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INVESTOR PRESENTATION Q2 2019

Q2 2019 INVESTOR PRESENTATION - Miningafritinmining.com/.../ATM-INVESTOR-PRESENTATION-MAY-2019.pdfINVESTOR PRESENTATION Q2 2019 AFRITIN – LONDON’S ONLY PURE PLAY TIN LISTING AFRITIN

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Page 1: Q2 2019 INVESTOR PRESENTATION - Miningafritinmining.com/.../ATM-INVESTOR-PRESENTATION-MAY-2019.pdfINVESTOR PRESENTATION Q2 2019 AFRITIN – LONDON’S ONLY PURE PLAY TIN LISTING AFRITIN

I N V E S TO R P R E S E N TAT I O NQ 2 2 0 1 9

Page 2: Q2 2019 INVESTOR PRESENTATION - Miningafritinmining.com/.../ATM-INVESTOR-PRESENTATION-MAY-2019.pdfINVESTOR PRESENTATION Q2 2019 AFRITIN – LONDON’S ONLY PURE PLAY TIN LISTING AFRITIN

DISCLAIMERThese presentation slides (the “Slides”) do not comprise an admission document, listing particulars or a prospectus relating to AfriTin Mining Limited (“the Company”) or any subsidiaryof the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the Company and should not be relied on in connection with a decision to purchaseor subscribe for any such securities. The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities inthe Company.The Slides and the accompanying verbal presentation are confidential, and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company or its respective shareholders, directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal presentation, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud).The Slides contain forward-looking statements, which relate, inter alia, to the Company’s proposed strategy, plans and objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statements.The Slides and their contents are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 and certain other persons having professional experience relating to investments, high net worth companies, unincorporated associations or partnerships, the trustees of high value trusts) and persons to whomdistribution may otherwise lawfully be made. Any investment, investment activity or controlled activity to which the Slides relates is available only to such persons and will be engaged in only with such persons.Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides.The Slides should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons with an address in the United States of America, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. No securities commission or similar authority in Canada has in any way passed on the merits of the securities represented hereunder and any representation to the contrary is an offence. No document in relation to the placing of the Company shares has been, or will be, lodged with, or registered by, The Australian Securities and Investments Commission, and no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the placing or the Company’s shares. Accordingly, subject to certain exceptions, the Shares may not, directly or indirectly, be offered or sold within Canada, Australia, Japan, South Africa or the Republic of Ireland or offered or sold to a resident of Canada, Australia, Japan, South Africa or the Republic of Ireland.The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation S under the US Securities Act. The Company has not been registered and will not register under the United States Investment Company Act of 1940, as amended.The Slides and their contents are confidential and should not unless otherwise agreed in writing by AfriTin Mining Limited be copied, distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person.

AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

Page 3: Q2 2019 INVESTOR PRESENTATION - Miningafritinmining.com/.../ATM-INVESTOR-PRESENTATION-MAY-2019.pdfINVESTOR PRESENTATION Q2 2019 AFRITIN – LONDON’S ONLY PURE PLAY TIN LISTING AFRITIN

AFRIT IN – LONDON’S ONLY PURE PLAY T IN L ISTING

3AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

BUILDING THE AFRICAN TIN CHAMPION

ScalableLarge mining licence area with over 180

mineralised, outcropping pegmatites

The right commoditySound market fundamentals, supporting stable commodity price outlook

Low cost curveFirst quartile cash-cost curve for Phase 2

S T R A T E G I CP R I N C I P L E S

S T R A T E G I CO B J E C T I V E S

2 0 1 9

Resource Confirmation1

Historic (Non JORC) resource would place Uis in the top 10 tin mines globally Resource due H1 2019

Early cash-flow2 Target initial tin concentrate production from Phase 1 plant Q2 2019Completion of scoping study based on Phase 1 production

BFS3Conversion of Scoping study into a Phase 2 Bankable Feasibility StudyCash positive pilot plant, significantly reduces Phase 2 risks

Consolidation4Identify and secure other tin opportunitiesDevelop quality deposits into world-class mines – Proven Management and BoardTargeting ~ 10kt of tin concentrate production annually

