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Investor Presentation July 2020 DISCLAIM ER These presentation - - PowerPoint PPT Presentation

Investor Presentation July 2020 DISCLAIM ER 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


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SLIDE 1

Investor Presentation

July 2020

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SLIDE 2

DISCLAIM ER

2

These presentation slides (the “ Slides”) do not comprise an admission document, listing particulars or a prospectus relating to AfriTin M ining 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 of such information. No representation or warranty, express or implied, is given by or on behalf of the Company or its respective shareholders, directors, officers or employees or 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 M arkets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and M arkets Act 2000 and certain 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. 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 of 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 M inistry 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 of any state or other jurisdiction of the United States and may not be

  • ffered 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 or in part) or disclosed by recipients to any

  • ther person.
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SLIDE 3

Company Overview & M arket Backdrop

3

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SLIDE 4

ABOUT US: THE AFRICAN TIN CHAM PION

4

¡

A tin mining company with a portfolio of production and near production tin assets in Africa

¡

Uis Tin M ine – Namibia (production) – Previously the worlds largest open cast tin mine

¡

M okopane Tin Project – South Africa

¡

Listed on AIM November 2017

¡

London's ONL Y pure play listed tin company

¡

Experienced M anagement team

¡

M anagement carries over 120 years of 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

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SLIDE 5

LONDON’S ONL Y PURE-PLAY TIN LISTING

5

STRATEGIC PRIN CIPLES STRATEGIC O BJ ECTIVES 2020

Scalable

Large mining licence area with over 180 mineralised, outcropping pegmatites

The right commodity

S

  • und 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

TIN OFFTAKE AGREEMENT IN PLACE PHASE 1 OPTIMISATION STUDY COMPLETE IDENTIFY AND EXPLORE ADDITIONAL TIN OPPORTUNITIES ACHIEVE STEADY STATE PRODUCTION

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SLIDE 6

ENVIRONM ENTAL, SOCIAL AND GOVERNANCE

6

AfriTin Mining is currently working towards compliancy with the International Finance Corporation’s Performance Standards and is aiming to

  • btain its Conflict Free Certificate. Best practices are implemented wherever possible.

AfriTin Mining complies with all applicable safety, health & environmental laws in addition to our own company policies and

  • requirements. W e strive to use resources sparingly so as to reduce the impacts of our operations on the environment, stakeholders and

surrounding communities. PERFORMANCE PEOPLE PLANET INTEGRITY

Economic Support § Close to N $200 000 000 has been

spent in the development of the Uis Tin Mine

§ Majority of this expenditure has

  • ccurred in N amibia

Health & Safety of workers § All permanent staff at the Uis Tin

Mine are N amibian citizens

§ Employing from within the local

community wherever possible

§ Supporting the local economy by

supporting local accommodation, stores and restaurants

§ Businesses have opened in Uis and

substantial developments have

  • ccurred

§ O H&S policies and procedures are in

place

§ Safety is reemphasised daily through

safety talks and shares

§ H&S risks are assessed, controlled,

mitigated and monitored

Social Development § Sponsoring of local soccer teams § Co-sponsorship of a borehole drilled

in the Ugab River to provide water to wildlife

§ Purchasing of tin mined by artisanal

miners operating in the mining licence

§ Sponsoring the 2020 Rhino Run and

Ride in support of The Rhino Trust

  • f N amibia

Economic contribution in Namibia

Ensuring compliance to the O EMP through monthly monitoring of:

§ Dust fallout § Surface water quality § Static borehole water levels § O nsite SHE field audits

Monthly monitoring allows for identification and mitigation of SHE impacts in a timely manner.

Monthly Monitoring Pollution Control & Prevention § W aste rock is co-disposed with

tailings on existing waste rock dumps

§ Good housekeeping practices are

encouraged

§ A hydrocarbon spill management plan

has been implemented onsite W e seek to gain competitive advantage through sound, ethical and legal practices.

