TPI provides its latest research note on AfriTin Mining Limited (ATM.L).

AfriTin has today provided investors with an operational update for its flagship asset, the Uis Tin Mine (‘UiS’, ‘the Project’) in Namibia.

Despite the impact of an extended shutdown due to implementation of improvements resulting from completion of modification to address bottlenecks in the fines dewatering circuit of the processing plant, monthly concentrate production for August 2020 was still maintained at 37.5 tonnes (plant availability: 72%, plant utilisation: 80%). Management will now look to leverage these changes in order to reach their Stage I production target of 60 tonnes/month (‘tpm’) towards the end of H2 2020/21.

Ramping-up to the Project’s Phase 1 nameplate throughput of 80tph, TPI sees potential to achieve steady state output early in calendar 2021, as a result of which it projects receipt of positive monthly operational cash flow for the first time.

Beyond this, delivery of subsequent optimisation Stages II to IV, based on TPI’s estimated capex of US$39.5m, appears capable of lifting throughput to 120tph, further driving profitability in the process.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to AfriTin Mining Limited. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2019 Turner Pope Investments (TPI) Limited, all rights reserved.

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