Investor PresentationJuly 2020

DISCLAIMER

2

These presentation slides (the “Slides”) do not comprise an admission document, listingparticulars or a prospectus relating to AfriTin Mining Limited (“the Company”) or anysubsidiary of the Company, do not constitute an offer or invitation to purchase orsubscribe for any securities of the Company and should not be relied on in connectionwith a decision to purchase or subscribe for any such securities. The Slides and theaccompanying verbal presentation do not constitute a recommendation regarding anydecision to sell or purchase securities in the Company. The Slides and the accompanyingverbal presentation are confidential, and the Slides are being supplied to you solely foryour information and may not be reproduced or distributed to any other person orpublished, in whole or in part, for any purpose.

No reliance may be placed for any purpose whatsoever on the information contained inthe Slides and the accompanying verbal presentation or the completeness or accuracy ofsuch information. No representation or warranty, express or implied, is given by or onbehalf of the Company or its respective shareholders, directors, officers or employees orany other person as to the accuracy or completeness of the information or opinionscontained in the Slides and the accompanying verbal presentation, and no liability isaccepted for any such information or opinions (including in the case of negligence, butexcluding any liability for fraud).

The Slides contain forward-looking statements, which relate, inter alia, to the Company’sproposed strategy, plans and objectives. Such forward-looking statements involve knownand unknown risks, uncertainties and other important factors beyond the control of theCompany that could cause the actual performance or achievements of the Company to bematerially different from such forward-looking statements. Accordingly, you should notrely on any forward-looking statements and the Company accepts no obligation todisseminate any updates or revisions to such forward-looking statements.

The Slides and their contents are directed only at persons who fall within the exemptionscontained 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 withinthe meaning of the Financial Services and Markets Act 2000 and certain other personshaving professional experience relating to investments, high net worth companies,unincorporated associations or partnerships, the trustees of high value trusts) andpersons to whom distribution may otherwise lawfully be made.

Any investment, investment activity or controlled activity to which the Slides relates isavailable only to such persons and will be engaged in only with such persons. Persons ofany other description, including those that do not have professional experience in mattersrelating to investments, should not rely or act upon the Slides.

The Slides should not be distributed, published, reproduced or otherwise made availablein whole or in part by recipients to any other person and, in particular, should not bedistributed to persons with an address in the United States of America, Australia, theRepublic of South Africa, the Republic of Ireland, Japan or Canada or in any other countryoutside the United Kingdom where such distribution may lead to a breach of any legal orregulatory requirement.

No securities commission or similar authority in Canada has in any way passed on themerits of the securities represented hereunder and any representation to the contrary isan offence. No document in relation to the placing of the Company shares has been, orwill be, lodged with, or registered by, The Australian Securities and InvestmentsCommission, and no registration statement has been, or will be, filed with the JapaneseMinistry 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 soldwithin Canada, Australia, Japan, South Africa or the Republic of Ireland or offered or soldto 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 StatesSecurities Act of 1933, as amended (the “US Securities Act”) or with any securitiesregulatory authority of any state or other jurisdiction of the United States and may not beoffered or sold within the United States or to, or for the account or benefit of, any USPerson as that term is defined in Regulation S under the US Securities Act. The Companyhas not been registered and will not register under the United States InvestmentCompany Act of 1940, as amended. The Slides and their contents are confidential andshould 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 anyother person.

Company Overview & Market Backdrop

3

ABOUT US: THE AFRICAN TIN CHAMPION

4

¡ A tin mining company with a portfolio of production and near production tin assets in Africa

¡ Uis Tin Mine – Namibia (production) – Previously the worlds largest open cast tin mine

