Key Highlights

  • Elementos (ASX:ELT) reports that the Oropesa Tin Project in Spain has a 15.9 million tonne Ore Reserve at 0.36% tin and a definitive feasibility study indicating NPV of about A$270 million, but primary permits are still with Andalucian regulators.
  • Elementos' option over a stake in the Robledollano tin smelter became unconditional on 3 August 2026; it has paid EUR475,000 with EUR620,000 due in January 2027 and can acquire up to 50%.
  • Moelis Australia Advisory was appointed exclusive Debt adviser for Oropesa in October 2026, with a number of term sheets received and Due Diligence under way.
  • A 3,600-metre diamond drilling programme at Cleveland in Tasmania is due to start in early November 2026, targeting an undrilled tin-copper corridor and the Foleys Zone tungsten target.

Elementos is attracting interest because it is assembling a European tin chain from mine to metal: a Spanish mine awaiting permits, an option over a Spanish smelter, and a Tasmanian project where fresh drilling is about to begin.

The ASX classifies the company in the Materials sector, and its ordinary shares are quoted on the exchange.

A mine, a smelter and a second project

Elementos is developing the Oropesa Tin Project in Andalucia, Spain, which has reached definitive feasibility study stage. It also owns the Cleveland project in Tasmania, which hosts tin, copper and tungsten.

The Oropesa study assumed a long-term tin price of US$30,000 a tonne. On that basis it indicated about 3,400 tonnes of contained tin a year over an initial 12-year life, a pre-tax net present value of about A$270 million and an internal rate of return of about 26 per cent.

The Ore Reserve is 15.9 million tonnes at 0.36 per cent tin. The company's FY26 annual report, lodged on 21 September 2026, notes that the London Metal Exchange cash price on 18 August 2026 was about US$56,025 a tonne.

Atlantic Copper, part of Freeport-McMoRan, is conducting industrial testwork on the Oropesa flowsheet, though no offtake agreement has been named.

The smelter option

On 3 August 2026 the company said its option over a stake in Iberian Smelting, owner of the Robledollano smelter, had become unconditional. The smelter lies roughly 220 kilometres from Oropesa.

Elementos has paid EUR475,000 and owes a further EUR620,000 in January 2027. The two-stage option allows it to acquire up to 50 per cent, exercisable on or before October 2030.

The logic is that Oropesa concentrate could be trucked to a nearby smelter, giving European buyers locally refined metal.

Permits and funding

Approvals remain the critical path. An overriding public interest declaration was granted in June 2026, and the Provincial Council of Cordoba approved an 8.1-kilometre access road on 28 July 2026.

The primary permits are still being assessed by Andalucian regulators, and a water permit application sits with the Guadalquivir Basin authority. No dates were given for either.

On financing, the 25 October 2026 Quarterly Report said Moelis Australia Advisory had been appointed exclusive debt adviser. It reported that a number of term sheets had been received and that due diligence was under way.

The company held cash of A$38.6 million at 30 September 2026, down from A$40.3 million at 30 June, and reported no drawn debt. Quarterly outgoings were about A$918,000.

The Balance Sheet was strengthened during FY26, when L1 Capital subscribed for 86,775,000 shares at A$0.34, raising A$29.5 million, and Metals X also invested alongside it, including a later entitlement take-up. There were 438,306,375 ordinary shares on issue at 30 June 2026.

Cleveland and the risks

At Cleveland, a 3,600-metre diamond drilling programme is due to start in early November 2026. It will test an undrilled tin-copper corridor and the Foleys Zone tungsten target.

The tungsten Inferred Resource is 8.49 million tonnes at 0.24 per cent tungsten oxide. The exploration target of 32 to 90 million tonnes is conceptual, with no certainty it will become a resource.

The main risks are permitting delay, the capital still to be raised for Oropesa, and tin price volatility. The company has no operating revenue, so progress depends on cash held and external funding.

What to watch

Investors will watch for the start and first assays of Cleveland drilling, any progress in the public exhibition phase of the Oropesa permitting process, and a decision on debt terms. A final Investment decision for Oropesa is the stated aim, though no date has been given.

The EUR620,000 smelter payment falls due in January 2027. The company's Annual General Meeting notice was lodged on 19 October 2026.