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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


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SLIDE 1

2020 MINING INDABA INVESTOR PRESENTATION

FEBRUARY 2020

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SLIDE 2

DISCLAIMER

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These presentation slides (the “Slides”) do not comprise an admission document, listing particulars or a prospectus relating to AfriTin Mining Limited (“the Company”) or any 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 with a decision to purchase or subscribe for any such securities. The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities in the Company. The Slides and the accompanying verbal presentation are confidential, and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the completeness or accuracy

  • f such information. No representation or warranty, express or implied, is given by or
  • n behalf of the Company or its respective shareholders, directors, officers or employees
  • r any other person as to the accuracy or completeness of the information or opinions

contained in the Slides and the accompanying verbal presentation, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud). The Slides contain forward-looking statements, which relate, inter alia, to the Company’s proposed strategy, plans and objectives. Such forward-looking statements involve known 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 be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The Slides and their contents are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 and certain

  • ther 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. Any investment, investment activity or controlled activity to which the Slides relates is available only to such persons and will be engaged in only with such persons. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. 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 distributed to persons with an address in the United States of America, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country

  • utside the United Kingdom where such distribution may lead to a breach of any legal or

regulatory requirement. No securities commission or similar authority in Canada has in any way passed on the merits

  • f the securities represented hereunder and any representation to the contrary is an offence.

No document in relation to the placing of the Company shares has been, or will be, lodged with, or registered by, The Australian Securities and Investments Commission, and no registration statement has been, or will be, filed with the Japanese Ministry of Finance in 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, South Africa or the Republic of Ireland or offered or sold to a resident of Canada, Australia, Japan, South Africa or the Republic of Ireland. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority

  • f any state or other jurisdiction of the United States and may not be offered or sold within

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 and will not register under the United States Investment Company Act of 1940, as amended. The Slides and their contents are confidential and should not unless otherwise agreed in writing by AfriTin Mining Limited be copied, distributed, published or reproduced (in whole

  • r in part) or disclosed by recipients to any other person.
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SLIDE 3

COMPANY OVERVIEW & MARKET BACKDROP

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SLIDE 4

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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

  • f Africa

Well placed to benefit from the tin supply shortage

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SLIDE 5

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STRATEGIC PRINCIPLES STRATEGIC OBJECTIVES 2020 Scalable

Large mining licence area with over 180 mineralised, outcropping pegmatites

The right commodity

Sound market fundamentals, supporting stable commodity price outlook

Low cost curve

First quartile cash-cost curve for Phase 2

Early production

Phased development approach allows for early cash flows, while significantly de-risking Phase 2

LONDON’S ONLY PURE-PLAY TIN LISTING

DELIVERY OF FIRST SHIPMENT OF CONCENTRATE PHASE 2 SCOPING STUDY IN REVIEW ACHIEVE STEADY STATE PRODUCTION PHASE 2 PFS AND BFS IDENTIFY AND EXPLORE OTHER TIN OPPORTUNITIES

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SLIDE 6

2,8 3 3,2 3,4 3,6 3,8 4 4,2 4,4 4,6 4,8 5 Share Price (GBP)

Mid close 6

T

  • p 10 Shareholders as at 18 Dec 2019

INSTITUTION HOLDING % STAKE Naminco Limited 91 931 731 14,1% The Orange Trust 64 874 704 9.9% Bushveld Minerals Limited 51 995 342 8,0% Hargreaves Lansdown 41 804 994 6.4% Acacia Resources Limited 40 642 121 6,2% Premier Miton Group PLC 31 328 044 4,8% Capital International IOM 25 348 074 3,9% Mr Stephen Pycroft 22 193 851 3,4% Interactive Investors 18 877 859 2,9% Mr Brendan M Kerr 16 373 333 2,5% T

  • tal top 10

405 370 053 62,06% Management 21 552 448 3.3% Others 226 223 872 34,64%

T

  • tal

653 146 373 100%

Ticker ATM Market AIM Shares in issue 653 146 3731 Market cap £ 19,6m1 Cash and cash equivalents £ 0.9m2 Working Capital Facility (Undrawn) £ 2m

