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Investment case
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Investment Case

An experienced board and management team with a strong track record

First Tin is led by a team of globally recognised tin experts, bringing over 150 years of combined experience across exploration, development, mining, processing, and commercialisation. The team is deeply committed to strong corporate governance, ESG principles, and the alignment of shareholder and stakeholder interests.

Attractive CAPEX-to-NPV ratio with potential for near-term value creation

Third-party studies estimate a combined development CAPEX of US$263 million for both projects, compared to a combined NPV8 of around US$500 million (based on a tin price of US$30,000/tonne). A drilling programme underway at Taronga to convert inferred resources to Measured and Indicated status and increase life of mine, and improved recoveries from further metallurgical test work is expected to substantially enhance Taronga’s NPV.

Well-positioned to benefit from growing demand in a tightening tin market

Global demand for tin has surged, driven by the accelerating clean energy transition and rapid technological advancement. With physical inventories at historically low levels on both the London and Shanghai metal exchanges – and major producers in the Democratic Republic of Congo, Myanmar and Indonesia facing ongoing supply disruptions – the macro-outlook for the tin market remains exceptionally strong.

Supplying a traceable, ESG-compliant source of a critical raw material

First Tin’s vision to be a sustainable, conflict-free source of tin will support the global transition to a “greener” future. Guided by a ‘leave no trace’ philosophy and underpinned by low-carbon, low-waste production methods, we apply stringent controls and procedures to minimise our impacts at every stage of development and production, and to engage and support local communities.

100% ownership of two advanced, low-capex tin projects

First Tin’s assets are located in Tier 1, low-risk jurisdictions, with a primary focus on Australia – one of the world’s most stable and mining-friendly environments – alongside Germany, a supportive EU jurisdiction. Both projects benefit from excellent infrastructure access, established JORC-compliant reserves, and straightforward mineralogy that supports rapid development and low-cost processing. Active mining licenses are already in place. Combined, these assets represent the fifth-largest undeveloped tin reserve globally outside of high-risk regions such as Russia, Kazakhstan, and the Democratic Republic of Congo.

Clear long-term vision with a focused, value-driven strategy

To become a leading global tin producer delivering fully traceable, verifiable tin into high-growth industries with rising demand for reliable, responsible supply.