¡ Mokopane Tin Project – South Africa

¡ Listed on AIM November 2017

¡ London's ONLY pure play listed tin company

¡ Experienced Management team

¡ Management carries over 120 years of experience

¡ From listing on AIM to first production in two years

¡ Objective to become the tin champion of Africa

¡ Well placed to benefit from the tin supply shortage

LONDON’S ONLY PURE-PLAY TIN LISTING

5

STRATEGICPRINCIPLES

STRATEGICOBJECTIVES

2020

Scalable

Large mining licence area with over 180 mineralised, outcropping pegmatites

The right commodity

Sound market fundamentals, supporting stable commodity price outlook

Low cost curve

First quartile cash-cost curve for Phase 2

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

TIN OFFTAKE AGREEMENT IN PLACE

PHASE 1 OPTIMISATION

STUDY COMPLETE

IDENTIFY AND EXPLORE ADDITIONAL TIN OPPORTUNITIES

ACHIEVE STEADY STATE PRODUCTION

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

6

AfriTin Mining is currently working towards compliancy with the International Finance Corporation’s Performance Standards and is aiming to obtain its Conflict Free Certificate. Best practices are implemented wherever possible.

AfriTin Mining complies with all applicable safety, health & environmental laws in addition to our own company policies and requirements. We strive to use resources sparingly so as to reduce the impacts of our operations on the environment, stakeholders and surrounding communities.

PERFORMANCEPEOPLEPLANET INTEGRITY

Economic Support

§ Close to N$200 000 000 has been spent in the development of the UisTin Mine

§ Majority of this expenditure has occurred in Namibia

Health & Safety of workers

§ All permanent staff at the Uis Tin Mine are Namibian citizens

§ Employing from within the local community wherever possible

§ Supporting the local economy by supporting local accommodation, stores and restaurants

§ Businesses have opened in Uis and substantial developments have occurred

§ OH&S policies and procedures are in place

§ Safety is reemphasised daily through safety talks and shares

§ H&S risks are assessed, controlled, mitigated and monitored

Social Development§ Sponsoring of local soccer teams§ Co-sponsorship of a borehole drilled

in the Ugab River to provide water to wildlife

§ Purchasing of tin mined by artisanal miners operating in the mining licence

§ Sponsoring the 2020 Rhino Run and Ride in support of The Rhino Trust of Namibia

Economic contribution in NamibiaEnsuring compliance to the OEMP

through monthly monitoring of:§ Dust fallout§ Surface water quality§ Static borehole water levels § Onsite SHE field auditsMonthly monitoring allows for identification and mitigation of SHE impacts in a timely manner.

Monthly Monitoring

Pollution Control & Prevention

§ Waste rock is co-disposed with tailings on existing waste rock dumps

§ Good housekeeping practices are encouraged

§ A hydrocarbon spill management plan has been implemented onsite

We seek to gain competitive advantage through sound, ethical and legal practices.

Protection of our People

Stakeholder Engagement

§ Commitment to respecting labour & human rights

§ We believe in a diverse & inclusive working environment

§ Zero-tolerance policy for any form of harassment or bullying

§ Commitment to transparency & open communication

§ Uis Tin Mine has not identified any stakeholder engagement risks

§ The community is supportive of the Uis Tin Mine

TIN MARKET FUNDAMENTALS

7

Market overview¡ Global tin market anticipated to be valued at US$8.23bn in

2023, robust long-term fundamentals

¡ Market is mature, well established, and highly consolidated

¡ Tin is predicted to be the metal most positively impacted by the development of future technologies and ‘the Internet of Things’¡ Including advanced energy-generation and energy-storage devices

¡ Tin, tied with copper is the best LME performer in the first half of 2020

Refined tin demand currently outpaces supply (000t) - ITA

Salt

PGM…

Zinc

Niobi…

Graph…

Vana…

Tungs…

Gold

Nickel

Silver

Cobalt

Lithium

Tin

AV/EV

Robotics

Renewables

Oil & Gas

Energy Storage

IT

Other

Commodity demand in the electrical contact and battery materials markets - MIT

Supply Shortage¡ Tin market has faced a consistent supply deficit over recent years, forecast

to remain in deficit until 2022. Shortages due to:¡ Production cuts from several Chinese smelters

¡ 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

¡ Ample opportunities for growth in the market which will serve to exacerbate the existing demand-supply gap

TIN MARKET FUNDAMENTALS

8

¡ Semiconductor industry one of the biggest consumers of solder¡ Global demand for semiconductors has a significant effect on the

tin price due to the development of smart devices.

