Contents2 Tin Explorers & Developers Group Overview

Member Profiles

3 Alphamin Resources4 Aus Tin Mining5 Avalon Advanced Materials6 Elementos7 Kasbah Resources8 StrongbowExploration9 Tin One Mining10 AfriTin Mining

11 Assumptions

 

 

Tin Explorers & Developers Group OverviewTheInternationalTinAssociation’sTinExplorers&DevelopersGroupbringsto-gether some of the leading companies striving to become part of the next gener-ationofglobaltinproducers.

Thisreportprofilesthesecompaniesandprovidesinformationontheflagshiptinprojectstheyareworkingtodevelop,whichareamongstthemostpromisingpotentialsourcesofnewtinsupplyworldwide.

Phone: +(230) 269 4166 Website:www.alphaminresources.com

The Bisie Tin ProjectTheBisieprojectislocatedintheWalikaledistrictofNorthKivuprovince,DRC,andis80.75%ownedbyAlphaminthroughitssubsidiary,MiningandProcessingCongoSPRL(MPC).14.25%oftheprojectisownedbytheIndustrialDevelopmentCorporation(IDC)andtheremaining5%isheldbytheDRCgovernment.Artisanalminingintheareawasamajorsourceoftinorepriorto2010,accountingforupto75%oftheDRC’stinoutput.

SinceAlphaminhasgainedcontroloftheproject,extensiveexplorationanddrillinghasbeenundertakenattheMpamaNorthprospectandatadditionalexplorationtargets,includingMpamaSouth.ThecompanypublishedaFeasibilityStudyin2016,envisaginganundergroundmechanised mining method and haulage of blasted ore byarticulateddumptrucks.

In2017,thecompanysecuredanUS$80millioncreditfacilitytohelpfundtheimplementationoftheproject.TheCompanyhasalsoraisedfurtherfundsfromprivateplacementsandequityfundingsuchthatitisnowinapositionwhereitispossibletocompleteconstructionoftheprojectwithcashavailable.Duetotheminesremotelocation,investmenthasinvolvedbuildinganaccessroadandanairplanestrip.TheundergroundminecapitalfootprintwascompletedattheendofDecember2018,while the commissioning of the processing plant is on tracktobecompletedbytheendofMarch2019.TheCompanyaimstoreachnameplatecapacitybetweenAprilandJune2019.

NI 43-101 Inferred Mineral ResourceOre (Mt) 0.54 Metal (t or g)Sn(%) 4.25 22,800Cu(%) 0.16 864Ag (g/t) 1.4 0.756Zn(%) 0.09 0.486

NI 43-101 Measured & Indicated Mineral ResourceOre (Mt) 4.6 Metal (t or g)Sn(%) 4.52 208,000Cu(%) 0.31 14,260Ag (g/t) 0.7 12.42Zn(%) 0.15 6,900

NI 43-101 Mineral Reserve

Ore (Mt) 4.67 Metal (t)

Sn(%) 3.58 167,300

Project InformationProject Name Bisie – Mpama NorthCountry DR CongoMine Type UndergroundProduct ConcentratesOutput (t/y Sn) 9,600Mine Life (years) 12Start Date 2019Capital Cost (US$ M) 151.4Cash Cost (US$/t of tin) 8,837

ConstructioninprogressatBisie

Market Information (as of 09/02/19)TSX-V Code AFMShares on Issue 786 mMarketCapitalisation US$154.42mMajor ShareholdersTremontMasterHoldings 44.9%GeraldMetals 6%

Alphamin Resources Corp. isaTSX-VandJSEAltXlistedcompanywhosebusinessmodelcoverstheentireminesitelife-cyclefromincubation,explorationandcommercialisationtoproduction.Tinbecamethecompany’sprimaryfocuswhenitgainedcontroloftheBisieTinProjectthroughitsacquisitionofMiningandProcessingCongoSPRL(MPC)in2011.Havingsecuredfundingin2017,thecompanyisnownearingcompletionofconstructionoftheBisieTinMine,withlonger-termplanstoexpandtinproductionintheregionthroughdevelopmentofadditionalexplorationtargetsthatfallwithinitslicencearea.

