Australian tin developer Elementos (ASX: ELT) has raised A$29.5 (approximately US$21 million) from Australian investor L1 Capital.

This investment will make L1 Capital a 19.99% shareholder in the company.

The funds will support advancement of the Oropesa tin project in Spain and the company’s investment into the Robledollano tin smelter as well as the Cleveland project in Tasmania.

Through its mine production from Oropesa and refined tin production from the Robledollano smelter, Elementos intends to become Europe’s only vertically integrated tin producer.

Elementos Chairman Andy Greig said the company was “pleased to welcome L1 Capital as a major, highly credentialed, ‘high conviction’ institutional investor”.

“Alongside Metals X, L1 Capital represents the second major investor to enter our register over the last nine months. The backing of these major investors provides support to [the] company’s strategy, added security and valued optionality as we head toward FID and detailed project financing discussions”, he continued.

This news comes amid a remarkable rally in the tin price and a refreshed surge in investor interest in the metal.

Our view: ITA’s Investing in Tin Seminar in December highlighted the urgent need for capital flows into new mine projects, so we are pleased to see continued, large investments into future supply as the market heads towards a forecasted deficit.

Elementos is a member of ITA’s Explorers & Developers Group.

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Australian tin developer Elementos (ASX: ELT) has executed its option to acquire 50% of CRM’s Robledallano smelter in Spain for €3.625 million (approximately US$4.2 million).

The deal locks in the company’s pathway to become Europe’s first vertically-integrated primary tin producer.

Robledallano, owned by metal recycler and solder manufacturer CRM Synergies’ subsidiary Iberian Smelting, is currently operating and gully licensed to produce tin. The facility has a capacity to process 12,000 tonnes per year of tin concentrate.

Elementos’ Spanish tin project, Oropesa, is approximately 220 km by road from Robledallano.

Elementos Managing Director Joe David highlighted the alignment of the company’s project with EU policy, and said the company “will strive to service tin buyers who want to establish reliable and responsible tin supply from within the EU”.

CRM Synergies Director Manuel Alonso Lopez commented: “The partnership we have formed today will be good for CRM, good for Elementos, good for Spain and good for the European Union”.

“Partnering with a future producing tin miner like Elementos, via Iberian Smelting, will allow us to grow further and secure a larger market share of the growing tin market”.

The finalisation of the option remains subject to conditions including the completion of various equipment upgrades at the smelter to increase throughput and improve product quality.

Our view: ITA echoes Mr Lopez’s statement and we highlight the importance of a more diversified supply picture for the tin industry. This news is positive for Elementos, projected to commence production of tin concentrates at Oropesa in 2028, who will become Europe’s only mine-to-metal tin producer.

Elementos Limited is a member of ITA’s Explorers & Developers Group.

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Tin mine developer Elementos (ASX: ELT) has announced an agreement with Australian tin miner Metals X (ASX: MLX) for the company to invest A$5 million in Elementos.

The companies have agreed to a strategic private placement of A$5.0 million (approximately US$3.2 million) to support Elementos’ development of the Oropesa project in Spain towards a final investment decision and to support continued activities at its Cleveland project in Tasmania.

This investment means Metals X will become a 19.98% shareholder in Elementos.

Andy Greig, Chairman of Elementos, said the company is “pleased to welcome Metals X, Australia’s largest tin producer, as a strategic shareholder in Elementos”, and highlighted that they “look forward to working closely with Metals X and benefiting from the experience of Australia’s only significant tin miner and to mutually benefit from bringing Elementos projects into production.”

Brett Smith, Metals X’s Executive Director, commented “This investment provides Metals X with a further opportunity to participate in a global pipeline of developing tin projects, bringing our operational IP to assist in their development.”

Under the agreement, Elementos will appoint two Metals X nominees as directors of Elementos.

Metals X, the co-owner-operator of the Renison tin mine in Tasmania through the Bluestone joint venture, appears to be a force for tin market consolidation, having become a 29.9% shareholder in UK-based First Tin (LSE: 1SN) in 2024. The company also holds investments in other explorers in the gold, copper, nickel, and cobalt industries.

Elementos has been focused on advancing the Oropesa tin project in recent months, with a definitive feasibility study and maiden ore reserve in April 2025 confirming strong project economics, as the company works towards becoming an integrated mine-to-metal tin producer.

Our view: ITA views greater industry collaboration as a positive effort towards securing a sustainable future, and is pleased to see investment into Elementos’ promising new supply projects. In a wave of recent corporate activities involving Trinity Metals and Nathan Trotter, T1N and China Minmetals, and Atlantic Tin and Xingye Silver & Tin, we see significantly increased interest in future tin supply as the industry faces another challenging year with supply-side disruptions.

