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

AfriTin has today released an operational update with respect to its flagship asset, the Uis Tin Mine (‘Uis’) in Namibia.

Further to the progress detailed in its half year report to end-August 2020 on 29 September 2020, the Company has continued the production ramp-up of its pilot mining and processing facility, achieving 39 tonnes of tin concentrate during September 2020 (August 2020: 37.5 tonnes), containing 27.5 tonnes of tin metal (August 2020: 25.6 tonnes).

With the final phase of Stage I expected to lift plant performance to its nameplate capacity of 60 tonnes/month before the end of 2020, AfriTin’s Board considers this will provide it with a platform for expanding tin production towards Stage II goals along with the addition of tantalum by-product.

Having seen spot Tin prices stage a dramatic recovery since May, now taking them to 16-month highs in anticipation of governments around the world embarking on significant infrastructural and other development programmes to support their post-Pandemic economies, AfriTin has potential to deliver positive monthly operational cash flow for the first time during calendar H1 2021. Significantly in this respect, there have been no confirmed cases of COVID-19 to date at the Uis.

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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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