Kontrarian Korner - A Deep Dive On First Tin

On Friday, I had Sara (TripleS Special Situations) and Albert Collette on the podcast to discuss the tin market, why it presents an interesting opportunity, and why First Tin is an attractive way to play that opportunity for investors. Sara has experience in the commodities space as an operator and investor in opportunities that are off the beaten path, and Albert is a former board member of the company. Both of them own a decent sized stake in the company, and they lay out a compelling case for the potential upside over the next couple years for the company. If they can get permitting and financing for the Taronga asset, today’s share price is going to look like a bargain.

Podcast Summary

* A brief history of the tin market, how it was regulated by the International Tin Council, and how today’s setup was decades in the making.

* The supply and demand outlook for tin, and why it points to higher prices for the metal moving forward.

* Several of the uses for tin, and how there is a structural tailwind for tin demand moving forward.

* A high level overview of First Tin and their assets.

* Metals X as a large shareholder of First Tin, along with the video Sara mentioned below.

* The Taronga asset, what the open pit will look like, and the potential to expand the resource significantly.

* The dilution that has happened over the last couple years, and why they both think that the worst of the dilution is behind us.

* The expected timeline for the permitting process (first half of 2026 is their expectation), and how EXIM financing will likely follow after that.

* Why Metals X could look to acquire First Tin in that window between permitting and financing.

* The European assets of the company, and some background on the tin and other critical minerals at Tellerhäuser in Germany.

* How Tellerhäuser was discovered during Soviet occupation, and the historical drill results they have from that era, which would have been hundreds of millions in today’s money.

* The resource nationalism when it comes to the supply chains for different commodities.

* The potential upside for investors if First Tin can advance the Taronga project through permitting and financing.

Disclaimer

I own shares of First Tin (1SN on the London Stock Exchange). You should do your own research before making any investment decisions. Different investment strategies have different risk/return profiles which should be considered before making any decisions.

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