First Tin Plc · LSE:1SN
First Tin — H1 2022 Earnings Presentation
27 slides from First Tin's earnings presentation, September 2022
Slide 1: Ethical and Reliable Tin Supply for a More Sustainable World
ETHICAL AND RELIABLE TIN SUPPLY FOR A MORE SUSTAINABLE WORLD HY2022 RESULTS PRESENTATION September 2022 1
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER This document (“Presentation”) has been prepared by First Tin Limited, a private limited company incorporated and registered in England Australian Disclosure and Wales under company number 07931518 (to be re-registered as a public limited company) (“Company”) in connection with a If
Slide 3: First Tin Listing on LSE: 8th April 2022
FIRST TIN LISTING ON LSE: 8TH APRIL 2022 INITIAL PUBLIC OFFER OF £20M TO ADVANCE PROJECT PORTFOLIO FIRST TIN | Corporate Presentation – September 2022 3
Slide 4: Corporate Highlights
CORPORATE HIGHLIGHTS FIRST TIN OWNS TWO ADVANCED, LOW CAPEX TIN DEVELOPMENT ASSETS IN TIER 1 JURISDICTIONS ESG COMPLIANT: First Tin owns two hard rock assets in the Tier 1 jurisdictions of Germany and Australia; both High-value, non-alluvial and both from non-artisanal production low-capex assets LA
Slide 5: H1 Achievements and Future Milestones
H1 ACHIEVEMENTS AND FUTURE MILESTONES SEVERAL MATERIAL VALUE-ADD PROGRAMS OVER THE NEXT 18 MONTHS H1 2022 18-MONTH OBJECTIVES ACHIEVEMENTS (FULLY FUNDED) • IPO on LSE and £20m fundraise • DFS at Taronga and Tellerhäuser both scheduled to be completed in Q4 2023 • Acquisition of the Taronga asset in
Slide 6: Few Substantial, Economic Tin Deposits in Tier-One Jurisdictions
FEW SUBSTANTIAL, ECONOMIC TIN DEPOSITS IN TIER-ONE JURISDICTIONS TIN SUPPLY/DEMAND LONG TERM DEFICIT EXPECTED Refined tin, ‘000 tonnes 550 Supply Demand 500 450 400 350 Source: International Tin Association 300 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Source: Internation
Slide 7: Tin Demand Is Driven by the Energy Transition
TIN DEMAND IS DRIVEN BY THE ENERGY TRANSITION SOLDER = ELECTRIFICATION GLUE + NEW TECHNOLOGIES Electric vehicles, Solar PV installations and the development of 5G will accelerate demand for tin WORLDWIDE PV CAPACITY GROWTH FORECAST CONSERVATIVE FORECASTS PREDICT EV SALES TO REPRESENT 50% OF NEW CAR
Slide 8: International Tin Association Top Undeveloped Tin Deposits
INTERNATIONAL TIN ASSOCIATION TOP UNDEVELOPED TIN DEPOSITS #5 Classification Deposit Tonnage % Sn Contained Tin (Mt) (%) (t) Tellerhäuser 2.0 1.0 19,000 Indicated Gottesberg 2.0 0.48 9,000 BY ITA Taronga 27 0.17 45,000 GLOBAL TIN Total 31 0.24 73,000 RESERVES* Tellerhäuser 3.3 1.0 34,000 Inferred Go
Slide 9: Tellerhäuser: Part of a Tin District in Saxony
TELLERHÄUSER PART OF A TIN DISTRICT IN SAXONY Former GDR mine, good conditions underground, major existing infrastructure benefits $49m start-up capex Low CapEx enhances the economics @ $25,000/t tin NPV $173m, C1 cost $12,203/t and IRR 43% Multiple exploration targets in established “Tin Triangle”
Slide 10: Recent Drilling at Gottesberg II
TELLERHÄUSER PART OF A TIN DISTRICT IN SAXONY RECENT DRILLING AT GOTTESBERG II BY FIRST TIN • 73.3m @ 0.49% Sn from 91.7m • 2.5m @ 2.72% Sn from 128.2m • 6.95m @ 1.46% Sn from 143.65m • 6.5m @ 0.98% Sn from 124.7m FIRST TIN | Corporate Presentation – September 2022 10
Slide 11: Tellerhäuser: Significant Leverage to Higher Tin Prices
TELLERHÄUSER SIGNIFICANT LEVERAGE TO HIGHER TIN PRICES HIGH GRADE, UNDERGROUND DEVELOPMENT, 50-YEAR MINING LICENSE SN price Pre-tax NPV8 IRR Capex (US$/t) (US$m) (%) (US$m) $20,000 82 26 49 $25,000 173 43 49 $30,000 264 58 49 $40,000 445 87 49 Pre-Tax NPV8, from 2021 Optimised Scoping Study at Telle
Slide 12: Tellerhäuser: DFS, Exploration and Permitting Update
TELLERHÄUSER DFS, EXPLORATION AND PERMITTING UPDATE • Commencement of extensive diamond drilling programme at Tellerhäuser. First assay results expected during Q4 2022 • Commencement of DFS at Tellerhäuser in August 2022 led by DMT GmbH & Co. KG. Expected for completion by Q4 2023 • EIA pre check su
Slide 13: Taronga: 5th Largest Undeveloped Tin Reserve Globally
TARONGA 5TH LARGEST UNDEVELOPED TIN RESERVE GLOBALLY Ongoing test work on coarse cassiterite, ore-sorting, and selective crushing to reduce the size of the back-end plant $76m start-up capex Open pit and low operating costs enhance the economics @ $25,000/t tin NPV $90m, C1 cost $14,303, IRR 38% Lan
