Elementos Limited

Cleveland, Tasmania

ELT�s Development Plan

Later Stages

Beer & Co valuation and Recommendation

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Cleveland is a tin-copper deposit that was mined by Aberfoyle (ABF) until 1984, and shut when the tin price collapsed. It is about 60km from Burnie in North-West Tasmania.

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There have been significant advances in tin metallurgy since Cleveland was first developed, with advances in gravity technology for finer grained material, plus flotation and leaching. ELT�s testwork confirms modern gravity and flotation technology with re-grind and leaching of the tails should recover 47% of the tin to a concentrate grading 51% Sn from the tailings.

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ELT has published Resource estimates of

840kt in an Open Cut, grading 0.8% Sn and 0.27% Cu
6.6Mt under-ground, grading 0.63% Sn and 0.25% Cu; and
A separate tungsten Inferred Resource of 4.0Mt grading 0.3% WO3.

These will be developed subsequently.

Beer & Co�s analysis shows that ELT will generate sufficient cash from the tailings operations that it will not need to raise further equity for later development.

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Even at current price, Beer & Co has a positive valuation of ELT. At our base case prices, which are consistent with prices in 2014, our valuation is more than 3x the current share price, with significant value growth over time as the projects are progressively de-risked.

Beer & Co is bullish on tin. ELT has low capital cost and significant upside potential at Cleveland. We affirm our BUY recommendation.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

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	EXPLORATION STAGE
	CODE : ELT.AX

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Elementos is a exploration company based in Australia.

Its main exploration properties are SYDNEY FLAT - NEW ENGLAND FOLD BELT, CATHEDRAL ROCKS - NEW ENGLAND FOLD BELT, DALMORTON - NEW ENGLAND FOLD BELT and MILLENIUM in Australia and MANANTIALES and SANTO DOMINGO in Argentina.

Elementos is listed in Australia. Its market capitalisation is AU$ 152.9 millions as of today (US$ 99.8 millions, € 93.2 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at AU$ 0.00, and its highest recent level on April 14, 2022 at AU$ 0.96.

Elementos has 849 299 968 shares outstanding.

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