Early productionPhased development approach allows for early cash flows, while significantly de-riskingPhase 2

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C O M PA N Y & M A R K E T O V E RV I E W

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1As of 22 May 2019

CORPORATE SUMMARY

5AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

Top 10 Shareholders

Ticker ATMMarket AIMShares in issue 544 588 5251

Market Cap £ 17.7m1

Cash & cash equivalents £ 3.1m

Debt £ 0.0m

Minority interests £ 0.0m

Enterprise value £ 14.6m

Share Price Graph

LME 3 Month Tin PriceShareholder Holding % Stake

Naminco Limited 91 931 731 16,9%

Bushveld Minerals Limited 51 995 342 9,6%

Miton Asset Management 51 975 555 9,6%

Hargreaves Lansdown Asset Mgt 37 972 847 7,0%

The Orange Trust 31 541 371 5,8%

Capital International IOM 25 470 349 4,7%

Mr Brendan Kerr 25 000 000 4,6%

City Financial 21 502 235 3,9%

Mr Stephen Pycroft 18 518 518 3,4%

Shore Capital Stockbrokers 17 799 711 3,3%

Total top 10 372 977 571 68.5%Others 171 610 954 31.5%Total 544 588 525 100.0%

2.0

2.5

3.0

3.5

4.0

4.5

May-18 Aug-18 Nov-18 Feb-19 May-19

GBp

+14.0%

18 000

18 500

19 000

19 500

20 000

20 500

21 000

21 500

22 000

May-18 Aug-18 Nov-18 Feb-19 May-19

$/t

(6.3%)

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Roger WilliamsNED• 20 years’ international experience in mining finance; currently NED of

Sylvania Platinum and Digby Wells and Associates• Previously CFO Randgold Resources and CFO of AECI

Glen ParsonsChairman• CEO of Mariana Resources from 2010 until its delisting from AIM in July 2017• 20 years’ experience both as a mining executive and investment banking

Anthony ViljoenCEO• Mining entrepreneur • Successfully founded and directed Bushveld Minerals plc, Lemur

Resources, New Kush Exploration and Mining and Greenhills Resources

Terence GoodlaceNED• 40+ years’ experience in mining; currently NED at Gold Fields and Kumba

Iron Ore Limited• Previously Gold Fields COO, Metorex Limited CEO, Impala Platinum CEO

Laurence RobbNED• Professor of Economic Geology and Director of the Economic Geology

Research Institute, University of the Witwatersrand’s School of Geosciences • Technical Director of Lerama Resources

Frans van DaalenCOO• Qualified mining engineer with 18 years’ operational and technical

experience• Co-founder and director of VBKom

Machiel OdendaalLead engineer• Qualified electrical engineer with 40 years’ experience and Chief

Engineer at various mining operations in Southern Africa• Owner and director of JLT Mining Services

Timothy MaraisExploration Manager• Qualified exploration geologist with 6 years’ experience • Worked on multiple commodity projects across Africa; Focus on project

development, management and near-term value realisation

Jan RabeLead Process Engineer • Qualified metallurgical engineer with 14 years’ experience; he has fulfilled

various technical management rolls• Founder and director of Trueground Consulting

Rob Sewell CFO• Chartered Accountant CA(SA) with 12 years commercial and financial

experience across various industries• Completed training at Deloitte in Johannesburg and gained international

experience during a secondment to Deloitte Sydney office

A TEAM TO DELIVER

6AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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NAMIBIA : A STABLE INVESTMENT JURISDICTION

• Complimentary mining and exploration jurisdiction with a developed transport infrastructure.

