Slide 1: High Value, Advanced Tin Projects in Australia and Germany
HIGH VALUE, ADVANCED TIN PROJECTS IN AUSTRALIA AND GERMANY Taronga DFS Presentation May 2nd 2024
Slide 2: Disclaimer
Disclaimer This document (“Presentation”) has been prepared by First Tin plc a public limited company incorporated and not immediately returning it or attending the accompanying verbal Presentation, you are deemed to represent, registered in England and Wales under company number 07931518 “Company”)
Slide 3: Taronga: the world's next new tin mine
Taronga: the world’s next new tin mine FIRST TIN DFS PRESENTATION | MAY 2024 2
Slide 4: Natural advantages allow low tech, low risk, low capex, high margin
Natural advantages allow low tech, low risk, low capex, high margin… GEOLOGY MINERALOGY GEOGRAPHY TARONGA FIRST TIN DFS PRESENTATION | MAY 2024 3
Slide 5: With attractive economics and significant upside
…with attractive economics and significant upside Indicative Taronga Pre-Tax NPV Staircase (AUDm)* Further upside: 620 • Brownfield expansions • Fine tin flotation Convert Inferred circuit 251 259 resources as per Recovery • Higher tin price pit optimisations improvements Spot price already above US
Slide 6: High margin allows strong translation of Revenue to NPV
High margin allows strong translation of Revenue to NPV Cost and Margin Staircase USD 40,000 35,000 Spot Tin Price: US$ 33,097/t tin sold 30,000 DFS Tin Price: US$ 26,000/t 25,000 52% 20,000 Full Cost US$ 19,345/t AISC: US$ 15,843/t 15,000 C1 Cost: US$ 12,007/t 10,000 5,000 0 Mining Processing G&A G
Slide 7: Taronga's natural advantages reduce capex
Taronga’s natural advantages reduce capex • Infrastructure requirements reduced by: Pre-Production Capex Split — Location close to main roads 100% = AUD 176m — On-site bore water close to processing plant First Fill 1.1% Owner’s Costs 2.7% — Low volume sulphide tailings facility Mining — Local geogr
Slide 8: Basic mine and processing plant provide relatively fast build
Basic mine and processing plant provide relatively fast build Schedule Summary Pre-Production Quarters -8 -7 -6 -5 -4 -3 -2 -1 1 Permitting & Approvals Pre-Production Capex Timing Site Prep. & Access (mAUD) Co-disposal & TSF 120 Process Plant Plant Infrastructure 100 Plant Facilities Onsite infrastr
Slide 9: Accessible ore body, low strip ratio open-pit = low mining cost
Accessible ore body, low strip ratio open-pit = low mining cost <A$7/t ore LOW STRIP OPEN PIT MINING (‘000 TONNES* PA) 10,000 50% 5,000 100% 50% Material Waste ROM Ore Movement Rock 0.13% Sn * Rounded numbers FIRST TIN DFS PRESENTATION | MAY 2024 8
Slide 10: Mineralogy allows early cassiterite liberation, reducing volume, scale, cost
Mineralogy allows early cassiterite liberation, reducing volume, scale, cost PROCESSING (‘000 TONNES* PA) Conventional Crushing** Gravity and grinding concentration Circuit*** Tin Dressing Circuit 85% Sn Recovery 70% Sn Processing Recovery 5,000 46% 100% 2,700 30 54% 53% 0.48% 0.6% 6 30 0.12% ROM Or
Slide 11: Resultant operating costs are very low
Resultant operating costs are very low… C1 Cash Cost Split 100% = AUD 556m* LOM A$/tonne A$/tonne US$/tonne Ore Ton Tin** Other Mining 6.73 8,724 5,758 Maintenance 12% External 3% Services Processing 5.28 6,853 4,523 30% Diesel 7% G&A 2.02 2,615 1,726 Electricity 11% C1 Cash 14.26 18,192 12,007 Cost
Slide 12: Positioning Taronga towards the lowest quartile of the cash cost curves
…positioning Taronga towards the lowest quartile of the cash cost curves Competitor Comparisons AISC*/tonne Tin: • Alphamin: US$13,900 2023 “lowest quartile” • Taronga: US$15,843**, DFS • Metals X: US$18,296**, 2023 Taronga Full Cost US$19,345 Cash Costs/Tonne Tin • Minsur, San Rafael: US$ 9,431, 20
Slide 13: Taronga is highly leveraged to increasing tin price
Taronga is highly leveraged to increasing tin price Pre-Tax NPV Sensitivity to Tin Price NPV 800 mAUD 700 600 Spot Price 26/4 @ USD 33,500 Tin Price 08/22 500 USD 48,650 400 300 ITA Inducement DFS Breakeven Price USD 20,510 200 USD 33,800 100 DFS @ USD 26,000 0 20 21 22 23 24 25 26 27 28 29 30 31 32
Slide 14: Upside potential identified for LOM extension to 15 years
Upside potential identified for LOM extension to 15 years Infill and extension drilling to define and convert potential additional resources including: • Convert inferred resources as per pit optimisation work to enable deeper, wider pit • Potential parallel zones immediately NW of the current pits.
