Slide 1: High Margin, Advanced Tin Projects in Australia and Germany
HIGH MARGIN, ADVANCED TIN PROJECTS IN AUSTRALIA AND GERMANY Interim Results 2023 Presentation March 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 Ø Company highlights and market outlook Ø Progress update on Taronga and Tellerhäuser Projects Ø Interim Finance Review Ø 2024 Strategy Ø Summary and Q&A FIRST TIN INTERIM RESULTS PRESENTATION | MARCH 2024 2
Slide 4: Significant progress at both our flagship assets
Significant progress at both our flagship assets • No accidents or environmental incidents were reported during the period. • Taronga project DFS well advanced: — Updated MRE estimate published giving a 240% increase in total resources. — Mineral processing work confirmed feasibility for simple low
Slide 5: Tin prices strengthening
Tin prices strengthening Daily LME Cash Price • Tin ended 2023 with lower demand and supply, alongside YTD 2024, USD/tonne low stock levels. $30,000 • Tin prices have outperformed other base metals since the $29,000 start of the year. • Tin price exceeded $28,600 in mid-March, the highest $28,000 le
Slide 6: Technology and climate change is driving global tin demand
Technology and climate change is driving global tin demand Tin Demand Forecast • Solar, 40% y-on-y growth: (Refined Tin Use, ‘000 tonnes) — Solar ribbon. 510 — Junction boxes (connectors). 490 — PV electronics. 470 Solar • Electric Vehicles, already 15% of car sales with a rapidly growing market sha
Slide 7: Mine supply has not grown and is concentrated with supply chain risks
Mine supply has not grown and is concentrated with supply chain risks World Tin Mine Production Global Tin-in-Concentrate Production, 2021 (Tin-in-Concentrate, kt) (100% = 299kt) 350 Australia Brazil 300 Other Asia 5% 3% 250 5% China Bolivia 6% 29% 200 150 Africa 8% 100 9% Peru 50 22% 13% 0 Indonesi
Slide 8: Significant supply side constraints challenging supply security
Significant supply side constraints challenging supply security 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 have until now sustai
Slide 9: Agenda
Agenda Ø Business highlights and macro environment Ø Progress update on Taronga and Tellerhäuser Projects Ø Interim Finance Review Ø 2024 Priorities Ø Summary and Q&A FIRST TIN INTERIM RESULTS PRESENTATION | MARCH 2024 8
Slide 10: First Tin located in the low-risk OECD countries of Australia and Germany
First Tin located in the low-risk OECD countries of Australia and Germany FEW SUBSTANTIAL, ECONOMIC TIN DEPOSITS IN TIER ONE JURISDICTIONS TO OFFER SECURITY OF SUPPLY First Tin’s assets represent the 5th largest undeveloped tin reserves globally, outside Russia, Kazakhstan and the Democratic Republi
Slide 11: Taronga resources increased by 240%
Taronga resources increased by 240% ONE OF THE LARGEST UNDEVELOPED TIN RESERVES 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
Slide 12: Taronga – Definitive Feasibility Study (DFS) near completion
Taronga – Definitive Feasibility Study (DFS) near completion • DFS due for completion in early April. • Basic site layout designed. • Pit design and associated infrastructure requirements complete. • Amenable to low strip ratio (ca., 1:1) open pit mining, giving relatively low mining costs. • Power
Slide 13: Crushing test-work
Crushing test-work CONFIRMS SIGNIFICANT UPGRADING EFFECT FROM SIMPLE COARSE CRUSH, JIG AND SPIRAL PROCESSING • 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
Slide 14: Taronga conceptual flowsheet
Taronga conceptual flowsheet SIMPLE AND COST-EFFECTIVE PROCESSING • Mineral processing testwork is now complete. • Simple processing flow comprising primary crushing, gravity circuit, some grinding, flotation and clean-up. • Gravity recoveries for the low grade and variability samples ca. 70-73%. •
Slide 15: Taronga - part of a broader tin district
Taronga - part of a broader tin district • Soil sampling at Pound Flat identified a similar anomaly POTENTIAL FOR FUTURE HUB & SPOKE SYSTEM over similar widths but shorter length than Taronga. • Wide spaced drilling undertaken at our Tin Beetle prospect showed intercepts similar to early drill inter
Slide 16: 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 reported in accordance with JORC 2012 guidelines (details and Table 1 on Fi
Slide 17: Tellerhäuser - Finalising the Mineral Resource Estimate (MRE)
Tellerhäuser - Finalising the Mineral Resource Estimate (MRE) • Focus has been on the assessment of additional historic drilling data from old Wismut uranium exploration drillholes. • The additional identified data represents an equivalent of 1311 underground drillholes, surface drillholes and chann
Slide 18: Agenda
Agenda Ø Business highlights and macro environment Ø Progress update on Taronga and Tellerhäuser Projects Ø Interim Finance Review Ø 2024 Priorities Ø Summary and Q&A FIRST TIN INTERIM RESULTS PRESENTATION | MARCH 2024 17
Slide 19: Financial overview
Financial overview 2023 (Unaudited) £ 2022 (Audited) £ Administrative expenses (2,355,495) (3,240,389) Operating loss (2,355,495) (3,240,389) Finance income 100,104 - Finance costs (23) (2,557) Loss before tax (2,255,414) (3,242,946) Income tax expenses - - Loss for the year (2,255,414) (3,242,946)
Slide 20: Agenda
Agenda Ø Business highlights and macro environment Ø Progress update on Taronga and Tellerhäuser Projects Ø Interim Finance Review Ø Summary and 2024 Priorities Ø Q&A FIRST TIN INTERIM RESULTS PRESENTATION | MARCH 2024 19
Slide 21: 2024 Strategic focus
2024 Strategic focus Taronga work programme for 2024 • Finalisation of DFS • Groundwater drilling to complete • Completion of EIS • Further metallurgical testing to improve recoveries • Progress satellite options • Progress next stage financing Tellerhäuser work programme for 2024 • Finalisation of
Slide 22: 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. pr
Slide 23: Investment case
Investment case COMPELLING VALUATION VERSUS GLOBAL TIN PEERS • 100% ownership of two low capex tin development projects in low-risk OECD jurisdictions with existing infrastructure, which offers greater security of supply. FIRST TIN OFFERS • Quick and de-risked path to production due to established r
Slide 24: Agenda
Agenda Ø Business highlights and macro environment Ø Progress update on Taronga and Tellerhäuser Projects Ø Interim Finance Review Ø Summary and 2024 Priorities Ø Q&A FIRST TIN INTERIM RESULTS PRESENTATION | MARCH 2024 23
Slide 25: Contact
CONTACT BILL SCOTTING Chief Executive Officer Bill.scotting@firsttin.com