Slide 14: Taronga: Mining Friendly Jurisdiction; Excellent Infrastructure
TARONGA MINING FRIENDLY JURISDICTION; EXCELLENT INFRASTRUCTURE • One of the simplest hard rock tin deposits in the World • Coarse cassiterite (tin ore mineral SnO2) in sheeted veins • Rock tends to break along veins exposing cassiterite • Cassiterite thus liberates easily and simply, largely at crus
Slide 15: Taronga: Large Tonnage, Low Strip Ratio and Simple Metallurgy
TARONGA LARGE TONNAGE, LOW STRIP RATIO AND SIMPLE METALLURGY OPEN PIT, EASY MINERALOGY, FREEHOLD LAND SN price Pre-tax NPV8 IRR Capex (US$/t) (US$m) (%) (US$m) TIN $20,000 12 13 76 PRODUCTION $25,000 90 38 76 • 2,815 tpa $30,000 169 59 76 contained $40,000 326 100 76 Sn in 55% concentrates Pre-Tax N
Slide 16: Taronga: DFS, Exploration and Permitting Update
TARONGA DFS, EXPLORATION AND PERMITTING UPDATE • Commencement of DFS at Taronga started in August 2022 led by Mincore Pty Ltd. The study is expected to be completed by Q4 2023 • EIA Study and Permitting in progress by RW Corkery Pty Ltd, expected to completed by Q4 2023 • Bulk sample collection from
Slide 17: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE FOREMOST IN EVERYTHING WE DO INDEPENDENT ESG DIGBEE AUDIT SUBMITTED TO BE MANAGED IT MUST BE MEASURED Tin is the ‘spice metal’ used for all electrical devices. It is estimated that 97% of the global primary tin supply comes from emerging or developing economies w
Slide 18: Competitively Valued Versus Peers
COMPETITIVELY VALUED VERSUS PEERS FIRST TIN SHARE PRICE PERFORMANCE EV/T TIN VERSUS PEERS 3,969 Producers Developers 2,127 729 604 117 78 DRC Australia UK Namibia Germany/ Australia Australia As at 2 September 2022 FIRST TIN | Corporate Presentation – September 2022 18
Slide 19: First Tin: Corporate Summary
FIRST TIN: CORPORATE SUMMARY LSE: 1SN SIGNIFICANT SHAREHOLDERS AusTin Mining Limited 22.6% (OVER 5% Baker Steel Resources Trust 15.4% HOLDING) Directors 8.5% Total 46.5% 13.50p 265.5 £36.2M SHARE MILLION MARKET CAP PRICE SHARES ON ISSUE £18.8M – £17.4M NO DEBT EV VALUE CASH As at 1 September 2022 FI
Slide 20: No Red Flags: Why First Tin?
SUMMARY WHY FIRST TIN? • Poised to fill the looming supply gap facing Excellent location tin from 2025 of assets • Mature; ESG compliant tin assets in Tier 1 jurisdictions All necessary infrastructure • Fully funded to deliver significant value in place creation through extensive drill campaigns NO
Slide 21: Appendix
O FIRST TIN APPENDIX
Slide 22: Global Tin Specialists
GLOBAL TIN SPECIALISTS WITH >150 YEARS’ OF EXPERIENCE IN TIN EXPLORATION, DEVELOPMENT, MINING, PROCESSING, AND COMMERCIALISATION MANAGEMENT ADVISORS THOMAS BÜNGER TONY TRUELOVE MARCO ROSCHER ROB KIDD RON GOODMAN MARK THOMPSON Ph.D. in Metallurgy, B.Sc. Hons (1st) Geology, Ph.D. in Geology, Freiberg
Slide 23: Experienced Board Focused on Corporate Governance, ESG
EXPERIENCED BOARD FOCUSED ON CORPORATE GOVERNANCE, ESG, AND ALIGNING SHAREHOLDER & STAKEHOLDER INTERESTS EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTORS THOMAS BÜNGER CHARLES CATHERINE APTHORPE SEAMUS CORNELIUS INGO HOFMAIER NICHOLAS MATHER Ph.D. in Metallurgy, CANNON-BROOKES B.A. (Hons), CPE/LPC LLB, LL
Slide 24: Drilling
DRILLING OVER 24,000m OF DRILLING PLANNED TARONGA – EXTENSIONAL DRILLING TELLERHÄUSER DEEPS PROPOSED Q4 2022 PROPOSED Q4 2022 FIRST TIN | Corporate Presentation – September 2022 24
Slide 25: International Tin Association: Most Likely Development Projects
INTERNATIONAL TIN ASSOCIATION “MOST LIKELY” DEVELOPMENT PROJECTS ITA MOST LIKELY NEW TIN MINES TOP 15 UNDEVELOPED CRIRSCO – COMPLIANT TIN RESOURCES BY TIN CONTENT Capacity Start Up Ore Deposit Country Company Deposit Country Company % Sn (tpa) Year (Mt) Santa Comba Spain Rafaella Resources 100 2021
Slide 26: A Critical Metal for the Future Economy
A CRITICAL METAL FOR THE FUTURE ECONOMY TIN IS VITAL IN ANY PLAN TO DECARBONISE & ELECTRIFY CUMULATIVE TIN STOCKS GLOBAL TIN SUPPLY-DEMAND BALANCE (KT) 16000 14000 12000 10000 8000 6000 4000 2000 0 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 201
Slide 27: Contact
CONTACT THOMAS BÜNGER Chief Executive Officer thomas.buenger@firsttin.com +49 172 35 15 256 27