REG - First Tin PLC - Final Audited Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251027:nRSa8387Ea&default-theme=true
RNS Number : 8387E First Tin PLC 27 October 2025
27 October 2025
First Tin PLC
("First Tin" or "the Company")
Final Audited Results for the year ended 30 June 2025
First Tin PLC, a tin development company with advanced, low capex projects in
Australia and Germany, today publishes its final audited results for the year
ended 30 June 2025.
Highlights
· Successfully raised £10.12m during the period, ensuring a strong
financial position to support developmental priorities
· Ended the period with a cash position of £6.37m (30 June 2024:
£1.34m) and a net asset value of £44.31m (30 June 2024: £37.88m)
· Posted a comprehensive loss for the period of £2.93m) (30 June
2024: £3.90m)
Unlocking value at the Taronga Project, Australia:
· Submitted the Environmental Impact Statement (EIS) in September
2025, a significant step forward for Taronga, and the anticipated receipt of
developmental approval will enable the unlocking of significant value for the
Company.
· Completed a comprehensive suite of specialist studies, including
biodiversity, water, air quality, noise, traffic, and heritage, to meet
regulatory requirements and support the EIS.
· Related to the EIS, the Company finalised a compensation
agreement in March 2025 with Crown Land NSW and secured an agreement with Glen
Innes Severn Council for the mine camp location, strengthening local
partnerships.
· Early assay results from the infill and extension drilling
programme are confirming the potential to convert inferred resources to
Indicated and Measured status, potentially enabling an extended mine life.
· Ongoing metallurgical testwork confirm opportunities to improve
tin recoveries beyond those assumed in the Definitive Feasibility Study (DFS),
supporting stronger project economics.
· Taronga is a large-scale deposit with 138,000 tonnes of contained
tin. Granted two new exploration licences near Taronga, expanding the
Company's footprint in the Emmaville tin district to approximately 752km².
· Appointment of Peter Miers as General Manager - Projects to
support the next phase of project development.
Advancing Tellerhäuser, Gottesberg & Auersberg, Germany:
· Progressed the "fast-track" Life of Mine Plan (LoMP) submission
for Tellerhäuser, including water management studies and forest compensation
agreements.
· Exploration at Gottesberg and Auersberg highlighted significant
tin-indium-gallium mineral systems, with rock chip sampling indicating grades
between 0.2% and 0.6% Sn, plus critical by-products.
· Review of historic drilling data and new fieldwork supports the
district's potential as a strategic supplier of critical raw materials for
Europe.
First Tin CEO, Bill Scotting, commented: "The past year has been a period of
significant progress for First Tin. The successful £10.12m equity raise in
late 2024, enabled us to make substantial progress at our core assets in both
Australia and Germany, bringing us materially closer to Development Approval
for both our projects.
"Tin is fundamentally required for the energy transition and the digital
transformation, yet the supply chain for this critical mineral continues to
stagnate and experience disruption. This creates a significant opportunity
for our two projects, strategically located in the safe, compliant
jurisdictions of Australia and Germany.
"As we look ahead, our priority is to transform our advanced projects into
operating mines and to deliver sustainable value for all stakeholders. With
strong market fundamentals for tin, a robust pipeline, and an experienced
team, I am confident that First Tin is building strong foundations to become a
reliable and sustainable global producer of fully traceable and verifiable
tin."
Investor Presentation Reminder
Bill Scotting, CEO and Tony Truelove, Technical Director, will provide a live
presentation relating to the results via the Investor Meet Company platform
today at 10:30am GMT.
Investors can sign up to Investor Meet Company for free and click "Add to
Meet" First Tin via:
https://www.investormeetcompany.com/first-tin-plc/register-investor
(https://www.investormeetcompany.com/first-tin-plc/register-investor)
Enquiries:
First Tin Via SEC Newgate below
Bill Scotting - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt +44 (0)20 7389 5016
Zeus Capital Limited (Joint Broker) +44 (0)20 3829 5000
Harry Ansell / Dan Bristowe / Katy Mitchell
SEC Newgate (Financial Communications)
Robin Tozer / George Esmond / Gwen Samuel +44 (0)7540 106366
firsttin@secnewgate.co.uk
Notes to Editors
First Tin PLC is an ethical, reliable, and sustainable tin production company
led by a team of renowned tin specialists. The Company is focused on becoming
a tin supplier in conflict-free, low political risk jurisdictions through the
rapid development of high value, low capex tin assets in Germany and
Australia, which have been de-risked significantly, with extensive work
undertaken to date.
Tin is a critical metal, vital in any plan to decarbonise and electrify the
world, yet Europe and North America have very little supply. Rising demand,
together with shortages, is expected to lead tin to experience sustained
deficit markets for the foreseeable future.
First Tin's goal is to use best-in-class environmental standards to bring two
tin mines into production in three years, providing provenance of supply to
support the current global clean energy and technological revolutions.
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2025
The past year has been one of important progress for First Tin. Against a
backdrop of fragile global tin supply chains and strengthening demand
fundamentals, the Company has continued to advance its two strategically
located projects in Australia and Germany. Our priority has been to ensure the
Company is well-funded to move its assets through permitting and optimisation,
while continuing to de-risk the path to development.
Following the successful £10.12 million equity raise completed in two
tranches during H2 2024, we have been able to accelerate technical work,
advance permitting processes and consolidate our exploration footprint. These
steps have significantly strengthened the foundation from which we can
progress towards production.
At our Taronga asset in New South Wales, Australia, the team has achieved a
series of milestones that have materially advanced the permitting process. The
completion and submission of the Environmental Impact Statement (EIS) in
September 2025 marks a significant step forward in securing development
approval. Alongside this, results to date from the metallurgical test work
programmes have confirmed opportunities to improve recoveries beyond the
levels assumed in the previous Definitive Feasibility Study (DFS), pointing to
enhanced project economics. Similarly, early assays from the ongoing drilling
programme are confirming the potential to extend mine life through resource
conversion and expansion. Together, these developments highlight Taronga's
position as one of the most advanced and attractive undeveloped tin assets
globally.
In Germany, we have made further headway at Tellerhäuser, progressing the
fast-track Life of Mine Plan submission and advancing water management
studies. At the same time, exploration at Gottesberg and Auersberg has
highlighted the scale of the tin-indium-gallium mineral systems in this
historic district. These findings strengthen our confidence that our German
portfolio could evolve into a strategically important supplier of critical raw
materials for Europe at a time when supply security is an increasingly
pressing issue.