Protection of our People Stakeholder Engagement § Commitment to respecting

labour & human rights

§ W e believe in a diverse &

inclusive working environment

§ Zero-tolerance policy for any

form of harassment or bullying

§ Commitment to transparency &

  • pen communication

§ Uis Tin Mine has not identified

any stakeholder engagement risks

§ The community is supportive of

the Uis Tin Mine

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SLIDE 7

TIN M ARKET FUNDAM ENTALS

7

M arket overview

¡

Global tin market anticipated to be valued at US$8.23bn in 2023, robust long-term fundamentals

¡

M arket is mature, well established, and highly consolidated

¡

Tin is predicted to be the metal most positively impacted by the development of future technologies and ‘the Internet of Things’

¡

Including advanced energy-generation and energy-storage devices

¡

Tin, tied with copper is the best LM E performer in the first half

  • f 2020

Refined tin demand currently outpaces supply (000t) - ITA

Salt PGM … Zinc Niobi… Graph… Vana… Tungs… Gold Nickel Silver Cobalt Lithium Tin

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

Commodity demand in the electrical contact and battery materials markets - M IT

Supply Shortage

¡

Tin market has faced a consistent supply deficit over recent years, forecast to remain in deficit until 2022. Shortages due to:

¡

Production cuts from several Chinese smelters

¡

Closure of Chinese production plants in Y unnan

¡

Reduced exports from M yanmar

¡

Environmental and regulatory hurdles in Indonesia

¡

Depleting resources and grades from Latin America supply

¡

Ample opportunities for growth in the market which will serve to exacerbate the existing demand-supply gap

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SLIDE 8

TIN M ARKET FUNDAM ENTALS

8

¡

Semiconductor industry one of the biggest consumers of solder

¡

Global demand for semiconductors has a significant effect on the tin price due to the development of smart devices.

¡

Demand for semiconductors set to increase with the uptake in the 5G market, necessitating the development of new technology

¡

International Tin Association reporting demand could triple by 2050

¡

The ITA anticipates the tin price to recover to pre-COVID levels of ~US$19 000/ t

Future Trends

¡

Increases in tin demand have historically coincided with technological advances

¡

Refined tin consumption of c.340-370ktpa makes it a relatively small market

¡

M ajor tin demand comes from electronic solder, chemical and tin plate use

  • ITA
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SLIDE 9

Our Projects

9

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SLIDE 10

M AJ OR AFRICAN TIN PROVINCES

10

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

Tin Provinces of Africa AfriTin assets Sn, Li and Ta

Bushveld Complex, South Africa Erongo Region, Namibia

¡

M ining Licences

¡

Uis: M L134

¡

C1/ B1: M L 129

¡

Nai-Nais: M L133

¡

Exploration Licences

¡

Brandberg West: EPL5445

¡

Goantagab: EPL5670

¡

Prospecting Rights

¡

M okopane Tin

¡

2205PR

¡

2371PR

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SLIDE 11

NAM IBIAN ASSESTS – A REGIONAL FOOTPRINT

11

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.

SOURCE: GOOGLE EARTH

¡

Brandberg West: Exploration licence EPL5445 covering 30 089 Ha

¡

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

¡

Exploration programme planned for 2020

¡

Goantagab: Exploration licence EPL5670 covering 18 950 Ha

¡

Uis: 3 fully permitted mining licences: M L134 (the location of current mining activity), M L129 and M L133, with a combined coverage of 27 860 Ha

EPL5 445 EPL5 670 M L 134 M L 129 M L1 33

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SLIDE 12

ROM Stockpile Store Workshop M ain Reservoir Backup generators Primary Crusher Primary Stockpile Secondary Crushing Plant Concentrate Store Spiral Plant DM S 1 Filter Press Plant Discard Thickener Grits Dewatering DM S 2 & DM S 3 Offices Diesel Storage

UIS – FLAGSHIP ASSET

12

HISTORIC (CIRCA 1989) CURRENT

¡

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

¡

M ining licences in place

¡

Tin mineralisation complimented by significant by-product potential including

¡

Lithium

¡

Tantalum

¡

Rare earth elements (REE’s)

