First Tin (1SN) Investor presentation summary

Strategic positioning and project portfolio

• Holds 100% ownership of two advanced tin projects in Germany and Australia, both in low-risk OECD jurisdictions with existing infrastructure, ensuring secure supply of critical minerals.

• Projects include Taronga (Australia) and Tellerhäuser (Germany), both located in historic mining districts with significant resource bases and long-term mining licenses.

• Taronga has completed a Definitive Feasibility Study (DFS) and Environmental Impact Statement (EIS), while Tellerhäuser has a Pre-Feasibility Study (PFS) and mining license valid until 2070.

• Resource base totals 367,600 tonnes of contained tin, making it the largest undeveloped OECD tin resource and second largest globally outside China.

Market dynamics and tin fundamentals

• Tin demand is driven by its critical role in electronics, energy transition, and digital transformation, with over 50% used in solder for electronics.

• Tin is designated as a critical or strategic mineral in major economies, including the USA, EU, China, and Australia.

• Global tin supply is unreliable and has stagnated, with recent production disruptions in Indonesia, Myanmar, Peru, and the DRC, leading to an estimated 8% decrease in mine production in 2024.

• Tin prices have responded to tightening supply, with significant price increases and volatility observed over the past year.

Project economics and development milestones

• Taronga offers low-risk, low-cost, open pit mining with a 1:1 strip ratio, simple mineralogy, and solar/gas power, supporting attractive project economics.

• Taronga's DFS indicates a pre-tax NPV of up to AUD 645m with significant upside from resource conversion, process optimization, and higher tin prices.

• Project financing is supported by a US$120m letter of intent from EXIM Bank, with key approvals and land ownership in place.

• Taronga also shows potential for silver and copper recovery from sulphide tailings, with ongoing metallurgical testwork and resource updates planned.