• Stable democracy with an independent, strong legal system

• The country encourages foreign investment

• Long established Mining Act - Mining law in Namibia Is mainly regulated by the Minerals Act 33 of 1992 which was amended in 2008

• Mining is the biggest contributor to Namibia’s economy in terms

of revenue. Consequently, it is an important industry

• Fraser Institute lists Namibia number 53 globally in terms of

investment attractiveness and number 38 globally in terms of

policy perception. *Corruption Perceptions Index 2016

• 4th most transparent country in Africa

Road between Uis and Walvis Bay

Walvis Bay Port currently being expanded

7AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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TIN MARKET INTELLIGENCE - DEMAND

Hanging Wall

TIN OVERVIEW • Supply demand fundamentals

― Refined tin consumption of c.340-370ktpa makes it a relatively small market with China accounting for most of demand growth

― Production cuts from several Chinese smelters in 2016 further exacerbated what was already a prolonged deficit

― Tin has the shortest reserve life among base metals (16 years)

LONG TERM TIN DEMAND

Source: World Bank, CRU, Macquarie research

DEMAND BY END USE

Solder47.0%

Chemicals16.0%

Tinplate15.0%

Lead Acid Batteries8.0%

Copper Alloys5.0%

Others9.0%

Source: WBMS, DBS Bank

REFINED TIN USE BY REGION (2017)Source: ITA

8AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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TIN MARKET INTELLIGENCE – SUPPLY SHORTAGE

Hanging Wall

SUPPLY MARKET OVERVIEW• Apex developing in physical supply constraints as a result

of:

― Closure of Chinese production plants in Yunnan; ― Reduced exports from Myanmar― Environmental and regulatory hurdles in Indonesia― Depleting resources and grades from Latin America

supply― Current tin price at 20,870 USD/t

SUPPLY SHORTAGE HAS DRIVEN REFINED TIN IN A PERSISTENT DEFICIT

(40.0) (35.0) (30.0) (25.0) (20.0) (15.0) (10.0)

(5.0) -

5.0

2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F

Kt

Source: World Bank, CRU, Macquarie research

POTENTIAL CHANGES IN TIN MINE PRODUCTION –2017 vs 2022 (KT/pa)

REFINED TIN DEMAND CURRENTLY OUTPACES SUPPLY

Source: World Bank, CRU, Macquarie research

Persistent deficit

Source: ITA

9AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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CONSUMPTION TRENDS

FUTURE TRENDSTin dominates new technology, specifically:

• Emerging market opportunity for tin in lithium-ion batteries

• Electric vehicles are the largest potential growth sector for lithium-ion batteries

• International Tin Association reporting demand could triple by 2050

• Indium Tin Oxide (ITO) is used in touch screens and display technologies such as LCD, plasma

• ITO also used in aircraft wind shields

• Global touchscreen controller market expected to grow from $5bn in 2016 to $15bn in 2023

METALS MOST IMPACTED BY TECHNOLOGY

Source: MIT

SaltPGM (Pt, Pd)

ZincNiobium

GraphiteVanadium

TungstenGold

NickelSilver

CobaltLithium

Tin

AV/EV Robotics Renewables Oil & Gas Energy Storage IT Other

Electrical Contact MaterialsTin, Silver, Gold

Battery MaterialsLithium, Cobalt, Nickel, Zinc(Tin, Silver, Vanadium, Graphite)

10AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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A F R I T I N M I N I N G P R O J E C T S

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EXISTING ASSETS

Damara

Bushveld

Tin Provinces of AfricaAfriTin assets Sn, Li and Ta

12AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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UIS T IN MINE: FLAGSHIP ASSET

• Conflict-free, hard-rock tin deposit

• Existing infrastructure already in place

• Pegmatite mapping confirms historic data

• Fundamental mineralization confirmed along strike and at depth

• Coarse-grained cassiterite advantageous

• High-grade mineralized zones scalable

• Mining licenses in place

• Imminent production

• Non -JORC compliant resource of 73 mt @ 0.14% Sn was calculated with an additional 2.7 mt @ 0.015% Ta2O5

13AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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AFRITIN HAS AN INTEREST IN A NUMBER OF HISTORIC MINING LICENCE AREAS IN A PROVEN TIN PROVINCE

REGIONAL FOOTPRINT

14AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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UIS T IN MINE: ASSET HISTORY

1911 1958 1966 1980

Discovery of the asset

1948/51

Asset is acquired by Mr Angus Munro; Uis Tin Mining Co (SWA) is established and large-scale mining commences

Imcor acquires the asset and installs a c. 35tph tin recovery plant to produce cassiterite concentrate

