First Tin (1SN) Investor presentation summary

Investment overview

• 100% ownership of two low-capex tin projects in OECD jurisdictions; combined resources total 377,300 t contained tin, described as the largest undeveloped OECD tin resource base.

• Tin is positioned as a critical metal for clean energy, digital infrastructure and advanced computing; the presentation forecasts a significant supply deficit.

• Taronga’s combined Phase 1 and proposed Phase 2 post-tax NPV is A$580m at the 4 August 2026 spot tin price of US$55,675/t.

Tin market

• Refined tin usage was 379,700 t in 2024, with solder accounting for 53%; other applications include tinplate, batteries, chemicals and copper alloys.

• Global tin inventories were low: LME stocks were 8 kt in July 2026 and SHFE stocks ranged from 5–12 kt during 2026; US plans to rebuild its strategic stockpile add potential demand.

• Supply constraints include declining grades, inflationary costs and regulatory action against illegal artisanal mining; the presentation links tight supply to tin prices moving beyond the cash cost curve.

Resource portfolio

• Taronga in Australia has 147,800 t contained tin resources and 55,000 t in proved and probable reserves; its updated DFS was published in August 2026.

• Tellerhäuser in Germany has 138,600 t contained tin resources and a PFS; Gottesberg has 90,900 t, bringing the portfolio total to 377,300 t contained tin.

• The advanced project pipeline is limited; listed projects beyond the portfolio include Achmmach, South Crofty, Oropesa, Heemskirk and Cleveland at scoping, PEA or DFS stages.