Announcement Date: 2022-04-26
Announcement Type: PEA
Announcement Code: JORC
Company name: AfriTin Mining Ltd.
Project name: Uis
Location: Namibia
Commodities: Tin,Tantalum,Lithium
Highlight: PEA results incl. post-tax NPV (8%) of US$2.1B & IRR of 75%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: AfriTin Mining Limited (AIM: ATM), an African tech-metals mining company with a portfolio of mining and exploration assets inNamibia, is pleased to announce the results of its internally produced Preliminary Economic Assessment (“PEA”) for the Phase 2 expansion of the Company’s flagship polymetallic asset, the Uis Mine (“Uis”). The historic Uis Mine in Namibia was owned and operated by ISCOR between 1958 and 1991 as a tin mine. AfriTin set out to re-establish the operation in two phases: Phase 1 is a low capital, cash generating initial production facility, serving as a pilot for Phase 2, which is planned as a scaled-up version of the initial phase. Both phases also aim to exploit the tantalum and lithium by-product potential of the deposit. The Company has successfully established the tin producing circuits of Phase 1, with the by-product circuits currently in the design and testing stages. This puts the Company in a position to proceed with a feasibility study for the ultimate Phase 2, of which the PEA represents the first step. The metallurgical and cost performance of the current tin producing operation provides a definitive input for the tin related aspects of the feasibility study for Phase 2. However, the Company is conducting a comprehensive test work programme for the potential lithium and tantalum by-products, and new, complementary technologies.
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