1AS AT 18 DECEMBER 2019 2AS AT 18 DECEMBER 2019

AFRITIN: THE TIN CHAMPION OF AFRICA

Key metrics

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SLIDE 7

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)

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Global tin use by application, 2018

WHY TIN? MARKET FUNDAMENTALS

47% 18% 13% 6% 6% 10% Solder Chemicals Tinplate Lead-acid batteries Copper Alloy Other

Outlook for tin usage

SOURCE: ITA SOURCE: ITA

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SLIDE 8

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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)

SUPPLY SHORTAGE

SOURCE: ITA

Global mine production by region Growth in global mine production – 2019 vs 2023

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SLIDE 9

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SOURCE: MIT

FUTURE TRENDS OF TIN

Critical to energy revolution

Emerging market opportunity for tin in lithium-ion batteries

Electric vehicles are the largest potential growth sector for lithium- ion batteries

International Tin Association reporting demand could triple by 2050

Indium Tin Oxide (ITO) is used in touch screens and display technologies such as LCD, plasma

Global touchscreen controller market expected to grow from $5bn in 2016 to $15bn in 2023

Salt PGM (Pt,… Zinc Niobium Graphite Vanadium Tungsten Gold Nickel Silver Cobalt Lithium Tin

AV/EV Robotics Renewables Oil & Gas Energy Storage IT Other

Electrical contact materials Tin, silver, gold Battery materials Lithium, cobalt, nickel, zinc (tin, silver, vanadium, graphite)

15 000 16 000 17 000 18 000 19 000 20 000 21 000 22 000 23 000 24 000 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f 2022f 2023f LME Tin price, US$/t

Tin Price Outlook

Extended Trade War Central Forecast Rapid Recovery Extended Trade War w/ Rebound

Forecast range 2020 to 2023: $18,500 – $24,000

SOURCE: ITA

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SLIDE 10

OUR PROJECTS

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SLIDE 11

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AfriTin’s portfolio includes an interest in a number of mining and exploration areas across Southern Africa

MAJOR AFRICAN TIN PROVINCES

Tin Provinces of Africa AfriTin assets Tin, Nb and Tu

Bushveld, South Africa Damara, Namibia

Mining Licences

Uis: ML134

C1/B1: ML 129

Nainais: ML133

Exploration Licences

Brandberg West: EPL5445

Goantagab: EPL5670

Prospecting Rights

Mokopane Tin

2205PR

2371PR

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NAMIBIAN ASSETS – A REGIONAL FOOTPRINT

Historical mining footprint only a fraction of existing licence areas in a proven tin province. AfriTin aims to expand the company's footprint across the region.

EPL 5445 EPL 5670 ML 134 ML 129 ML 133

SOURCE: GOOGLE EARTH

Uis Project

Brandberg West: Exploration licence EPL5445 covering 30 089 Ha

Historically producing tin-tungsten deposit from the 1940’s 1980’s, owned by SWACO, a Goldfields subsidiary

Exploration programme planned for 2020

Goantagab: Exploration licence EPL5670 covering 18 950 Ha

Uis: 3 fully permitted mining licences ML129, ML133, ML134 with a combined coverage of 27 860 Ha

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SLIDE 13

Historically the largest hard-rock tin mine in the world

Operating in excess of 3 decades

Historic production rates of ~1 500 tonnes Sn concentrate per annum

Large scale, conflict-free deposit located in mine friendly Namibia

Mining licences in place

Tin mineralisation complimented by significant by-product potential including

Lithium

Tantalum

Rare earth elements (REE’s)

2 phase development plan

Phase 1 (Tin only): Plant fully operational and undergoing ramp- up

Phase 2 (multi-commodity: Tin, Lithium, Tantalum): studies in progress

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UIS – FLAGSHIP ASSET

CURRENT PLANT

HISTORIC CIRCA 1989

CURRENT PLANT

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Discovery of the asset Asset is acquired by Mr Angus Munro; Uis Tin Mining Co (SWA) is established and large-scale mining commences Imcor acquires the asset and installs a c. 35tph tin recovery plant to produce cassiterite concentrate Imcor enlarges the plant to

