First Tin (1SN) Company presentation summary

Investment highlights and market positioning

• Holds 100% ownership of two advanced tin projects in Australia and Germany, both in low-risk OECD jurisdictions with existing infrastructure, offering secure supply and significant leverage to rising tin prices.

• Projects feature large, undeveloped resource bases, with Taronga and Tellerhäuser among the largest primary tin resources in the OECD.

• Tin is critical for the energy transition and digital transformation, with demand driven by electronics, solar, EVs, and designated as a strategic mineral in major economies.

• Global tin supply is constrained by declining production, regulatory actions, and geopolitical risks, supporting higher prices and supply security concerns.

• Projects are positioned in a thin global pipeline, offering competitive costs and scale compared to peers.

Project details and development status

• Taronga (Australia): Open pit, low strip ratio, simple mineralogy, low capex, and high margin; DFS completed, EIS submitted, and progressing toward production.

• Taronga's NPV is highly sensitive to tin price, with significant upside from resource conversion, process optimization, and brownfield expansion.

• Taronga's processing uses a simple, low-tech gravity circuit, with recent testwork showing up to 89.7% recovery and no ore sorting required.

• Ongoing drilling at Taronga aims to convert inferred resources and extend mine life, with early assays confirming additional mineralization.

• Significant exploration tenure surrounds Taronga, with potential for a hub-and-spoke development model.

Tellerhäuser and German assets

• Tellerhäuser (Germany): High-grade, polymetallic underground resource in a historic mining district, with mining license to 2070 and advanced permitting.

• Designed as a sustainable, low-emission mine with underground processing, minimal surface footprint, and renewable energy use.

• Strategic focus on supplying German and EU advanced manufacturing, with local refining and off-take agreements.

• Exploration at Gottesberg and Auersberg confirms presence of critical raw materials, including gallium and indium, in addition to tin.

• High gallium values found in the district, supporting broader critical minerals potential.