¡ Demand for semiconductors set to increase with the uptake in the 5G market, necessitating the development of new technology

¡ International Tin Association reporting demand could triple by 2050

¡ The ITA anticipates the tin price to recover to pre-COVID levels of ~US$19 000/t

Future Trends¡ Increases in tin demand have historically coincided with

technological advances

¡ Refined tin consumption of c.340-370ktpa makes it a relatively small market

¡ Major tin demand comes from electronic solder, chemical and tin plate use

- ITA

Our Projects

9

MAJOR AFRICAN TIN PROVINCES

10

AfriTin’s portfolio includes an interest in a number of mining and exploration areas across Southern Africa

Tin Provinces of Africa

AfriTin assets Sn, Li and Ta

Bushveld Complex, South Africa

Erongo Region, Namibia

¡ Mining Licences

¡ Uis: ML134

¡ C1/B1: ML 129

¡ Nai-Nais: ML133

¡ Exploration Licences

¡ Brandberg West: EPL5445

¡ Goantagab: EPL5670

¡ Prospecting Rights

¡ Mokopane Tin

¡ 2205PR

¡ 2371PR

NAMIBIAN ASSESTS – A REGIONAL FOOTPRINT

11

Historical mining footprint only a fraction of existing licence areas in a proven tin province. AfriTin aims to expand the company's footprint across the region.

SOURCE: GOOGLE EARTH¡ Brandberg West: Exploration licence EPL5445 covering 30 089 Ha¡ Historically producing tin-tungsten deposit from the 1940’s - 1980’s, owned by SWACO, a Goldfields subsidiary

¡ Exploration programme planned for 2020

¡ Goantagab: Exploration licence EPL5670 covering 18 950 Ha

¡ Uis: 3 fully permitted mining licences: ML134 (the location of current mining activity), ML129 and ML133, with a combined coverage of 27 860 Ha

EPL5445

EPL5670

ML134

ML129

ML133

ROM Stockpile

Store

Workshop

Main Reservoir

Backup generators

Primary Crusher

Primary Stockpile

Secondary Crushing Plant

Concentrate Store

Spiral Plant

DMS 1

Filter Press

Plant Discard

ThickenerGrits Dewatering

DMS 2 & DMS 3

Offices

Diesel Storage

UIS – FLAGSHIP ASSET

12

HISTORIC (CIRCA 1989)

CURRENT

¡ Historically the largest hard-rock tin mine in the world¡ Operating in excess of 3 decades

¡ Historic production rates of ~1 500 tonnes Sn concentrate per annum

¡ Large scale, conflict-free deposit located in mine friendly Namibia¡ Mining licences in place

¡ Tin mineralisation complimented by significant by-product potential including¡ Lithium

¡ Tantalum

¡ Rare earth elements (REE’s)

¡ 2 phase multi-commodity development plan¡ Phase 1: Plant fully operational and undergoing ramp-up

¡ Phase 2: studies in progress

PROGRESS AT UIS

13

§ Achieved a globally significant JORC-compliant mineral resource estimate (MRE) for V1 and V2§ 95,539t of tin § 6,091t of tantalum § 450,265t of lithium oxide

§ Construction of processing plant completed

§ Processing plant production of tin concentrate commenced

§ Offtake agreement signed with Thaisarco§ 4 successful shipments to date

§ Ramp-up to nameplate capacity in progress§ Debottlenecking in progress

§ Robust Phase 1 economics confirm the significance of the pilot mining and processing facility as a full-scale commercial operation

GEOLOGICAL MODEL

14

141 drill holes over V1 V2 pegmatites¡ Multiple mineralised pegmatites mapped

¡ Historical IMCOR drill data for V1 and V2 pegmatites has been validated by AfriTin’s Phase 1 exploration programme, allowing incorporation into geological modelling