¡

2 phase multi-commodity development plan

¡

Phase 1: Plant fully operational and undergoing ramp-up

¡

Phase 2: studies in progress

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SLIDE 13

PROGRESS AT UIS

13

§ Achieved a globally significant JORC-compliant

mineral resource estimate (M RE) for V1 and V2

§ 95,539t of tin § 6,091t of tantalum § 450,265t of lithium oxide § Construction of processing plant completed § Processing plant production of tin concentrate

commenced

§ Offtake agreement signed with Thaisarco

§ 4 successful shipments to date

§ Ramp-up to nameplate capacity in progress § Debottlenecking in progress § Robust Phase 1 economics confirm the significance

  • f the pilot mining and processing facility as a full-

scale commercial operation

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SLIDE 14

GEOLOGICAL M ODEL

14

141 drill holes over V1 V2 pegmatites

¡

M ultiple mineralised pegmatites mapped

¡

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

¡

141 drill 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 JORC compliant resource declared

¡

Utilised for block modelling and mine design

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SLIDE 15

UIS J ORC-COM PLIANT M INERAL RESOURCE ESTIM ATE

15

** Metal refers to Li2O

Globally significant maiden resource

¡

Drill results validated the historical exploration data generated by ISCOR subsidiary IM COR, 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 inferred mineral resource as the minerals were not sampled for in the historical ISCOR data

¡

The maiden resource is comprised from only one of the 12 existing pits (covering 16 pegmatite bodies) at Uis, namely V1V2

¡

Total tonnes of ore reported in the JORC compliant M RE for V1V2 pegmatite body alone is greater than that reported for the historic reserve estimate over 16 historic pegmatite bodies

*SRK report declared reserve estimate in 1989

Historical Non-J ORC Complaint Reserve Estimate* for 16 Uis pegmatite bodies

Proven Probable TOTAL Commodity Sn Sn Sn Grade 0.136% 0.135% 0.136% Tonnes of Ore 48 426 800 21 896 900 70 323 800 Contained M etal (t) 65 860 29 561 95 421

M RE of Tin within the V1 and V2 Pegmatites (Cut-off Grade 0.05% Sn) M RE of Ancillary Elements within the V1 and V2 Pegmatites

M easured Indicated Inferred TOTAL Inferred Inferred Commodity Sn Sn Sn Sn Li2O Ta Grade 0.139% 0.136% 0.130% 0.134% 0.63% 85 ppm Tonnes of Ore 21 540 000 13 050 000 36 950 000 71 540 000 71 540 000 71 540 000 Contained M etal (t) 29 899 17 765 47 875 95 539 450 265* * 6 091

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SLIDE 16

EXPLORATION UPSIDE

16

SOURCE GOOGLE EARTH

¡

Concurrent exploration programmes are targeting higher grade pegmatites with low stripping ratios

¡

Regional mapping programme completed on surrounding pegmatites

¡

Visual confirmation of cassiterite mineralisation for over 180 pegmatites within 5km of processing plant

¡

Detailed mapping programme 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, over 12 existing pits, these comprise historical SRK reserves (1989)

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SLIDE 17

M INING

17

¡

M ining operations over the V1 and V2 pegmatites were established in M ay 2019

¡

Conventional open pit mining methods, with a truck and excavator mobile equipment combination utilised

¡

The combined mine plan delivers 2.75 million tonnes (represents 3% of the historical resource)

  • f pegmatite at an average overburden stripping

ratio of 1:1.5 to ensure exposure of ore in the long-term

¡

M ine design, at 0.5 M tpa RoM , provides sufficient inventory to supply Phase 1 processing plant with ore for more than 5 years., with the V1 and V2 pegmatite ore bodies supporting mining production rates far beyond the current requirements

¡

M ine design exploits outcropping pegmatites and excavations of the historical Uis mine

¡

Potential for fast production ramp-up

V2 P Pegm gmati tite Hangi ging W g Wall Person f for

  • r S

Scale ale Section: V2 Pegmatite

V2 Pegmatite Phase 4 Phase 1 Topography

900 amsl 850 amsl 800 amsl

Section: V1 Pegmatite

V1 Pegmatite Phase 5 Phase 2 Topography

800 amsl 750 amsl 700 amsl

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SLIDE 18

M ETALLURGY

18

¡

Coarse grained cassiterite crystals allowing for easy liberation through crushing

