Investor Presentaiton

Why tin? Why now? LONG-TERM TIN DEFICIT EXPECTED FROM 2026 • Tin is a critical metal, vital in any plan to decarbonise and electrify the world Demand driven by: - - Electric Vehicles - represent 15% of car sales and expected to have a 60% market share in 2030 Solar experienced 40% growth year on year Data storage - 10x more storage needed by 2030 Electronics - EU law prohibits use of lead use in solder • Tin is a designated critical material in the USA, Germany and Indonesia FIRST TIN INVESTOR PRESENTATION | Q4 2023 1,000 900 800 700 600 500 400 Global Tin Demand (kTpa) 300 200 100 0 2000 2002 2004 2006 2023 Tin production losses still mounting Loss Annual estimate production Y-on-Y (%) Region Disruption (tonnes) (tonnes) 2022 380,300 Peru Bolivia Indonesia Political protests -3,500 Financial issues -2,500 Delayed licenses, weather -3,500 China Hunan Pollution -2.000 China Feedstock competition, grades -2,800 Wa State Mining suspension -3,600 Africa, Europe, Peru 6,100 2023f -11,800 368,500 -3.1% 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 ■Other ■Tin Copper ■Batteries ■Tinplate ■Chemicals ■Solar Solders ■Vehicle Solders Electronics Solders Source: Thunder Said Energy 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 4 2050 Source: ITA Tin Monitor

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