Equity Placing and Subscription

3 August 2020

AfriTin Mining Limited

("AfriTin", "ATM" or the "Company"

and with its subsidiaries the "Group")

Equity Placing and Subscription

Additional Issue of Equity

AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis Tin Mine ("Uis") in Namibia is pleased to announce that it has secured additional financing by way of a Placing and Subscription ("the Fundraise") to raise £3.05 million at a price of 2.1 pence per ordinary share.

Highlights

·    Issue of 145 238 089 Ordinary Shares at a price of 2.1 pence per Ordinary Share ("Fundraising Shares") to raise £3.05 million (before expenses);

·    The price of 2.1p represents a discount of 25 per cent. to the Closing Price on 31 July 2020;

·    Dealings in the Fundraising Shares issued are expected to commence on 10 August 2020;

·    Fundraising proceeds to be used to underpin the Company's existing banking facilities, completion of the debottlenecking capital projects, continued feasibility studies for the Phase 1 expansion and for general working capital purposes; and,

·    Appointment of Turner Pope Investments (TPI) Limited as joint broker.

Equity Placing and Subscription

The Company can confirm today that it has completed a fundraising by way of a placing and direct subscription of 145 238 089 Ordinary Shares of no par value in the Company at a price of 2.1 pence per Fundraising Share (the "Fundraising Price"), to raise  £3.05 million (before expenses).

The Fundraising Price represents a discount of 25 per cent. to the Closing Price on 31 July 2020, the last trading day prior to the dispatch of the subscription letters. The Fundraising Shares will represent 18 per cent. of the total issued share capital in the Company on Admission.

Use of Proceeds

The Company continues to have support from its existing shareholders, with the majority of the Placing being subscribed for by the existing shareholders. The Company intends to apply the net proceeds of both the Placing and Subscription, in conjunction with its existing resources, to underpin the Company's existing banking facilities. The monies raised will also be used to complete debottlenecking capital projects for the Stage I plant, utilised for the feasibility studies for the Phase 1 expansion (Stages II-IV), as well as general working capital purposes.

Settlement of fees through issue of shares

The Company also announces that it has agreed to settle certain existing contractual liabilities amounting to £201 118 by way of the issue of Ordinary Shares; and has also agreed to issue Ordinary Shares in lieu of arrangement fees of £119 625 for the Subscription. Accordingly, a further 15 273 480 new Ordinary Shares at the Placing price of 2.1p have been issued ("Settlement Shares").

Application for Admission

An application has been made for the Fundraising Shares and the Settlement Shares (being a total of 160 511 569 Ordinary Shares) to be admitted to trading on AIM ("Admission"). Dealings in the Fundraising Shares are expected to commence on or around 10 August 2020.

Disclosure and Transparency Rules

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Fundraising Shares and Settlement Shares its issued share capital will comprise 813 657 942 Ordinary Shares of no-par value upon Admission (the "Enlarged Share Capital"). All of these Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 813 657 942 upon Admission. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the DTRs.

Appointment of Joint Broker

AfriTin is also pleased to announce the appointment of Turner Pope Investments as a joint broker. Together, we have been working closely on the retail development strategy of the Company and the conclusion of a working agreement is a culmination of this work.

Anthony Viljoen, CEO of AfriTin Mining Limited, commented:

"In what are very uncertain global markets, I'm happy to announce this fundraise that will give the Company confidence and headroom to continue to progress to our Phase 1 nameplate plant capacity of approximately 65 tonnes of tin concentrate per month, towards the end of H2 2020. As stated recently, our throughput is increasing steadily month-on-month, with optimisation work continuing to approach design capacity.

"I'm pleased that we continue to see the support from our existing shareholders who have participated in this raise as well as the addition of other institutional investors to our register. This demonstrates their confidence in our team's ability to achieve our stated deliverables, as well as to continue developing the Uis Tin Mine. The Board and I remain committed to achieving the Company's objectives and delivering the mine into full scale production".

For further information, please visit www.afritinmining.com or contact:

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

About AfriTin Mining Limited

Notes to Editors

AfriTin Mining Limited is the first pure tin company listed in London and its vision is to create a portfolio of globally significant, conflict-free, tin-producing 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 two-fold strategy: fast-track Uis Tin Mine in Namibia to commercial production as Phase 1, ramping up to 5,000 tonnes of concentrate in a Phase 2 expansion. The Company strives to capitalise on the solid supply/demand fundamentals of tin by developing a critical mass of tin resource inventory, achieving production in the near term and further scaling production by consolidating tin assets in Africa.