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The new elemental crafting materials are called Volatiles. Volatile Earth, Volatile Air, Volatile Water, Volatile Life, and Volatile Fire are going to be by-products of herbalism, mining, and killing certain mobs. While they're technically farmable (unlike ore, skins, and herbs), the only way to farm Volatiles is to camp things that drop them or to collect them as by-products of mining or herbalism.
Let's look at the sources for each type of Volatile. Bear in mind that this is just beta information and thus is completely subject to change (as well as probably a little unreliable because of the small sample numbers).
- Elementium Vein will contain Water, Earth, Fire, and Air Volatiles.
- Pyrite Deposits will contain Fire and Air Volatiles.
- Obsidium Deposits will contain Air and Earth Volatiles.
- Herb nodes will all drop Volatile Life.
- There are a variety of elemental mobs that drop all the Volatiles, the most farmable of which are in Twilight Highlands.