Ann: Quarterly Activities Report, page-2

Production of 2,136 tonnes of tin-in-concentrate, 44% above the previous quarter due to higher mine
production, higher mined grade and increased recoveries.
• Metallurgical Improvement Program has continued to deliver strong results with recovery increasing to 77.8%
in line with the higher grade of ore processed and continued metallurgical improvements.
• Area 5 mining advanced with reaming of the first underground ventilation raise completed subsequent to the
quarter, engineering progressing on the paste fill plant and surface electrical substation upgrade.
• All-in-sustaining cost (AISC) of $19,939/tonne of tin
• Imputed EBITDA of $41.4 million (MLX 50% share - $20.7 million) and imputed net cash flow of $28.0 million
(MLX 50% share - $14.0 million).
• Production guidance for FY22 is 8,500 – 9,000 tonnes of tin-in-concentrate at an AISC cost of $21,000 -
$25,000/tonne tin. Tin pricing remains strong and is expected to continue for the remainder of 2021.
• Thermal Upgrade Project Scoping Study was completed with a decision, as previously announced, to proceed
with an update of the Rentails Definitive Feasibility Study (Rentails DFS Update), to enable a Final Investment
Decision for development of the full Rentails Project to be made in CY2023.