The tin market has continued to show both its criticality and supply-side
vulnerability. Demand drivers from the clean energy transition, electronics
and advanced manufacturing remain robust, while disruptions in major producing
countries during the year once again highlighted the fragility of the supply
chain. This dynamic further validates our strategy of advancing projects in
stable, transparent jurisdictions where environmental and social standards are
aligned with customer expectations for responsible supply.
Looking ahead, our focus remains firmly on delivering the key permitting
milestones and confirming the value enhancement opportunities at Taronga,
while furthering project financing discussions to position us for
construction. In Germany, advancing fast-track permitting for Tellerhäuser
and building out the broader district-scale potential of our licence package
will be priorities.
With tin increasingly recognised as a vital material for the global energy and
digital transformation, First Tin is exceptionally well placed to create
long-term value for shareholders and to play a leading role in the responsible
supply of this essential metal.
On behalf of the Board, I would like to thank our management team and
employees for their commitment, our partners and stakeholders in Australia and
Germany for their continued collaboration, and our shareholders for their
long-term support.
The progress made over the past year gives us a strong platform on which to
build, and I look forward with confidence to the year ahead.
C Cannon Brookes
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025
The past 12 months have been a period of significant progress for First Tin.
Following the successful £10.12m equity raise in late 2024, we have advanced
our core assets in both Australia and Germany with a focus on permitting,
optimising project economics and strengthening our development path. Together,
these steps move us closer to our goal of becoming a significant, sustainable
and reliable supplier of traceable tin, at a time when demand for this
critical metal continues to grow and global supply remains fragile.
Tin, a critical metal with a vulnerable supply chain
Tin is a critical, yet often overlooked, metal essential for the clean energy
transition and digital technologies. Every electrical connection requires
solder, which is predominantly composed of tin, making it fundamental for
modern electronics. Demand is growing rapidly, driven by advances in consumer
electronics, solar, robotics, 5G and artificial intelligence.
While demand continues to rise, supply growth has stagnated and remains highly
vulnerable to disruption. Global inventories are low, and a significant
deficit is forecast as supply fails to keep pace. More than 90% of production
comes from emerging and developing economies, often exposed to conflict and
regulatory risks. Australia remains the only significant OECD producer of tin
concentrate, while the USA, Japan, Germany and South Korea-the four largest
consumers of refined tin after China, rely entirely on imports.
During the reporting period, supply disruptions persisted across major
producing regions. Refined tin exports from Indonesia, the largest exporter,
were down 30% year-on-year in 2024. Although shipments recovered somewhat in
early 2025, they remained well below 2023 levels, with uncertainty around
export licence approvals continuing. In Myanmar, the mining ban and subsequent
earthquake in WA State has severely restricted Chinese imports, which fell to
their lowest level in December 2024 since the ban was introduced in 2023.
Although some mining activity reportedly resumed post-period end in August
2025, operations remain fragile.
The shortfall in Chinese imports from Myanmar was partially offset by
increased imports from the Democratic Republic of Congo. However, conflict in
the east of the country forced the suspension of mining at Bisie in March and
April 2025, temporarily removing around 6% of global mine supply. While
operations have since restarted, the security situation remains unstable. In
South America, ongoing challenges in Brazil and Bolivia are expected to
outweigh growth in Peru, with political uncertainty in Bolivia adding to the
pressures.
Despite broader macro-economic uncertainty, demand fundamentals for tin remain
strong. Semiconductor sales reached record highs in 2024, with Q2 2025 sales
up 20% year-on-year. China's newly added solar PV capacity in H1 2025 doubled
compared to the previous year, although recent data points to a slowdown in
installations and exports. Global EV sales reached 9.1 million units in H1
2025, an increase of 28% year-on-year, driven by strong growth in China,
Europe and the rest of the world, offsetting weaker performance in North
America.
Tin prices reflected these competing forces of robust demand and disrupted
supply. After peaking above US$34,000 per tonne in October 2024, prices fell
back to around US$29,000 - 30,000 by year-end. The temporary suspension of
operations at Bisie pushed prices above US$38,000 per tonne in April 2025,
before stabilising at US$30,000 following the restart. Since then, prices have
trended upwards, closing the reporting period in the range of US$32,000 -
34,000 per tonne.
Unlocking value at our Taronga Asset in Australia
The period under review has been highly productive at Taronga as we pushed
forward following the publication of the Definitive Feasibility Study ("DFS")
in May 2024. Work has focused on progressing environmental permitting, while
confirming significant value enhancement opportunities.
As a State Significant Development (SSD) in New South Wales (NSW), the formal
permitting process began with the submission of the Scoping Report with a
request to the New South Wales Planning Secretary for Environmental Assessment
Requirements ("SEARs") for the project. The Scoping Report outlined the key
components of the Taronga project, including the layout, infrastructure
placement, personnel requirements, and proposed transport routes. Relevant NSW
Government departments and regulatory agencies use it to define the range of
assessment requirements to be addressed in Taronga's Environmental Impact
Statement ("EIS").
The SEARs notification informed what specialist studies were required for
inclusion in the EIS to enable the development application to be assessed by
the Department of Planning, Housing and Infrastructure (DPHI). To meet the
statutory EIS assessment requirements, numerous studies, some covering
multiple years of work, have now been completed by external experts. These
include biodiversity, land & soil capability, material characterisation,
impacts on air quality, noise, traffic, visibility, health, surface water,
groundwater, greenhouse gases, Aboriginal Heritage, historic heritage,
agriculture, social impacts and economic value to the Commonwealth, State and
local region.
In addition to the substantial studies undertaken around the mine site,
additional studies were completed related to the anticipated disturbance
footprint for the proposed mine camp near Glen Innes airport, and the proposed
upgrades to Grampians Road, the main access road to the mine site.
The EIS, which was finalised and submitted to the DPHI post-period end, is a
comprehensive document that describes all the components of the Project and
provides information on the key environmental issues addressed in the design
and assessment of the Project. These are presented in a manner that addresses
the specific requirements of the SEARs and the requirements of other consulted
government agencies, the local communities, surrounding landowners and a range
of specialist consultants' assessments. Completion and submission of the EIS
is a significant step forward for Taronga, and the anticipated receipt of
developmental approval will enable the unlocking of significant value for the
Company.
Related to the EIS, a compensation agreement was executed in March 2025 with
Crown Land NSW to account for impacts on Crown land and Crown roads within the
Mine Site. Post-period end, in August 2025, an agreement was reached with the
Glen Innes Severn Council (GISC) to place the mine camp on GISC-owned land
adjacent to Glen Innes airport. This site is strategically located for
transport and traffic management and has existing infrastructure. The support
of GISC and the local community is critical for the project, and we look
forward to continuing to work with them.
