Shares in First Tin PLC (LSE:1SN, XETRA:1SN) climbed 15% to 8.94p after the company announced it had received a non-binding letter of interest from the Export-Import Bank (EXIM) of the United States, signalling potential financing of up to $120 million for its Taronga tin project in New South Wales.
The letter outlines EXIM’s willingness to consider long-term funding with a repayment period of up to 12 years.
The proposed facility would support the development of Taronga, one of the world’s most advanced undeveloped tin assets, and help secure a new source of supply for the US, which currently has no domestic tin production.
The project could also fall under EXIM’s China and Transformational Exports Program, which promotes US access to critical minerals and supply chain resilience.
Chief executive Bill Scotting said the expression of interest “is a strong endorsement of Taronga’s strategic importance and the growing recognition of tin as a critical mineral.”
He added that with its feasibility study complete and permitting well advanced, Taronga is positioned to become a responsible new supplier to Western markets seeking conflict-free, sustainable materials.