Alphamin Resources

Website:www.AusTinMining.com.au Email: info@AusTinMining.com.au

PlannedStage1PitatTaronga

JORC-Compliant Inferred ResourceOre (Mt) 9.4 Metal (t or g)Sn(%) 0.128 12,032Cu(%) 0.281 26,414Ag (g/t) 14.559 136,854,600

JORC-Compliant Measured & Indicated ResourceOre (Mt) 26.9 Metal (t)Sn(%) 0.168 45,192

JORC-Compliant Probable Reserve

Ore (Mt) 22.0 Metal (t)

Sn(%) 0.160 35,600

Project Information (2014 PFS)Project Name TarongaCountry Australia(NSW)Mine Type OpenPitProduct ConcentratesOutput (t/y Sn) 2,815Mine Life (years) 9Capital Cost (US$ M) ~70

The Taronga Tin ProjectThewhollyownedTarongaTinProjectislocatednear Emmaville,innorthernNewSouthWales,Australia.Over88,000tonnesoftinhasbeenproducedfromtheEmmavilletinfieldsincethe1870s,overwhichthecompanyholds500km2ofexplorationlicences.InApril2014thecompanycompletedaJORC(2012)compliantPre-FeasibilityStudydemonstratinghowtwozonesofmineralisationwouldbeminedbyopencutmethodsandprocessedusinggravityandflotationseparationmethods.In2015theCompanyannounceditwouldcommenceaStage1DevelopmentcomprisingaA$2.5million,340,000ttrialminewithintheNorthernZoneOreReservesandpilotprocessingplant.ThecompanyacquiredaMiningLicenseforthetrialpitin2018andhopestobeginoperationsby2019.

The Granville Tin ProjectTheGranvilleTinProjectislocatedapproximately20kmnorth of the historic mining town Zeehan on the west coastofTasmania.TheCompanybeganproducingtinconcentrateonasmall-scalebasisin2016.However,sincethen,theProjecthasbeenapprovedforLevel2operations,featuringanopencutpit(GranvilleEast),tailingsdamandaprocessingplant.AusTinMiningwerepermittedtoresumeminingattheGranvilleEastsiteinApril2018,whichcoincidedwithanincreasetoitsannualprocessingrightstosome40,000tonnes.MiningatGranvilleEastcommencedinFebruary2019.ThetransitiontoLevel2operationsisprojectedtoresultinanincreaseintin-in-concentrateoutputto550tpa.

Aus Tin MiningisanASX-listedexplorerwithafocusondevelopingtinandnickel-cobaltmineraldeposits.TheCompany’sflagshipprojectistheTarongaTinProjectlocatedinnorthernNewSouthWales.AusTinMiningalsoholdadjacentexplorationtenementswhichareprospectivefortin,baseandpreciousmetalsaswellasnickel-sulphidetenementsinTasmania.SinceAugust2016,thecompanyhasbeenatinproducer,havingstartedpilot-scalereprocessingoforestockpilesatitsGranvilletinproject,alsoinTasmania.

Market Information (as of 09/02/19)ASXCode ANWSharesonIssue 1.98bnMarketCapitalisation US$24.5m

Major ShareholdersDGRGlobal 18.24%AustralianMineralInvestments11.63%CiticorpNominees 6.09%

Aus Tin Mining

Website:www.AvalonAdvancedMaterials.com Email:ir@AvalonAM.com

The East Kemptville Tin-Indium ProjectAvalon’s100%ownedTin-Indiumprojectissituated 45kmnortheastofYarmouthinNovaScotia,Canada.EastKemptvillewasanoperatingtinminefrom1985-1992andwasNorthAmerica’sonlylargeprimarytinproducer,beforeclosingin1992followingyearsoflowtinprices.

InMay2014,Avalonenteredintoanagreementwiththe surface rights holder to secure access to lands for a limiteddrillingprogramme.AvalonhascommencedtheprocesstowardconvertingthisSpecialLicenceintoamininglease,whichthecompanyanticipatescompletinginthefirsthalfof2019.

InJuly2018,AvalonfinalizeditsPreliminaryEconomicAssessment(PEA)ontheEastKemptvilleProject.There-developmentmodelisanenvironmentalremediationprojectinvolvingprocessingtheexistingorestockpilesupplementedbyselectiveminingofnear-surfacehigher-gradetinmineralization.

Thefreshlyminedtinallowsgenerationofcleantailingsfreeofsulphideminerals.Thesewillbeusedtocreateacoverfortheexistingdry-stackedtailings,whichwillfullyremediatethelongtermenvironmentalliability.Avalon’ssmall-scale,re-developmentmodelutilizesexistinginfrastructureandpreviously-minedmaterial,makingtheprojectalowenergy,lowgreen-housegasproducer.Theimplementationoforesortingisbeingexploredandcouldfurtherimprovetheprojecteconomics.

