I think there is a bug in the mana cost for a combined elemental spell:

I made a spell elemental missile water+earth.
The cost for both element together was indicated as 146, almost 3 times the cost for one element. Strange.

Now, when I actually cast that spell, it seems the real cost is something like 80, more or less, and not 146 as indicated in the skill window. My maximum mana was 200 and I was able to cast the spell twice in a row, and I still hade some 50 left of mana.

Philippe