¡ 141 drill holes along a 25m grid spacing utilised for high resolution modelling ¡ Phase 1 weighted averages used for pegmatite

intersections

¡ V1 and V2 pegmatite intersections occur at depth

¡ Drill data shows significant down dip thickening of the ore body compared to surface outcrop

¡ 3-D geological model completed and a JORC compliant resource declared¡ Utilised for block modelling and mine design

UIS JORC-COMPLIANT MINERAL RESOURCE ESTIMATE

15** Metal refers to Li2O

Globally significant maiden resource

¡ Drill results validated the historical exploration data generated by ISCOR subsidiary IMCOR, allowing an additional 141 drill holes to be incorporated into the mineral resource estimate

¡ Ancillary elements analysed during the drilling campaign confirmed Ta and Li by-product potential

¡ The ancillary elements reported as part of the inferred mineral resource as the minerals were not sampled for in the historical ISCOR data

¡ The maiden resource is comprised from only one of the 12 existing pits (covering 16 pegmatite bodies) at Uis, namely V1V2¡ Total tonnes of ore reported in the JORC compliant MRE for V1V2 pegmatite body alone is greater than that reported for the historic reserve estimate over 16 historic

pegmatite bodies

*SRK report declared reserve estimate in 1989

Historical Non-JORC Complaint Reserve Estimate* for 16 Uis pegmatite bodies

Proven Probable TOTAL

Commodity Sn Sn Sn

Grade 0.136% 0.135% 0.136%

Tonnes of Ore

48 426 800 21 896 900 70 323 800

Contained Metal (t)

65 860 29 561 95 421

MRE of Tin within the V1 and V2 Pegmatites (Cut-off Grade 0.05% Sn)

MRE of Ancillary Elements within the V1 and V2 Pegmatites

Measured Indicated Inferred TOTAL Inferred Inferred

Commodity Sn Sn Sn Sn Li2O Ta

Grade 0.139% 0.136% 0.130% 0.134% 0.63% 85 ppm

Tonnes of Ore 21 540 000 13 050 000 36 950 000 71 540 000 71 540 000 71 540 000

Contained Metal (t)

29 899 17 765 47 875 95 539 450 265** 6 091

EXPLORATION UPSIDE

16SOURCE GOOGLE EARTH

¡ Concurrent exploration programmes are targeting higher grade pegmatites with low stripping ratios

¡ Regional mapping programme completed on surrounding pegmatites¡ Visual confirmation of cassiterite mineralisation for over

180 pegmatites within 5km of processing plant

¡ Detailed mapping programme identified higher grade greisenised areas within mineralised pegmatites

¡ Ore bodies are up to 80m thick and over 1km along strike

¡ 67-meter intersection of the W17 pegmatite, south of mining area, displayed visible cassiterite grains over the entire intersection

¡ Historical pits mined on outcropping pegmatite, over 12 existing pits, these comprise historical SRK reserves (1989)

MINING

17

¡ Mining operations over the V1 and V2 pegmatites were established in May 2019

¡ Conventional open pit mining methods, with a truck and excavator mobile equipment combination utilised

¡ The combined mine plan delivers 2.75 million tonnes (represents 3% of the historical resource) of pegmatite at an average overburden stripping ratio of 1:1.5 to ensure exposure of ore in the long-term

¡ Mine design, at 0.5 Mtpa RoM, provides sufficient inventory to supply Phase 1 processing plant with ore for more than 5 years., with the V1 and V2 pegmatite ore bodies supporting mining production rates far beyond the current requirements

¡ Mine design exploits outcropping pegmatites and excavations of the historical Uis mine

¡ Potential for fast production ramp-up

V2 Pegmatite

Hanging Wall

Person for Scale

Section: V2 Pegmatite

V2 Pegmatite

Phase 4

Phase 1

Topography

900 amsl

850 amsl

800 amsl

Section: V1 Pegmatite

V1 Pegmatite

Phase 5Phase 2

Topography800 amsl

750 amsl

700 amsl

METALLURGY

18

¡ Coarse grained cassiterite crystals allowing for easy liberation through crushing

¡ Efficient pre-concentration with dense medium separation (DMS) produces 80% waste rejection at high recoveries

