Tin Explorers & Developers Group

Member Profiles Report November 201920

Contents2 Tin Explorers & Developers Group Overview

Member Profiles

3 Alphamin Resources4 Elementos5 Cornish Metals6 Tin One Mining7 AfriTin Mining

8 Assumptions

 

 

Tin Explorers & Developers Group OverviewTheInternationalTinAssociation’sTinExplorers&DevelopersGroupbringstogethersomeoftheleadingcompaniesstrivingtobecomepartofthenextgenerationofglobaltinproducers.

Thisreportprofilesthesecompaniesandprovidesinformationontheflagshiptinprojectstheyareworkingtodevelop,whichareamongstthemostpromisingpotentialsourcesofnewtinsupplyworldwide.

Website:www.alphaminresources.com

The Mpama North MineAlphamincompletedconstructionofitsMpamaNorthmineandbeganproducingtinconcentrateinQ22019.Themineisnowapproachingnameplatecapacity,with10,000tonnesoftin-in-concentrateproductionscheduledfor2020.

Alphamin’smanagementteamhassuccessfullydevelopedandbroughttheBisietinminetoproductionandisfocusedontakingthebusinesstothenextlevelastheyaimtorealisethefullvaluepotentialofthistincomplex.

MpamaNorthisalreadyinproduction,andbyusingthepositivecashflowitgenerates,additionalproductionfromMpamaSouthandotherprospectivetargetsisplanned.

AlphaminareaimingtoincreaseannualtinoutputandLifeofMinethroughincrementalproductionfromMpamaSouthandbyaddingmoreminesincloseproximitytothecurrentproductionandlicensedfootprint.

Currently,all-insustainingcosts(AISC)attheMpamaNorthminearebetweenUS$10,000andUS$12,000pertonne.Alphaminaimstolowerthesefurtherastheproductionprocessisfurtherrefinedandmorevolumeisadded.

NI 43-101 Measured & Indicated Mineral ResourceOre(Mt) 4.6 Metal(torg)Sn(%) 4.52 208,000

NI 43-101 Mineral Reserve

Ore(Mt) 3.33 Metal(t)

Sn(%) 4.01 133,400

Project InformationProject Name MpamaNorthCountry DR CongoMine Type UndergroundProduct ConcentratesOutput (t/y Sn) 10,000Mine Life (years) 12Start Date 2019Capital Cost (US$ M) 151.4Cash Cost (US$/t of tin) 10,000-12,000

ProcessingplantatMpamaNorth

Market Information (as of 22/10/20)TSX-VCode AFMSharesonIssue 1,180.4mMarketCapitalisation US$197.45mMajor ShareholdersDenhamCapital 58.4%Sprott 4.5%GeraldGroup 3.8%

Alphamin Resources isalow-costtinconcentrateproducerfromitshigh-gradedepositatMpamaNorth.Thecompanyhasanadditionalfiveexplorationlicensescoveringatotalof1,270km2intheNorthKivuProvinceoftheDemocraticRepublicofCongo(DRC).AlphaminisheadquarteredinMauritiusandlistedontheTorontoStockExchange(TSXV:AFM)andtheJohannesburgStockExchangeAltX(JSEAltX:APH).MpamaNorthhasanNI43-101compliantResourcegradeof4.5%tin,placingitamongstthehighestgradedepositsintheworld.

Alphamin Resources

Phone:+61732126299 Email:admin@elementos.com.au Website:www.elementos.com.au

JORC-Compliant ResourceOre(Mt) 3.7 Metal(t)Sn(%) 0.29 11,000Cu(%) 0.13 5,000

The Oropesa Tin ProjectTheOropesatindepositislocatedinnorth-westAndalusia,180kmnortheastofSevilleinsouthernSpain.Oropesaisahard-rocktindepositamenabletoopen-pitextractionmethods,withthepotentialfor further development as an underground mining operation.

ElementoscompletedtheacquisitionoftheprojectinJanuary2020.ResultsfromaninitialEconomicStudy(Q22020)werepositive,withanestimatedcashcostof$11,534/tonne.Thestudygaveapost-taxNPV(8%)ofapproximatelyUS$66million.