Imcor enlarges the plant to c. 100tph and commenced building the village of Uis

Imcor enlarges the plant to c. 140tph producing c. 100-120 tpm cassiterite

1990

Uis Tin Mine is closed following the tin price collapse in the mid-1980s

1989

SRK publishes a “LOM Plan Report for 1987-2063”*. These were historical estimates that were not reported to any recognised minerals industry reporting code

2016

Greenhills (Bushveld subsidiary) purchases 85% stake from AfriTinMining Namibia1

H i s t o r i c e s t i m a t e o f U i s *

Tonnes(kt)

Grade (Sn %)

Contained Sn (t)

Proven Reserve 48,426.8 0.136 65,860

Probable Reserve 21,896.9 0.135 29,561

Total 70,323.8 0.136 95,421

*Non JORC-Compliant; Source SRK report 19891 Was renamed to AfriTin Mining Namibia recently, during 2014/16 the entity was called Dawnmin

2017 - AfriTin Listed on AIM with Uis as its flagship asset

15AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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HISTORICAL RESOURCES

Hanging Wall

Uis LicenseML134

Tsaurob License ML129

Nainais license ML133

Potential for lithium co-production

Rossmanite(tourmaline) sample found in the license areas

>2,000 tonnes of tin tonnes of tantalum

M L 1 2 9 *

Commodity Ore (t) Grade (%) Mineral (t)

Sn1,379,906

0.074 1 085

Ta2O5 0.015 191

M L 1 3 4 *

Commodity Ore (t) Grade (%) Mineral (t)

Sn 70,323,750 0.136 95 640

M L 1 3 3 *

Commodity Ore (t) Grade (%) Mineral (t)

Sn1,332,598

0.072 1 043

Ta2O5 0.015 188

*Non JORC-Compliant, source SRK report 1989

FULLY PERMITTED MINING LICENCE AREAS

16AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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LARGE IN-S ITU (NON JORC) RESOURCE REMAINSHISTORICAL MINING FOOTPRINT ONLY A FRACTION OF LICENCE AREA

• >73m ore tones with an average grade of 0.134% SnO2 across the huge mining licence area

• Ore bodies are up to 40m thick and over 500malong strike

• Existing pits open ended at depth and along strike

• Historic pits mined where pegmatite outcrops, over 12 different pits

• Surrounding pegmatites mapped with confirmed cassiterite mineralization over 180 pegmatites

• Detailed mapping programme has identified higher grade greisenisedareas

• Concurrent exploration will target higher grade pegmatites with low stripping ratios to maintain mining stockpiles

Source: Google Earth

17AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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CONFIRMATION OF HISTORICAL DATA

• First 20 drill holes completed, geologically logged, sampled and analysed by independent laboratory

• Significant intersections include:

• 16.22m @ 0.21% Sn and 129ppm Ta in drill hole V1V2001, containing 11.37m @ 0.26% Sn and 125ppm Ta

• 17.87m @ 0.19% Sn and 124ppm Ta In drill hole V1V2002, containing 12.27m @ 0.20% Sn and 148ppm Ta

• 28.90m @ 0.20% Sn and 101ppm Ta in drill hole V1V2004, containing 12.27m @ 0.20% Sn and 148ppm Ta

• 47.60m @ 0.22% Sn and 88ppm Ta in drill hole V1V2005, containing 36.00m @ 0.26% Sn and 89ppm Ta

• 15,22m @ 0.19% Sn and 77ppm Ta in drill hole V1V2006, containing 8.00m @ 0.24% Sn and 82ppm Ta

18AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

SIGNIFICANT PROGRESS MADE TOWARD DECLARING JORC-COMPLIANT RESOURCE ESTIMATE

• Initial drilling results comparable to historical data for V1 and V2 pegmatites

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GEOLOGICAL MODEL

• Existing pits open-ended at depth and along strike

• Historic drill hole spacing is along a 25m grid

• 3-D geological model generated and being updated as additional information becomes available

• Drilling successfully confirmed of V1 and V2 pegmatite intersection at depth

• Early confirmatory drilling validating historical resource figures (JORC)

• Significant sown dip intersections of the V1/V2 pegmatites at depth

• Confirmed cassiterite mineralization in proximal unexploited pegmatites

• 67 meter intersection of the W17 pegmatite displayed visible cassiterite grains over the entire intersection