¡ Large material density differentials (cassiterite/columbite > 5.0 g/cm3, gangue 2.7 g/cm3) allowing for efficient dense medium and gravity separation

¡ Tantalite associated with the tin concentrate¡ Preliminary lithium test work indicates

potential for lithium by-product. Further test work planned

¡ Plant design targets:¡ Sn recoveries >60% at concentrate grades of

60% Sn

¡ Ta recoveries >15% at a concentrate grade of 22% Ta

¡ Li recoveries >28% at a concentrate grade of 4% Li

2O

PROCESS FLOW DIAGRAM

19

INFRASTRUCTURE

20

¡ Power supply¡ Formal (10 year) supply agreement concluded with Namibia Power

Corporation:

§ Provides for the full on-site power requirements for Phase 1 mining and processing facility from the national grid

§ AfriTin constructed its own substation to transform the supply to medium voltage (11 kV) and installed a miniature substation to distribute power at 400 V in the processing plant

§ 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 to the grid

¡ Water supply¡ Geohydrological study, water drilling and test pumping completed

¡ Process water requirements are supplied from well fields and open-pit lake areas in the surrounding mining area¡ AfriTin is fully permitted for water abstraction from boreholes (groundwater

not potable but is suitable for use as plant water)

§ Regional investigations for additional groundwater resources have commenced

UIS PHASE 1: PROCESSING PLANT EXPANSION

21

Ore feed: 80tphTin feed grade: 0.139% SnTantalum feed grade: 85ppmLithium feed grade: N/ATin recovery: 60%Tantalum recovery: 15%Lithium recovery: N/ATin conc. grade: 60% SnTantalum conc. grade: 22% Ta2O5

Lithium conc. grade: N/A

Ore feed: 120tphTin feed grade: 0.139% SnTantalum feed grade: 85ppmLithium feed grade: N/ATin recovery: 70%Tantalum recovery: 30%Lithium recovery: N/ATin conc. grade: 60% SnTantalum conc. grade: 22% Ta2O5

Lithium conc. grade: N/A

Ore feed: 120tphTin feed grade: 0.139% SnTantalum feed grade: 85ppmLithium feed grade: 0.63% Li2OTin recovery: 70%Tantalum recovery: 30%Lithium recovery: 28%Tin conc. grade: 60% SnTantalum conc. grade: 22% Ta2O5

Lithium conc. grade: 4% Li2O

Ore feed: 120tphTin feed grade: 0.158% SnTantalum feed grade: 85ppmLithium feed grade: 0.63% Li2OTin recovery: 70%Tantalum recovery: 30%Lithium recovery: 28%Tin conc. grade: 60% SnTantalum conc. grade: 22% Ta2O5

Lithium conc. grade: 4% Li2O

• Pilot plant construction completed• Ramp-up to steady state in progress

• Increase throughput capacity • Increase tin recovery • Increase tantalum recovery

• Addition of petalite by-product• Initial lithium test work complete

• Expansion of tin and tantalum concentrate production

AfriTin plans to increase the production capacity of the Phase 1 processing plant beyond the current Stage I. This will occur in three distinct steps (Stages II-IV).

Stage I Stage II Stage III Stage IV

28

123

39

43

13

0

20

40

60

80

100

120

140

Stage I Stage II Stage III Stage IV Total

NPV

(US$

'm)

Mill

ions

IRR:60%

IRR:65%

IRR:33%

OverallIRR: 60%

PHASE 1 ECONOMICS

22

¡ Stage I of Phase 1 provides a solid platform at a robust operating profit margin¡ Long-term profit margin of 25%

¡ Provides robust free cash flows over LOM

¡ Additional development stages have the potential to substantially increase the commercial value of the Phase 1 operation¡ Overall NPV over US$ 120.0 mil

¡ Overall IRR increase of 60%

¡ High-level CAPEX estimates required for implementation of Stages II-IV:¡ Stage II – US$ 11.0 mil