ThecompanyplanstoundertakeaDefinitiveFeasibilityStudyandfinaliseenvironmentalpermittingasitsnextstepsindevelopingOropesa.

The Cleveland Tin ProjectClevelandwasanundergroundtinandcopperminenearLuna,inTasmania,operatedbyAberfoylebetween1968and1986whichproducedsome24,000tonnesoftin.Elementosplanstoredeveloptheprojectinthreestages,beginningwithreprocessingoftailingsfollowedbytheopenpitresourceandsubsequentlytheundergroundresourcesoftin,copperandtungsten.APFSwascompletedinAugust2015forthetailingsoperationaswellasamaidenorereserveestimate.InSeptember2018,theJORC-Compliantresourcewasupdatedfollowingasuccessfuldrillingprogramme.

Market Information (as of 10/11/20)ASX Code ELSharesonIssue 3,106mMarketCapitalisation US$15.5m

Major ShareholdersBondStreetCustodians 20.4%KeoProjects 3.4%AndesInvestors 2.2%

ElementosisanAustralian,ASX-listedmetalscompanywithaportfoliooftinprojectsincludingOropesainSpain,ClevelandinTasmaniaandTemengorinMalaysia.ThecompanyisactivelydevelopingeachoftheseprojectswithOropesathepriorityfollowingitsacquisitionin2018.Thecompanybelievesthathavingadiversifiedtinportfolioinjurisdictionswithalongmininghistoryisalowerriskgrowthstrategy.

Elementos

JORC-Compliant ResourceOre(Mt) 7.47 Metal(t)Sn(%) 0.75 56,100Cu(%) 0.30 22,200

JORC-Compliant ResourceOre(Mt) 12.54 Metal(t)Sn(%) 0.54 67,520

Cleveland Tailings

Cleveland Hard Rock

Oropesa*Tailingstobeinitialfocusofstageddevelopment

Project InformationProject Name Oropesa Cleveland *Country Spain Australia(TAS)Mine Type Open Pit Tailings,OP&

UGProduct Concentrates ConcentratesOutput (t/y Sn) 2,440 ~1,000Mine Life (years) 14 ~15Start Date 2022 2023

Oropesainducedpolarityanomalies,withdrillholelocations

Email:info@afritinmining.com Website:www.afritinmining.com

UisPhase1PilotPlant

JORC-Compliant Mineral Resource

Ore(Mt) 71.54 Metal(t)

Sn(%) 0.134 95,539

Ta(%) 0.0085 6091

Li2O(%) 0.63 450,265

The Uis Tin ProjectTheUisTinproject,locatedinNamibia,wasdiscoveredin1911anddevelopedbyIscorofSouthAfricaasthelargesthard-rocktinmineintheworld.Productionendedin1990asaresultoflowtinprices.

DuringDecember2018,AfriTinundertookthefirstlarge-scaleblastofminingmaterialatUis,withramp-uptofull-scaleconcentrateproductionbeginninginQ32019.AsofAugust2020,AfriTinisnowproducingnearly40tonnesoftin-in-concentratepermonth,withatargetof60tonnesbytheendof2020.

AfriTin has declared a maiden JORC resource at Uisof71.54Mtoforeatagradeof0.134%tinfor95,539tofcontainedtin.Thefootprintoftheminingareaissignificantandrecentresourceworkhasshownthescaleoftheby-productpotential.Asignificantnumberofpegmatiteshavebeendelineatedwithina5kmradiusoftheexistingplantinfrastructure.Phase2isexpectedtoproduce5,000toftinconcentrateperannumwiththeDefinitiveFeasibilityStudyearmarkedtostartinearly2020.

AfriTin Miningwasestablishedin2017toacquirethetinassetsofBushveldMineralsLimited.ThecompanywaslistedonAIMinNovemberofthesameyearandisfocussedoncreatingaportfolioofconflict-free,tinproducingassets.Thecompanyownstwotinprojects:theUisbrownfieldmineinNamibiaandtheMokopaneprojectinSouthAfrica.

