Elementos Advances Oropesa Permitting and Smelter Acquisition; Cleveland Tungsten Resource Surges

Oropesa’s Strategic Position Strengthened by Government Recognition and Smelter Stake

Elementos Limited (ASX:ELT) is steadily advancing its flagship Oropesa Tin Project in Spain, navigating key permitting processes with the Regional Government of Andalucía. While progress is tempered by the upcoming Andalusian elections scheduled for May 17, 2026, the company remains optimistic about near-term announcements on licence advancements. Crucially, the Spanish Government’s inclusion of tin in its National Mining Exploration Programme (PNEM) as a Priority Raw Material elevates Oropesa’s strategic importance within Europe’s supply chain ambitions.

Further underpinning its vertical integration plan, Elementos has executed binding option agreements to acquire a 50% stake in Iberian Smelting SL, operator of the Robledollano Tin Smelter located 220km from Oropesa. This move secures a mine-to-metal supply chain for Europe, aiming to deliver premium tin metal directly to the EU market. The smelter acquisition complements the completed Definitive Feasibility Study (DFS) and Maiden Ore Reserve, positioning Oropesa for a Final Investment Decision and project financing.

Cleveland Project’s Tungsten Resource Doubles Amid Multi-Commodity Potential

In Tasmania, the Cleveland Tin Project continues to reveal its broader critical minerals potential, with a 115% increase in the tungsten Inferred Mineral Resource Estimate to 8.49 million tonnes at 0.24% WO3, containing over 20,600 tonnes of tungsten trioxide. This significant upgrade, announced in early February 2026, builds on assay results confirming extensions of tungsten, rubidium, and fluorspar mineralisation within the upper Foleys Zone. The company has also published a tungsten Exploration Target ranging from 32Mt to 90Mt, highlighting the potential scale beyond current resource boundaries, though this remains conceptual.

Metallurgical test work has commenced on tungsten and associated critical minerals including rubidium, bismuth, molybdenum, and fluorspar, with samples dispatched to global specialist laboratories. The Tasmanian Government’s extension of exploration rights for three years signals ongoing support for Elementos’ redevelopment plans. These developments reinforce Cleveland’s positioning as a long-life, multi-commodity asset with potential synergies alongside the tin and copper resources.

Capital Raise and Market Conditions Bolster Development Pathway

Elementos’ balance sheet received a significant boost through a $29.5 million strategic placement to L1 Capital at $0.34 per share, with L1 Capital now holding just under 20% of issued shares. This infusion of capital enhances the company’s ability to progress Oropesa towards key milestones while continuing to unlock value at Cleveland. The cash position at quarter end stood at approximately $39.8 million, providing a strong runway for ongoing exploration and development activities.

Commodity markets remain supportive. Tin prices, while easing from record highs in January 2026, have stayed historically elevated, averaging around US$38,400 per tonne over the past year, well above the DFS assumption of US$30,000. Meanwhile, tungsten prices have surged dramatically, with ammonium paratungstate (APT) prices climbing from below $600/mtu in mid-2025 to over $3,000/mtu by early 2026, driven by tight supply and strong demand from strategic sectors.

This financial and market backdrop aligns with Elementos’ strategic objectives, as detailed in their recent $29.5M capital raise and doubled tungsten resource announcements, underscoring the company’s momentum across its portfolio.

Navigating Regulatory and Commercial Milestones Ahead

Looking forward, Elementos’ immediate priorities are clear: securing final permitting approvals at Oropesa, closing the smelter acquisition to solidify the mine-to-metal chain, and advancing Cleveland’s technical studies towards a scoping study planned for 2026. The company’s management highlights ongoing confidential discussions with strategic partners, offtake groups, and financiers, though details remain under wraps pending binding agreements.

The political landscape in Andalucía introduces some uncertainty, as the regional government operates in an interim capacity until post-election. This may delay major project approvals, but the company’s proactive engagement and alignment with Spain’s national mineral priorities may mitigate some risks.

Meanwhile, the expanding critical minerals profile at Cleveland, combined with metallurgical advancements and extended tenure, presents a compelling case for a diversified development strategy beyond tin alone. As Elementos balances these twin projects and capitalises on market tailwinds, the coming months will be pivotal in translating resource potential into operational reality.