Mostrecently,theCompanycompletedore-sortingtrialsatEastKemptville,yieldingpositiveresultsforboththelow-gradeorestockpileandhighergradeore.

NI 43-101 Compliant Inferred ResourceOre (Mt) 14.25 Metal (t)Sn(%) 0.139 19,808

NI 43-101 Compliant Measured & Ind. ResourceOre (Mt) 22.97 Metal (t)Sn(%) 0.153 35,144

Project Information (2018 PEA)Project Name East KemptvilleCountry CanadaMine Type OpenPit/Ore

ProcessingProduct ConcentratesOutput (t/y Sn) ~700Mine Life (years) 15+Capital Cost (US$ M) 24Cash Cost (US$/t of tin) 12,646

Satellite view of East Kemptville site

Market Information (as of 09/02/19)TSXCode AVLShares on Issue 265 mMarketCapitalisation US$11.7m

Major ShareholdersRetailInvestors 70%InstitutionalInvestors 15%Insiders 15%

Avalon Advanced Materials is a Canadian mineral development companyheadquarteredinToronto,Ontario.Avalonspecializesincriticalmetalsandmineralswithgrowingdemandinnewtechnology.Thecompanyhasthreeadvancedstageprojects,all100%-owned,providinginvestorswithexposuretolithium,tinandindium,aswellasrareearthelements,tantalum,niobiumandzirconium.AvaloniscurrentlyfocusingonitsEastKemptvilleTin-IndiumProjectinYarmouth,NovaScotiaandSeparationRapidsLithiumProjectnearKenora,Ontario.

Avalon Advanced Materials

NI 43-101 Compliant Low Grade Ore Stockpile Inferred ResourceOre (Mt) 5.87 Metal (t)Sn(%) 0.112 6,574Cu(%) 0.610 35,807Zn(%) 0.100 5,870

Phone: +61 7 3212 6299 Email:admin@elementos.com.au Website:www.elementos.com.au

JORC-Compliant ResourceOre (Mt) 3.7 Metal (t)Sn(%) 0.29 11,000Cu(%) 0.13 5,000

The Oropesa Tin ProjectTheOropesatindepositislocatedinnorth-westAndalusia,180kmnortheastofSevilleinsouthernSpain.Oropesaisahard-rocktindepositamenabletoopen-pitextractionmethods,withthepotentialfor further development as an underground miningoperation.ElementosacquiredtheprojectinNovember2018.Afeasibilitystudyfortheprojectisduetobecompletedinmid-2019withenvironmental studies complete and a mining licenseapplicationalreadylodged.

The Cleveland Tin ProjectClevelandwasanundergroundtinandcopperminenearLuna,inTasmania,operatedbyAberfoylebetween1968and1986whichproducedsome24,000tonnesoftin.Elementosplanstoredeveloptheprojectinthreestages,beginningwithreprocessingoftailingsfollowedbytheopenpitresourceandsubsequentlytheundergroundresourcesoftin,copperandtungsten.APFSwascompletedinAugust2015forthetailingsoperationaswellasamaidenorereserveestimate.InSeptember2018,theJORC-Compliantresourcewasupdatedfollowingasuccessfuldrillingprogramme.

The Temengor Tin ProjectTheTemengorprojectwasahydraulicelluvialtinmine that operated from 1926 to 1932 and has undevelopedhardrocktinpotentialoveranareaof1km2.ElementosarenegotiatingaFarm-inandJointVentureagreementfortheproject.

Market Information (as of 09/02/19)ASXCode ELSharesonIssue 1.49bnMarketCapitalisation US$5.4m

Major ShareholdersBondStreetCustodians 20.4%JervoisMining 7.5%KeoProjects 5.4%

ElementosisanAustralian,ASX-listedmetalscompanywithaportfoliooftinprojectsincludingOropesainSpain,ClevelandinTasmaniaandTemengorinMalaysia.ThecompanyisactivelydevelopingeachoftheseprojectswithOropesathepriorityfollowingitsacquisitionin2018.Thecompanybelievesthathavingadiversifiedtinportfolioinjurisdictionswithalongmininghistoryisalowerriskgrowthstrategy.