Bluestone Mines Tasmania Joint Venture is a Member of the International Tin Association. Elementos Limited, First Tin plc, and Atlantic Tin Limited are members of ITA’s Explorers & Developers Group.

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Australian tin developer Elementos (ASX: ELT) has released a definitive feasibility study for its Oropesa tin project in Spain, confirming robust project economics and outlining a maiden ore reserve.

Located in Andalucia, the Oropesa project is set to make the company Europe’s first vertically integrated mine-to-metal tin producer. The DFS outlines a 1.4 million tonne per year open-pit mine producing an average of 3,405 tonnes of tin annually over a 12-year mine life to be toll treated at a local Spanish smelter.

In mid-2024, Elementos entered into an agreement with Spanish tin producer CRM to acquire up to 50% of the Robledallano smelter, enabling the company to domestically produce refined tin from the Oropesa concentrates.

Earlier this year, Elementos announced testwork with Atlantic Copper to upgrade recovery and tin production through smelting low-grade ore and waste at Atlantic Copper’s CirCular plant in Huelva, Spain.

The study estimates capital costs of US$156 million, including a 10.4% contingency. Average life-of-mine all-in sustaining costs (AISC) are forecast at US$15,000 per tonne of tin metal, with C1 cash costs at US$14,440 per tonne.

At a base-case tin price of US$30,000/t, the project delivers a post-tax net present value of US$129.8 million, using an 8% discount rate, with an internal rate of return (IRR) of 24%, and a payback period of 2.7 years.

Elementos also announced a maiden ore reserve of 15.9 million tonnes grading 0.36% tin, containing 57,900 tonnes of metal. The reserve is based on a cut-off grade of 0.15% Sn and comprises 38% proved and 62% probable material. It represents 81% of the project’s 2023 mineral resource estimate.

Acknowledging the capital cost of the project has increased since the 2022 Scoping Study, Non-Executive Chairman Andry Greig commented that the project is now “much better defined” and the new study still delivers improved NPV and payback. Greig concluded that the company has a “robust, economically excellent project”.

Oropesa is part of the Andalucian government’s Project Accelerator Unit, which supports streamlined regulatory approval. Elementos submitted applications for both environmental and mining licenses in early April, with plans fully aligned with those laid out in the DFS.

Managing Director Joe David said the permitting submissions reflect “all the feedback and understanding [the company has] gained from recent interactions with the key Andalucian Government departments”.

Our view: With major supply disruptions affecting the tin market in the last 18 months in Asia and Africa, highlighting supply chain insecurity, ITA is pleased to see progress towards building a more diversified supply chain. Elementos’ recent progress at Oropesa is promising as the project advances towards a final investment decision alongside permitting, placing it as one of the first new supply projects likely to come online.

Elementos is a member of ITA’s Explorers & Developers Group.

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Tin developer Elementos has announced it is partnering with Atlantic Copper to test upgrading tin production and recovery from at the Oropesa tin deposit, Spain.

Atlantic Copper, which is the largest industrial company in Andalucia, Spain, and a subsidiary of American mining company Freeport-McMoRan, will fully fund the production of a sample of tin concentrate from Oropesa’s low-grade ore and waste.

Subsequent work will assess the technical and economic viability of smelting this tin concentrate at Atlantic Copper’s CirCular Plant, 245 km away in Huelva, Spain.

Elementos Managing Director Joe David commented: “This agreement funds the study of a significant value-accretive opportunity which has the potential to deliver higher metallurgical recoveries which in-turn increases the utilization of Mineral Resources and removes further metal content in waste and reject streams.”

This news follows an announcement last year that the company had entered into an option agreement with a subsidiary of Spanish tin producer CRM to take a 50% stake in the Robledallano smelter, which would enable the company to produce tin metal from Oropesa concentrates.

Elementos intends to produce 3,350 t of tin-in-concentrate per year at Oropesa, and is working towards a Definitive Feasibility Study due later this month.

Our view: Atlantic Copper’s engagement with Elementos is a positive vote of confidence in the company and its work to become the EU’s first and only fully-integrated primary tin producer.

ITA is pleased to see work to reduce metal content in waste material and improve metallurgical recovery as the industry works towards improving efficiency and impact on the environment.

Elementos is a member of ITA’s Explorers & Developers Group.

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Tin explorer Elementos has acquired four new exploration licences surrounding its Oropesa tin project in Spain, and has reported further high grade assays from drilling at the Cleveland project in Tasmania.

Announcing the acquisition of four new tenements in Andalucia, Elementos said these tenements are geologically prospective for base and critical minerals, including tin. Three of the tenements are adjacent to Oropesa and the company believes there is a “reasonable to high probability” that similar mineralisation to that of the Oropesa massive to semi-massive and disseminated sulphide mineralisation could be located in those areas.

