First Tin (1SN) Investor presentation summary

Market drivers and tin sector outlook

• Strong demand growth for tin is driven by the energy transition and digital transformation, with constrained supply from geopolitically unstable regions.

• Tin prices have outperformed other base metals in 2024, with low inventory levels and limited new supply pipeline.

• New, geopolitically secure supply is essential to address ongoing deficits and price volatility.

Project portfolio and resource base

• Holds two advanced tin projects in Australia (Taronga) and Germany (Tellerhäuser), both in low-risk OECD jurisdictions.

• Combined resource base totals 309,700 tonnes of contained tin, ranking as the fourth largest undeveloped tin resource outside China.

• Projects offer traceable, verifiable, and sustainable tin units for key growth sectors such as batteries and electronics.

Taronga project highlights

• Taronga is positioned as a large-scale, low-risk, low-cost open pit mine with freehold land ownership and simple mineralogy.

• Definitive Feasibility Study completed, with key environmental and regulatory milestones achieved; EIS submission expected Q1 2025.

• Project economics show a pre-tax NPV up to AUD 645m at higher tin prices, with further upside from resource conversion and process optimization.

• Competitive cost structure: AISC of US $15,843/t, with strong margins at current spot prices.

• Simple, low-tech processing flow sheet enables efficient beneficiation and high-grade concentrate production.