First Tin Plc · LSE:1SN
First Tin — Investing in Tin 2025
22 slides from First Tin's conference presentation, Dec 5, 2025
Slide 1: Exceptional investment exposure to high value, advanced tin projects in Australia and Germany
EXCEPTIONAL INVESTMENT EXPOSURE TO HIGH VALU E, ADVANCED TIN PROJEC TS IN AUSTRALIA AND GER MANY Investing in Tin 2025 International Tin Association 5th December 2025
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: First Tin provides exceptional exposure to secure OECD Tin supply
First Tin provides exceptional exposure to secure OECD Tin supply… FEW SUBSTANTIAL, ECONOMIC TIN DEPOSITS IN TIER ONE JURISDICTIONS TO OFFER SECURITY OF SUPPLY TELLERHÄUSER & GOTTESBERG • Historic mining district at TARONGA centre of Europe’s high tech manufacturing belt • Significant historic tin •
Slide 4: …with the largest undeveloped OECD primary tin Resource base
…with the largest undeveloped OECD primary tin Resource base TARONGA, NSW, AUSTRALIA SAXORE, GERMANY Reserves Tonnage Assay Contained Tin Tellerhäuser Classification (Mt) (% Sn) (Tonnes) Contained Resource Tonnage Assay % % ppm ppm Tin Proved 26 0.14 36,000 Category (Mt) (% Sn) Fe2O3 Zn Ag In (Tonne
Slide 5: Investment case: Largest undeveloped OECD tin Resource base offering long term growth options
Investment case Largest undeveloped OECD tin Resource base offering long term growth options • 100% ownership of two low capex tin projects in low-risk OECD jurisdictions with existing infrastructure, which offers greater security of supply Growing Resource base • Quick and de-risked path to product
Slide 6: Corporate overview
Corporate overview Market Summary Significant shareholders over 3% Market LSE and FSX Number of Total share Stakeholders Shares % Ticker 1SN MetalsX Ltd 135,166,667 29.91% Shares in Issue 451m Directors 54,616,675 12.09% Market Cap (1st December 2025) £37.28m Cash (30th June 2025) £6.37m Baker Steel
Slide 7: Tin's structural demand story continues to develop positively…
Tin’s structural demand story continues to develop positively… • Tin ranked as the metal to be most impacted by the energy transition and digital transformation* • Tin remains ever present in modern life, with around 50% used in solder. • Tin is the “glue” that connects all electronics, benefiting f
Slide 8: …while Tin supply has stagnated and is unreliable
…while Tin supply has stagnated and is unreliable World Tin Mine Production (Tin-in-Concentrate, kt) 350 300 250 200 150 100 50 0 Australia Africa South America Other Asia Myanmar Indonesia China other Mine production estimated to have decreased 8% in 2024 Source: ITA, newsfeeds, World Mining Data 2
Slide 9: Tin price responding to tightening supply, with risk of fly ups
Tin price responding to tightening supply, with risk of fly ups LME Tin Price and Inventory Level Cash Cost Curve Points vs Tin Price (last 12 months) Tin Price ( USD/tonne – Real 2022) LME Price Inventory USD/tonne USD/tonne Tonnes 50000 41000 6000 45000 39000 5000 40000 37000 Higher prices, with 3
Slide 10: In a thin project pipeline, First Tin's projects stand out with scale & competitive costs
In a thin project pipeline, First Tin’s projects stand out with scale & competitive costs AISC* in relation to Contained Tin (Bubble size = total tonnes) 19000 Heemskirk 18000 AISC USD/t 17000 Tellerhäuser • DFS South Crofty 16000 • PFS Oropesa • PEA Taronga 15000 • Scoping Achmmach 14000 0 50000 10
Slide 11: Taronga progressing towards production with large scale, low risk, low cost…
Taronga progressing towards production with large scale, low risk, low cost… Key Milestones A LOW-RISK ASSET IN A LOW-RISK JURISDICTION ➢ Definitive Feasibility Study** Freehold Land Ownership* Low Risk completed Open pit, low Strip Ratio Mining Low Cost, low risk ➢ MLA lodged and Native Title clear
