2020 MINING INDABA INVESTOR PRESENTATION FEBRUARY 2020 1
DISCLAIMER These presentation slides (the “Slides”) do not comprise an admission document, listing Any investment, investment activity or controlled activity to which the Slides relates is particulars or a prospectus relating to AfriTin Mining Limited (“the Company”) or any available only to such persons and will be engaged in only with such persons. subsidiary of the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the Company and should not be relied on in connection Persons of any other description, including those that do not have professional experience with a decision to purchase or subscribe for any such securities. The Slides and the in matters relating to investments, should not rely or act upon the Slides. accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities in the Company. The Slides should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be The Slides and the accompanying verbal presentation are confidential, and the Slides distributed to persons with an address in the United States of America, Australia, the are being supplied to you solely for your information and may not be reproduced or Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country distributed to any other person or published, in whole or in part, for any purpose. outside the United Kingdom where such distribution may lead to a breach of any legal or No reliance may be placed for any purpose whatsoever on the information contained regulatory requirement. in the Slides and the accompanying verbal presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or No securities commission or similar authority in Canada has in any way passed on the merits on behalf of the Company or its respective shareholders, directors, officers or employees of the securities represented hereunder and any representation to the contrary is an offence. or any other person as to the accuracy or completeness of the information or opinions No document in relation to the placing of the Company shares has been, or will be, lodged contained in the Slides and the accompanying verbal presentation, and no liability is with, or registered by, The Australian Securities and Investments Commission, and no accepted for any such information or opinions (including in the case of negligence, but registration statement has been, or will be, filed with the Japanese Ministry of Finance in excluding any liability for fraud). relation to the placing or the Company’s shares. Accordingly, subject to certain exceptions, the Shares may not, directly or indirectly, be offered or sold within Canada, Australia, Japan, The Slides contain forward-looking statements, which relate, inter alia , to the Company’s South Africa or the Republic of Ireland or offered or sold to a resident of Canada, Australia, proposed strategy, plans and objectives. Such forward-looking statements involve known Japan, South Africa or the Republic of Ireland. and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to The Securities have not been, and will not be, registered under the United States Securities be materially different from such forward-looking statements. Accordingly, you should Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority not rely on any forward-looking statements and the Company accepts no obligation to of any state or other jurisdiction of the United States and may not be offered or sold within disseminate any updates or revisions to such forward-looking statements. the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation S under the US Securities Act. The Company has not been registered The Slides and their contents are directed only at persons who fall within the exemptions and will not register under the United States Investment Company Act of 1940, as amended. contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 The Slides and their contents are confidential and should not unless otherwise agreed in (Financial Promotion) Order 2005 (such as persons who are authorised or exempt writing by AfriTin Mining Limited be copied, distributed, published or reproduced (in whole persons within the meaning of the Financial Services and Markets Act 2000 and certain or in part) or disclosed by recipients to any other person. other persons having professional experience relating to investments, high net worth companies, unincorporated associations or partnerships, the trustees of high value trusts) and persons to whom distribution may otherwise lawfully be made. 2
