Audited Financial Results for the twelve months ended 28 February 2021

AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis Tin Mine (“Uis”) in Namibia, is pleased to announce its final audited results for the year ended 28 February 2021.

Highlights:

• First material revenue numbers amounted to £5m (2020: £0.069m)
• Total production for the year amounted to 473t (2020: 32t) of tin concentrate which equates to 311.7t (2020:18.6t) of contained tin metal
• Ended the financial year with cash and cash equivalents of: £1.351m (2020: £0.575m)
• Post balance sheet date:
• The placing of 216 666 667 ordinary shares to raise £13m (before expenses)
• The remaining 2019 convertible loan notes and 2020 loan notes were settled

Anthony Viljoen, CEO of AfriTin Mining Limited had the following to say:

“Given the backdrop of COVID-19 and the difficulties that the pandemic presented, the AfriTin team managed to reach significant milestones in the pursuit of first notable revenues and development of our flagship Uis Tin Mine. The announcement of first notable revenues is a monumental first step and a precursor of what is to ensue as expansion plans are implemented. The robust balance sheet forms the basis from which AfriTin will grow and underpins our ambition of becoming a significant multi-commodity tech metals producer out of Africa.

With tin becoming a new technology metal and the demand for lithium and tantalum, we believe the economics of the historical operation have been transformed. We also believe the Erongo region in which we operate will become a globally significant metallogenic province for new technology metals, allowing for increased revenues and economies of scale within AfriTin’s licence areas.”

The preliminary financial information does not constitute full statutory accounts but is derived from accounts for the year ended 28 February 2021 which are audited. This preliminary announcement is prepared on the same basis as set out in the statutory accounts for the year ended 28 February 2021. While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), this announcement does not in itself contain sufficient information to comply with IFRS.

The auditor’s report for the year ended 28 February 2021 was unqualified.

The full Annual Report along with a Notice of Annual General Meeting (“AGM”) will be distributed to shareholders on 30 July 2021 and will be available on the Company’s website from that date.

We will be hosting an investor webcast on Wednesday 28 July 2021 at 11h00 (BST) where the CEO, Anthony Viljoen will be presenting on becoming the technology metals champion in Africa.

In the interview below, Anthony Viljoen provides an overview of the business and gives a snapshot of the tin market