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Investor Presentaiton

Tin market in deficit Global tin stockpiles sit at around ~13.6kt with tin concentrate hard to secure Global tin demand is forecast to increase 3-4%pa to service the technology revolution. Refined tin forecast Forecast tin deficit 550Kt 0 . ~3%pa growth (vs. historic 1.8% pa) is forecast to cause tin metal deficits 50-100ktpa by 2030. -10kt 500Kt -20kt • Global refined tin production is forecast to also grow, albeit currently at a lower rate than demand growth. -30kt Refined tin demand (LHS) Refined tin production (LHS) 450Kt --40Kt . Existing tin mines are mostly producing from lower grade, diminishing reserves, requiring new investment into sector. CAGR (3.34%) -50Kt 400Kt --60Kt . • New investment is challenged due to majority of projects being either high CAPEX underground mines, hard rock mineralisation or located in risky jurisdictions. Very few low risk Environmental, Social, Governance (ESG) projects in global pipeline. 6 Source: ITA (International Tin Association) Q1 Update -70Kt 350Kt 2020 2022 -80Kt 2024 2026 2028 2030 ELEMENTOS TOMORROW'S TIN 8
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