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2026-11-06
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Elementos Limited

DFS Unfunded Developer · Tin · Tungsten · Spain · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.365
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$160M
EV
A$119.7M
Cash
A$40.3M
Debt
A$0
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Oropesa Tin Project

Spain

DFS Unfunded Developer100% ownedTinZinc

DFS complete; primary mine/environment/water approvals and construction finance pending. SPIB can elect 4% at FID.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$215.9M8% discount
IRR23.8%Published return
Initial capexA$260MPublished capital estimate
Operating cost15,000USD/t tin metal

Post-tax ungeared NPV at US$30,000/t tin; AISC shown separately, not inserted into NPV again.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred19.6 Mt0.39% SnTin2023-02-14
Mineral ResourceMeasured, Indicated and Inferred23.7 Mt0.42% ZnZinc2023-11-29
Ore ReserveProved and Probable15.9 Mt0.36% SnTin2025-04-04
Tenements4
oropesa-13050Granted13 km² · No expiry supplied
laurenciaGranted4.2 km² · No expiry supplied
pascualaGranted9.9 km² · No expiry supplied
san-joseGranted21 km² · No expiry supplied
Milestones1
  1. Final investment decision

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Exploitation concessionAndalucía, SpainPending—Yes
Unified Environmental AuthorisationAndalucía, SpainPending—Yes
Water licenceGuadalquivir River Basin, SpainPending—Yes
Economic studies1
StudyStageStatusDateSummary
2025 Oropesa definitive feasibility studyDFSCurrent2025-04-0412-year open pit with 3,404 t/y contained tin and A$260m initial capex.

Material

Cleveland Tin Project

Australia

Resource Stage100% ownedTinCopperTungsten

Historical mine and tailings reserve; 2026 tungsten resource and metallurgical testing precede a new scoping study.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred7.5 Mt0.75% Sn, 0.30% CuTin · Copper2018-09-26
Mineral ResourceInferred8.5 Mt0.24% WO3Tungsten2026-02-04
Exploration TargetConceptual range— None32–90 Mt at 0.24–0.17% WO3Tungsten2026-02-04
Ore ReserveProbable3.7 Mt0.29% Sn, 0.13% CuTin · Copper2015-08-03
Tenements1
cleveland-el7Granted60 km² · No expiry supplied
Milestones1
  1. Cleveland scoping study

    Pending · High materiality

Material

Robledollano Tin Smelter

Spain

Producer0% ownedTin

Operating smelter owned by Iberian Smelting; Elementos has an unconditional option, not current equity ownership, to acquire up to 50% by October 2030.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Milestones1
  1. Second option fee due

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Operating and environmental permitsExtremadura, SpainGranted—No