Mineral testing and metallurgical work continued throughout the period under
review, targeting improved recoveries above what was used in the previous DFS,
which would improve the project's economics. The results of additional
crushing test work have shown it is possible to obtain up to 89.5% of the
contained tin into the minus 2.8mm fraction after coarse crushing. These
results, which are consistent with earlier findings, confirm that the project
does not require the higher capital and operating cost of ore-sorting
equipment to pre-concentrate the tin. In August 2024, we announced higher
recovery results from coarse gravity test work on a higher-grade sample.
In October 2024, a successful trial blast was completed, which reinforced the
technical viability of the project. The drilling showed excellent penetration
rates assisted by the vertical nature of the fracture sets, with 221.5m
completed within 6 hours. Powder factors of 0.3, 0.5 and 0.8 were trialled
based on 0.8 SG ANFO (Ammonium Nitrate Fuel Oil), with all showing excellent
breakage to sizes less than 400mm. The results confirmed the powder factors
used in the DFS, with the consultants suggesting the trial of a lower factor
once mining has commenced, which could result in operational cost savings.
Monitoring of the blast also confirmed acceptable vibration and noise,
demonstrating our commitment to safety and minimal community impact. This data
has been modelled and included as part of the EIS. The blasted rock also
provided an opportunity to collect another bulk sample for our continuing
metallurgical test work programme, with samples more closely representing
the actual run-of-mine blasted material.
The DFS identified approximately 3.6Mt of Inferred resource located within the
current pit designs, not currently included in the economic analysis. A
review of the block model and geology shows that some of this Inferred
mineralisation relates to a poorly defined lode structure located close to the
northwestern pit walls in both the north and south pits. If this lode
structure can be shown to be continuous and mineralised, it could add
significant additional resources that may allow the northwestern walls to be
pushed back, and the pits deepened. As a result, in December 2024, we
announced a 10,000m drilling programme to be undertaken in 2025 to convert the
in-pit Inferred resource to Indicated and Measured status, which should
translate to additional ore reserves and ultimately a longer life of mine.
The drilling programme will also test several other potential lode structures,
both within and external to the current pit design, that are also interpreted
based on soil sampling and/or very broad spaced drill intercepts. These
targets could also add additional resources, significantly increasing the
project's mine life.
As of 12(th) September 2025, a total 5,111m of RC drilling has been completed
in 69 drill-holes as part of the resource drilling programme, for which assay
results have been received for 19 holes, including:
· TMTARC044 23m @ 0.13% Sn from 30m including 12m @ 0.17%
Sn from 36m
· TMTARC045 10m @ 0.06% Sn from 17m including 2m @ 0.14%
Sn from 17m
· TMTARC047 17m @ 0.13% Sn from 43m including 5m @ 0.20%
Sn from 43m
· TMTARC048 17m @ 0.13% Sn from 0m including 6m @ 0.16%
Sn from 2m
· TMTARC046 8m @ 0.13% Sn from 24m
· TMTARC049 13m @ 0.19% Sn from 8m including 4m @ 0.35%
Sn from 14m
· TMTARC050 14m @ 0.06% Sn from 32m
· TMTARC051 9m @ 0.13% Sn from 0m followed by 7m @ 0.14%
Sn from 40m
· TMTARC053 62m @ 0.10% Sn from 6m including 12m @ 0.14%
Sn from 35m
· TMTARC054 19m @ 0.12% Sn from 54m including 6m @ 0.18%
Sn from 58m
· TMTARC055 71m @ 0.09% Sn from 0m including 9m @ 0.15%
Sn from 11m
· TMTARC056 20m @ 0.12% Sn from 0m followed by 3m @ 0.32%
Sn from 33m
· TMTARC058 13m @ 0.13% Sn from 0m including 8m @ 0.17%
Sn from 0m
· TMTARC059 76m @ 0.08% Sn from 20m including 17m @ 0.11%
Sn from 20m
· TMTARC060 25m @ 0.13% Sn from 54m including 10m @ 0.21%
Sn from 61m
· TMTARC061 21m @ 0.07% Sn from 0m followed by 15m @
0.11% Sn from 65m
These results are validating our interpretation that additional mineralisation
exists within and adjacent to the current pit outlines. The grades and widths
intercepted are consistent with existing quantified resources and are expected
to result in additional resources being added within the current pit outlines,
including converting current Inferred Resources to Indicated status.
Outcropping along a ridge, with low pre-stripping and a life of mine strip
ratio of 1:1, Taronga is already planned as a low-risk, low-cost mine. The
broad zones of mineralisation intersected in the current programme are likely
to result in conversion of areas of waste rock within the current pit outlines
to ore. This will have the added effect of reducing the strip ratio.
Taronga is a large-scale deposit with 138,000 tonnes of contained tin.
Exploration work at our nearby satellite deposits has confirmed our thesis
that it lies at the centre of a broader tin district offering longer-term
development potential. To further consolidate our exploration efforts in the
district, we announced that we had been granted two new Exploration Licenses
near Taronga. These licenses cover numerous historical hard rock and
alluvial tin workings within and adjacent to the Mole Creek Leucogranite - the
district's main source of tin mineralisation and bring the Company's total
area under tenure in the Emmaville district to ca. 752km(2).
While our immediate focus remains on bringing Taronga into production, we are
also committed to building a robust exploration pipeline in this highly
prospective region. The addition of these two tenements to our portfolio
enhances our ability to identify and develop additional sources of tin in the
district with the longer-term potential to build a hub and spoke system around
the Taronga processing plant.
To support the next phase of Taronga's development, post-period end in August,
we were pleased to bring on board Peter Miers as GM - Projects. Peter has
significant experience leading project and commissioning teams in mining
projects in Australia. The addition of Peter's experience and knowledge will
be important as we move through final permitting and towards the detailed
engineering and execution phase.
Critical minerals at Tellerhäuser and Gottesberg, Germany
Our German assets lie in the historic mining district of Saxony in the
heartland of Europe's high-tech manufacturing belt. As with Taronga, the
location benefits from existing infrastructure that reduces risk and
anticipated capital expenditure.
During the period under review, activity in Germany has focused on progressing
work for submission of the "Fast-track" Facultative Life of Mine Plan (LoMP)
for Tellerhäuser, alongside further exploration in the Gottesberg and
Auersberg licenses.
