Regional Exploration Update

24 November 2022

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

AfriTin Mining Limited

("AfriTin" or the "Company")

Regional Exploration Update - Lithium, Tin and Tantalum

Significant Mineralisation Potential at Surface, 35 km from Flagship Uis Mine

AfriTin Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to provide an update on the exploration activities undertaken over its mining licence ML133, located approximately 35 km south-east of the Company's Uis Mine.

The exploration programme has been conducted over a 12-month period commencing in Q4 2021, and included aerial surveys, regional and high-resolution geological mapping, and surface chip sampling. The programme targeted outcropping pegmatites, many of which were found to contain lithium, tin, and tantalum.

Highlights:

·      More than 100 pegmatites were outlined by detailed geological mapping over the licence areas of approximately 3,200 hectares;

·      Sampling consisted of 79 pegmatite chip sample profiles over 64 selected pegmatites;

·      Chip sample results, sampled across the width of selected pegmatites on a 1m interval, included:

o  13 m at 1.93% Li₂O, 0.10% Sn, and 36 ppm Ta from sample line T78;

o  24 m at 1.65% Li₂O, 0.15% Sn, and 52 ppm Ta from sample line T72;

o  20 m at 0.97 % Li₂O, 0.12% Sn, and 172 ppm Ta from sample line T36;

o  14 m at 1.33% Li₂O, 0.17% Sn, and 118 ppm Ta from sample line T71;

o  11 m at 0.93% Li₂O, 0.17% Sn, and 149 ppm Ta from sample line T24;

o  4 m at 2.44% Li₂O, 0.07% Sn, and 43 ppm Ta for sample line T76;

·      The weighted average of the 20 highest lithium grade sample lines combined provides 200 m at 1.25% Li₂O (composite of Table 1); and

·      The Company intends to proceed with the next phase of exploration, including scout drilling, and initial metallurgical test work.

Anthony Viljoen (CEO) commented:

"We are especially excited about these initial exploration results. It confirms our belief that the pegmatites of the ML133 licence could contain significant lithium, tin and tantalum mineralisation. We intend to advance the next stage of our work programme over this area, including exploration drilling and initial metallurgical test work.

Proximity of the test area to the Uis Mine, which is our operating facility with comparable types of mineralisation, presents potential development synergies.

AfriTin's portfolio of operating and exploration assets in Namibia underpins our goal of becoming a major producer of technology metals. We believe the prospectivity of our tenements justify accelerating the exploration and development programmes aimed at realising near-term value for our stakeholders."

Locality

AfriTin's mineral licence ML133 is located approximately 35 km south-east of the Uis Mine (Figure 1). It can be accessed by road from the Uis Mine, and is also connected to the port of Walvis Bay to the south-west. It is the site of the historical Tin Tan Mine which produced tin and tantalum during the late 1980's.

Figure 1: AfriTin's Uis Mine and mineral licence locality map showing the position of ML133

Exploration Programme

Following an extensive desktop study, an exploration programme was launched over ML133, which included remote sensing to produce regional geological maps using high-resolution (5cm) imagery over the priority target area, followed by detailed on-site mapping of selected areas. Chip samples were taken over selected pegmatites and analysed for lithium, tin, and tantalum. The sample profiles were orientated perpendicular to strike, with each sample being composited over the length of one meter. The pegmatites were chipped with the utilisation of a rock breaker, and the liberated material was then collected in a sample bag until 15-25 kg of material had been obtained. The samples were then processed and analysed for their trace element content by ICP-MS methods at an independent ALS laboratory.

This programme identified numerous pegmatites with notable indications of lithium, tin and tantalum mineralisation. The values in Table 1 represent the average grade over the length of the entire sample line. The weighted average of the sample lines in Table 1 combined (composite of the values) provides 200 m at 1.25% Li2O.

Table 1: Selected results from the chip sampling programme on mining license ML133. The entire dataset is in Appendix A.

The exploration programme extracted 704 samples, each representing a one-meter interval along the surface and obtained from the 79 sample lines completed during this programme. The detailed mapping and sampling programme was designed to evaluate the variability of the pegmatite occurrences within the area. The results show that tin, lithium, and tantalum mineralisation occur together in some areas, but separately in others.

The ore minerals for tin and tantalum within the project area appear to be cassiterite and columbite-group minerals respectively. A follow-up site visit was undertaken to those sample areas with enhanced lithium grades. Grab samples taken during this visit indicate that the main lithium bearing mineral is petalite, with lesser occurences of spodumene and lepidolite.

Future Work

Continued geological mapping and sampling is planned for the mineralisation trends within the license area, and an initial focus will be the mapped area north of the historical Tin Tan mine since this zone appears to be preferentially enriched in lithium. These mineralised pegmatites generally strike in a northeast-southwest direction with a near vertical dip. In addition, a scout exploration drilling programme is planned, with the aim to characterise the nature of these intrusions at depth.

In addition, the Company has initiated metallurgical test work on selected mineralised bulk samples from historical mining rock dumps to determine the beneficiation characteristics of the material. The initial test work is designed as pilot scale dense medium separation tests.

The results of the exploration programme and test work will inform the Company's development strategy for ML133.

Competent Person

The technical data in this announcement has been reviewed by Laurence Robb, a Non-Executive Director of AfriTin. Laurence Robb (BScHons, MSc, PhD, FGS, FGSSA, FRSSA) has more than 40 years of industry-related mineral project development experience. He is registered as a Professional Natural Scientist with The South African Council for Natural Scientific Professions, and Chartered Geologist with the Geological Society of London. He was Professor of Economic Geology and Director of the Economic Geology Research Institute in the University of the Witwatersrand's School of Geosciences. He is currently based at Oxford University as a Visiting Professor. He has reviewed the technical disclosures in this release and consents to the release of the information contained herein.

Glossary of abbreviations

Glossary of Technical Terms

About AfriTin Mining Limited

Notes to Editors

AfriTin Mining Limited is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, producing and exploration assets. The Company's flagship asset is the Uis Tin Mine in Namibia, formerly the world's largest hard-rock open cast tin mine.

AfriTin is managed by an experienced board of directors and management team with a current strategy to ramp-up production at the Uis Mine in Namibia to more than 10,000 tonnes of tin concentrate and 350,000 tonnes of lithium concentrate in a Phase 2 expansion, having reached Phase 1 commercial production in 2020. The Company strives to capitalise on the solid supply/demand fundamentals of tin and lithium by developing a critical mass of resource inventory, achieving production in the near term and further scaling production by consolidating assets in Africa.

Appendix A: Results for all the sampling lines, the results represent the average grade of each element over the sampled length of the line.