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Original-Research: First Tin Plc - von GBC AG

Einstufung von GBC AG zu First Tin Plc

Unternehmen: First Tin Plc

ISIN: GB00BNR45554

Anlass der Studie: Research Report (Initial Coverage)

Empfehlung: BUY

Kursziel: 0.50 GBP

Kursziel auf Sicht von: 31.12.2024

Letzte Ratingänderung:

Analyst: Julien Desrosiers, Matthias Greiffenberger

Two new low capex tin mines in Germany and Australia. ESG compliant. High

valuation upside. DFS studies by the end of 2023. Investment decisions by

Q1 2024.

 

Increasing demand for tin. Tin is an important material when it comes to

the ongoing electrification of the world. At the same time, tin deposits

are limited, especially in Europe. Tin is anticipated to endure continuous

deficit markets for the foreseeable future due to rising demand and

shortages.

 

Through the quick development of high-value, low-capex tin assets in

Germany and Australia, the company is concentrating on becoming a tin

supplier in jurisdictions free from war and with low political risk.

 

Two advanced tin projects, Tellerhäuser and Taranga. Tier 1 jurisdiction

(Germany and Australia), DFS underway for both projects.

 

Strong ESG commitment. Mine to market in Germany. Zero-waste mine

objective. Building an ethical and reliable tin supply with low-carbon

electricity.

 

Major milestones to be achieved soon. DFS should be ready for Taronga

project by 2023 Year End to be followed by an investment decision. DFS for

Tellerhäuser should follow during the first half year of 2024. The company

ranked seventh for the project most likely to be built by the International

Tin Association.

 

Strong economics. PFS for Tellerhäuser states a $49m capex and an IRR of

55%. PFS for Taranga states a $76m capex with an IRR of 59% @$30,000/t tin.

 

Growth opportunity. The company is currently drilling at both project

locations for confirmation, extension, and exploration.

 

Strong and extensively experienced team in the tin market, metallurgical

work, and mine-to-supply business model.

 

Based on our DCF model, we have determined a price target of 0.50 GBP per

share and a BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/26707.pdf

Kontakt für Rückfragen

GBC AG

Halderstrasse 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung

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Date and time of completion of the research report: 03.04.2023 10:00

Date and time of the first disclosure of the research report: 05.04.2023 10:00

-übermittelt durch die EQS Group AG.-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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