Priorities for the LoMP relate to forested areas and water studies. A
redesign of the product depot was finalised, which reduced the gradient of the
ramp to 14%. The capacity of the depot was increased by approximately
100,000m³ with an increase of 1ha to the site surface footprint. Importantly,
we remain below the 10ha threshold required for the "Fast-track" life of mine
plan. A compensation agreement with landholders for impacted forest areas
has been prepared ahead of the LoMP.
Progress also continued on the water permitting. Post-period end, we received
notification that the water treatment technology proposed for the
Tellerhäuser mine, which largely corresponds to the existing water treatment
technology used by Wismut GmbH meets requirements for natural radionuclides in
the treated mine water. Focus is now on finalising the study for surface
water to complete the LoMP submission.
Following the successful and low-cost use of historic drilling data that
enabled an increase to the Tellerhäuser Mineral Resource Estimate ("MRE"),
the team commenced a similar review of historic drilling data pertaining to
the Gottesberg and Auersberg deposits. The Gottesberg area was explored for
uranium from the 1940s to 1980s, when a State-funded underground diamond
drilling programme found tin mineralisation, but work was suspended in the
1990s. Further surface diamond drilling in 2011 confirmed tin
mineralisation. The Auersberg license contains numerous historical tin
workings, but limited exploration has been undertaken except for some drilling
by Wismut at three targets.
The historic dataset has now been supplemented with results from the
exploration mapping and sampling work conducted during the 2024 and 2025 field
season, which included the collection and assay of 96 rock chip samples. The
results indicate potential for significant tin-indium-gallium mineralisation
within the Eibenstock granite at Gottesberg, Pollersberg and St Michaelis.
This trend appears to extend to the Gabe Gottes area, forming a strike length
of around 10km and representing a large exploration target. Several tin
greisen vein structures were mapped and sampled across a distance of at least
3km, demonstrating sizeable systems in the district with grades ranging
between 0.2% and 0.6% Sn, plus critical raw material by-products. Silver and
bismuth were also located in several tin greisen systems via surface rock chip
sampling.
Potential for the district to host significant critical raw materials has been
shown, and a re-evaluation of the Tellerhäuser and Gottesberg deposits
suggests that they could both host significant indium and gallium credits.
The indium potential at Tellerhäuser has already been shown, with a total of
708,000kg indium being identified as Indicated and Inferred Resources.
The potential for additional tin deposits in our portfolio of exploration
licenses in the tin triangle around the known Tellerhäuser and Gottesberg
deposits, as well as the considerable potential for other critically important
minerals, is especially relevant as Europe seeks to build security in its
critical minerals supply chain.
Finance Review
The Group reported a loss after tax of £1,554,175 (period ended 30 June 2024:
£3,033,055) and a net asset value of £44,309,236 (period ended 30 June 2024:
£37,884,956) for the period under review.
At 30 June 2025 the Group had cash balances of £6,373,847 (30 June 2024:
£1,345,629), with the Group having invested £2,732,752 (period ended 30 June
2024: £8,536,853) in the purchase of exploration and evaluation assets during
the period.
Outlook
The successful £10.12m equity raise completed during the period under review
provided the funding to advance development and exploration activities across
our Australian and German assets. Over the coming year, we will focus on:
· Obtaining Developmental Approval for Taronga.
· Optimisation and enhancement of the value of the previous Taronga
DFS from:
o Completing the metallurgical testing work to improve recoveries.
o Completing the extension and infill drilling and resultant conversion of
Inferred resources to increase the mine life.
· Evaluating project financing options to advance Taronga through
engineering design and into construction.
· Progressing Mining Authority approval for Tellerhäuser.
Tin is fundamentally required for the energy transition and the digital
transformation, yet the supply chain for this critical mineral continues to
stagnate and experience disruption. This creates a significant opportunity
for our two projects strategically located in the safe, compliant
jurisdictions of Australia and Germany.
The considerable progress over the last year brings us materially closer to
Development Approval for both our projects. The drilling programme and
metallurgical test work are pointing to a significantly value enhanced and
higher NPV Taronga project. With its sizeable resource base, geology and a
mineralogy conducive to easy, cost-effective open-pit mining and processing,
we can look forward to its development to meet the essential needs of tin
consumers.
I would like to thank all our shareholders and other stakeholders for your
ongoing support as we pursue our strategic objective to become a reliable and
sustainable global producer of fully traceable and verifiable tin. Significant
progress has been made over the recent period, and we have entered the new
reporting year with confidence. I look forward to updating you on further
progress.
W A (Bill) Scotting
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
Year Period
ended ended
30 Jun 30 Jun
Note 2025 2024
£ £
Administrative expenses (1,704,191) (3,163,266)
Operating loss 6 (1,704,191) (3,163,266)
Finance income 8 154,523 130,236
Finance costs 9 (4,507) (25)
Loss before tax (1,554,175) (3,033,055)
Income tax expense 10 - -
Loss for the period (1,554,175) (3,033,055)
Other comprehensive loss
Exchange differences on translation of foreign operations (1,375,719) (865,875)
Other comprehensive loss for the period (1,375,719) (865,875)
Total comprehensive loss for the period (2,929,894) (3,898,930)
Total comprehensive loss attributable to the equity holders of the company (2,929,894) (3,898,930)
Basic loss - pence per share 11 (0.39) (1.14)
Diluted loss - pence per share 11 (0.39) (1.14)
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Note 2025 2024
£ £
Non-current assets
Intangible assets 13 36,681,959 34,968,675
Property, plant and equipment 15 2,314,400 2,433,830
38,996,359 37,402,505
Current assets
Trade and other receivables 16 218,807 290,000
Cash and cash equivalents 6,373,847 1,345,629
6,592,654 1,635,629
Current liabilities
Trade and other payables 17 (1,279,777) (1,153,178)
Net current assets 5,312,877 482,451
Total assets less current liabilities 44,309,236 37,884,956
Net assets 44,309,236 37,884,956
Capital and reserves
Called up share capital 20 451,868 265,535
Share premium account 20 27,558,887 18,391,046
Merger relief reserve 21 17,940,000 17,940,000
Warrant reserve 21 269,138 269,138
Retained earnings 21 300,364 1,854,539
Translation reserve 21 (2,211,021) (835,302)
Shareholders' funds 44,309,236 37,884,956
The Notes form an integral part of these Consolidated Financial Statements.
