1. The
Outlook
for TIN
CHRISTOPHER
ECCLESTONE
Hallgarten & Company LLC
4th March 2015

2. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

3. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

4. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

5. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

6. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

7. 2
The Tin Big Picture
There has been a fairly balanced supply/demand scene in Tin
for several years now. However things are shaping up to take a
turn for the worse:
Alluvial producers are feeling empowered and want to keep
more of the value added hence the Indonesian export
restrictions
A long investment drought means there are few projects in
the pipeline
Hard-rock tin deposits have increasingly high capex to
develop
Many tin deposits are located in less than encouraging
jurisdictions
Margins are, in theory, great. If a tin project has a cost per
tonne that is too near $20,000 then it should stay in the
penalty box

8. Low Capex..

9. The Mix in Cash-Costs

10. 10
How the market might evolve....
A revival in equity markets creates a sound basis
The Tin price sustained at over $20,000 would give confidence
to promoters that the metal is back on a roll
Projects being resized to realistic capexes even if it means
lower initial production
Appearance of a couple of serious listed stocks in Canada with a
commitment to production
Some of the existing (or de novo) ASX-listed Sn hunters moving
towards production
Slow drip feed of information to investors starting to build up a
hunger for more equity plays amongst those attuned to Critical
Metals issues.
Traders and end-users more dynamically supporting up-and-
coming stories in contrast to previous desultory efforts

11. 11
Conclusion
A “boy who cried wolf scenario” is appearing in the tin sector as
happens so often in mining. A crisis looms, is averted and then
disinterest sets in.
The failure of the Indonesian export ban to trigger a cataclysmic
price rise has delayed the evil day in which the mining promotion
sector grasps the opportunity.
It has not helped that there was no financing available even if Tin
had seriously taken off.
Improved equities markets will hopefully make Tin one of the most
targeted specialty metals “the next go around” rather than faddish
metals that fired imaginations in previous bull-runs.