Name of the Project
Achmmach tin project.

Location
The project is located about 40 km south-west of Meknès, in central northern Morocco.

Project Owner/s
Australian unlisted public company Atlantic Tin completed the acquisition of  Société Anonyme d’Entreprises Minières (Samine)  from Managem on August 5, 2024. Samine owns the previously producing El Hammam mine, including its infrastructure and tenements, adjacent to the Achmmach project. 

Project Description
The project incorporates the benefits of combining the Achmmach project with the nearby El Hammam processing facility. 

The May 2024 scoping study proposes the production of 63 700 t tin metal in concentrate over a 17-year mine life, with peak production estimated at 5 000 t/y of tin metal in concentrate.

Conventional longhole open stope mining methods with back fill will be used, and will include  mined-ore upgrades with ore sorting and dense-media separation.

Conventional crushing, gravity, high-pressure grinding rolls milling, and flotation, will be used to produce tin concentrate.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8% discount rate, of $307-million in the base case and an internal rate of return of 45% at $30 000/t tin. Payback is estimated in 4.3 years.

Capital Expenditure
Preproduction capital expenditure (capex) is estimated at $54-million. Expansionary capex in years 2 and 3 is estimated at $28-million.

Planned Start/End Date
Not disclosed.

Latest Developments
Atlantic Tin has finalised paperwork for a $5-milllion fundraising with UK-based royalty and streaming company Apex Royalties, the proceeds of which will be used to further develop the project. This includes progressing a definitive feasibility study (DFS) on the project for completion during the first quarter of 2025.
The fundraise comprises a $1-million equity placing that will result in Atlantic’s issuing about 7.5-million fully paid ordinary shares at A$0.20 apiece, and $4-million royalty financing in return for a 1.2% gross revenue royalty on future production from the Achmmach, Samine and Bou El Jaj licences.

As a condition of the fundraising with Apex, Atlantic’s largest shareholder, Pala Investments, has agreed to convert A$11.4-million of its shareholder loan into equity at the issue price. Pala will, therefore, be issued about 57-million fully paid ordinary shares upon completion of the debt conversation.

Pala’s shareholding in the company will increase to 72.74%.

Additionally, Pala wants to convert its remaining outstanding debt as of November 8, totalling A$500 000, into equity as soon as permitted.  

The capital raising and royalty funding will also fund the start of exploration activities on the recently acquired Samine licence to investigate the numerous outcropping occurrences of tin mineralisation along strike from Achmmach.

Together with Pala’s shareholder loan conversion, Atlantic has simplified its capital structure ahead of the construction financing process, to be undertaken in the first half of 2025 following the completion of the DFS.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Atlantic Tin, tel  +61861888181 or email info@atlantictin.com.au.