The fourth tenement, San Jose, is located 7 km to the south and is dominated by a metamorphic sequence intruded by I-type and the generally more tin-prospective S-type granites. There has been limited drilling at this site but historical soil sampling by the Spanish Government indicates heavy rare earth element anomalies and drilling by the Spanish Geological Survey indicates the potential for copper porphyry discovery and revealed strong alteration of the granites.

The company highlighted its strong working relationship with the Andalucian Government and Managing Director Joe David commented that the “award of these tenements by the Junta de Andalucia is more public support for the company’s operations in the area and our Oropesa Tin Project which remains a key member of the Government’s Project Accelerator Unit.”

In a separate announcement, the Elementos announced new assay results from Tasmania. Following previous discoveries of high grade polymetallic mineralisation at Cleveland—a former tin and copper mine—the company has been testing extensions to its tungsten mineral resource and has intercepted tin-copper and tungsten. The company highlighted a tin-copper intercept of 1.09 m at 0.76% Sn and 0.88% Cu from 389.47 m and a range of tungsten intercepts including 1.2 m at 0.52% WO3 from 476.8 m.

Mr David commented: “We’ve confirmed some encouraging tungsten mineralisation as we enter the start of the targeted Foleys Zone which has ~420 m of visual tungsten mineralisation as reported last week. The company is looking forward to the receipt of the next batches of assays as the tungsten mineralisation moves deeper from this transition zone.”

Our view: We are pleased to see the acquisition of new prospective tenements around Oropesa and additional positive drilling results at the multi-metal Cleveland project. Both developments signal strong progress for Elementos and we look forward to seeing further news from the company.

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Tin explorer Elementos has agreed to acquire up to 50% of Iberian Smelting, which owns and operates the Robledallano smelter in Spain, for €3.2m over a five-year period.

Currently, the major shareholder of Iberian Smelting is predominantly secondary refined tin and solder producer CRM Synergies, holding a 90% stake. Robledallano is 220 km from Elementos’ Oropesa project, set for first tin concentrate production by the end of 2027.

Elementos Managing Director Joe David commented: “The completion of this transaction will be significant and will drive several key economic, strategic and political benefits to the company. Establishing a vertical integrated (mine-to-metal) supply-chain within Europe, which will propel Elementos down the value chain from a tin concentrate miner to a tin metal producer.”

CRM Synergies Majority Owner and Director Manuel Alonso Lopez commented: “The synergies between our two Spanish tin operations are significant, and it is clear to CRM that the plan to together own the Iberian Smelting company with Elementos and operate the Robledallano Tin Smelter at highly efficient levels is mutually beneficial.”

Robledallano was previously operated as a lead smelter and a lead-acid battery recycling plant, and was acquired by CRM in 2021, who commissioned a new rotary furnace for tin processing in 2022. Currently, Iberian Smelting are using predominantly secondary feedstocks, mostly intermediate tin products, and recycled process residues.

The smelter holds all required permits and is licensed to smelt base metal concentrates and residue products up to 20 thousand tonnes per annum, and has an estimated tin feedstock capacity of 10-12 ktpa. Elementos highlighted the expansion potential, with the company committing to capital investment to install a vacuum furnace for further refining after rotary smelting.

Our view: Elementos’ interest in Iberian Smelting, on completion will make the company Europe’s only primary refined tin producer. Tin premiums on LME prices in Europe are typically US$200-500 per tonne higher than in Asia, indicating an opportunity for increased refined production in Europe.

Vertical integration on a national scale is increasingly being targeted in the tin industry, with existing ore and concentrate export bans in Indonesia and Uganda, and ‘first refusal’ agreements for smelters in Bolivia. On a company scale, there is growing interest from miners to construct smelters, particularly in Europe, Africa, and Australia where there is little primary refined tin production.

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Elementos (ASX: ELT) plans to complete its Definitive Feasibility Study (DFS) for its Oropesa Tin Project, Spain, by the end of 2024 following support from the Andalucian Government for a modified project layout.

The local government considering the company’s Environmental Application had raised concerns about the mining project and treatment plant and relevant environmental regulations. An agreement has now been reached for layout modifications that improve environmental and community outcomes. The administration also reaffirmed its support for Oropesa as one of seven key mining projects in the government’s Project Accelerator Unit.

Joe David, Managing Director at Elementos, commented: “The Oropesa Project is one of the world’s largest undeveloped, open-cut tin deposits with special strategic significance to the European Union which is committed to sourcing a responsible and local ‘domestic’ supply of critical minerals like tin.”

“The [Andalucian Government] has always been a strong supporter of the Project and we thank the officials in its key departments for working collaboratively with the company to find a responsible way forward which further improves the project’s ESG credentials.”