  • c. 100tph and commenced

building the village of Uis Imcor enlarges the plant to c. 140tph producing c. 100-120 tpm cassiterite Uis Tin Mine closes following the tin price collapse in the mid-1980s SRK publishes a ‘LoM Plan Report for 1989- 2063’*. These were historical estimates that were not reported to any recognised minerals industry reporting code Greenhills (Bushveld subsidiary) purchases 85% stake from AfriTin Mining Namibia1

1 Was renamed to AfriTin Mining Namibia in January 2019 (between 2014 and 2016 the entity was called Dawnmin Africa

Investments)

2017 AfriTin lists on AIM with Uis as its flagship asset

H i s t o r i c e s t i m a t e o f U i s * Tonnes (kt) Grade (Sn %) Contained Sn (t) Proven Reserve 48,426.8 0.136 65,860 Probable Reserve 21,896.9 0.135 29,561 Total 70,323.8 0.136 95,421 *Non JORC-Compliant; Source SRK report 1989

2016 1911 1958 1966 1980 1948/51 1990 1989

UIS – ASSET HISTORY

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SLIDE 15

Concurrent exploration programmes are targeting higher grade pegmatites with low stripping ratios to maintain mining stockpiles and reduce expenditure

Regional mapping programme completed on surrounding pegmatites – visual confirmation of cassiterite mineralisation for over 180 pegmatites within 5km of processing plant

Detailed mapping programme has identified higher grade greisenised areas within mineralised pegmatites

Ore bodies are up to 80m thick and over 1km along strike

67-meter intersection of the W17 pegmatite, south of mining area, displayed visible cassiterite grains over the entire intersection

Historical pits mined on outcropping pegmatite,

  • ver 12 existing pits, these comprise historical

SRK reserves (1989)

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SOURCE GOOGLE EARTH

EXPLORATION UPSIDE

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141 drill holes over V1 V2 V1 V2 pegmatites

GEOLOGICAL MODEL

Multiple mineralised pegmatites mapped

Historical IMCOR drill data for V1 and V2 pegmatites has been validated by AfriTin’s Phase 1 exploration programme, allowing incorporation into geological modelling

141drill holes along a 25m grid spacing utilised for high resolution modelling

Phase 1 weighted averages used for pegmatite intersections

V1 and V2 pegmatite intersections occur at depth

Drill data shows significant down dip thickening of the ore body compared to surface outcrop

3-D geological model completed and a maiden resource declared

Utilised for block modelling and mine design

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SLIDE 17

MRE of Tin within the V1 and V2 pegmatites (cut-off grade 0.05% Sn)

Measured Indicated Inferred TOTAL Commodity

Sn Sn Sn Sn

Grade

0.139% 0.136% 0.130% 0.134%

T

  • nnes of Ore

21 540 000 13 050 000 36 950 000 71 540 000

Contained Metal (t)

29 899 17 765 47 875 95 539

MRE of ancillary elements within the V1 and V2 pegmatites

Inferred Commodity

Li2O Ta

Grade

0.63% 85 ppm

T

  • nnes of Ore

71 540 000 71 540 000

Contained Metal (t)

450 265* 6 091

* Metal refers to Li2O

UIS JORC-COMPLIANT MINERAL RESOURCE ESTIMATE

Globally significant maiden resource

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Drill results validated the historical exploration data generated by ISCOR subsidiary IMCOR, allowing an additional 141 drill holes to be incorporated into the mineral resource estimate

Ancillary elements analysed during the drilling campaign confirmed Ta and Li by- product potential

The ancillary elements reported as part of the mineral resource on a lower confidence level (inferred) as these minerals were not sampled for in the historical ISCOR data

The maiden resource is comprised from only

  • ne of the 12 existing pits at Uis, namely

V1V2

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MINING

The combined mine plan delivers 2.75 million tonnes (represents 3% of the historical resource) of pegmatite at an average waste stripping ratio

  • f 1:1.2

Mine design, at 0.5 Mtpa RoM, provides sufficient inventory to supply Phase 1 processing plant with ore for more than 5 years