Project InformationProject Name UisCountry NamibiaMine Type Open PitProduct ConcentratesConcentrate Output (t/y) Phase 1 630Phase 1 Start Date 2019Concentrate Output (t/y) Phase 2 5,000Phase 2 Start Date 2022

Market Information (as of 28/02/20)AIM Code ATMShares on Issue 653 mMarketCapitalisation US$ 17.5m

Major ShareholdersNaminco 14.1%TheOrangeTrust 9.9%BushveldMineralsLimited 8.0%

AfriTin Mining

Phone:+1(604)2006664 Website: www.cornishmetals.com Email: info@cornishmetals.com

NI 43-101 Upper Mine Indicated & Inferred ResourceOre(Mt) 0.72 Metal(t)Sn(%) 0.68 4,908Cu(%) 0.68 4,907Zn(%) 0.61 4,414

NI 43-101 Lower Mine Inferred ResourceOre(Mt) 0.74 Metal(t)Sn(%) 1.91 14,131

NI 43-101 Lower Mine Indicated Resource

Ore(Mt) 1.66 Metal(t)

Sn(%) 1.81 30,046

Project Information (2017 PEA)Project Name SouthCroftyCountry UKMine Type UndergroundProduct ConcentratesOutput (t/y Sn) ~5,000Mine Life (years) 8Capital Cost (US$ M) 118.7

ConceptualprocessingplantatSouthCrofty

Market Information (as of 23/10/20)TSX-VCode CUSNSharesonIssue 133.8mMarketCapitalisation US$12m

Major ShareholdersOsiskoGoldRoyalties 32.7%Management/Directors 10%

Cornish MetalsCornish Metals (previously Strongbow Exploration)isaTSX-VlistedCanadianexplorationcompany,focusedonbuildingastrategicmetalscompanythroughitsportfolioofassetslocatedintheUnitedKingdomandNorthAmerica.TheCompanyacquiredtherightstotheSouthCroftytinprojectinCornwall,UKinJuly2016whilemaintaininganinterestinotherpropertiesprospectivefortinandnickel,aswellasroyaltiesontungstenassets.

The South Crofty Tin ProjectTheSouthCroftyTinProjectislocatedinthetownsofPool,Camborne,andRedruthinthecountyofCornwall,SouthWestEngland,approximately465kmwestofLondon.SouthCroftywasthelasttinminetocloseinCornwallandtheUK,ceasingoperationsin1998duetothelowtinpriceandproposedchangestoenvironmentalregulation.

Severalcompanieshaveattemptedtorevivetheminebetween2001and2013.Significantadvancesweremade,primarilytheagreementtosecureasiteforfuturemillconstruction,andthegrantofaminingpermitwhichisvaliduntil2071,subjecttocertainplanningconditionsbeingmet.TheprojectchangedhandsnumeroustimesbeforeStrongbowacquireditfromadministrationinJuly2016followingdefinitionofanNI43-101compliantmineralresourceearlierintheyear.APreliminaryEconomicAssessment(PEA)wasreleasedfortheprojectinearly2017envisaginganundergroundmineproducingtinwithcopperandzincby-products.Theprojectremainsfullypermitted.

FurtherdrillingatSouthCroftybeganinmid-2020,alongwithaninitialdrillprogramattheUnitedDownscopper-tindiscovery.EarlyresultsfromSouthCroftyindicatehigh-grademineralisation,withnewtin‘lodes’found.TheUnitedDownsdiscoverycontains1.19%Snandiswithintruckingdistance(8km)tothepotentialSouthCroftyprocessingplant,providingproductionupside.

