I get probably the same problem:
End of debug.err is:
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Items\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Race\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Stamps\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Units\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\RaceTypes\*.xml
DebugMessage: No files found matching mask data\Animations\Packs\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Effects\*.xml
DebugMessage: No files found matching mask data\Animations\SubPacks\*.xml
DebugMessage: No files found matching mask C:\Users\Laurent\Documents\My Games\Elemental\Quests\*.xml
DebugMessage: No files found matching mask data\Animations\Animations\*.xml
DebugMessage: LoadCoreXMLData finished 3
Debug Message: WARNING: Elemental Sub Pack 'K_Soldier_Recover_Animations' was set to unrecognized animation type: 'Recover'
DebugMessage: LoadCoreXMLData finished 2
Just updated a few minutes ago.