¡

Efficient pre-concentration with dense medium separation (DM S) 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 tin concentrate

¡

Preliminary lithium test work indicates potential for lithium by-product. Further test work planned

¡

Plant design targets:

¡

Sn recoveries >60% at concentrate grades of 60% Sn

¡

Ta recoveries >15% at a concentrate grade of 22% Ta

¡

Li recoveries >28% at a concentrate grade of 4% Li2O

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SLIDE 19

PROCESS FLOW DIAGRAM

19

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SLIDE 20

INFRASTRUCTURE

20

¡

Power supply

¡

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 from the national grid

§

AfriTin constructed its own substation to transform the supply to medium voltage (11 kV) and installed a miniature substation to distribute power at 400 V in the processing plant

§

Significantly more cost effective than diesel generated power ¡

Supply voltage of 66 kV

¡

Supply capacity of 1.5M VA

¡

Diesel generators currently in place to serve as backup power to the grid

¡

Water supply

¡

Geohydrological study, water drilling and test pumping completed

¡

Process water requirements are supplied from well fields and open-pit lake areas in the surrounding mining area

¡

AfriTin is fully permitted for water abstraction from boreholes (groundwater not potable but is suitable for use as plant water)

§

Regional investigations for additional groundwater resources have commenced

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SLIDE 21

UIS PHASE 1: PROCESSING PLANT EXPANSION

21 Ore feed: 80tph Tin feed grade: 0.139% Sn Tantalum feed grade: 85ppm Lithium feed grade: N/A Tin recovery: 60% Tantalum recovery: 15% Lithium recovery: N/A Tin conc. grade: 60% Sn Tantalum conc. grade: 22% Ta2O5 Lithium conc. grade: N/A Ore feed: 120tph Tin feed grade: 0.139% Sn Tantalum feed grade: 85ppm Lithium feed grade: N/A Tin recovery: 70% Tantalum recovery: 30% Lithium recovery: N/A Tin conc. grade: 60% Sn Tantalum conc. grade: 22% Ta2O5 Lithium conc. grade: N/A Ore feed: 120tph Tin feed grade: 0.139% Sn Tantalum feed grade: 85ppm Lithium feed grade: 0.63% Li2O Tin recovery: 70% Tantalum recovery: 30% Lithium recovery: 28% Tin conc. grade: 60% Sn Tantalum conc. grade: 22% Ta2O5 Lithium conc. grade: 4% Li2O Ore feed: 120tph Tin feed grade: 0.158% Sn Tantalum feed grade: 85ppm Lithium feed grade: 0.63% Li2O Tin recovery: 70% Tantalum recovery: 30% Lithium recovery: 28% Tin conc. grade: 60% Sn Tantalum conc. grade: 22% Ta2O5 Lithium conc. grade: 4% Li2O

  • Pilot plant construction completed
  • Ramp-up to steady state in progress
  • Increase throughput capacity
  • Increase tin recovery
  • Increase tantalum recovery
  • Addition of petalite by-product
  • Initial lithium test work complete
  • Expansion of tin and tantalum

concentrate production

AfriTin plans to increase the production capacity of the Phase 1 processing plant beyond the current Stage I. This will occur in three distinct steps (Stages II-IV).

Stage I Stage II Stage III Stage IV

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SLIDE 22

28 123 39 43 13 20 40 60 80 100 120 140 Stage I Stage II Stage III Stage IV Total

NPV (US$'m) M illions IRR: 60% IRR: 65% IRR: 33% Overall IRR: 60%

PHASE 1 ECONOM ICS

22

¡

Stage I of Phase 1 provides a solid platform at a robust operating profit margin

¡

Long-term profit margin of 25%

¡

Provides robust free cash flows over LOM

¡

Additional development stages have the potential to substantially increase the commercial value of the Phase 1 operation

¡

Overall NPV over US$ 120.0 mil

¡

Overall IRR increase of 60%

¡

High-level CAPEX estimates required for implementation of Stages II-IV:

