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Investor Presentaiton

Tin price holding firm during a soft 2023 Muted demand currently balanced out by weak supply Fundamental supply tightness has resulted in the tin price trading in a ~US$25-30k/t price band. However, demand appears to be picking up with SHFE stockpiles dropping rapidly (39% reduction in 14-weeks). • • • Despite muted demand global tin markets have remained tight due to significant supply issues and the market is forecast to remain in supply deficit for the rest of the decade. Shanghai Metals market contract price remains +US$3,916/t (+16%) higher than the LME. Recent tin price recovery is attributed to materials supply issues in Myanmar and Indonesia (2 of 3 largest tin miners) and the increase in demand due to Chinese reopening post COVID lockdowns and the continued demand for electronics and green infrastructure (including solar, semi-conductors, circuit boards). US$37.5k US$30.0k US$22.5k ELEMENTOS SHFE US$27,761/t 24 NOV 2023 LME US$24,050/t 24 NOV 2023 US$15.0k Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Sources: LME.com & Metal.com/Tin (SHFE) TOMORROW'S TIN 5
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