Elementos updated its project forecast with the DFS now set to be completed in the fourth quarter of 2024, receipt of environment and mining licences by the end of 2025, and targeted first production by the end of 2027.

The project modifications include the moving of the planned external waste dumps and the tailings dam to areas of lower flora and wildlife density, and the relocation of the access road to avoid overlap with an existing stock cattle route. As a result, the proposed processing plant has been moved and the open pit shell reconfigured to maintain efficient operations.

The modifications also included a change to the open pit rehabilitation plan, with the pit now to only be partially back-filled, therefore reducing end-of-mine-life rehabilitation costs.

Our view: The resumption of the licencing process and DFS is an important step in bringing this resource closer to production, now targeted for end-2027. With the company now preparing re-submission of regulatory reports, we look forward to seeing continued progress at Oropesa.

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Elementos has improved the geological confidence of Oropesa’s tin Resource – increasing the potential for a larger Ore Reserve Estimate later in the year.

Since releasing Oropesa’s Maiden Resource estimate in 2018, Elementos have continuously improved the Mineral Resource over the years. Notably, an updated Mineral Resource Estimate (MRE) released in 2021 significantly improved the Resource, both in total tonnages and in geological confidence. In 2022, the company also released an Optimisation Study – with an increased Mineral Resource and tin price, a US$30,000/tonne pit shell was defined. The scale of expected mining operations also increased by two-thirds.

The study was subsequently followed up by a further infill drilling campaign, with the objective of upgrading the Inferred Resource within the pit shell.

After a successful in-fill drilling campaign, the company has released a new Updated Mineral Resource Estimate. Despite only marginal increases in total tin contained in the Resource (up 0.6%), most of the changes were from upgrading material in the Inferred and Indicated categories to Measured Resources. Tin contained in the Measured category increased by over 9,000 tonnes (up 50%), mainly due to 7,500 tonnes being upgraded from the Inferred Resource.

Now, the company’s main aim of upgrading all the Inferred Resource within the US$30,000/tonne pit shell to Measured or Indicated has been achieved. “This … is material because only Measured and Indicated Resources can be used or assessed during the DFS process for conversion to JORC Ore Reserves.” Elementos Managing Director, Joe David explains.

“This puts us in a privileged position at the back end of our DFS to support our goal of releasing a maiden JORC Ore Reserves Statement for the Oropesa Tin Project,” Joe continues.

The company hopes to release its Definitive Feasibility Study (DFS) in the second quarter of 2023.

Our view: This upgrade means 95% of the tin contained in the Resource now sits in the Measured and Indicated categories, a 12% increase from the 2021 estimate. With more Resource in these categories, Elementos increases the potential for converting more material into a JORC Ore Reserve. Conversion of material into reserves is an important step for a junior miner as these reserves confirm economic viability.

Elementos is a member of ITA’s Explorers and Developers Group.

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The latest drill assays from Elementos’ Spanish tin project, Oropesa, intersected exceptionally high-grade tin zones for the project. The findings give Elementos further confidence that it can continue to upgrade its Resource at the project.

Elementos began a nine-hole infill drill program at Oropesa, the company’s flagship project, in June this year.

Results from two holes were previously released; the latest announcement contains assays from a further four. Holes ADD_30 and ADD_32, on the eastern side of the inferred resource, “showed some of the highest grade tin zones yet drilled across the project”. The former recorded 6m at 2.59% Sn, with the latter recording a thicker 17.5m @ 1.06% Sn. Not only are these intercepts much higher than the updated Mineral Resource grade of 0.4% Sn and the global average tin grade of 0.9% Sn, but both holes also reported notable intercepts of copper and zinc.

The other two holes included in this release, ADD_26 and ADD_27 were located to the west of the inferred resource. Similar grades to the previously drilled holes were reported, but – perhaps more importantly – mineralisation occurred in line with the existing geological model.

Three more drill holes remain in this campaign, all of which will target the south-east Inferred Resource zone. Once this work is completed, Elementos will began a new campaign to test possible extensions to the mineral resource, with the four targets identified based on recent work.

Our view: Ahead of its Definitive Feasibility Study for Oropesa (which it hopes to release next year), Elementos is aiming to upgrade as much of the Inferred Resources at the project as possible. Once in the Indicated category, this material is more likely to be converted into Ore Reserves. This is a key step for any junior miner, as these Reserves confirm economic viability.

Elementos will hope that pre-existing trends will continue: mineralization tends to increase in grade towards the south, while more recent drill holes have returned higher grades. This should allow Elementos to upgrade the Resources, which could potentially increase annual output or life of mine at Oropesa.

Elementos is a member of ITA’s Explorers and Developers Group.

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