Phone:+(727)3550576(ext.700)ext. 5267 Email:office@tinone.kz Website:www.tinone.kz

JORC-Compliant Probable ReserveOre(Mt) 26.3 Metal(t)Sn(%) 0.55 145,200

JORC-Compliant Inferred ResourceOre(Mt) 68.5 Metal(t)Sn(%) 0.37 255,482

JORC-Compliant Measured & Indicated Resource

Ore(Mt) 54.8 Metal(t)

Sn(%) 0.43 236,354

Project InformationProject Name SyrymbetCountry KazakhstanMine Type Open PitProduct ConcentratesOutput (t/y Sn) 6,500Mine Life (years) 14Start Date 2021Capital Cost (US$ M) 285

ContourofthePreliminaryOptimisedPitThe Syrymbet Tin ProjectTheSyrymbetdepositislocatedintheSyrymbetorefield,north-westoftheKokchetavmiddlemassif,withintheVolodarskiyoreprovince.TheventureiswhollyownedbyJSCTinOneMining,whichispermittedtocarryoutdevelopmentandproductionwithinthelicenceareauntil2030.Commercialmineralisationatthedepositwasfirstdiscoveredbyadrill-holeprogramin1985,withfurtherexplorationin1990leadingtothediscoveryoftin-bearingweatheredcrustwithcommercialpotential.TheorefieldisassociatedwiththeintrusionoftwolateDevoniangranite-porphyrystockworks(SyrymbetandSarybulak).

Thecompanyclaimsthatthedepositiscurrentlytheworld’slargestundevelopedtindeposit,basedon2012JORCreportingstandards.JORC-compliantmineralresourceestimation(MRE)reportsfrom2015and2018indicatein-situresourcescomprising123Mtofore,containing492ktoftin.

In2018,Stateauthoritiescommencedtheconstructionofarailwaysidingandapotablewaterpipeline,whicharerequiredforthedevelopmentoftheproject.

TinOneMiningpublishedaDefinitiveFeasibilityStudyfortheprojectin2020.TheStudyindicatesthatalongsidetin,theprojectwillalsoproduceacopperandCaF2product,whichwillhelptoreducetinminingcosts.WithacashcostofUS$35.72pertonnemilled,Syrymbetisforecasttobeinthelowestquartileoftinminesbycost.

Major ShareholdersLancasterGroup 75%Samruk-KazynaInvest 25%

JSC Tin One Mining,formerlyknownasJSCSyrymbet,wasfoundedin1998tocarryoutthedevelopmentoftheSyrymbetdeposit,includingmineandprocessingplantconstruction,inKazakhstan.TheSyrymbetlicenceareaalsoincorporatestheSarybulaktantalum-niobiumprospect.ThecompanyisaprivatelyownedsubsidiaryoftheLancasterGroup,adiversifiedholdingcompanyspecialisinginlongtermdevelopmentopportunities.Samruk-KazynaInvest,asubsidiaryoftheKazakhstangovernment’sassetmanagementdivision,hasaminorityshare.

Tin One Mining

AssumptionsTheinformationwithinthisreportwascollatedfrommultiplesourcesincludingpersonalcommunication,companywebsites,quarterlyandannualreports,pressreleasesandpresentationsavailablepriorto23/10/2020unlessotherwisestated.Mineralresourcefiguresandforecastminecosts,schedulesandotherquantitativedatapresentedonthememberprofilepagesoriginatesdirectlyfromthecompanywithwhichitisassociated,althoughtheactualfiguremayhavebeenconvertedoradjustedbytheInternationalTinAssociationinordertomakefiguresmorecomparablewhereappropriate.

CashCostsreflectthedirectcostsofminingandprocessingtheoreintorefinedtinandarereportednet-of-by-product.Wheremineableby-productsorco-productsexist,theadditionalrevenueisoffsetagainsttheCashorFullCosttocalculatearesultantcostpertonneoftin.Anycostspresentedinthisreporthaveallbeenpublishedbythecompaniesthemselvesandthemethodofcalculationmaythereforevaryfromthedescriptionsprovidedabove.AscostsareexpressedinUSdollarstheremaybesomeinherenterrorwhereexchangerateshavechangedovertime,particularwithrespecttocostassumptionsmadebytheindividualcompaniesintheirstudies.

Tel: +44 (0) 1727 875 544

Fax: +44 (0) 1727 871 341

St. Albans Hertfordshire

Email:info@internationaltin.orgWeb:www.internationaltin.org

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