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Afritin Mining. Share Price 3.0P Uis Commissioning and the Generation of First Cash Flow

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Afritin Mining. Share Price 3.0P Uis Commissioning and the Generation of First Cash Flow 29 October 2019 CORPORATE SPONSORED - MARKETING COMMUNICATION MINING Corporate AfriTin Mining. Share Price 3.0p Uis commissioning and the generation of first cash flow The Uis tin mine in Namibia is moving through the commissioning phase of its journey – all within two years of the IPO – a tremendous achievement. After Reuters/BBG ATM.L / ATM LN commissioning and streamlining the tin circuit, AfriTin will turn attention to its Index FTSE AIM tantalum by-product and a feasibility study into an expansion of production – Sector Mining potentially up to 5kt/yr of tin concentrate, making it a tin producer of global Market Cap £20m significance. A robust medium-term outlook for tin and the potential to produce Shares in Issue 644.2m multiple by-products (lithium, muscovite mica, beryl etc) through an enlarged plant NAV 2.3p (or series of plants) at Uis are the prizes for investors. We see fair value at 7.0p, with upside in the tin price, by-product production and options on expansion going forward. Performance All-Share Sector An investment in AfriTin provides investors with: 1 month: -3.2% -2.5% 3 months: -2.5% -7.7% A scalable project undergoing commissioning. After the fast track construction 12 months: 9.1% -1.3% (within 2 years from IPO), Uis is in commissioning. Phase 1 of the plant is expected High/Low 4.5 / 2.9 to produce 0.7kt/yr of high-grade tin concentrate. After the completion of a full feasibility study, a Phase 2 expansion (~US$60m capex) could produce over 5 times this amount and benefit from the obvious economies of scale. Significant upside Besides the potential for Uis expansion and a higher tin price, we see 1) the potential for Uis to produce tantalum and other by-product credits (subject to further work); 2) Using developments at Uis to move into former producing areas elsewhere in Namibia; 3) use the revenues generated from full Last Results Results to Feb 19 – July 19 production at Uis to move into other African tin belts. Uis will be a company-making Next Results Interims to Aug 19 – Nov 19 asset. Next Event News on commissioning at Uis An experienced management team. Management has a good mix of capital markets and operating experience together with access to full geological and technical expertise. The team on the ground in Namibia has a history of operating in Namibia and has established both good local relationships and managed the 4.5 4.3 build of the Phase 1 plant – all within 2 years of IPO. 4.1 3.9 3.7 Exposure to the tin market. AfriTin is the only pure play tin producer on AIM. 3.5 3.3 The fundamentals for tin are robust, despite a short-term production surplus. With 3.1 2.9 stocks at historically low levels, we see an increased requirement for new sources 2.7 2.5 of production to satisfy expected demand. Uis will produce a clean, high-grade tin concentrate for sale to traders and smelters and for which there is demand. Jul-19 Oct-18 Apr-19 Jan-19 Jun-19 Mar-19 Feb-19 Nov-18 Dec-18 Aug-19 Sep-19 May-19 Simplicity and location de-risks Uis. Simple geology, productive mining and well understood standard processing are all key advantages. We feel that Namibia Source: © 2019, S&P Global Market Intelligence is a good place to operate and build, being democratic and politically stable. We see fair value in AfriTin at 7.0p/sh with our fair value based on a risked DCF Analyst Paul Smith on our estimates for the economics of the Phase 1 and Phase 2 projects. Near +44 (0)113 394 6609 term cash flow from Uis will act as a catalyst for a revaluation and over the medium [email protected] term we see further expansion in the production of tin (and other by-products), a reduction in operating costs and an increase in cash flow which will flow through Marketing Communication to our fair value as production begins. In our opinion, the current share price is This document has not been prepared in accordance with legal requirements designed to promote the covered by the value in the Phase 1 plant which will generate ~$3m operating cash independence of investment research. Please refer to flow per year. important disclosures towards the end of this document. Under the Markets in Financial Instruments Directive II (“MiFID II”), this research is paid for by the subject issuer WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR, tel. 020 7220 1666 as declared in the disclosure and disclaimer pages of WHIreland is authorised and regulated by The Financial Conduct Authority and is a member of The London Stock Exchange. Important disclosures and certifications regarding companies that are the subject of this report can be found within the disclosures page this document. at the end of this document. COMPANYAFRITIN MINING NAME AfriTin Mining. Uis commissioning and the generation of first cash flow .... 1 Investment Case – Commissioning Uis .......................................................................... 3 Progress since IPO ........................................................................................................... 4 Valuation ........................................................................................................................... 5 Valuation approach ......................................................................................................... 5 Uis Cash flow .................................................................................................................. 5 Further drivers for the AfriTin share price?...................................................................... 7 Key Risks and Other Considerations ............................................................................. 8 AfriTin ................................................................................................................................ 9 Uis (Namibia – 85% AfriTin) ............................................................................................. 9 Location .......................................................................................................................... 9 History ............................................................................................................................. 9 Ownership ....................................................................................................................... 9 Geology......................................................................................................................... 10 Resources ..................................................................................................................... 10 Infrastructure ................................................................................................................. 11 Mining ........................................................................................................................... 12 Processing .................................................................................................................... 12 Mokopane (South Africa – AfriTin 74%)........................................................................ 14 Ownership ..................................................................................................................... 14 Geology and Resources ............................................................................................... 14 2014 Scoping Study ...................................................................................................... 14 Tin market outlook ......................................................................................................... 15 Market overview ............................................................................................................ 15 Outlook and price .......................................................................................................... 15 Tin has many uses ........................................................................................................ 15 AfriTin Team .................................................................................................................... 16 Figure 1. Striking recognition of pegmatites in the country rock (V12 pegmatite – white rock in the picture) Source: WH Ireland Research site visit WHIreland 2 COMPANYAFRITIN MINING NAME Investment Case – Commissioning Uis Simple story and unique tin focus listed Simple Story AfriTin is a tin focussed development company on the London AIM market on the AIM market operating in a non-conflict country. It is currently commissioning its first project in Namibia at Uis. It will seek to become a significant tin producer by firstly expanding in Namibia, and then adding projects (and production) from other countries in Africa to become an African producer of scale and an African “tin champion”. We see fair value in AfriTin at 7.0p/sh Staged expansion at Uis to monetise Uis, which is currently being commissioned, is potentially a large project and is the potential scalable Uis is being commissioned and has recently demonstrated the scale possible with a revised and JORC compliant resource statement, both validating the historical estimates and endorsing AfriTin management’s faith in the area.. The totality of the available pegmatite is the potential resource allowing for bulk mining with little or no grade control required in the open pits. The footprint of the mining area is significant and recent resource work has shown the scale of the by-product potential. Risk reduced on historical experience With a long history of production at Uis, we believe
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