COMPANY OVERVIEW & MARKET BACKDROP 3
AFRITIN – ABOUT US CURRENT PLANT A tin mining company with a portfolio of production and near production tin assets in Africa Uis Tin Mine – Namibia (production) – previously the worlds largest open cast tin mine Mokopane Tin Project – South Africa Listed on AIM November 2017 London's ONLY pure play listed tin company Experienced Management team Management carries over 120 years’ experience From listing on AIM to first production in two years Objective to become the tin champion of Africa Well placed to benefit from the tin supply shortage 4
LONDON’S ONLY PURE -PLAY TIN LISTING Low cost curve The right commodity First quartile cash-cost curve for Phase 2 Sound market fundamentals, supporting stable commodity price outlook STRATEGIC PRINCIPLES Scalable Early production Phased development approach allows for early Large mining licence area with over 180 cash flows, while significantly de-risking Phase 2 mineralised, outcropping pegmatites DELIVERY OF FIRST PHASE 2 SCOPING ACHIEVE STEADY IDENTIFY AND PHASE 2 PFS AND SHIPMENT OF STUDY IN REVIEW STATE EXPLORE OTHER STRATEGIC BFS TIN CONCENTRATE PRODUCTION OBJECTIVES OPPORTUNITIES 2020 5
AFRITIN: THE TIN CHAMPION OF AFRICA T op 10 Shareholders as at 18 Dec 2019 Key metrics Ticker ATM 5 INSTITUTION HOLDING % STAKE Market AIM Naminco Limited 91 931 731 14,1% 4,8 Shares in issue 653 146 373 1 The Orange Trust 64 874 704 9.9% 4,6 Market cap £ 19,6m 1 Bushveld Minerals Limited 51 995 342 8,0% Cash and cash equivalents £ 0.9m 2 4,4 Working Capital Facility £ 2m Hargreaves Lansdown 41 804 994 6.4% 4,2 (Undrawn) Share Price (GBP) Acacia Resources Limited 40 642 121 6,2% 4 1 AS AT 18 DECEMBER 2019 2 AS AT 18 DECEMBER 2019 Premier Miton Group PLC 31 328 044 4,8% 3,8 Capital International IOM 25 348 074 3,9% 3,6 Mr Stephen Pycroft 22 193 851 3,4% 3,4 Interactive Investors 18 877 859 2,9% 3,2 Mr Brendan M Kerr 16 373 333 2,5% 3 T otal top 10 405 370 053 62,06% 2,8 Management 21 552 448 3.3% Others 226 223 872 34,64% T otal 653 146 373 100% Mid close 6
WHY TIN? MARKET FUNDAMENTALS Outlook for tin usage SOURCE: ITA Market overview Refined tin consumption of c.340-370ktpa makes it a relatively small market with China accounting for most of demand growth Production cuts from several Chinese smelters in 2016 further exacerbated what was already a prolonged deficit Tin has the shortest reserve life among base metals (16 years) Global tin use by application, 2018 Solder 10% 6% Chemicals 6% Tinplate 47% Lead-acid 13% batteries Copper Alloy 18% Other SOURCE: ITA 7
SUPPLY SHORTAGE Growth in global mine production – 2019 vs 2023 Apex developing in physical supply constraints as a result of: Closure of Chinese production plants in Yunnan Reduced exports from Myanmar Environmental and regulatory hurdles in Indonesia Depleting resources and grades from Latin America supply Refined tin demand currently outpaces supply (000t) Global mine production by region 8 SOURCE: ITA
FUTURE TRENDS OF TIN Critical to energy revolution Tin Price Outlook 24 000 Emerging market opportunity for tin in lithium-ion batteries Extended Trade War Electric vehicles are the largest potential growth sector for lithium- 23 000 Central Forecast ion batteries 22 000 Rapid Recovery International Tin Association reporting demand could triple by 2050 Forecast range LME Tin price, US$/t Extended Trade War w/ Rebound 21 000 Indium Tin Oxide (ITO) is used in touch screens and display technologies such as LCD, plasma 2020 to 2023: 20 000 Global touchscreen controller market expected to grow from $5bn $18,500 – $24,000 19 000 in 2016 to $15bn in 2023 18 000 Tin 17 000 Lithium Cobalt 16 000 Silver Nickel 15 000 Gold Electrical contact materials 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f 2022f 2023f Tungsten Tin, silver, gold SOURCE: ITA Vanadium Battery materials Graphite Niobium Lithium, cobalt, nickel, zinc ( tin, silver, Zinc vanadium, graphite) PGM (Pt,… Salt AV/EV Robotics Renewables Oil & Gas Energy Storage IT Other SOURCE: MIT 9
OUR PROJECTS 10
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