Slide 12: … and attractive economics with significant upside potential
… and attractive economics with significant upside potential Indicative Taronga Pre-Tax NPV8 Staircase (AUDm)* Further upside: 645 • Brownfield Recovery, expansions specification • Fine tin improvements 251 flotation circuit Convert Inferred 259 resources as per • Higher tin pit optimisations price
Slide 13: Simple geology and mineralogy provide competitive costs with high margin
Simple geology and mineralogy provide competitive costs with high margin Taronga Cost and Margin Staircase Comparison Taronga Open-Pit Underground Mine USD/t Price/Cost Mined Ore x Grade x Recovery 5000kt x 0.13% x 60% 500kt x 1.2% x 70% = Sn Prod = 3,900 t Sn = 4,200 t Sn 40,000 Spot Tin Price May
Slide 14: Taronga will have low-cost open pit mining with low (1:1) strip ratio
Taronga will have low-cost open pit mining with low (1:1) strip ratio from wide and continuous mineralisation Taronga Cross Section 5000N Measured Indicated Current Pit Design • Outcropping along ridge; low pre-stripping • Wide and continuous mineralised zones • Accessible, open in all directions •
Slide 15: Mineralogy allows easy liberation and beneficiation of the cassiterite
Mineralogy allows easy liberation and beneficiation of the cassiterite Simple, low-tech, low-cost process flow sheet* Coarse cassiterite Crushing Coarse within sub-vertical Mining Screening Rejects Circuit quartz veins -800mm -12mm +2.8 mm Crushing fractures along quartz veins exposing cassiterite -
Slide 16: Drilling programme completed; assays confirming extended mineralisation
Drilling programme completed; assays confirming extended mineralisation and potential for resources conversion for longer mine life • 7,459m across 97 RC drillholes Highlights: • Assays confirming and extending mineralisation to the NE and SW; potential for wider and deeper pits, a longer life of mi
Slide 17: Taronga is at the centre of a broader northern NSW tin district
Taronga is at the centre of a broader northern NSW tin district offering longer term developmental potential • Tingha potentially another Taronga scale opportunity • Significant exploration tenure covering 752km2 around Taronga • Range of targets with previous drilling or recent soil sampling • Pote
Slide 18: Tellerhäuser, Germany: a high grade, polymetallic resource in a historic tin district
Tellerhäuser, Germany: a high grade, polymetallic resource in a historic tin district Recent Drilling Tellerhauser Deeps - Dreiberg 1.4m @ 1.26% Sn 1.0m @ 2.02% Sn 1.35m @ 1.49% Sn Gottesberg 73.3m @ 0.49% Sn 6.95m @ 1.46% Sn FIRST TIN INVESTING IN TIN | DECEMBER 2025 17
Slide 19: Strategically securing local tin from mine to OEM for Germany's advanced manufacturing supply chain
Strategically securing local tin from mine to OEM for Germany’s advanced manufacturing supply chain GERMAN OEM Zero-Trace Mining by underground processing Smelting on behalf of SAXORE Crushing processing Screening Sn Dry sorting 50% dry Grinding Sn Sorting wet processing Zinc Flotation concentrate S
Slide 20: Current work plan
Current work plan Taronga • EIS completed, Developmental Approval submission report response. • DFS value enhancement: o Additional metallurgical testing work o Pit shell redesign and LoM increase. • Fieldwork to progress satellite options. • Commencement of early developmental works • Evaluating pr
Slide 21: Roadmap and catalysts for a potential share price Re-rating
Roadmap and catalysts for a potential share price Re-rating Current Situation: Taronga potential catalysts: Tellerhäuser potential In Production re-rating? • Fair Value 20p/sh*: • Receipt of permit to de-risk catalysts: • Assume conservative mining 5x - Taronga base @ 70% of • Completion of DFS valu
Slide 22: Contact
CONTACT BILL SCOTTING Chief Executive Officer Bill.scotting@firsttin.com