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

AfriTin has today released an operational update for the month of October 2020.

The Board confirmed that during this period its Phase 1, Stage I ramp-up of the Namibian Uis Tin Mine Project (‘Uis’) continued according to plan, with production of tin concentrate increasing to 48.2 tonnes, representing a 24% month-on-month increase. The Company remains on track to achieve nameplate production of 60 tonnes/month by the end of 2020.

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Significantly also in this respect, no confirmed COVID-19 cases have been recorded at Uis to date, with strict mitigation measures remaining in place to safeguard the workforce. Assuming nothing changes on this front, AfriTin will shortly have a platform in place from which to expand production towards Stage II goals along with the addition of tantalum by-product.

Having seen spot Tin prices stage a dramatic recovery since May, presently taking them close to 17-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.

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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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