Slide 1: High Margin, Advanced Tin Projects in Australia and Germany
HIGH MARGIN, ADVANCED TIN PROJECTS IN AUSTRALIA AND GERMANY Investor Presentation HY23 Results
Slide 2: Disclaimer
Disclaimer This document (“Presentation”) has been prepared by First Tin Limited, a private limited company incorporated and registered in England and Wales Australian Disclosure under company number 07931518 (to be re-registered as a public limited company) (“Company”) in connection with a presenta
Slide 3: Investment case
Investment case COMPELLING VALUATION VERSUS GLOBAL TIN PEERS & A ROBUST CASH POSITION OF £8 MILLION AS AT 30 JUNE 2023 • 100% ownership of two low capex tin development projects in low-risk jurisdictions FIRST TIN OFFERS • Quick and de-risked path to production due to established reserves and simple
Slide 4: Highly experienced board
Highly experienced board MANAGEMENT & BOARD OWN c.10% OF FIRST TIN ALIGNMENT WITH SHAREHOLDERS Thomas Buenger Charles Cannon-Brookes Catherine Apthorpe Ross Ainger Ingo Hofmaier Nicholas Mather Chief Executive Officer Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive
Slide 5: Why tin? Why now?
Why tin? Why now? LONG-TERM TIN DEFICIT EXPECTED FROM 2026 China feedstock squeeze, competition China electronics production H1 China Myanmar imports zero Aug 1 ‘000 units tonnes 20,000 18,000 16,000 14,000 • Tin is a critical metal, vital in any plan to decarbonise 12,000 10,000 and electrify the w
Slide 6: Tin supply hiatus in H2 2023
Tin supply hiatus in H2 2023 TWO LARGEST TIN PRODUCERS PROPOSE EXPORT RESTRICTIONS Myanmar: • The Wa State announced a suspension of all mining operations from August 1st 2023 and has confiscated all mineral rights owned privately • Chinese smelters dependent on Wa State tin concentrate supply are f
Slide 7: Tin bull markets
Tin bull markets DOMINIC FRISBY’S ANALYSIS OF TIN BULL MARKETS Tin is in the middle of an extraordinary bull market. Tin bull markets typically see 800-900% appreciation trough- peak, implying a $112,000/Tonne target VS. a cycle low of $14,000 in 2020. Currently tin is around $25,000/Tonne represent
Slide 8: Global tin supply
Global tin supply A LIMITED NUMBER OF SUBSTANTIAL, ECONOMIC TIN DEPOSITIS IN TIER ONE JURISDICTIONS Together, First Tin’s assets represent the 5th largest undeveloped tin reserves globally, outside Russia, Kazakhstan and the Democratic Republic of Congo. Taronga is the 8th largest tin resource globa
Slide 9: Taronga – Australia
Taronga – Australia FIFTH LARGEST UNDEVELOPED TIN RESERVE GLOBALLY The updated JORC MRE is reported using a 0.05% tin cut-off to a maximum depth of 300m TARONGA IS A LOW RISK ASSET IN A LOW RISK JURISDICTION below surface, delivering a 240% increase in size on the previous MRE Category Tonnage Grade
Slide 10: Crushing testwork
Crushing testwork CONFIRMS SIGNIFICANT UPGRADING EFFECT FOR BOTH HIGH-GRADE AND LOW-GRADE MINERALISATION • Liberation of cassiterite can be achieved simply - coarse crushing to 12mm and screening at 2.8mm • Due to the selective breakage along veins • The plus 2.8mm fraction is a discard while the mi
Slide 11: Taronga conceptual flowsheet
Taronga conceptual flowsheet SIMPLE AND COST-EFFECTIVE PROCESSING. NO FINE TIN RECOVERY PROPOSED - THIS MAY BE LOOKED AT LATER TO INCREASE RECOVERY FIRST TIN INVESTOR PRESENTATION | Q3 2023 10
Slide 12: Taronga – Australia
Taronga – Australia TARONGA IS LOCATED IN A RENEWABLE ENERGY ZONE Taronga work programme for 2023/24 Wind & Solar resource availability • Resource update mid 2023 ✓ • Wind speed: ~7.8m/s at 150m, capacity factor of ~40% • Advance Feasibility for completion Q1 24, providing up-to-date economics • Sol
Slide 13: Tellerhäuser - Germany
Tellerhäuser - Germany SIGNIFICANT LEVERAGE TO HIGHER TIN PRICES JORC resource estimate 2021 Assay Contained Metal Category Mt (% Sn) (Tonnes) Indicated 2.0 1.0 19,000 Inferred 3.3 1.0 34,000 Total 5.3 1.0 53,000 * Resources estimated under JORC 2012 guidelines (details and Table 1 on First Tin webs
Slide 14: Tellerhäuser & Gottesberg
Tellerhäuser & Gottesberg PART OF A TIN DISTRICT IN SAXONY, GERMANY Recent Drilling Tellerhäuser Deeps 5.9m @ 0.40% Sn (incl. 1.4m @ 1.26% Sn) 0.65m @ 0.34% Sn and 1.5m @ 0.75% Sn (incl. 0.6m @ 1.43% Sn) 4.7m @ 0.44% Sn (incl. 1.0m @ 2.02% Sn) 3.85m @ 0.63% Sn (incl. 1.35m @ 1.49% Sn) Gottesberg 73.
Slide 15: Sustainable supply
Sustainable supply ASSURED PROVENANCE, TRACEABLE, ESG-COMPLIANT SUPPLY OF CRITICAL RAW MATERIAL OUR VALUES OUR VISION OUR PRIORITIES INTEGRITY A conflict-free source of tin through sustainable, • SAFETY - a core value; we aim for a fatality, • Do what is right injury and illness free workplace. prof
Slide 16: Corporate overview
Corporate overview Significant shareholders over 5% Market LSE and FSX Number of Total share Stakeholders Shares % Ticker 1SN Clara Resources Australia Ltd 60,000,000 22.60% Shares in Issue 266m Baker Steel Resources Trust Limited 37,128,014 13.98% Market Cap £19.25m Listing Date 8 April 2022 Direct
Slide 17: Peer comparison
Peer comparison ENTERPRISE VALUE PER TONNE OF CONTAINED TIN RESOURCE. FIRST TIN HAS A ROBUST CASH POSITION OF £8M $3,000 $2,500 Graph shows that First Tin is $2,000 ~ $62/Tonne of contained tin vs two $1,500 UK peer Cornish Metals at ~ $500/Tonne $1,000 $500 $0 ALPHAMIN METALS X CORNISH METALS ELEME
Slide 18: Investment case
Investment case COMPELLING VALUATION VERSUS GLOBAL TIN PEERS & A ROBUST CASH POSITION OF £8 MILLION AS AT 30 JUNE 2023 • 100% ownership of two low capex tin development projects in low-risk jurisdictions FIRST TIN OFFERS • Quick and de-risked path to production due to established reserves and simple
Slide 19: Contact
CONTACT THOMAS BÜNGER Chief Executive Officer thomas.buenger@firsttin.com +49 172 35 15 256