First Tin updates ore reserve estimate for Taronga project
The company last week published an updated ore reserve estimate for the project of 45 Mt at 0.12% Sn for 55,000 tonnes contained tin across the proven and probable categories, entirely constrained within the pit shell.
The updated reserve sees the stripping ratio reduced to less than 1:1 as lower-grade material was reclassified
In addition, the project holds a tin resource of 157.3 Mt at 0.09% Sn for 147,800 tonnes contained tin, including measured & indicated resources of 102,300 tonnes contained tin.
The study also highlighted upside potential from future recovery of copper and silver, further addition to mine life from identified extensions to mineralisation, and the addition of a fine tin flotation circuit. First Tin CEO Bill Scotting said: “The updated DFS marks another important milestone for Taronga and demonstrates that the project has become substantially more valuable than reflected in our 2024 study. Encouraging, this is despite significant industry-wide inflationary pressures on capital and operating costs over the past two years, and a stronger AUD”.
Looking ahead, Scotting said the company’s priorities “are now to complete project financing, advance Taronga towards construction and progress offtake arrangements”.
“We believe the project is well positioned to become one of the few significant new sources of responsibly produced tin at a time when long-term demand continues to strengthen”, he continued.
Environmental permitting is currently progressing through to the final approval stages.
First Tin’s updated DFS shows Taronga has a low operating cost with the potential to enter the cost curve in the lower half with a break-even price comfortably below recent tin prices. ITA is pleased to see strong progress, and looks forward to seeing further updates as First Tin moves forward with financing and offtake arrangements.
