Announcement • May 03
First Tin plc Receives Updated Mineral Resource Estimate for Taronga Tin Project
First Tin PLC, a tin development company with advanced projects in Germany and Australia, has received an updated Mineral Resource estimate (MRE) for its 100% owned Taronga Tin Project in New South Wales, Australia, prepared by H&S Consultants Pty Ltd. The updated MRE indicates the successful conversion of a significant proportion of Inferred Resources into the Measured and Indicated categories, supporting an expected increase in mine life and enhanced project economics for the forthcoming optimised Definitive Feasibility Study. Measured Resources increased by 7,000t tin (15.8%) to 39.2Mt @ 0.13% Sn (51,200t tin). Indicated Resources increased by 4,400t tin (10.5%) to 46.5Mt @ 0.10% Sn (46,400t tin). Combined Measured & Indicated Resources increased by 11,400t tin (13.3%) to 85.7Mt @ 0.11% Sn (97,700t tin). Total Measured, Indicated & Inferred Resources of 132Mt @ 0.10% Sn (136,600t tin) with over 71% of contained tin now in the higher confidence Measured & Indicated categories. Maiden Inferred Resource Estimate for copper and silver by-product metals associated with the tin mineralisation: 132Mt @ 0.05% Cu (60,600t copper) and 132Mt @ 2.8g/t Ag (12.0Moz silver). The increase in the Measured and Indicated Resources reflects the reclassification of previously reported Inferred material following infill drilling and updated geological interpretation. The updated MRE follows completion of a recent drilling programme primarily aimed at upgrading Inferred Resources to Measured and Indicated categories. The resulting data and assays were independently reviewed by H&S Consultants Pty Ltd. The updated MRE has been prepared and reported in accordance with the 2012 Edition of the JORC Code & Guidelines, using a 0.05% cut-off as for the previous estimate, and is shown in Table 1: Mineral Resource Estimate as of 31st March 2026 for the Taronga Tin Deposit using a 0.05% Sn cut-off: Measured 39.2Mt 0.13% Sn 51.2Kt Density 2.72 t/m3; Indicated 46.5Mt 0.10% Sn 46.4Kt Density 2.74 t/m3; Ms & Id 85.7Mt 0.11% Sn 97.7Kt Density 2.73 t/m3; Inferred 46.2Mt 0.08% Sn 38.9Kt Density 2.75 t/m3; Total 132.0Mt 0.10% Sn 136.6Kt Density 2.74 t/m3. The updated combined Measured and Indicated Resource estimate is 85.7Mt @ 0.11% Sn (97,700t tin), an increase of 11,400t tin (13.3%) from the previous estimate. The Inferred Resource has correspondingly reduced to 46.2Mt @ 0.08% Sn (38,900t tin), a decrease of 13,000t tin, mainly due to this reclassification of material to Measured and Indicated categories, rather than depletion or material changes in geological interpretation. Total contained tin remains broadly unchanged at 136,600t compared to the previous estimate of 138,300t tin. The slight reduction of 1,700t tin is primarily attributable to better definition of the weathering profile, resulting in locally lower rock density assumptions. The recent drilling, metallurgical testwork and a review of historical data indicated the presence of silver and copper mineralisation associated with, and spatially proximal to, the tin mineralisation. These metals were not previously included in the Company's published MRE. For the first time, in addition to tin, the updated MRE now includes an Inferred Resource for the copper and silver by-products as shown in Table 2: Maiden Mineral Resource Estimate for Copper and Silver at the Taronga Tin Deposit: Inferred 132.0Mt 0.05% Cu 2.8 Ag ppm 60.6Kt Cu 12.0Moz Ag Density 2.75 t/m3; Total 132.0Mt 0.05% Cu 2.8 Ag ppm 60.6Kt Cu 12.0Moz Ag Density 2.74 t/m3. The 60,600t copper and 12Moz silver will not be included in the optimised DFS economic assessment due to their Inferred classification, reflecting historical Newmont drilling that only assayed selected intervals for these metals. Metallurgical testwork indicates that the copper and silver report to sulphide residues in the proposed processing route, being upgraded to levels of 137g/t (4.4oz/t) silver and 1.74% Copper. TMPL is currently assessing technical and economic options for eventual extraction of these valuable metals. Information in this announcement that relates to exploration results, data quality and geological interpretations is based on information compiled by Mr. Antony Truelove.