The financial statements were approved and authorised for issue by the Board
on 24(th) October 2025 and were signed on its behalf by:
C Cannon Brookes
Director
Company number: 07931518
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Merger
Share Share relief Warrant Retained Translation Total
capital premium reserve reserve earnings reserve equity
£ £ £ £ £ £ £
At 1 July 2024 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956
Loss for the period - - - - (1,554,175) - (1,554,175)
Other comprehensive loss for
the period - - - - - (1,375,719) (1,375,719)
Total comprehensive loss
for the period - - - - (1,554,1745) (1,375,719) (2,929,894)
Transactions with owners:
Issuance of shares (net of
issuance costs) 186,333 9,167,841 - - - - 9,354,174
Total transactions with
owners 186,333 9,167,841 - - - - 9,354,174
At 30 June 2025 451,868 27,558,887 17,940,000 269,138 300,364 (2,211,021) 44,309,236
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
Merger
Share Share relief Warrant Retained Translation Total
capital premium reserve reserve earnings reserve equity
£ £ £ £ £ £ £
At 1 January 2023 265,535 18,391,046 17,940,000 269,138 4,887,594 30,573 41,783,886
Loss for the year - - - - (3,033,055) - (3,033,055)
Other comprehensive income
for the year - - - - - (865,875) (865,875)
Total comprehensive loss
for the period - - - - (3,033,055) (865,875) (3,898,930)
At 30 June 2024 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Cash flows from operating activities
Operating loss (1,704,191) (3,163,266)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of tangible assets 49,747 74,211
Loss on disposal of tangible assets - 18,009
Decrease in trade and other receivables 71,193 518,711
Increase/(decrease) in trade and other payables 126,599 (652,120)
Cash used in operations (1,456,652) (3,204,455)
Interest paid (4,507) (25)
Net cash flows used in operating activities (1,461,159) (1,369,038)
Cash flows from investing activities
Purchase of intangible fixed assets (2,732,752) (8,536,853)
Receipt of government grants - 256,965
Purchase of property, plant and equipment (156,696) (1,035,613)
Interest received 154,523 130,236
Net cash flows used in investing activities (2,734,925) (9,185,265)
Cash flows from financing activities
Proceeds from issue of shares 10,120,000 -
Share issuance costs (765,826) -
Net cash flows generated
from financing activities 9,354,174 -
Net increase/(decrease) in cash 5,158,090 (12,389,745)
Cash and cash equivalents at beginning of period 1,345,629 13,823,173
Exchange loss on cash and cash equivalents (129,872) (87,799)
Cash at the end of period 6,373,847 1,345,629
The Notes form an integral part of these Consolidated Financial
Statements.
1. General Information
The Company is a public company limited by shares, incorporated in England and
Wales under the Companies Act 2006. The Company's registered address is First
Floor, 47/48 Piccadilly, London, England, W1J 0DT.
The financial statements comprise of financial information of the Company and
its subsidiary (the "Group"). The principal activities of the Company and the
Group and the nature of their operations are disclosed elsewhere in these
financial statements.
2. Presentation of financial statements
The financial statements are presented in pounds sterling, as this is the
currency of the UK listed parent company.
3. Material accounting policy information
3.1 Basis of preparation
These financial statements have been prepared on the going concern basis in
accordance with UK adopted International Accounting Standards (UK IAS) and the
requirements of the Companies Act 2006. The financial statements have been
prepared on a historical cost basis. The current year financial information is
for the year ended 30 June 2025 and comparative financial information is for
the 18 month period ended 30 June 2024.
3.2 Going concern
The Group currently has no income and meets its working capital requirements
through raising development finance. In common with many businesses engaged in
exploration and evaluation activities prior to production and sale of minerals
the Group will require additional funds and/or funding facilities in order to
fully develop its business plan. Ultimately the viability of the Group is
dependent on future liquidity in the exploration and evaluation period and
this, in turn, depends on the availability of external funding.
At 30 June 2025, the Group had cash balances of £6.37 million following two
rounds of fundraising during the year under review. The Directors have
prepared a cash flow forecast to 31 December
2026 which indicates that additional funding will be required in Spring 2026
in order for the Group to continue to settle its liabilities as they fall due.
This represents a material uncertainty that may cast significant doubt about
the Group's and the Company's ability to continue as a going concern. However,
based upon the success of previous fundraising, the Directors are confident
that sufficient funds will be raised to enable the Group to continue as a
going concern.
Accordingly, these financial statements have been prepared on the going
concern basis and do not reflect any adjustments that would be required to be
made if they were to be prepared on a basis other than the going concern
basis.
3. Material accounting policy information (continued)
3.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries). Control
is achieved where the Company has power over the investee, is exposed or has
rights to variable returns from its involvement with the investee and has the
ability to use its power to affect its returns.
Changes in the Group's interests in subsidiaries that do not result in a loss
of control are accounted for as equity transactions.
The results of subsidiaries acquired or disposed of are included in the
consolidated Statement of Comprehensive Income from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial information of
subsidiaries to bring the accounting policies used into line with those used
by the Group.
All intra-group transactions, balances and unrealised gains on transactions
between group companies are eliminated on consolidation.
3.4 Intangible assets other than goodwill
Exploration and evaluation assets
The Group capitalises costs which directly relate to exploration and
evaluation activities in areas for which it has obtained appropriate legal
rights and there is a high degree of confidence in the feasibility of the
project.
Capitalised exploration and evaluation costs include acquisition of rights to
explore, topographical, geological, geochemical and geophysical studies,
exploration drilling, sampling and activities in relation to the evaluation of
the technical feasibility and commercial viability of extracting a mineral
resource. General and administrative costs directly associated with such
activities are also capitalised.
Government grants relating to exploration and evaluation expenditure are
recognised as a deduction from the asset carrying amounts once there is
reasonable assurance that the Group will comply with any conditions attached
to the grant and that the grant will be received.
Exploration and evaluation costs are carried at cost less any impairment and
are not amortised prior to the conclusion of the appraisal activities. If the
appraisal activities establish the existence of commercial reserves and the
decision is made to develop the site, then the carrying value of the
associated exploration and evaluation assets is tested for impairment and
subsequently reclassified as development and production assets. If commercial
reserves have not been found, or exploration and evaluation activities have
been abandoned, then the associated exploration and evaluation assets are
fully impaired.
Impairment charges and exploration costs incurred prior to obtaining legal
rights are expensed in the profit and loss as incurred.
