmania has well developed underground

mining industry with cost structures lower than the mainland

Schematic demonstrating the historical mining method

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Simple Metallurgy and Processing Tin and copper Known process route to produce tin and copper concentrates: ► Tin primarily occurs principally as

cassiterite (tin oxide) Copper occurs as chalcopyrite

► Historical tin and copper recoveries averaged 60% - best tin recovery 69% and copper 76%

► Metallurgical recoveries have potential to be significantly higher using modern-day tin recovery technologies

► Metallurgical test-work and process flow sheet design underway

Tungsten ► Tungsten occurs as wolframite ► No metallurgical analysis

undertaken

Conceptual flow sheet for a future operation For

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Tin Prices – Current Prices Sustainable Supply constrained and global mine production declining:

► Chinese and Indonesian production in long-term structural decline

► San Rafael mine closure in 2018 to reduce global production by ~10%

► Few new, sustainable projects in development

Demand growth is real and sustainable, with new uses adding demand pressure

Higher prices required to reflect the economics of new projects:

► High construction costs for new mines

► ITRI estimate tin prices above >US$25,000/t required (current price US$21,000/t) for new projects to be economic

21 Source: ITRI

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Tin Uses – Lead Free Solder Key Driver

Lead free solder has transformed the tin market

Non toxic – replaces lead and other toxic metals

Excellent fusion ability in making alloys

Low melting point

Low cost compared to other metals like silver

Solder 53%

Tinplate 17%

Chemicals 14%

Brass & Bronze 5%

Float Glass 2%

Other 9%

2012 Tin Consumption by Usage^

^ CSFB Estimate, “Commodity Forecasts - The Setting of the Sun”, April 2013 22

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Tin Supply – Structural Changes Underway Issues affecting global tin supply:

Tin grades are declining and mines are getting deeper

Costs of production are rising

Capital costs are too high - current prices do not justify investment

Regulatory and environmental approvals are increasing

Political and social instabilities and changing legal frameworks

Export limitations in some countries

New projects face greater metallurgical complexity

Many new projects are small

Low exploration and mine discoveries during the 1990s

Minsur SA Production Forecast2

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Indonesian Supply Declining1

Sources: (1) ITRI (2) Minsur SA of Peru presentation to ITRI

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Tin Demand- Steady Growth Sustainable growth ► China accounts for nearly half of

global demand ► Lead free solder demand growing

– the electronics age plus legislation banning use of lead

► Tin is highly inelastic – substitution unlikely

24 #Source: Investing in Tin Seminar, 30 November 2012 ITRI Ltd

New markets ► New product development in the

modern consumer electronics market key driver

► Lithium ion batteries – graphite anodes replaced with tin

► Solar cells, tin alloys, stainless steel

ITRI Tin Demand Forecast (kt)#

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Next Steps

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Complete Rockwell merger – expected in late June/early July 2013

Cleveland development activities in progress and planned include:

► Environmental permitting and Mining Lease applications

► Plan a dewatering program to re-establish access to the Cleveland mine

► Commence exploration drilling targeting:

o Two shallow zones near the surface that can add to the resource base quickly

o The main tin-copper deposit remains open at depth and along strike

o Targeting a number of areas where Aberfoyle had intersections outside the main resource

► Progress metallurgical test-work and design a new process flow sheet

► Complete a scoping/PFS study to identify the optimal development scenarios for the tin, tungsten and tin tailings, including capital and operating costs

► Evaluate a number of new greenfield exploration targets

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Summary

Advanced tin-copper resource – approaching PFS stage

Underground mine development already in place – significant future capital cost saving

Potentially large scale tungsten resource

Significant exploration potential in both tin and tungsten deposits

Located in a politically stable jurisdiction, with excellent infrastructure

Close to Asian markets and tin smelters

Attractive tin supply and demand dynamics

Trading at a significant discount to industry peers

Limited number of advanced tin investment opportunities – ELT provides a low cost entry

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COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Michael V. McKeown of Mining One Consultants, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McKeown is an employee of Mining One Consultants and its subsidiaries, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which it is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr McKeown was responsible and supervised the preparation of the technical information in this release and has relevant experience and competence of the subject matter. Mr McKeown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MINERAL RESOURCES AND REPORTING Mineral Resources, which are not Ore Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by economic, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

# TIN EQUIVALENT CALCULATIONS The tin equivalency is calculated by the formula: Sn_Eq % = Sn% + Cu% / (Sn price US$25,000 / Cu price US$8,500). No metallurgical assumptions have been built into the resource estimate, although the Company expects that the tin and copper will be recovered into concentrates in a modern concentrator. The Company notes that Cleveland was a historical mine operated by Aberfoyle Limited between 1968 and 1986. During the life of the Cleveland operations, 5.7 million tonnes of ore was mined and processed to produce approximately 24,000 tonnes of tin and 10,000 tonnes of copper in concentrates. The historical life of mine tin and copper recoveries averaged 60% - best tin recovery 69% (1969 and 1973), and copper 76% (1973). The Company believes that recoveries could be substantially improved using modern day tin processing technology. The tailings resource has been subject to a Rockwell scoping study and metallurgical test work which has demonstrated that tin and copper concentrates can be recovered.

The Company believes that all the metals included in the metal equivalent calculations have a reasonable potential to be recovered and it does not believe there are any factors that would result in metallurgical recoveries being materially lower than historically achieved.

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Disclaimer F

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Elementos Limited ACN 138 468 756 Level 8, 26 Wharf Street tel: +617 3221 7770 Brisbane, Queensland, Australia fax: +617 3221 7773 www.elementos.com.au For enquiries regarding this presentation please contact: Corey Nolan – Managing Director email: admin@elementos.com.au

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Contacts

Forward Looking Statements This presentation may contain certain forward looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Elementos Limited’s control. Actual events or results may differ materially from the events or results expected or implied in any forward looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward looking statements will be or are likely to be fulfilled. Elementos Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation (subject to securities exchange disclosure requirements). The information in this presentation does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this presentation constitutes investment, legal, tax or other advice.

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