¡

Stage II – US$ 11.0 mil

¡

Stage III – US$ 10.0 mil

¡

Stage IV – US$ 7.5 mil

¡

Stages II-IV will be financed by organic growth cash flows and long-term facilities where necessary

Relative increase in NPV on a cumulative basis for each stage of the Phase 1 expansion

Parameter Units Stage I Stage II Stage III Stage IV FCF (cumulative) USD/ annum 1,530,000 6,690,000 12,110,000 14,940,000 NPV (cumulative) USD 27,590,000 66,850,000 109,960,000 122,940,000 IRR (cumulative) % 60% C1 Cash Cost USD/ t tin metal 13,900 9,000

  • 6,300
  • 5,300

LOM (measured resources only) Years 39 26 26 26 Payback Period (after tax) Years N/ A 1.9 1.9 2.1

Updated Phase 1 economics summary with the economic potential of Stages II-IV

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SLIDE 23

UIS PHASE 2: LONG TERM DEVELOPM ENT PLAN

23

Phase 2 Objectives

§

Leverage the production profile of Phase 1 in order to expand the operations of the business

§

Large-scale operation producing at least 5000 tonnes of tin concentration, representing ~1% of the global tin supply

§

Identify further mineralised pegmatites within project and regional area

§

Growth of portfolio through acquisition in country and elsewhere in Africa

§

Revenues in excess of $100million in 5 years

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SLIDE 24

EXPOSURE TO A M AJ OR TIN ASSET OF GLOBAL SIGNIFICANCE

24

§

Clear development timeline with catalysts for value creation:

§ Fully permitted operation § Production commenced August 2019 § V1 V2 resource JORC-compliant § Robust Phase 1 economics § Commencement of Phase 2 expansion § Junior mining company that delivers § Strong geological potential from a

historically producing mine

§ M ulti-commodity optionality § A stable mining investment jurisdiction § Strong medium-term demand for tin

underpinned by growing applications in new technologies

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SLIDE 25

Appendices

25

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SLIDE 26

TEAM

26 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 M ariana 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

§

M ining entrepreneur – over 2 decades operating in Africa

§

Founding director and former CEO of Australian listed Lemur Resources

§

Successfully founded and directed Bushveld M inerals (AIM : BM N).

§

Non-executive director at Bushveld M inerals

Terence Goodlace Non-executive Director

§

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

§

Previously Gold Fields COO, M etorex 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

M achiel Odendaal Lead Engineer

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

Engineer at various mining operations in Southern Africa

Timothy M arais Exploration M anager

§

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

J an 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

Professional team with over 120 years of combined mining experience.

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SLIDE 27

SHAREHOLDER INFORM ATION

27

Top 10 Shareholders as at 28 Feb 2020

INSTITUTION HOLDING % STAKE Naminco Limited 91 931 731 14,1% The Orange Trust 64 874 704 9,9% Bushveld M inerals Limited 51 995 342 8,0% Hargreaves Lansdown 49 190 022 7,5% Acacia Resources Limited 41 192 121 6,3% Capital International IOM 27 018 861 4,1% Premier M iton Group PLC 22 967 231 3,5% M r Stephen Pycroft 22 193 851 3,4% Interactive Investors 20 419 027 3,1% Halifax Share Dealing 18 241 184 2,8% Total top 10 410 024 074 62,788% M anagement 23 382 476 3,58% Others 219 739 823 33,64%

Total 653 146 373 100%

Ticker ATM M arket AIM Shares in issue 653 146 3731

Analyst Research

House

Target Price Revenue (USD$) (Phase 1- Steady state) Phase 1 NPV (USD$)

14.4p 38.2m 68m 11.4p 33.3m 92.7m 11.1p 31.2m 57m

Average

12.3p 34.2m 72.6m

1 1.5 2 2.5 3 3.5 4

Share Price (GBp) Date

AfriTin M ining Share Price Performance

slide-28
SLIDE 28

TANTALUM M ARKET FUNDAM ENTALS

28

¡

Tantalum industry is relatively small, comprised of a limited number of producers

