First Tin Plc · LSE:1SN
First Tin — Investor Presentation (May 2026)
25 slides from First Tin's investor presentation, May 26, 2026
Slide 1: Exceptional exposure to high value, advanced tin projects in Germany and Australia
EX CE PTI ONAL EX POS URE TO HI GH V AL UE, A DVA NCE D TI N P ROJE CTS IN GERMA NY AND AUS TRA LIA Investor Presentation 26 MAY 2026
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: 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: Corporate overview
Corporate overview Market Summary Significant shareholders over 3% Market LSE and FSX Number of Total share Stakeholders Shares % Ticker 1SN MetalsX Ltd 162,309,524 29.95% Shares in Issue 541.8m Directors 59,334,532 10.95% Market Cap (26th May 2026) £69.7m Cash (31 st December 2025) £9.03m Baker Ste
Slide 6: 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 7: 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 8: 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 60000 10000 45000 9000 55000 40000 8000 Higher prices, with 5
Slide 9: In a thin project pipeline, First Tin's projects stand out with scale and 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 10: 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 11: 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 12: Taronga is highly leveraged to increasing tin price
Taronga is highly leveraged to increasing tin price Pre-Tax NPV Sensitivity to Tin Price Current Spot NPV 1200 Price 26/05/26 mAUD USD 54,795 1000 800 Tin Price 27/02/26 USD 57,375 600 DFS @ 400 USD 30,000 ITA Inducement Price 2022 USD 33,800 200 0 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Slide 13: Taronga low-cost open pit mining with low 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 14: 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 15: 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% Spot Tin Price May 20, 2026: = Sn Prod = 3,900 t Sn = 4,200 t
Slide 16: Drilling programme completed; assays confirming extended mineralisation
Drilling programme completed; assays confirming extended mineralisation and inferred resources conversion for longer mine life Tin Block Grade Distribution for the Taronga Mineral Resources, Oblique View • 7,459m across 97 RC drillholes Highlights: • Assays confirm and extend mineralisation to the N
Slide 17: Maiden Mineral Resource Estimate for Copper and Silver at Taronga
Maiden Mineral Resource Estimate for Copper and Silver at Taronga Silver and Copper Intercepts in Drilling Category Mt Cu Ag Cu kt Ag % ppm Moz Inferred 132.0 0.05 2.8 60.6 12.0 Total 132.0 0.05 2.8 60.6 12.0 • Option for future Sulphide Residue Optionality Silver & Copper Schematic of RSF Recovery
Slide 18: Taronga 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 19: 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 INVESTOR PRESENTATION | MAY 2026 18
Slide 20: Critical Mineral By-Product Targets in Tellerhäuser and Gottesberg
Critical Mineral By-Product Targets in Tellerhäuser and Gottesberg Exploration Gottesberg and Auersberg Germanium Resource at Tellerhäuser Gottesberg Exploration Targets for critical mineral by-products Main Zone Tonnage Ag Ga • Ge Resource (Inferred and Indicated) + Range Cu % WO3 % Bi % As % • 27.
Slide 21: Strategically securing local tin from mine to OEM for Germany's 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 22: Tellerhäuser is at an advanced stage of its planning and permitting
Tellerhäuser is at an advanced stage of its planning and permitting Facultative LoMP Tellerhäuser: • Without formal EIA • Without regional planning Environmental Risk Assessment ✓ procedure • Stakeholder participation only Separate applications • Water law Exploration Licence ✓ • Forest conversion M
Slide 23: Current work plan
Current work plan Taronga • EIS completed; Awaiting Developmental Approval. • DFS value enhancement: o Complete additional metallurgical testing work o Pit shell redesign and LoM increase. • Fieldwork on satellite exploration licences. • Commencement of early engineering and developmental works. • E
Slide 24: Investment case
Investment case Largest undeveloped OECD tin Resource • 100% ownership of two low capex tin projects in low-risk base* offering long term growth options OECD jurisdictions with existing infrastructure, which offers greater security of supply • Taronga Definitive Feasibility Study published: Growing
Slide 25: Contact
CONTACT BILL SCOTTING Chief Executive Officer Bill.scotting@firsttin.com