3. Material accounting policy information (continued)
3.5 Property, plant and equipment
Items of property, plant and equipment that do not form part of the
exploration and evaluation assets are carried as cost less accumulated
depreciation and are depreciated on a straight-line basis over the following
expected useful economic lives:
Land and buildings Land is not
depreciated
Motor vehicles 3 years
Fixtures and fittings 3 - 15 years
3.6 Impairment of non-financial assets
At each reporting date, the Directors assess whether there is any indication
that a Group's asset, other than deferred tax assets, may be impaired. Where
an indicator of impairment exists, the Directors make an estimate of the
recoverable amount. An impairment loss is recognised in profit and loss
whenever the carrying amount of the asset or cash generating unit exceeds its
recoverable amount.
Recoverable amount is the higher of fair value less costs to sell and
"value-in-use". In assessing "value-in-use", the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time-value of money and the risks
specific to the asset for which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised immediately in the profit and loss, unless the relevant asset is
carried at a revalued amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately in the profit and
loss, unless the relevant asset is carried at a revalued amount greater than
cost, in which case the reversal of the impairment loss is treated as a
revaluation increase.
3.7 Segment reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of
Directors.
3.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three
months or less and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities.
3. Material accounting policy information (continued)
3.9 Financial assets
Financial assets are recognised in the Statement of Financial Position when
the Group becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification
depends on the Group's business model for managing the financial assets and
the contractual terms of the cash flows. Financial assets are initially
measured at fair value plus transaction costs.
Loans and receivables
Trade receivables are recognised initially at the amount of consideration that
is unconditional, unless they contain significant financing components, in
which case they are recognised at fair value. They are subsequently measured
at amortised cost using the effective interest method less loss allowance.
Loans and other receivables that have fixed or determinable payments and are
held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortised
cost using the effective interest method less any impairment.
Interest is recognised by applying the effective interest rate, except for
short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of
a debt instrument and of allocating the interest income over the relevant
period. The effective interest rate is the rate that exactly discounts
estimated future cash receipts through the expected life of the debt
instrument to the net carrying amount on initial recognition.
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit loss
associated with its receivables carried at amortised cost. The impairment
methodology applied depends on whether there has been a significant increase
in credit risk. For trade receivables, the Group applies the simplified
approach permitted by IFRS 9, resulting in trade receivables recognised and
carried at original invoice amount less an allowance for any uncollectible
amounts based on expected credit losses.
The Group recognises a loss allowance for expected credit losses on
investments in debt instruments that are measured at amortised cost. The
amount of expected credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the respective financial
instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership to another entity.
3. Material accounting policy information (continued)
3.10 Financial liabilities
Financial liabilities are classified as either financial liabilities at fair
value through profit or loss or other financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other payables, are initially
measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group's
obligations are discharged, cancelled, or they expire.
3.11 Equity instruments
Equity instruments issued by the Company are recorded at the proceeds
received, net of direct issue costs. Dividends payable on equity instruments
are recognised as liabilities once they are no longer at the discretion of the
Company.
3.12 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable
profit differs from net profit as reported in the profit and loss because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the reporting date.
3. Material accounting policy information (continued)
3.12 Taxation (continued)
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from the initial recognition
of other assets and liabilities in a transaction that affects neither the tax
profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled, or the asset is realised.
Deferred tax is charged or credited in the profit and loss, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities
are offset when the Group has a legally enforceable right to offset current
tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
3.13 Foreign exchange
Functional and presentation currency
Items included in the financial statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the "functional currency"). The consolidated financial
statements are presented in pound sterling, which is the Group's functional
and presentation currency.
Transactions and balances
Transactions in currencies other than the functional currency are recorded at
the rates of exchange prevailing at the dates of the transactions. At each
reporting date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting
date. Gains and losses arising on translation are included in profit or loss
for the period.
Group companies
For the purpose of presenting the consolidated financial statements, the
assets and liabilities of the Group's foreign operations are translated at
exchange rates prevailing on the reporting date. Income and expense items are
translated at the average exchange rates for each period, unless exchange
rates fluctuate significantly during that period, in which case the exchange
rates at the date of transaction are used. All resulting exchange differences
are recognised in "other comprehensive income" and accumulated in equity.
3. Material accounting policy information (continued)
3.14 Leases
The Directors assess whether a Group's contract is, or contains, a lease at
inception of the contract. Payments associated with short-term leases or
leases of low value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease-term of
12 months or less without a purchase option.
3.15 Share-based payments
Equity-settled share-based payments to employees and others providing similar
services are measured at the fair value of the equity instruments at the grant
date. The fair value excludes the effect of non-market-based vesting
conditions. Details regarding the determination of the fair value of
equity-settled share-based transactions are set out in Note 12 to these
financial statements.
The fair value determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting period, based
on the Directors' estimate of the number of equity instruments that will
eventually vest. At each reporting date, the Directors revises their estimate
of the number of equity instruments expected to vest as a result of the effect
of non-market-based vesting conditions. The impact of the revision of the
original estimates, if any, is recognised in profit or loss such that the
cumulative expense reflects the revised estimate, with a corresponding
adjustment to reserves.
Equity-settled share-based payment transactions with parties other than
employees are measured at the fair value of the goods or services received,
except where that fair value cannot be estimated reliably, in which case they
are measured at the fair value of the equity instruments granted, measured at
the date the entity obtains the goods or the counterparty renders the service.
3.16 New and amended standards adopted by the Group
The Group has applied the following standards and amendments for the first
time for the reporting period commencing 1 January 2024:
· Classification of Liabilities as Current or Non-current and
Non-current liabilities with covenants - Amendments to IAS 1
· Lease Liability in Sale and Leaseback - Amendments to IFRS 16
· Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
The amendments listed above did not have any impact on the amounts recognised
in prior periods and are not expected to significantly affect the current or
future periods.
3. Material accounting policy information (continued)
3.17 New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and
interpretations have been published that are not mandatory for 30 June 2025
reporting periods and have not been early adopted by the Group. These
standards, amendments or interpretations are not expected to have a material
impact on the entity in the current or future reporting periods and on
foreseeable future transactions.
4. Critical accounting estimates and judgements
The preparation of the Group's financial statements under IFRS requires the
Directors to make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent assets and
liabilities. Estimates and judgements are continually evaluated and are
based on historical experience and other factors including expectations of
future events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
Details of the Group's significant accounting judgements used in the
preparation of these financial statements include:
Recoverability of intangible exploration and evaluation assets
Where a project is sufficiently advanced, the recoverability of intangible
exploration and evaluation assets is assessed by comparing the carrying value
to internal and operator estimates of the net present value of projects.
