12 June 2023

First Tin Plc

("First Tin" or "the Company")

Completion of Taronga Drilling and Assay Results

First Tin Plc ("First Tin"), a tin development company with advanced, low capex projects in Germany and Australia, is pleased to announce that all drilling, including "Phase 2" infill and extension drilling, at its Taronga tin project in Australia, is now complete and that the results from the programme have confirmed the approximately 400m extension to the southwest.

The project is owned by First Tin's 100% owned Australian subsidiary, Taronga Mines Pty Ltd ("TMPL").

Highlights

·      Infill and extension RC drilling "Phase 2": 2228m in 28 drillholes (3 abandoned)

·      When added to the "Phase 1" infill and extension drilling, a total of 4035m infill and extension RC drilling has been completed in 40 drillholes (3 abandoned)

·      The drilling has extended the Payback Zone mineralisation approximately 400m to the south and has provided indications the gap between the south and north zones contains some mineralisation

·      Significant drill intercepts from the southwest extension include:

o  35m @ 0.20% Sn including 15m @ 0.35% Sn

o  49m @ 0.12% Sn including 28m @ 0.17% Sn

o  25m @ 0.20% Sn including 14m @ 0.25% Sn

o  37m @ 0.15% Sn including 11m @ 0.35% Sn

o  58m @ 0.11% Sn including 31m @ 0.15% Sn

o  39m @ 0.15% Sn including 8m @ 0.51% Sn

o  17m @ 0.19% Sn including 3m @ 0.42% Sn

o  45m @ 0.13% Sn including 9m @ 0.22% Sn

·      Significant intercepts from the central area include:

o  15m @ 0.17% Sn

·      Significant intercepts from infill drilling include:

o  59m @ 0.12% Sn including 24m @ 0.16% Sn

o  11m @ 0.19% Sn including 8m @ 0.23% Sn

·      Now that all results have been received and compiled, a revised Mineral Resource Estimation (MRE) will be undertaken, with results expected within Q3 2023.

All results are presented in Table 1. The true width of intervals is around half the downhole width. Estimated true widths are included in Table 1. 

The southern extension drilling is significant as it has extended the mineralisation to the southwest by around 400m (Figure 1).  A typical cross section is shown in Figure 2 and this shows the interpreted mineralisation zone, which is approximately 20m true width. This is about average for the 400m strike tested to date. 

The southernmost line of drilling still returned significant mineralisation, indicating potential extensions still exist even further to the southwest.

A single line of drilling was put through the centre of the "gap" zone that sits between the north and south zones identified by Newmont. This returned three zones of mineralisation which are moderately mineralised with intercepts of:

·      15m @ 0.17% Sn incl. 9m @ 0.25% Sn

·      22m @ 0.09% Sn and 39m @ 0.08% Sn (incl. 18m @ 0.10% Sn)

·      19m @ 0.09% Sn

These are shown on a cross section in Figure 4, the location of which is shown in Figure 3. We expect that these zones are extensions of the Payback and Payback Extended zones which trend into the north zone. They suggest good potential to close the gap between the two Newmont mineralisation zones so that a single pit may be possible. We expect to drill this area out in FY2024 as part of an optimisation programme.

Several drillholes were placed in the gaps in the previous drilling in order to improve the resource category in those areas. These were generally successful as shown by drillhole TMRC041 (Figures 5 and 3), which tested a weakly defined northwest extension to the mineralisation in the north zone.  That hole returned 59m @ 0.12% Sn including 24m @ 0.16% Sn. This northwest extension also requires additional drilling that may increase resources. This is planned as part of the FY2024 optimisation programme.

Table 1: Results of TMPL Phase 2 Infill and Extension RC Drilling

Figure 1: Taronga Drilling Summary Plan

Figure 2: Taronga Cross Section 3250N (see Figure 1 for Location)

Figure 3: Taronga Northern Zone Drilling Plan

Figure 4: Cross Section 4475N, Gap Area (see Figure 3 for location)

Figure 5: Cross Section 4850N, NW Extension Area (see Figure 3 for location)

First Tin CEO Thomas Buenger said: "The First Tin team in Taronga has made great progress over the past year and we are incredibly pleased to confirm that all drilling at our Taronga tin project in Australia is now complete and that the results from the programme have confirmed an approximately 400m extension to the southwest. This will be incorporated into a revised MRE, with results expected within Q3 2023.