¡ Stage III – US$ 10.0 mil

¡ Stage IV – US$ 7.5 mil

¡ Stages II-IV will be financed by organic growth cash flows and long-term facilities where necessary

Relative increase in NPV on a cumulative basis for each stage of the Phase 1 expansion

Parameter Units Stage I Stage II Stage III Stage IV

FCF (cumulative) USD/annum 1,530,000 6,690,000 12,110,000 14,940,000

NPV (cumulative) USD 27,590,000 66,850,000 109,960,000 122,940,000

IRR (cumulative) % 60%

C1 Cash Cost USD/t tin metal 13,900 9,000 -6,300 -5,300

LOM (measured resources only) Years 39 26 26 26

Payback Period (after tax) Years N/A 1.9 1.9 2.1

Updated Phase 1 economics summary with the economic potential of Stages II-IV

UIS PHASE 2: LONG TERM DEVELOPMENT PLAN

23

Phase 2 Objectives

§ Leverage the production profile of Phase 1 in order to expand the operations of the business

§ Large-scale operation producing at least 5000 tonnes of tin concentration, representing ~1% of the global tin supply

§ Identify further mineralised pegmatites within project and regional area

§ Growth of portfolio through acquisition in country and elsewhere in Africa

§ Revenues in excess of $100million in 5 years

EXPOSURE TO A MAJOR TIN ASSET OF GLOBAL SIGNIFICANCE

24

§ Clear development timeline with catalysts for value creation: § Fully permitted operation§ Production commenced August 2019§ V1 V2 resource JORC-compliant§ Robust Phase 1 economics§ Commencement of Phase 2 expansion

§ Junior mining company that delivers § Strong geological potential from a

historically producing mine§ Multi-commodity optionality§ A stable mining investment jurisdiction§ Strong medium-term demand for tin

underpinned by growing applications in new technologies

Appendices

25

TEAM

26

Roger WilliamsNon-executive Director§ Over 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 sale to Sandstorm for $175m in

July 2017§ 20+ years’ experience both as a mining executive and in investment banking

Anthony ViljoenCEO§ Mining entrepreneur – over 2 decades operating in Africa § Founding director and former CEO of Australian listed Lemur Resources§ Successfully founded and directed Bushveld Minerals (AIM: BMN).§ Non-executive director at Bushveld Minerals

Terence GoodlaceNon-executive Director§ 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 RobbNon-executive Director§ 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 20 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

Timothy MaraisExploration Manager§ Qualified exploration geologist with over 8 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 17 years’ experience, Jan has fulfilled

various technical management roles

Rob Sewell CFO§ Chartered Accountant CA(SA) with 14 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

Professional team with over 120 years of combined mining experience.

SHAREHOLDER INFORMATION

27

Top 10 Shareholders as at 28 Feb 2020

INSTITUTION HOLDING % STAKE

Naminco Limited 91 931 731 14,1%

The Orange Trust 64 874 704 9,9%

Bushveld Minerals Limited 51 995 342 8,0%

Hargreaves Lansdown 49 190 022 7,5%

Acacia Resources Limited 41 192 121 6,3%

Capital International IOM 27 018 861 4,1%

Premier Miton Group PLC 22 967 231 3,5%

Mr Stephen Pycroft 22 193 851 3,4%

Interactive Investors 20 419 027 3,1%

Halifax Share Dealing 18 241 184 2,8%

Total top 10 410 024 074 62,788%

Management 23 382 476 3,58%

Others 219 739 823 33,64%

Total 653 146 373 100%

Ticker ATM

Market AIM

Shares in issue 653 146 3731

Analyst Research

House Target Price Revenue (USD$)(Phase 1- Steady state) Phase 1 NPV (USD$)

14.4p 38.2m 68m

11.4p 33.3m 92.7m

11.1p 31.2m 57m

Average 12.3p 34.2m 72.6m

1

1.5

2

2.5

3

3.5

4

Shar

e Pr

ice

(GBp

)

Date

AfriTin Mining Share Price Performance

TANTALUM MARKET FUNDAMENTALS

28

¡ Tantalum industry is relatively small, comprised of a limited number of producers

