First Tin (LSE:1SN), a tin development company advancing low-capex projects in Australia and Germany, said an updated Ore Reserve Statement for its wholly owned Taronga Tin Project in New South Wales has lifted Proved and Probable Ore Reserves by 13%.
Reserves rose by 5 million tonnes to 45 million tonnes at 0.12% tin, containing approximately 55,000 tonnes of contained tin, up from 40 million tonnes at 0.13% tin.
Proved Reserves alone increased 19% to 31 million tonnes, reflecting the conversion of additional Measured Resources from the updated resource model First Tin reported on 30 April.
The revised reserves sit entirely within the existing pit limits under permitting review and add roughly one year to the current mine life, while the strip ratio falls from 1.02:1 to 0.79:1 as previously classified waste converts to ore.
Preliminary pit optimisation work by Australian Mine Design and Development, using only Measured and Indicated Resources, points to a further 20 million tonnes of potential mill feed and roughly four additional years of mine life, with the pit extending 25 to 50 metres deeper than the current feasibility design.
Including Inferred Resources lifts the indicative mill feed further, to approximately 74 million tonnes, though First Tin noted the lower geological confidence attached to that category.
"The combination of increased Ore Reserves, a lower strip ratio and the potential for a materially longer mine life provides further support for the development of Taronga," said chief executive Bill Scotting.
The company said it plans to incorporate the potential mine life extension into its forthcoming optimised definitive feasibility study.
Paul Smith, analyst at Zeus Capital, in a note, said First Tin’s two advanced, low-cost projects position the company to address a constrained pipeline of new tin projects amid rising demand and geopolitical supply uncertainty.
News Intelligence what this means for the company
First Tin has lifted Taronga's Proved and Probable Ore Reserves by 13% to 45 million tonnes at 0.12% tin (55,000 tonnes contained tin), driven by conversion of Measured Resources from an April resource update. The revised reserves sit within existing pit limits, lower the strip ratio from 1.02:1 to 0.79:1, and add roughly one year to mine life; preliminary pit optimisation using only Measured and Indicated Resources suggests a further 20 million tonnes of mill feed and four additional years of potential mine life, which the company plans to incorporate into its forthcoming optimised definitive feasibility study.
The reserve upgrade and improved strip ratio strengthen the economic case for Taronga development ahead of the optimised DFS, while the preliminary pit optimisation—if validated in detailed engineering—could materially extend project life and improve returns. The company remains dependent on formal Development Approval, though it has lodged its Response to Submissions in the permitting process.
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