The DFS continues at pace and the range of workstreams underway are progressing positively. We expect to undertake optimisation work at our Taronga asset, following the completion of the DFS, to confirm the final outline of the orebody. We look forward to next updating our shareholders as we continue to advance our world-class Taronga project further."

Enquiries:

Notes to Editors

First Tin is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future. Its assets have been de-risked significantly, with extensive work undertaken to date.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

JORC Code, 2012 Edition - Table 1 Taronga Tin Project (TMPL)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Sampling techniques

·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report.

·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

·     Diamond drilling was used to obtain 1m samples of HQ core which was sawn in half longitudinally. The half core was broken to less than 10cm sized pieces, bagged and sent to the laboratory for assay. This is industry standard work.

·     Reverse Circulation (RC) drilling was used to obtain 1m samples from a 4.5 inch diameter drill hole.  Drilled material was split with an onboard riffle splitter connected to the cyclone to obtain an approximately 3-5kg representative sub-sample that was bagged and sent to the laboratory for assay. This is industry standard work.

·     All core and RC samples were sent for assay after being logged by the geologist.

·     The drill core and RC samples were sent to ALS Laboratories in Zillmere QLD.

·     Samples were crushed to sub 6mm, split and pulverised to sub 75µm in order to produce a representative sub-sample for analysis.

·     Analysis of the diamond drill and RC samples consisted of a four-acid digest and Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) for the following elements: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Li, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sn, Sr, Th, Ti, Tl, U, V, W & Zn. The samples were also assayed for Nb, Sn, Ta, and W using a lithium borate fusion and ICP-MS technique. If over detection on the ICP was reached, then the samples were assayed using XRF. Standards and blanks were inserted at a rate of 10%.

·     All drilling samples were analysed and hence no prior determination of mineralisation was made.

Drilling techniques

·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

·    Diamond drilling was undertaken by contractors DRC Drilling.  All drilling used an HQ bit with a soft matrix.  Drill rods were triple tube to ensure good core recovery and avoid washing out of cassiterite.

Percussion drilling was undertaken by contractors Schonknecht Drilling, using a face sampling 4.5 inch "Black Diamond" hammer, 137mm PED (polycarbonate diamond) bit and a 4.5 inch, 6m stainless steel rod.  A tight shroud (3mm gap) ensured the holes remained as straight as possible.  A 350psi, 900cfm compressor was used to keep holes dry and ensure all heavy minerals such as cassiterite are recovered.

Drill sample recovery

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·    All core intervals are measured and compared with drillers marks to determine actual recovery.  Recovery was generally 100% apart from isolated intervals with poor ground conditions, generally either near surface or in fault zones.

·    Sample recovery is measured and recorded by company trained geology technicians and geologists.

·    Minimal sample loss has occurred.

·    All RC samples are weighed.  This gives a good idea as to recovery for the 1m intervals sampled as the density does not vary significantly.  Recovery is estimated to be very good in general.  A high pressure and volume compressor is used to endure good sample return and to keep holes dry.  No significant water was encountered meaning sample quality is good.  The hole is cleaned out with compressed air after every rod change and no significant volume of material is returned via this process.

·    No relationship can be seen between recovery and grade.  No sample bias is noted.

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·    The total length and percentage of the relevant intersections logged.

·    All drill core has been geologically and geotechnically logged to a level of detail to support appropriate mineral estimation, mining, and metallurgical studies. 

·    The six geotechnical holes were logged by qualified specialist geotechnical engineers.

·    All RC cuttings have been geologically logged to a level of detail to support appropriate mineral estimation, mining, and metallurgical studies. 

·    All drill core has been photographed and logging is quantitative in nature, following a strict set of guidelines.  The entire length of the core has been logged. Qualitative logging includes lithology, alteration and textures.

·    Quantitative logging includes sulphide and gangue mineral percentages.

·    All RC logging is semi-quantitative in nature, following a strict set of guidelines, with percentage estimates made.  Representative sub-samples are collected, sieved and generally panned to estimate heavy mineral content.  A sub-set of rock chips are kept in chip-trays for reference.