¡ Tantalum market driven by use in capacitors, tantalum chemicals, alloy additives, sputtering targets, mill products and cemented carbides

¡ Roskill forecasts global demand will by grow by 4 - 5% pa between 2018 and 2028 ¡ Increasing from ~2 300 tonnes to ~3 500

tonnes Ta

¡ Strong demand growth rate predicted:¡ Increases in major applications of capacitors

¡ Strong growth in the alloy additives industry

¡ Maintained growth in all other sectors

Forecast global consumption of tantalum by application, 2018-2028 (tonnes Ta) – Roskill

Forecast year-end tantalum pentoxide nominal prices, 2019-2028 (US$/kg Ta2O5) – Roskill

PETALITE MARKET FUNDAMENTALS

29

¡ Low-iron petalite utilised in the technical-grade lithium market ¡ Manufacturing of glass, ceramics, frits, glaze and

fibreglass

¡ Limited test work to date indicates that Uis petalite falls within commercial specification ranges

¡ Petalite demand driven by growth in the glass and ceramics industries ¡ Lithium demand in the glass and ceramics industries

forecast to increase to ~1.36 Mt of 4% Li2O petalite

concentrate by 2030 (~135 000 LCE (lithium carbonate equivalent))

¡ Current suppliers not anticipating a large increase in supply¡ Opportunity for new petalite suppliers who meet the

required specifications to enter the market

Projection of worldwide lithium demand for ceramics from 2019 to 2030 in LCE (lithium carbonate equivalent) – M.

Garside

COMPANY STRUCTURE

30

UIS – ASSET HISTORY

31

Discovery of the asset.

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.

Uis Tin Mine closes following the tin price

collapse in the mid-1980s.

SRK publishes a ‘LoM Plan Report for 1989-2063’*. These were historical estimates that were

not reported to any recognised minerals industry reporting code.

Greenhills (Bushveld subsidiary) purchases

85% stake from AfriTin Mining Namibia1.

1 Was renamed to AfriTin Mining Namibia in January 2019 (between 2014 and 2016 the entity was called Dawnmin Africa Investments)

2017 AfriTin lists on AIM with Uis as its flagship asset

2016

1911 1958 1966 19801948/51

1990

1989

A new dawn for Uis

NAMIBIA: A STABLE INVESTMENT JURISDICTION

32

Road between Uis and Walvis Bay

Walvis Bay Port upgrade completed

§ Complimentary mining and exploration jurisdiction with a developed transport infrastructure

§ Stable democracy with an independent, strong legal system

§ 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 and consequently, an important industry

§ Fraser Institute lists Namibia No. 60 globally in terms of investment attractiveness and No. 36 globally in policy perception. *Corruption Perception Index 2018

§ 5th most transparent country in Africa

§ Access to the mine is via a regional network of roads which are well maintained by the Namibian government

§ The newly upgraded port of Walvis Bay serves as the point of export for the company’s mining products

OTHER ASSESTS: SOUTH AFRICA

33

§ Mokopane Tin Project – located on the northern limb of the Bushveld Complex

§ Prospecting right 2205PR covering six farms (13 253 Ha)

§ Prospecting right 2371PR covering three additional neighbouring farms (awaited)

§ Four targets identified, exploration conducted on two targets to date, with 18 447 tonnes 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/tonne of 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

COMPANY INFORMATION

34

Anthony Viljoen, CEOinfo@afritinmining.comwww.afritinmining.com

Registered office18 – 20 Le PolletSt Peter Port Guernsey

Representative office2nd Floor, Building 3Illovo Edge Office ParkCorner Harries & Fricker RoadIllovoJohannesburg, 2116South Africa

Corporate Advisor and Joint Broker2 Park Street

London W1K2HX

United Kingdom

55 Baker streetMarylebone

LondonW1U 7EU

United Kingdom

Investor Relations – UK1 CornhillLondon

EC3V 3NDUnited Kingdom

+44 (0) 20 7920 3150

Broker8 Frederick’s Place

London EC2R 8AB

United Kingdom