149 drill holes over V1 V2

V1 V2 Pegmatites

19AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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V1 V2 P IT DESIGN

• The combined mine plan delivers 2.75 million tonnes (represents 3% of the historical resource) of pegmatite at an average waste stripping ratio of 1:1

• Mine design, at 0.5 Mtpa ROM, provides sufficient inventory to supply Phase 1 processing plant with ore for more than 5 years

• Mine design exploits outcropping pegmatites and excavations of the historical Uis Mine

• Potential for fast production ramp-up

• Conventional open-pit mining with excavator-truck combination mining method

Hanging Wall

P h a s e 1

P h a s e 3

V2 Pit

V1 Pit

P h a s e 4

P h a s e 2

20AFRITIN MINING INVESTOR PRESENTATION

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METALLURGY

• Coarse grained allowing for efficient processing, competitive advantage

• HLS tests show Sn recoveries >74% at concentrate grades of >67% Sn

• 80% rejection of waste and 90% recovery of tin shown by DMS pre-concentration tests

• Overall recovery for tin and tantalite concentrates is ±65-70%

• Tantalite associated with the concentrate

• Final concentrate grade between 63-66% Sn

• Tin metal smelted

Hanging Wall

6% 6% 6%

74%82% 78%

4% 2% 3%

5% 2%1%

10% 8% 10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

95% - 6mm 95% - 3.35mm 95% - 2mm

Floats 2,90

Floats 3,10

Floats 3,30

Sinks 3,30

Slimes

HLS results – Tin deportment

5% 7% 13%

30%

47%

70%

2%

2%

3%

2%

0%

1%

63%

44%

13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

95% - 6mm 95% - 3.35mm 95% - 2mm

Floats 2,90

Floats 3,10

Floats 3,30

Sinks 3,30

Slimes

HLS results – Tantalum deportment

Sn Phase One Concentrate

Final Concentrate

Drying

First Tin Metal Product

21AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

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BENEFICIATION PROCESS• Processing plant consists of crushing section and a

concentrator

• Crushing section consists of four stages of crushing to break down run-of-mine material to a top size of 6 mm.

• The crushed material is classified in a coarse fraction (+630 µm) and a fines fraction (- 630 µm).

• The coarse fraction, representing 70% of the total feed, is treated in a pre-concentrating dense medium separation (DMS) circuit to remove 80% of the waste.

• The next two stages of of DMS serves as concentrating and scavenging circuits.

• The fines fraction is beneficiated through spirals.

• After cleaning on shaking tables, the concentrate is passed through a Wet High Intensity Magnetic Separation (WHIMS) is used to split the final Concentrate into a Salable Tin and Tantalum Concentrate

22AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

Three Stage Crushing

Primary Crusher

Classification

DMS 1 Cyclones

DMS 2 Cyclone

DMS 3 Cyclone

Roll Crusher

Spirals Shaking Tables

Final Concentrate

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DMS2 & DMS3

ROM Pad

Primary Crusher

Secondary, Tertiary & QuarternaryCrushing Circuit

DMS1 & Fines Circuit

Thickener

Filter Press

Primary Water Storage

Backup Generators

Recovered Water Storage

Ablutions and Sanitation

Work Shop

Spares Store

Primary Stockpile

Conveyor Transfer Tower

Tailings ConveyorOperations Centre

Concentrate Handling

PROGRESS AT PLANT

23AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

• Structural and mechanical installations in processing plant are nearing completion.

• Commissioning has commenced and will be conducted in a phased manner, starting with the crushing circuits and progressing to the concentrator.

• Mining contractor has been mobilized and have commenced with continuous mining operations.