Elementos

JORC-Compliant ResourceOre (Mt) 7.47 Metal (t)Sn(%) 0.75 56,100Cu(%) 0.30 22,200

JORC-Compliant ResourceOre (Mt) 12.5 Metal (t)Sn(%) 0.54 67,500

Cleveland Tailings

Cleveland Hard Rock

Oropesa*Tailingstobeinitialfocusofstageddevelopment

Project InformationProject Name Oropesa Cleveland *Country Spain Australia (TAS)Mine Type OpenPit Tailings,OP&

UGProduct Concentrates ConcentratesOutput (t/y Sn) ~3,500 ~1,000Mine Life (years) 13 ~15Start Date 2022 2023

Oropesainducedpolarityanomalies,withdrillholelocations

Email:info@kasbahresources.com Website:www.kasbahresources.com

ViewofAchmmachProjectsite

Compliant Measured & Indicated ResourceOre (Mt) 14.9 Metal (t)Sn(%) 0.85 127,300

Compliant Proven & Probable ReserveOre (Mt) 7 Metal (t)Sn(%) 0.82 58,000

Project InformationProject Name AchmmachCountry MoroccoMine Type UndergroundProduct ConcentratesOutput (t/y Sn) 4,500Mine Life (years) 10Start Date 2020Capital Cost (US$ M) 96.4Cash Cost (US$/t of tin) 9,176

The Achmmach Tin ProjectAchmmachisanadvancedtinprojectlocatedonthewesternedgeoftheElHajebprovinceinNorthernMorocco.KasbahResourceshasa75%interestinAchmmachwithToyotaTsusho(20%)andtheNittetsuMiningCompany(5%)makinguptheremainder.Theprojectiscomprisedoftwotinsystems,theSidiAddiTrendandtheMeknesTrend,bothapproximately1.6kmlong.Cassiteriteisfoundwithinsmallbutnumerousquartzveinsassociatedwithsilicatourmalinealterationandreplacementofshearzones.

TinwasfirstdiscoveredatAchmmachbytheMoroccangovernment,whofrom1991undertookanextensiveexplorationandevaluationprogramme.ThiswascontinuedbyKasbahResourcesfrom2007.InJuly2018,Kasbahcompletedanupdateddefinitivefeasibilitystudy(DFS),whichsupersededa2016“SmallStartOption”(SSO)DFS.TheprojectisnowplannedtobeginatasignificantlylargerscaleandwillreducetheminingriskassociatedwiththeSSOstrategyofdefininghigher-gradeareasandtargetingtheseinanearlyphaseofoperation.Implementationoforesortingtechnologyhasalsoimprovedtheprojecteconomics.

Havingacquiredallthemajorpermitsrequiredaswellaslocalsupportfortheproject,KasbahanditsJointVenturepartnersarenowlookingtosecurefundingforfullimplementation.Theyarealsoseekingsuitableengineeringandminingcontractorsandoff-takersforthetinproduct,withtheaimofcommencingconstructionin2019andproductionin2020.

Market Information (as of 09/02/19)ASX Code KASSharesonIssue 133,074,246MarketCapitalisation US$12.6m

Major ShareholdersPalaInvestments 34.24%AfricanLionGroup 10.3%BrahamConsolidated 3.84%

Kasbah Resources Limitedisanemergingtinproducerthatwasfoundedin2005andlistedontheASXin2007.Thecompanyistin-focussedwithmajorityownershipofitsAchmmachprojectinMorocco.Kasbahalsohasexplorationpermitsforthenearby,earlyexplorationstageBouelJajtinproject.

Kasbah Resources

Phone: +1 (604) 638-8005 Website:www.strongbowexploration.comEmail:info@strongbowexploration.com

NI 43-101 Upper Mine Indicated & Inferred ResourceOre (Mt) 0.72 Metal (t)Sn(%) 0.68 4,908Cu(%) 0.68 4,907Zn(%) 0.61 4,414

NI 43-101 Lower Mine Inferred ResourceOre (Mt) 0.74 Metal (t)Sn(%) 1.91 14,131

NI 43-101 Lower Mine Indicated Resource

Ore (Mt) 1.66 Metal (t)

Sn(%) 1.81 30,046

Project Information (2017 PEA)Project Name SouthCroftyCountry UKMine Type UndergroundProduct ConcentratesOutput (t/y Sn) ~5,000Mine Life (years) 8Capital Cost (US$ M) 118.7

ConceptualprocessingplantatSouthCrofty

Market Information (as of 09/02/19)TSX-VCode SBWSharesonIssue 86.6mMarketCapitalisation US$7.4m