Sub-sampling techniques and sample preparation

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

·    All core is HQ3.  This is sawn in half after fitting together of core across drillers breaks and a reference line marked on the core.  A consistent side of the core is taken for sampling as half core.  This is broken so it will fit in a bag and sent to the ALS laboratory in Brisbane.

·    All RC cuttings are weighed then riffle split to obtain between 3kg and 5kg of sample.  All samples are dry.  The sub-sample is sent to ALS laboratory in Brisbane.

·    Sample sizes are considered appropriate for the material being sampled as the tin mineralisation occurs as cassiterite (SnO₂) within sub-vertical veins that are between 0.05mm and 0.5cm wide (rarely to 5cm) and cassiterite crystals are smaller than vein width.  Vein density varies from about 5/m to greater than 20/m and hence several veins are sampled in each metre.  This compares with sample size that is approximately 10,000 cm³ for RC and 3,200cm³ for HQ Core before sub-sampling.

·    Drilling is at an angle of -60° or less and hence cuts across veins that are sub-vertical (-90°).

·    At the ALS laboratory in Brisbane, the sample of core or RC chips is crushed and split to less than 3kg if appropriate using method CRU-21.  The entire sample or sub-sample is then pulverized in a mill to 85% finer than 75µm using method PUL-23.

Quality of assay data and laboratory tests

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

·    Tin is a difficult element to analyse as cassiterite is not soluble in acid.  Thus, a sub-sample of the pulverized and mixed material is taken and fused with lithium borate.  The fused bead is then analysed by a mass spectrometer using method ME-MS85 which reports Sn, W, Ta and Nb.  This returns a total tin content, including tin as cassiterite.  Over limit assays of tin are re-analysed using method ME-XRF15b which involves fusion with lithium metaborate with a lithium tetraborate flux containing 20% NaNO₃ with an XRF finish.

·    Other elements are analysed by method ME-ICP61.  This involves a 4 acid (HF-HNO₃-HCLO₄ digest, HCl leach and ICP-AES finish).  This is an industry standard technique for Cu, Pb, Zn and Ag.  A suite of 34 elements are reported, including tin, which is only acid soluble tin in this case and thus can be subtracted from the fusion tin assays to obtain tin as cassiterite.  The acid soluble tin is generally associated with stannite and in the lattice of silicates.  It is generally insignificant is relation to tin as cassiterite at Taronga.

·    Prior to dispatch of samples, the following QaQc samples are added:

o    Certified standards representative of the grades expected are added at the rate of 1 in 40 samples

o    Blanks are added at the rate of 1 in 40 samples

o    Duplicates are added at the rate of 1 in 20 samples for RC.  These are riffle split from the original sample on site.

o    For diamond drilling, the half core is split into two quarter cores every 1 in 20 samples and these are sent as duplicates

·    All QAQC data is within acceptable limits, with re-assay of any out of specification batches undertaken.

·   

Verification of sampling and assaying

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

·    Twinning of the previous Newmont drillholes has included:

o  11 TMPL DD twins of Newmont DD Holes

o  2 TMPL DD twins of Newmont percussion holes

o  5 TMPL RC twins of Newmont percussion holes

·    All data is recorded on site in Excel spreadsheets and this is later transferred to an Access database - the main data repository.  Detailed protocols for data recording, logging codes etc are used. 

·   

Location of data points

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

·    All drillholes are pre-planned and located by use of handheld GPS.  Holes were originally sited and angled using compass and clinometer.  This was changed to using Devico gyro navigation for the later drillholes in order to get an added level of accuracy.  All hole collars are surveyed in accurately post drilling with RTKGPS (+-0.1m).

·    All DDH drillholes are surveyed using downhole gyroscopic surveys. 

·    All RC holes are surveyed using downhole magnetic surveys.

·    All holes have surveys approximately every 30m downhole.

·    The grid system used is GDA94, zone 56.

·    Topography is obtained via a Lidar survey flown in late 2022 and is to sub 10cm accuracy.

Data spacing and distribution

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.

·    The original drilling undertaken was to better than 50m x 50m spacing. 

·    Twin drilling is selected to represent all 4 zones of mineralisation and the length of the known deposit.

·    The original data spacing is considered to be sufficient to establish the degree of geological and grade continuity appropriate for the JORC classifications applied.