Mine design exploits outcropping pegmatites and excavations of the historical Uis mine

Potential for fast production ramp-up

Conventional open-pit mining with excavator-truck combination mining method

Current RoM ore stockpile exceeds 2 months production supply

V2 Pegmatite V1 Pegmatite Hanging Wall Person for Scale

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METALLURGY

Coarse grained allowing for easy liberation of tin through crushing

Plant design targets Sn recoveries >60% at concentrate grades of >60% Sn

Efficient pre-concentration with dense medium separation (DMS) produces 80% waste rejection at high recoveries.

Large material density differentials (cassiterite/columbite > 5.0 g/cm

3, gangue

2.7 g/cm

3) allowing for efficient dense

medium and gravity separation.

Tantalite associated with the concentrate

Preliminary lithium test work indicate potential for lithium byproduct. Further test work planned.

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Final concentrate drying First tin metal product Sn Phase One Concentrate Coase grained

Sn Concentrate

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SLIDE 20

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PROCESS FLOW

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INFRASTRUCTURE

Formal (10 year) supply agreement concluded with Namibia Power Corporation:

― Provides for the full on-site power requirements for Phase 1

mining and processing facility

― Significantly more cost effective than diesel generated power  Supply voltage of 66 kV  Supply capacity of 1.5MVA 

Diesel generators currently in place to serve as backup power

  • nce grid power is connected

Water supply

― Geohydrological study, water drilling and test pumping

completed

― Results of the programme have confirmed the viability of using

groundwater sources for Phase 1

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SLIDE 22

PROGRESS AT UIS

Achieved a JORC-compliant mineral resource estimate (MRE) September 2019

Processing plant production of tin concentrate commenced August 2019

Offtake agreement signed with Thaisarco for 12 months with the option to extend

1st shipment dispatched from Uis Tin Mine end of November 2019 and due to arrive in port in Thailand early February 2020

2nd shipment planned for end of January 2020 

Ramp-up to nameplate capacity of 60 tonnes Sn concentrate per month, targeted for end of Q2 2020

Lithium mineralisation identified and being investigated for potential as an additional revenue stream

Pre Economic Assessment (PEA) for Phase 2 of the project nearing completion

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SLIDE 23

LONG TERM DEVELOPMENT PLAN

Phase 1 – Finalise proof of concept:

  • Use data produced in Phase 1 to complete Pre- Feasibility

Study for Phase 2

  • Expand size and scope of existing portfolio

Phase 2 – Leverage production profile to expand the

  • perations of the business:
  • Conversion of Pre-Feasibility Study to Bankable Feasibility

Study

  • Identify further mineralised pegmatites within project and

regional area

  • Expansion of current plant – replicate current plant – build

a bigger plant

  • Growth of portfolio through acquisition in country and

elsewhere in Africa

  • Revenues in excess of $100million in 5 years

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EXPOSURE TO A MAJOR TIN ASSET OF GLOBAL SIGNIFICANCE

Clear development timeline with catalysts for value creation:

Fully permitted operation

Production commenced August 2019

V1 V2 resource JORC-compliant

Scoping Study nearing completion

Commencement of BFS scheduled for 2020

Junior mining company that delivers

Strong geological potential from a historically producing mine

Multi-commodity optionality via regional expansion

A stable mining investment jurisdiction

Strong medium-term demand for tin underpinned by growing applications in new technologies

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APPENDIX

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Roger Williams Non-executive Director

  • Over 20 years’ international experience in mining finance, currently NED of

Sylvania Platinum and Digby Wells and Associates

  • Previously CFO Randgold Resources and CFO of AECI

Glen Parsons Chairman

  • CEO of Mariana Resources from 2010 until its sale to Sandstorm for $175m in

July 2017

  • 20+ years’ experience both as a mining executive and in investment banking

Anthony Viljoen CEO

  • Mining entrepreneur – 16 years operating in Africa
  • Successfully founded and directed Bushveld Minerals (AIM: BMN).
  • Non-executive direction at Bushveld Minerals