Major ShareholdersOsiskoGoldRoyalties 28.0%Management/Directors 10%

StrongbowExplorationStrongbow ExplorationisaCanadianmineralexplorationcompanylistedontheTSX-VfocusedonbuildingastrategicmetalscompanythroughtheacquisitionandexplorationofitsportfolioofassetslocatedintheUnitedKingdomandNorthAmerica.TheCompanyacquiredtherightstotheSouthCroftytinprojectinCornwall,UKinJuly2016whilemaintaininganinterestinotherpropertiesprospectivefortinandnickel,aswellasroyaltiesontungstenassets.StrongbowisalsocurrentlyworkingtowardsaLondonStockExchangeAIMlisting.

The South Crofty Tin ProjectTheSouthCroftyTinProjectislocatedinthetownsofPool,Camborne,andRedruthinthecountyofCornwall,SouthWestEngland,approximately465kmwestofLondon.SouthCroftywasthelasttinminetocloseinCornwallandtheUK,ceasingoperationsin1998duetothelowtinpriceandproposedchangestoenvironmentalregulation.

Severalcompanieshaveattemptedtorevivetheminebetween2001and2013.Significantadvancesweremade,primarilytheagreementtosecureasiteforfuturemillconstruction,andthegrantofaminingpermitwhichisvaliduntil2071,subjecttocertainplanningconditionsbeingmet.TheprojectchangedhandsnumeroustimesbeforeStrongbowacquireditfromadministrationinJuly2016followingdefinitionofanNI43-101compliantmineralresourceearlierintheyear.APreliminaryEconomicAssessment(PEA)wasreleasedfortheprojectinearly2017envisaginganundergroundmineproducingtinwithcopperandzincby-products.Theprojectremainsfullypermitted.

Thekeychallengeatthesiteisthedewateringofthehistoricalmineworkings,particularlyhighergradetinmineralisationinbelow400mdepthisbeingtargeted.Thecompanycompletedwatertreatmenttrialsandreceivedadischargepermitin2017.Constructionofaminewatertreatmentplantiscurrentlyunderway.Dewateringofthemineisexpectedtotake18monthsuponcompletionofthewatertreatmentplant,duringwhichperiodStrongbowhopetocompleteafeasibilitystudyandbringtheprojecttoaproductiondecision.

Phone:+(727)3550576(ext.700)ext. 5267 Email:office@tinone.kz Website:www.tinone.kz

JORC-Compliant Probable ReserveOre (Mt) 26 Metal (t)Sn(%) 0.54 140,400

JORC-Compliant Inferred ResourceOre (Mt) 68.5 Metal (t)Sn(%) 0.37 255,482

JORC-Compliant Measured & Indicated Resource

Ore (Mt) 54.8 Metal (t)

Sn(%) 0.43 236,354

Project InformationProject Name SyrymbetCountry KazakhstanMine Type OpenPitProduct ConcentratesOutput (t/y Sn) 7,500Mine Life (years) 14Start Date 2021Capital Cost (US$ M) 285

ContourofthePreliminaryOptimisedPitThe Syrymbet Tin ProjectTheSyrymbetdepositislocatedintheSyrymbetorefield,north-westoftheKokchetavmiddlemassif,withintheVolodarskiyoreprovince.TheventureiswhollyownedbyJSCTinOneMining,whichispermittedtocarryoutdevelopmentandproductionwithinthelicenceareauntil2030.Commercialmineralisationatthedepositwasfirstdiscoveredbyadrill-holeprogramin1985,withfurtherexplorationin1990leadingtothediscoveryoftin-bearingweatheredcrustwithcommercialpotential.TheorefieldisassociatedwiththeintrusionoftwolateDevoniangranite-porphyrystockworks(SyrymbetandSarybulak).

Thecompanyclaimsthatthedepositiscurrentlytheworld’slargestundevelopedtindeposit,basedon2012JORCreportingstandards.JORC-compliantmineralresourceestimation(MRE)reportsfrom2015and2018indicatein-situresourcescomprising123Mtofore,containing492ktoftin.

ADefinitiveFeasibilityStudy(DFS)iscurrentlybeingproduced and is expected to be completed at the end of2019.Theobjectivesoftheprojectaretopreparecomprehensive technical and economic reports and projectdatathatmeettherequirementsofinternationalfinancialinstitutions,providefinalvalidationofthetechnicalandeconomicfeasibilityandviabilityoftheproject,andprovidedatasufficientfordetaileddesign,engineeringdrawingsandconstructionoftheprojectfacilities.In2018,Stateauthoritiescommencedtheconstructionofarailwaysidingandapotablewaterpipeline,whicharerequiredforthedevelopmentoftheproject.