·   

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·    The drilling is oriented at 90° to the orientation of the sheeted veins. 

·    The veins are sub-vertical and the drilling is angled at between -25° and -60° to be as close as possible to cutting across the veins at 90°.  Due to difficulties drilling at very shallow angles, especially with RC, a default angle of -60° was adopted for the later drillholes.

·    As drilling was designed to cut the main sheeted veins at as high an angle as possible. The potential for any introduced sampling bias is considered minor.

Sample security

·    The measures taken to ensure sample security.

·    A chain of custody was maintained for all TMPL drilling.

Audits or reviews

·    The results of any audits or reviews of sampling techniques and data.

·    An initial review of sampling procedures whilst drilling was in progress, with some recommendations, was completed by Simon Tear of independent consultants H&S Consultants Pty Ltd

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Mineral tenement and land tenure status

·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

·    The project is secured by two granted tenements: EL8407 and ML 1774, both of which are currently in good standing.  These are held 100% by TMPL. 

·    No joint ventures or other encumbrances are known. The underlying properties are freehold land owned 100% by TMPL apart from a block of Crown Land that covers part of the southern deposit area as defined by Newmont. 

·    The Crown Land is the only land subject to Native Title.  No native title claims existed at the time the tenements were granted but a statewide  native title claim on crown land is believed to exist.

·    No national parks, historical sites or environmental constraints are known.  Recent surveys have identified the "vulnerable" flora species Velvet Wattle.  This is currently being avoided as much as possible and is not considered to be a major constraint moving forward.

·    The only royalty is the state of NSW royalty of 4% on tin mined.

Exploration done by other parties

·    Acknowledgment and appraisal of exploration by other parties.

·    Detailed exploration and feasibility studies were undertaken by Newmont between 1979 and 1984.  These have been used where applicable.

·    This work was undertaken to a high standard and all data is considered to be usable.

·    Deposit type, geological setting and style of mineralisation.

·    The deposit is a sheeted vein style tin +/-  copper-silver deposit with horizontally and vertically extensive veins of quartz-mica-cassiterite-sulphide+/-fluorite-topaz occurring over a combined area of up to 2,600m by 270m. 

·    The veins vary in thickness from less than 0.5mm to 100mm but are generally between 1mm and 10mm thick and average about 20 veins per metre.

·    The host rock is hornfels derived by contact metamorphism of Permian aged metasediments. 

·    The source of mineralising fluids is interpreted to be an underlying intrusion of the Triassic Mole Leucogranite, a reduced, highly fractionated, A to I type granite.  The metals of interest (Sn, Cu, Ag) are interpreted to have been enriched in the late magmatic fluid of this granite via enrichment of incompatible elements during fractional crystallisation.  Breaching of the magma chamber during brittle faulting in an ENE orientation has tapped these enriched fluids which have subsequently deposited the metals due to changing temperature and pressure conditions and/or mixing with meteoric fluids.

Drill hole Information

·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

·    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·      See Attachment 1 - Drill Hole Details.

Data aggregation methods

·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

·    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·    The assumptions used for any reporting of metal equivalent values should be clearly stated.

·    All intercepts shown are weighted averages of uncut data.  The intervals are based on a nominal lower cut-off of 0.05% Sn. 

·    The only high grades are due to very thick veins with coarse cassiterite.  These are shown in the table as to leave them out would give an unrealistic view of grade variability. 

·    No metal equivalent grades are quoted.

Relationship between mineralisation widths and intercept lengths

·    These relationships are particularly important in the reporting of Exploration Results.

·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

·    As mineralisation is sub-vertical and while holes dip at between -28° and -60°, actual true widths vary from 88% to 50% of interval widths.

·    True widths are shown in the attached table.

Diagrams

·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

·    Plan view provided.  As results are twins of existing drilling, sections are not shown.

Balanced reporting

·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

·    Results are twins of old data and only the direct comparison is of relevance here.

·    The accompanying document is considered to represent a balanced report.

Other substantive exploration data

·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

·    No other exploration data is reported here.

Further work

·    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·    RC infill and extension drilling is in progress and will be reported separately when all results are to hand.  It is intended that a revised mineral resource estimate will be undertaken once all results are to hand.

Attachment 1: Complete drilling data Table

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