Intangible exploration assets are inherently judgemental to value. The amounts
for intangible exploration and evaluation assets represent active exploration
projects. These amounts will be written-off to the profit and loss as
exploration costs unless commercial reserves are established, or the
determination process is completed and there are no indications of impairment.
5. Segmental analysis
In the opinion of the Board of Directors the Group has one operating segment,
being the exploitation of mineral rights.
The Group also analyses and measures its performance into geographic regions,
specifically Germany and Australia.
Non-current assets by region are summarised below:
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Germany 9,265,621 8,847,849
Australia 29,730,738 28,554,656
38,996,359 37,402,505
6. Operating loss
The operating loss for the period is stated after charging the following:
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Depreciation 49,747 74,211
Expenses relating to short-term leases 9,439 144,411
Auditor's remuneration:
Fees payable to the Company's auditor for
the audit of the Company and consolidated
financial statements 75,000 96,000
Total auditor's remuneration 75,000 96,000
7. Staff costs and Director's remuneration
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Wages and salaries 1,081,434 2,060,861
Social security costs 98,979 202,185
Pension costs 58,817 76,999
1,239,230 2,340,045
Amount capitalised as intangible asset (858,560) (1,597,588)
Total staff cost recognised in the profit
and loss 380,670 742,457
The average number of staff employed by the Group, including Directors, is
detailed below:
Year Period
ended ended
30 Jun 30 Jun
2025 2024
No. No.
Management and administration 9 11
Geology and environment 15 7
Average number of staff employed
by the Group 24 18
Directors' remuneration and fees are disclosed in the Directors' Remuneration
Report on pages 36 to 39. The Directors are regarded as the key management
personnel.
8. Finance income
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Bank interest receivable 154,523 130,236
9. Finance costs
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Bank charges and other finance costs 4,507 25
10. Income tax expense
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Current tax - -
Deferred tax - -
- -
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Loss before taxation on continued operations (1,554,175) (3,033,055)
Loss on before taxation multiplied by
standard rate of UK corporation tax of
25% (2024 - 24%) (388,543) (727,933)
Difference in overseas tax rate (153,027) (256,301)
Expenses not deductible for tax (232,615) (170,217)
Utilisation of losses brought forward (70,485) (82,213)
Effect of tax losses not recognised as
deferred tax assets 844,670 1,236,664
Total tax charge for the period - -
The Group has tax losses carried forward of approximately £17.5 million
(2024: £16.6 million). The unutilised tax losses have not been recognised as
a deferred tax asset due to uncertainty over the timing of future profits and
gains.
An increase in the UK corporation tax rate from 19% to 25% came into effect
for the financial year beginning 1 April 2023.
11. Loss per Ordinary share
Year Period
ended ended
30 Jun 30 Jun
2025 2024
Loss for the period attributable to the ordinary
equity holders of the Company (£) (1,554,175) (3,033,055)
Basic loss per Ordinary share
Weighted average number of Ordinary shares
in issue 395,494,790 265,534,972
Basic loss per Ordinary share (pence) (0.39) (1.14)
Diluted loss per Ordinary share
Weighted average number of Ordinary shares
in issue 395,494,790 265,534,972
Diluted loss per Ordinary share (pence) (0.39) (1.14)
For diluted loss per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potential dilutive warrants,
options and convertible loans over ordinary shares. Potential ordinary
shares resulting from the exercise of warrants, options and the conversion of
convertible loans have an anti-dilutive effect due to the Group being in a
loss position. As a result, diluted loss per share is disclosed as the same
value as basic loss per share
12. Share-based payments
Share options and warrants
The Group adopted the First Tin Option Plan ("FT Option Plan"), effective from
8 April 2022. In addition to the FT Option Plan the Group as certain
outstanding warrants and options issued under previous schemes.
The options issued under previous schemes expired during the period ended 30
June 2024.
The options issued under the FT Option Plan vested on admission to the London
Stock Exchange and are exercisable for periods between 2 and 3 years from
issue.
12. Share-based payments (continued)
Share options and warrants (continued)
No. of No. of No. of No. of
options options warrants warrants
2025 2024 2025 2024
Outstanding at beginning of period 8,500,000 10,060,000 - 5,668,000
Granted during the period - - - -
Expired during the period (8,500,000) (1,560,000) - (5,668,000)
Outstanding at the end of the period - 8,500,000 - -
Exercisable at the end of the period - 8,500,000 - -
Weighted average exercise price (pence) - 33 - -
Share options outstanding at the end of the period have the following expiry
dates and exercise prices:
Exercise No. of No. of
price Options Options
Grant date Expiry date pence 2025 2024
6 April 2022 5 April 2025 33 - 8,500,000
- 8,500,000
Weighted average remaining contractual life of options
outstanding at the end of the period - 0.76
Fair value of options granted
No options were granted during the year ended 30 June 2025 or the period ended
30 June 2024.
Fair value of warrants granted
No warrants were granted during the year ended 30 June 2025 or the period
ended 30 June 2024.
13. Intangible assets
Exploration
and
evaluation
assets
£
Cost
At 1 January 2023 27,367,552
Additions 8,536,853
Government grants (256,965)
Currency translation (678,765)
At 30 June 2024 34,968,675
Additions 2,732,752
Currency translation (1,019,468)
At 30 June 2025 36,681,959
The intangible assets relate to the Tellerhäuser and Taronga tin projects
located in southern Saxony in the east of Germany and Australia, respectively.
The Directors assess for impairment when facts and circumstances suggest that
the carrying amount of an Exploration and evaluation ("E&E") asset may
exceed its recoverable amount. In making this assessment, the Directors have
regard to the facts and circumstances noted in IFRS 6 paragraph 20. In
performing their assessment of each of these factors, at 30 June 2025, the
Directors have:
a) reviewed the time period that the Group has the right to explore the
area and noted no instances of expiration, or licences that are expected to
expire in the near future and not be renewed;
b) determined that further E&E expenditure is either budgeted or
planned for all licences;
c) not decided to discontinue exploration activity due to there being a
lack of quantifiable mineral resource; and
d) not identified any instances where sufficient data exists to indicate
that there are licences where the E&E spend is unlikely to be recovered
from successful development or sale.
On the basis of the above assessment, the Directors are not aware of any facts
or circumstances that would suggest the carrying amount of the E&E asset
may exceed its recoverable amount.