T erence Goodlace Non-executive Director

  • 40+ years’ experience in mining; currently NED at Gold Fields and Kumba Iron

Ore Limited

  • Previously Gold Fields COO, Metorex Limited CEO, Impala Platinum CEO

Laurence Robb Non-executive Director

  • Professor of Economic Geology and Director of the Economic Geology Research

Institute, University of the Witwatersrand’s School of Geosciences

  • Technical Director of Lerama Resources

Frans van Daalen COO

  • Qualified mining engineer with 20 years’ operational and technical

experience

  • Co-founder and director of VBKom

Machiel Odendaal Lead Engineer

  • Qualified electrical engineer with 40+ years’ experience and Chief

Engineer at various mining operations in Southern Africa

Timothy Marais Exploration Manager

  • Qualified exploration geologist with over 8 years’ experience
  • Worked on multiple commodity projects across Africa – focus on

project development, management and near-term value realisation

Jan Rabe Lead Process Engineer

  • Qualified metallurgical engineer with 17 years’ experience, Jan has fulfilled

various technical management roles

Rob Sewell CFO

  • Chartered Accountant CA(SA) with 14 years commercial and financial

experience across various industries

  • Completed training at Deloitte in Johannesburg and gained international

experience during a secondment to Deloitte Sydney office

TEAM

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SLIDE 27

Road between Uis and Walvis Bay Walvis Bay Port upgrade completed

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Complimentary mining and exploration jurisdiction with a developed transport infrastructure

Stable democracy with an independent, strong legal system

Country encourages foreign investment

Long established Mining Act – mining law in Namibia is mainly regulated by the Minerals Act 33 of 1992 which was amended in 2008

Mining is the biggest contributor to Namibia’s economy in terms of revenue and consequently, an important industry

Fraser Institute lists Namibia No. 60 globally in terms of investment attractiveness and No. 36 globally in policy

  • perception. *Corruption Perception Index 2018

5

th most transparent country in Africa

NAMIBIA: A STABLE INVESTMENT JURISDICTION

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COMMUNITY AND ENVIRONMENTAL INVOLVEMENT

Continue to engage with the local partners and communities

A strong focus is placed on consistent participation and communication between the community and AfriTin

Honourable Tom Alweendo, Minister of Mines and Energy, plus analysts and investors, hosted at site establishment ceremony, December 2018

Significant support shown by Ministry of Mines

Excitement around expected economic benefits to the region

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SLIDE 29

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Mokopane Tin Project – located on the northern limb of the Bushveld Complex

Prospecting right 2205PR covering six farms (13 253 Ha)

Prospecting right 2371PR covering three additional neighbouring farms (awaited)

Four targets identified, exploration conducted on two targets to date, with 18 447 tonnes contained Sn resource established

Scoping Study completed October 2014

― Base case RoM of 691ktpa to produce ~700tpa of

99.5% Sn purity metal, yields positive economics with a significant IRR of 34.6%

― Low quartile operating costs: $14,276/tonne

  • f tin metal produced (as of 24 September 2014)

Potential additional 5,000 tonnes contained Sn resource in the underground lease target area

Greenhills interest = 74%, 26% held by local Black Economic Empowerment partners

Mokopane tin project

OTHER ASSETS: SOUTH AFRICAN

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SLIDE 30

COMPANY INFORMATION

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Registered office 18 – 20 Le Pollet St Peters Port Guernsey Representative office 2nd Floor, Building 3 Illovo Edge Office Park Corner Harries & Fricker Road Illovo Johannesburg, 2116 South Africa

Anthony Viljoen, CEO info@afritinmining.com www.afritinmining.com

Broker & Nominated Advisor WH Ireland 24 Martin Ln London EC4R 0DR United Kingdom Joint Broker 8-10 Grosvenor Gardens London SW1W 0DH United Kingdom Investor Relations – UK 1 Cornhill London EC3V 3ND United Kingdom +44 (0) 20 7920 3150 Corporate Advisor and Joint Broker 2 Park Street London W1K2HX United Kingdom 55 Baker street Marylebone London W1U 7EU United Kingdom