¡

Tantalum market driven by use in capacitors, tantalum chemicals, alloy additives, sputtering targets, mill products and cemented carbides

¡

Roskill forecasts global demand will by grow by 4 - 5% pa between 2018 and 2028

¡

Increasing from ~2 300 tonnes to ~3 500 tonnes Ta

¡

Strong demand growth rate predicted:

¡

Increases in major applications of capacitors

¡

Strong growth in the alloy additives industry

¡

M aintained growth in all other sectors

Forecast global consumption of tantalum by application, 2018-2028 (tonnes Ta) – Roskill Forecast year-end tantalum pentoxide nominal prices, 2019- 2028 (US$/ kg Ta2O5) – Roskill

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SLIDE 29

PETALITE M ARKET FUNDAM ENTALS

29

¡

Low-iron petalite utilised in the technical-grade lithium market

¡

M anufacturing of glass, ceramics, frits, glaze and fibreglass

¡

Limited test work to date indicates that Uis petalite falls within commercial specification ranges

¡

Petalite demand driven by growth in the glass and ceramics industries

¡

Lithium demand in the glass and ceramics industries forecast to increase to ~1.36 M t of 4% Li2O petalite concentrate by 2030 (~135 000 LCE (lithium carbonate equivalent))

¡

Current suppliers not anticipating a large increase in supply

¡

Opportunity for new petalite suppliers who meet the required specifications to enter the market

Projection of worldwide lithium demand for ceramics from 2019 to 2030 in LCE (lithium carbonate equivalent) – M . Garside

slide-30
SLIDE 30

COM PANY STRUCTURE

30

slide-31
SLIDE 31

UIS – ASSET HISTORY

31 Discovery of the asset. Asset is acquired by Mr Angus Munro; Uis Tin Mining Co (SW A) 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’*. Thes

e were his torical es timates that were not reported to any recognis ed minerals indus try reporting code.

Greenhills (Bushveld

subsidiary) purchases 85% stake from AfriTin Mining N amibia1.

1 Was

renamed to AfriTin Mining Namibia in J anuary 2019 (between 2014 and 2016 the entity was called Dawnmin Africa Inves tments )

2017 AfriTin lists on AIM

with Uis as its flagship asset

2016 1911 1958 1966 1980 1948/51 1990 1989

A new dawn for Uis

slide-32
SLIDE 32

NAM IBIA: A STABLE INVESTM ENT J URISDICTION

32 Road b bet etween een U Uis and Wal alvis is B Bay Walv lvis B Bay P y Port u upgrad ade complet eted ed

§ Complimentary mining and exploration jurisdiction with a developed

transport infrastructure

§ Stable democracy with an independent, strong legal system § Country encourages foreign investment § Long established M ining Act – mining law in Namibia is mainly

regulated by the M inerals Act 33 of 1992 which was amended in 2008

§ M ining 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

§ Access to the mine is via a regional network of roads which are well

maintained by the Namibian government

§ The newly upgraded port of Walvis Bay serves as the point of export

for the company’s mining products

slide-33
SLIDE 33

OTHER ASSESTS: SOUTH AFRICA

33

§ M okopane 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

slide-34
SLIDE 34

COM PANY INFORM ATION

34

Anthony Viljoen, CEO info@afritinmining.com www.afritinmining.com Registered office 18 – 20 Le Pollet St Peter Port Guernsey Representative office 2nd Floor, Building 3 Illovo Edge Office Park Corner Harries & Fricker Road Illovo Johannesburg, 2116 South Africa Co rpo ra te Ad viso r a nd Jo int Bro ke r 2 Pa rk Stre e t L

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W1K 2HX Unite d K ing d o m 55 Ba ke r stre e t Ma ryle b o ne L

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W1U 7E U Unite d K ing d o m Inve sto r Re la tio ns – UK 1 Co rnhill L

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E C3V 3ND Unite d K ing d o m +44 (0) 20 7920 3150 Bro ke r 8 F re d e ric k’ s Pla c e L

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E C2R 8AB Unite d K ing d o m