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INFRASTRUCTURE

24AFRITIN MINING INVESTOR PRESENTATION

Q2 2019

• Significant progress made in addressing the infrastructure requirements

• Formal (10 year) supply agreement concluded with Namibia Power Corporation:

• Provides for the full on-site power requirements for the Phase 1

mining and processing facility

• Significantly more cost effective than diesel generated power

• Supply voltage of 66 kV

• Supply capacity of 1.5MVA

• Diesel generators currently in place to serve as backup power once

grid power is connected

• Water supply

• geohydrological study, water drilling and test pumping completed

• results of the programme have confirmed the viability of using groundwater sources

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EXPLORATION TARGETS

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• AfriTin Holds numerous, highly prospective, licenses in the Erongo Area

• EPL 5670:

• Surrounds the Goantagab project and contains mineralized extensions

• Significant tin mineralization found at surface along sheer zones

• EPL 5445

• Contains the historic Brandberg West Mine

• Historically produced tin, tungsten, copper and gold

• ML 133

• Contains the historic Tin Tan mine

• Historically produces tin and tantalum concentrate

• Indications of significant lithium mineralization also reported

• ML129

• Contains the B1 and C1 pegmatites, historic drill information indicates significant tin and tantalum mineralization

EPL5445

EPL5670

ML134

ML129

ML133

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LONG TERM DEVELOPMENT PLAN

Phase 1

Phase 2

Provide a Proof of Concept Business Proposal:

• Establish a team and pilot plant capable of producing a profitable concentrate• Make use of historic process flows to accelerate early production• Become a “first mover” in the new tin mine arena• Delineate a resource based upon historic resource numbers• Use data produced in Phase 1 to complete a Pre Feasibility Study for Phase 2• Expand the size and scope of the existing portfolio

Company strategy

Leverage production profile to expand the operations of the business:

• Conversion of Pre Feasibility Study to Bankable Feasibility Study• Identify further mineralised pegmatites within project and regional area• Expansion of current plant/replicate current plant/build a bigger plant• Growth of portfolio through acquisition in country and elsewhere in Africa• Revenues in excess of $100million in 5 years?

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• Clear development timeline with 2019 catalysts for value creation:

― commencing production

― confirmatory JORC-compliant resource

― completion of Scoping Study

― commencement of BFS

• Strong geological potential from a historically producing mine

• Multi-commodity optionality via regional expansion

• A stable mining investment jurisdiction

• Strong medium-term demand for tin underpinned by growing applications in new technologies

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EXPOSURE TO A MAJOR T IN ASSET OF GLOBAL S IGNIF ICANCE

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A P P E N D I X

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COMMUNITY INVOLVEMENT

• Continue to engage with the local partners and communities

• A strong focus is placed on consistent participation and communication between the community and AfriTin

• Honourable Tom Alweendo, Minister of Mines and Energy, plus analysts and investors, hosted at site establishment ceremony, Dec 2018

• Significant support shown by Ministry of Mines

• Excitement around expected economic benefits to the region

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OTHER ASSETS

MOKOPANE TIN PROJECT • Exploration license 2205PR over six farms covering 13253 Ha

• Exploration license 2371PR over three additional neighboring farms awaited

• Four targets identified on farms, exploration conducted on two targets to date, with 18,447 tons contained Sn resource established

• Scoping study completed October 2014

• Base case RoM of 691ktpa to produce ~700tpa of 99.5% Sn purity metal, yields positive economics with a significant IRR of 34.6%

• Low quartile operating costs: $14,276/tonneof tin metal produced (as of 24 September 2014)

• Potential additional 5,000 tonnes contained Sn resource in the Underground Lease target area

• Greenhills interest = 74%, 26% held by local Black Economic Empowerment partners

Mokopane Tin Project

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Registered office18 - 20 Le PolletSt Peters Port GuernseyRepresentative office2nd Floor, Building 3Illovo Edge Office ParkCorner Harries & Fricker RoadIllovoJohannesburg, 2116South AfricaTel: +27 11 268 6555

Anthony Viljoen, [email protected]

Broker & Nominated AdvisorWH Ireland24 Martin Ln

LondonEC4R 0DR

United Kingdom

Joint Broker8-10 Grosvenor Gardens

LondonSW1W 0DH

United Kingdom

Investor Relations – UK1 CornhillLondon

EC3V 3NDUnited Kingdom

Corporate Advisor and Joint Broker2 Park Street

London W1K2HX

United Kingdom

55 Baker streetMarylebone

LondonW1U 7EU

United Kingdom31AFRITIN MINING INVESTOR

PRESENTATIONQ2 2019