First Tin Plc · LSE:1SN
First Tin — 18 months to June 30 Earnings Presentation
26 slides from First Tin's earnings presentation, Nov 7, 2024
Slide 1: High margin, advanced tin projects in Australia and Germany
HIGH M ARGIN , ADVANC ED TIN P ROJE CTS I N AUSTRALIA AND GERMANY Results tor the 18 months to June 30, 2024 November 7, 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: Agenda
Agenda ➢ Company highlights and market outlook • Progress update on Taronga and Tellerhäuser Projects • Finance Review • Priorities for next 12-15 months • Summary and Q&A FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 2
Slide 4: Significant milestones achieved at both our flagship assets
Significant milestones achieved at both our flagship assets • No accidents or environmental incidents were reported during the period. • Taronga: — Definitive Feasibility Study (DFS) published: • Confirmed Taronga’s potential as a low capex, low risk and high margin tin mine with attractive economic
Slide 5: Tin prices strengthened during 2024…
Tin prices strengthened during 2024… Daily LME Cash Price YTD 2024, USD/tonne • Tin ended 2023 with lower demand and $38,000 supply, alongside low stock levels. $36,000 • Tin prices have significantly outperformed other base metals since the start of the $34,000 year. Tin Price (US$/tonne) $32,000 •
Slide 6: … with Tin demand forecast to grow ca. 3% in 2024
… with Tin demand forecast to grow ca. 3% in 2024 Change in Tin Use By sector, tonnes • Apparent demand forecast to increase by ca., 3% in 2024. • Growth driven by China, Japan and South Korea, with Solder modest growth in NA. • Europe remains weak and forecast to decline. Chemicals • Positive deman
Slide 7: Tin mine production stagnates
Tin mine production stagnates World Tin Mine Production (Tin-in-Concentrate, kt) • Primary mine supply forecast to fall by ca. 7% 350 in 2024, driven by declines in Myanmar and 300 Indonesia. 250 • Partially compensated by increases in Africa (expansion) and Peru (recovery from 200 outages) 150 • Su
Slide 8: Agenda
Agenda • Company highlights and market outlook ➢ Progress update on Taronga and Tellerhäuser Projects • Finance Review • Priorities for next 12-15 months • Summary and Q&A FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 7
Slide 9: First Tin – advanced projects and 4th largest undeveloped tin resources
First Tin – advanced projects and 4th largest undeveloped tin resources* 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
Slide 10: Taronga: potentially the world's next new tin mine
Taronga: potentially the world’s next new tin mine with large scale, low risk, low cost… A LOW-RISK ASSET IN A LOW-RISK JURISDICTION Key Milestones ➢ Definitive Feasibility Study** completed Freehold Land Ownership* Low Risk ➢ MLA lodged and Native Title clearance Open pit, low Strip Ratio Mining Lo
Slide 11: …with attractive economics and upside potential
…with attractive economics and upside potential Indicative Taronga Pre-Tax NPV Staircase (AUDm)* Further upside: 645 • Brownfield expansions • Fine tin Recovery 251 259 flotation circuit Convert Inferred improvements** • Higher tin price resources as per pit optimisations 345 40 41 243 115 50 52 Ext
Slide 12: Competitive costs with high margin
Competitive costs with high margin Cost and Margin Staircase Competitor Comparisons Price/Cost USD AISC*/tonne Tin: 40,000 • Alphamin: US$13,900 2023 “lowest 35,000 Spot Tin Price: US$ 33,097/t tin sold quartile” 30,000 • Taronga: US$15,843**, DFS • Metals X: US$18,296**, 2023 25,000 52% 20,000 Full
Slide 13: Low-cost open pit mining with low (1:1) strip ratio
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 • Wide and continuous mineralised zones • Accessible, open in all directions • Low strip ratio due to topography - ~1:1 • (Tower of Big Ben sh
Slide 14: Mineralogy allows easy liberation and beneficiation of the cassiterite…
Mineralogy allows easy liberation and beneficiation of the cassiterite… Crushing fractures along quartz veins exposing cassiterite FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 13
Slide 15: …through a simple, low-tech, low-cost process flow sheet
…through a simple, low-tech, low-cost process flow sheet* Conventional Mining Coarse Rejects Crushing Circuit Screening 2.5Mtpa 0.03% Sn 5.0Mtpa -800mm -12mm +2.8 mm 0.13% Sn -2.8 mm 2.5Mtpa 0.22% Sn 1.7Mtpa +0.4 mm Screening 0.16% Sn 0.9Mtpa -0.4 mm 0.35% Sn 0.2Mtpa 1.4% Sn Basic 1.0Mtpa Gravity Sm
Slide 16: Upside potential to increase mine life and recoveries
Upside potential to increase mine life and recoveries Infill & 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. • Ex
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 brownfield developmental potential FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 16
Slide 18: Tellerhäuser, Germany – a high grade, polymetallic resource in a tin district
Tellerhäuser, Germany – a high grade, polymetallic resource in a 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 RESULTS PRESENTATION | NOVEMBER 2024 17
Slide 19: Agenda
Agenda • Company highlights and market outlook • Progress update on Taronga and Tellerhäuser Projects ➢ Finance Review • Priorities for next 12-15 months • Summary and Q&A FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 18
Slide 20: Financial overview
Financial overview 18 months: 2023 – June 30, 2024 12 months: 2022 (Audited) £ (Audited) £ Administrative expenses (3,163,266) (3,240,389) Operating loss (3,163,266) (3,240,389) Finance income 130,236 - Finance costs (25) (2,557) Loss before tax (3,033,055) (3,242,946) Income tax expenses - - Loss f
Slide 21: Post-period end balance sheet strengthened and liquidity enhanced
Post-period end balance sheet strengthened and liquidity enhanced • 10th July 2024: Post-Placement Shareholders over 3% — £2.1m (before expenses) raised from placing 53m new shares at 4p per share. Stakeholders No. of % of Shares Total — Concurrently, Metals X Limited acquired 60m shares, 23% of the
Slide 22: Agenda
Agenda • Company highlights and market outlook • Progress update on Taronga and Tellerhäuser Projects • Finance Review ➢ Priorities for next 12-15 months • Summary and Q&A FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 21
Slide 23: Priorities over next 12-15 months
Priorities over next 12-15 months Taronga work programme • Completion and submission of the Environmental Impact Statement and obtaining Developmental Approval. • Optimisation and enhancement of the value of the Taronga DFS from: o Additional metallurgical testing work to improve recoveries. o Under
Slide 24: Agenda
Agenda • Company highlights and market outlook • Progress update on Taronga and Tellerhäuser Projects • Finance Review • Priorities for next 12-15 months ➢ Summary and Q&A FIRST TIN RESULTS PRESENTATION | NOVEMBER 2024 23
Slide 25: Investment case
Investment case • 100% ownership of two low capex tin development FIRST TIN GROWTH HORIZONS projects in low-risk OECD jurisdictions with existing infrastructure, which offers greater security of supply. • Quick and de-risked path to production due to Value established reserves and simple mineralogy.
Slide 26: Contact
CONTACT BILL SCOTTING Chief Executive Officer Bill.scotting@firsttin.com
First Tin — 18 months to June 30 Earnings Presentation on 6ix