Taronga Power Supply Update

RNS Number : 0417V

First Tin PLC

03 April 2023

 

3 April 2023

First Tin Plc

("First Tin" or "the Company")

Taronga Power Supply Update

First Tin Plc ("First Tin"), a tin development company with advanced, low capex projects in Germany and Australia, is pleased to announce that it has partnered with BID Energy Partners ("BID"), an Australia based energy company specialising in strategy, project development and delivery of renewable energy projects, to provide a feasibility study on renewable energy supply options for the Taronga Tin Project in Australia. The project is owned by First Tin's 100% owned Australian subsidiary, Taronga Mines Pty Ltd ("TMPL").

Highlights

·   The implementation of a renewable energy strategy is a critical element of becoming low carbon, or even carbon neutral, at the Taronga tin project and is in line with First Tin's strategy to maintain the highest ESG credentials.

·   The team at BID has a track record of working with governments and industry, including mining companies, to successfully deliver renewable energy projects

· Taronga is well placed to take advantage of renewable energy as:

o    It is located within the New England Renewable Energy Zone ("REZ"), one of the priority REZs in New South Wales.

o  TMPL owns approximately 25km² of freehold land around the project - sufficient to develop significant solar and/or wind farms.

o    The area has a high solar capacity or around 21%.

o  The area has good wind speed characteristics, averaging 7.8m/s at a height of 150m, with a capacity factor of around 40%.

o  The area is located within 3.5km of an 11kV powerline, 7km of a 66kV powerline and 11km of a 330kV powerline.

· Preliminary mineral processing testwork suggests that the mass of material being treated can be reduced to around 46% after crushing and to around 26% after crushing, screening, jigs and spirals, before any grinding is required.  This means that crushing is anticipated to be the highest energy user at the project and First Tin will investigate the possibility of only conducting crushing within daylight hours, thereby utilising solar power for much of the mine's energy requirements.

· Preliminary studies suggest solar power can be supplied for considerably less cost than grid or diesel power for the site.

·     BID will also be considering strategic partners for building a renewable energy park at the site, supplying excess power back to the grid. 

First Tin CEO Thomas Buenger said, "First Tin is very pleased that we have been able to partner with a well-respected renewable energy company at our Taronga tin project. The first phase of this workstream will deliver a series of alternatives for First Tin to consider as its ultimate power solution.  The New South Wales and Australian Federal Government have announced a range of support programmes to deliver renewable energy to NSW and today's announcement is aligned with our stated desire to have the highest ESG credentials, for the benefit of all our stakeholders."

Enquiries:

First Tin	Via SEC Newgate below
Thomas Buenger - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt	020 7389 5016
WH Ireland Limited (Joint Broker)
Harry Ansell	020 7220 1670
SEC Newgate (Financial Communications)
Elisabeth Cowell / Axaule Shukanayeva / Molly Gretton	07900 248 213

Notes to Editors

First Tin is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future. Its assets have been de-risked significantly, with extensive work undertaken to date.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

 

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