Slide 15: Upside potential identified from mineral processing work
Upside potential identified from mineral processing work • Pit optimisations and subsequent detailed designs are based on the initial, far too conservative, average 54% recovery formula. • Ongoing mineral processing test work has shown a total recovery of 60.2% for a low grade sample (0.10% head gra
Slide 16: Taronga is part of a broader northern NSW tin district
Taronga is part of a broader northern NSW tin district offering longer term brownfield developmental potential Potential hub-and-spoke system FIRST TIN DFS PRESENTATION | MAY 2024 15
Slide 17: Tellerhäuser, Germany – a large, high grade, polymetallic resource
Tellerhäuser, Germany – a large, high grade, polymetallic resource Contained Assay Metal Category Mt (% Sn) (Tonnes) Indicated 9.97 0.45 45,000 Inferred 17.97 0.52 93,600 Total 27.93 0.5 138,600 * Resources reported in accordance with JORC 2012 guidelines (details and Table 1 on First Tin website) T
Slide 18: Structural supply deficit with higher prices for new supply
Structural supply deficit with higher prices for new supply… Tin Supply-Demand Balance Cash Cost Curve Points vs Tin Price (Refined Tin, kt) ( USD/tonne – Real 2022) 550 50000 45000 500 40000 35000 Higher prices, with fly-ups to induce 450 30000 new capacity 25000 20000 Indicative Full 400 Cost Grow
Slide 19: Thin new project pipeline meets just ca. 35% of new requirement
…but thin new project pipeline meets just ca. 35% of new requirement Probable New Tin Mine Project Capacity (Tin-in-Concentrate, tonnes, start year) 10000 2029 9000 8000 2024 7000 • Existing producers will likely just sustain output 6000 2027 ? 5000 • Only two projects are DFS ready – Taronga 2026 2
Slide 20: First Tin Investment case
First Tin Investment case COMPELLING VALUATION VERSUS GLOBAL TIN PEERS • 100% ownership of two low capex tin development projects in low-risk OECD jurisdictions with existing infrastructure, which offers greater security of supply FIRST TIN OFFERS • Quick and de-risked path to production due to esta
Slide 21: Contact
CONTACT BILL SCOTTING Chief Executive Officer Bill.scotting@firsttin.com +44 773 499 3547
Slide 22: Simple, low-tech, low cost process flow sheet
Simple, low-tech, low cost (<A$6/t ore) process flow sheet… Conventional Mining Crushing Circuit Screening Coarse Rejects 2.3Mtpa 5.00Mtpa -800mm -12mm +2.8 mm 0.13% Sn -2.8 mm 2.7Mtpa 0.2% Sn 1.6Mtpa +0.3 mm Screening -0.3 mm 1.1Mtpa 0.3% Sn 0.3Mtpa 1.3% Sn Basic Gravity Small scale sulphide float