Original-Research: First Tin Plc (von GBC AG): Buy

Original-Research: First Tin Plc - von GBC AG

Einstufung von GBC AG zu First Tin Plc

Unternehmen: First Tin Plc
ISIN: GB00BNR45554

Anlass der Studie: Research Report (Anno) Empfehlung: Buy
Kursziel: 0.50 GBP
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger

Strong FY 2022 cash position of £13.8m. Management advancing rapidly both projects. Possible Germany’s environmental permitting fast-track.  
On-track projects. Even with the slight delay for Tellerhäuser, the company remains on track to deliver DFS studies on both locations for mid-2024 at latest and is advancing both projects very rapidly.  
Tin price rebounds. On Monday April 18, 2023, the price of tin experienced a significant surge due to news that Myanmar, the world's third-largest producer of the soldering metal, may halt production. This unexpected development caused London Metal Exchange three-month tin to soar by 11% and reach a two-month high of $27,705 per ton. The Shanghai Futures Exchange had already recorded high levels of trading activity prior to the latest development, and London Metal Exchange three-month tin followed suit. The Central Economic Planning Committee of the Wa State, which is Myanmar's most influential ethnic armed group and controls the tin-mining area on the border with China, released a statement announcing that all mining and processing activities would be 'suspended' from the start of August to protect the remaining resource. This statement serves as an unexpected threat to the global supply of tin. This development highlights the importance of securing tin supply from tier-1 countries with reliable mining assets, such as those of First Tin plc. The halt in production from Myanmar could potentially disrupt the global tin supply chain, causing a surge in prices and impacting various industries that rely on tin for their products.
 
Taronga mineral tests. The latest mineral testwork confirms the previous hypotheses that a majority of the tin will be liberated via a simple coarse crush, followed by gravity separation.
 
Drilling delays compensated by historical data. Tellerhäuser has been hit with drilling contractors’ delays but has found new historical data, continuing to supply the geological team with vital and fresh information.  
Strong cash position. The company finished FY2022 with a cash position of £13.8m.
 
Tellerhäuser environmental permitting. The company is qualified for the granting of a fast-track permit, reducing the overall permitted timeframe by up to 12 to 18 months.
 
Renewable energy. First Tin partnered with BID Energy Partners to provide a feasibility study on renewable energy supply options for the Taronga Tin Project in Australia.
 
Based on our DCF model, we have maintained our price target of 0.50 GBP (0.57 EUR) per share and a BUY rating.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26943.pdf

Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 05.05.2023 20:30 Date and time of the first disclosure of the research report: 08.05.2023 13:00

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.