Major ShareholdersLancasterGroup 75%Samruk-KazynaInvest 25%

JSC Tin One Mining,formerlyknownasJSCSyrymbet,wasfoundedin1998tocarryoutthedevelopmentoftheSyrymbetdeposit,includingmineandprocessingplantconstruction,inKazakhstan.TheSyrymbetlicenceareaalsoincorporatestheSarybulaktantalum-niobiumprospect.ThecompanyisaprivatelyownedsubsidiaryoftheLancasterGroup,adiversifiedholdingcompanyspecialisinginlongtermdevelopmentopportunities.Samruk-KazynaInvest,asubsidiaryoftheKazakhstangovernment’sassetmanagementdivision,hasaminorityshare.

Tin One Mining

Email:info@afritinmining.co.za.com Website:www.afritinmining.com

AerialviewoftheUisTinProject

Non-JORC-Compliant Mineral Resource

Ore (Mt) 73 Metal (t)

Sn(%) 0.136 99,280

Ta(%) 0.015 10,950

The Uis Tin ProjectTheUisTinproject,locatedinNamibia,wasdiscoveredin1911anddevelopedbyIscorofSouthAfricaasthelargesthard-rocktinmineintheworld.Productionendedin1990asaresultoflowtinprices.

DuringDecember2018,AfriTinundertookthefirstlarge-scaleblastofminingmaterialatUis,whichwascrushedandstockpiledinpreparationforthecommencementofthePhase1PilotPlant.ThisPilotPlantwasrecentlyupgradedtofacilitatetheproductionoftantalumconcentratealongsidetheprimarytinconcentrate.Full-scaleconcentrateproductionisforecastfor2019.

The Mokopane Tin ProjectMokopaneisanexplorationstagetinprojectlocatedintheLimpopoProvinceofSouthAfrica.Theareahasahistoricproductionofsome22,000tonnesoftinmetalfromtheBushveldComplexgranites.

Ascopingstudywasreleasedin2014,whichestimatedaproduction~700tonnesperyearwithamineralresourceofsome18,500tonnesoftin.

AfriTin Miningwasestablishedin2017toacquirethetinassetsofBushveldMineralsLimited.ThecompanywaslistedonAIMinNovemberofthesameyearandisfocussedoncreatingaportfolioofconflict-free,tinproducingassets.Thecompanyownstwotinprojects:theUisbrownfieldmineinNamibiaandtheMokopaneprojectinSouthAfrica.

Project InformationProject Name UisCountry NamibiaMine Type OpenPitProduct ConcentratesOutput (t/y Sn) 5,000Start Date 2019

Market Information (as of 09/02/19)AIM Code ATMSharesonIssue 519.59mMarketCapitalisation 16.81m

Major ShareholdersNamincoLimited 16.9%MitonAssetManagement 12.9%BushveldMineralsLimited 9.5%

AfriTin Mining

AssumptionsTheinformationwithinthisreportwascollatedfrommultiplesourcesincludingpersonalcommunication,companywebsites,quarterlyandannualreports,pressreleasesandpresentationsavailablepriorto27/02/2019unlessotherwisestated.Mineralresourcefiguresandforecastminecosts,schedulesandotherquantitativedatapresentedonthememberprofilepagesoriginatesdirectlyfromthecompanywithwhichitisassociated,althoughtheactualfiguremayhavebeenconvertedoradjustedbytheInternationalTinAssociationinordertomakefiguresmorecomparablewhereappropriate.

CashCostsreflectthedirectcostsofminingandprocessingtheoreintorefinedtinandarereportednet-of-by-product.Wheremineableby-productsorco-productsexist,theadditionalrevenueisoffsetagainsttheCashorFullCosttocalculatearesultantcostpertonneoftin.Anycostspresentedinthisreporthaveallbeenpublishedbythecompaniesthemselvesandthemethodofcalculationmaythereforevaryfromthedescriptionsprovidedabove.AscostsareexpressedinUSdollarstheremaybesomeinherenterrorwhereexchangerateshavechangedovertime,particularwithrespecttocostassumptionsmadebytheindividualcompaniesintheirstudies.