Consolidated Tin Mines Limited

Mt Garnet polymetallic operations

Mt Garnet tin

Einasleigh base metals

Exploration Potential

Beer & Co�s risked base case valuation is 20c/share

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Since re-starting operations, CSD has managed the mining of over 530kt of ore, processing nearly 450kt and shipped nearly 80kt of concentrate. The operations have two 500kt/yr processing lines, one for copper ores and one for zinc-lead-copper ores

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CSD completed a PFS in September 2013. The concept is being refined to use the Mt Garnet copper processing line initially at a rate of 300kt/yr, with plans to subsequently increase production.

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CSD has over 25Mt of Resources in the Einasleigh area. Beer & Co expect CSD to develop a 1Mt/yr operation focussed on high grade material. Beer & Co expects 2 years of feasibility work, to begin production in 2019. We expect total capital cost of $150m and all-in cash costs of $89/t, for total cash costs of US 20c/lb of zinc, due to significant by-product credits from copper.

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CSD has a joint venture with Wanguo to explore in its tenement areas, giving CSD upside to exploration success, without the risk of exploration expenditure. Wanguo is currently on the ground conducting IP and drilling activities.

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In our base case, CSD does not need to raise any further equity. Using spot prices our valuation is 1.5c due to the currently low tin prices; without this project, our valuation is 4.2c using spot prices. Beer & Co initiates research on CSD with a BUY, High Risk, rating. We have BUY as our risked valuation is more than 3x the share prices. We have a High Risk rating as our valuation depends on higher commodity prices than current, and capital and operating cost estimates have been made by Beer & Co, even though informed by CSD�s reported March quarter costs and PFS results.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

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Consolidated Tin Mines Ltd. is a exploration company based in Australia.

Consolidated Tin Mines Ltd. holds various exploration projects in Australia.

Its main exploration properties are GILLIAN, PINNACLES and DEADMAN'S GULLY in Australia.

Consolidated Tin Mines Ltd. is listed in Australia. Its market capitalisation is AU$ 111.2 millions as of today (US$ 85.7 millions, € 72.0 millions).

Its stock quote reached its lowest recent point on March 04, 2016 at AU$ 0.02, and its highest recent level on November 01, 2019 at AU$ 0.30.

Consolidated Tin Mines Ltd. has 889 969 984 shares outstanding.

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