14. Investments
The table below sets out the Company's subsidiaries. The subsidiaries have
share capital consisting solely of ordinary shares and the proportion of
ownership interests held equals the voting rights. The registered office
address is also their principal place of business:
Name of company Place of operation Principal activity Shareholding
Saxore Bergbau GmbH ("Saxore") Platz der Oktoberopfer 1A Mineral exploration 100%
(incorporated in Germany) 09599 Freiberg
Germany
Taronga Mines Pty Ltd (incorporated in Australia) 2 Glen Innes Road, Emmaville, NSW 2371 Mineral exploration 100%
Australia
First Tin Australia Pty Ltd 2 Glen Innes Road, Emmaville, NSW 2371 Dormant 100%
(incorporated in Australia) Australia
15. Property, plant and equipment
Land & Motor Fixtures &
Buildings Vehicles Fittings Total
£ £ £ £
Cost
At 1 January 2023 1,359,980 151,044 150,222 1,661,246
Additions 847,609 18,801 169,203 1,035,613
Disposals - (30,755) (7,967) (38,722)
Currency translation (92,238) (7,844) (2,860) (102,942)
At 30 June 2024 2,115,351 131,246 308,598 2,555,195
Additions - - 156,696 156,696
Disposals - - - -
Currency translation (194,612) (8,929) (25,200) (228,741)
At 30 June 2025 1,920,739 122,317 440,094 2,483,150
Depreciation
At 1 January 2023 - 28,061 43,437 71,498
Charge for period - 18,813 55,398 74,211
Disposals - (15,277) (5,436) (20,713)
Currency translation - (991) (2,640) (3,631)
At 30 June 2024 - 30,606 90,759 121,365
Charge for period - 11,173 38,574 49,747
Disposal - - - -
Currency translation - (1,113) (1,249) (2,362)
At 30 June 2025 - 40,666 128,084 168,750
Net book value
At 30 June 2025 1,920,739 81,651 312,010 2,314,400
At 30 June 2024 2,115,351 100,640 217,839 2,433,830
16. Trade and other receivables
2025 2024
£ £
Prepayments and other receivables 130,299 259,210
Recoverable value added taxes 88,508 30,790
218,807 290,000
17. Trade and other payables
2025 2024
£ £
Trade payables 788,770 691,493
Lease liabilities 66,426 -
Accruals 292,212 404,016
Other payables 132,369 57,669
1,279,777 1,153,178
18. Financial instruments
The principal financial instruments used by the Group from which financial
instrument risk arises are as follows:
Financial assets
2025 2024
£ £
Measured at amortised cost
Cash and cash equivalents 6,373,847 1,345,629
Trade and other receivables 83,014 177,007
6,456,861 1,522,636
Financial liabilities
2025 2024
£ £
Liabilities measured at amortised
cost
Trade and other payables 1,279,777 1,153,178
All financial assets and liabilities are due within one year.
The main risks arising from the Group's activities are market risk, credit
risk and liquidity risk.
18. Financial instruments (continued)
Market risk
Market risk is the risk that the fair value of future cash flows will
fluctuate because of changes in market price. This risk is primarily comprised
of interest risk and foreign currency risk.
Foreign currency risk management
As highlighted earlier in these financial statements, the presentation
currency of the Group is pound sterling. The Group has foreign currency
denominated assets and liabilities. Exposures to exchange rate fluctuations
therefore arise. The Group pays for invoices denominated in a foreign currency
in the same currency as the invoice therefore suffers from a level of foreign
currency risk. The Group does not enter into any derivative financial
instruments to manage its exposure to foreign currency risk.
The carrying amount of the Group's foreign currency denominated monetary
assets and monetary liabilities as at 30 June 2025 is as follows:
2025 2024
£ £
Australian dollars
Cash balances 3,072,824 189,351
2025 2024
£ £
Euro
Cash balances 423,438 446,286
As at 30 June 2025, if all foreign currencies in which the Group transacts,
had strengthened or weakened by 10% against pound sterling with all other
variables held constant, post-tax loss for the year would have
increased/(decreased) by:
2025 2024
£ £
Strengthened by 10% increase
in post-tax loss 317,839 57,786
Weakened by 10% decrease in
post-tax loss (388,469) (70,625)
The rate of 10% is the sensitivity rate used when reporting foreign currency
risk internally to key management personnel and represents management's
assessment of the reasonable possible change in foreign exchange rates. The
sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the year-end for a 10% change
in foreign currency rates. A positive number above indicates an increase in
loss (increase in profit) or other equity where the pound sterling strengthens
by 10% against the relevant currency. For a 10% weakening of the pound
sterling against the relevant currency, there would be an equal and opposite
impact on the profit or loss and other equity.
18. Financial instruments (continued)
Credit risk
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group. Credit risk
arises principally from the Group's cash balances and other receivables.
The Group gives careful consideration to which organisations it uses for its
banking services in order to minimise credit risk. The Group considers the
banks and financial institutions have low credit risks. Therefore, the Group
is of the view that the loss allowance is immaterial and hence no provision is
required.
The concentration of the Group's credit risk is considered by counterparty,
geography and currency. The Group does not have any significant concentrations
of credit risk at the reporting date related to external third parties.
As at 30 June 2025, the Group held no collateral as security against any
financial asset. No financial assets were past their due date and there were
no problems with the credit quality of any financial assets in the period. As
a result, there has been no impairment of financial assets during the period.
The carrying amount of financial assets recorded in the financial statements,
net of any allowances for losses, represents the Group's maximum exposure to
credit risk without taking account of the value of any collateral obtained. An
allowance for impairment is made where there is an identified loss event
which, based on previous experience, is evidence of a reduction in the
recoverability of the cash flows. Management considers the above measures to
be sufficient to control the credit risk exposure.
The Group recognises a loss allowance for expected credit losses in debt
instruments at each reporting date. As at 30 June 2025 and 30 June 2024, no
impairment was recognised.
Liquidity risk
Liquidity risk is the risk that an entity may not be able to generate
sufficient cash resources to settle its obligations as they fall due. The
Directors monitor cash flow requirements regularly and adopt a prudent
liquidity risk management approach to ensure sufficient cash is available for
operational expenses.
The following tables detail the Group's remaining contractual maturity for its
financial liabilities with agreed repayment periods. The tables have been
drawn up based on the undiscounted cash flows of financial liabilities based
on the earliest date on which the Group can be required to pay.
2025 2024
£ £
Due within 1 month
Trade and other payables 1,279,777 1,153,178
Fair values
The Directors consider that the carrying amount of loans and receivables and
other financial liabilities approximates to their fair value because of the
short-term nature of such assets the effect of discounting is negligible.
18. Financial instruments (continued)
Capital management
For the purposes of capital management, capital includes issued capital and
all other equity reserves attributable to the equity holders of the Company.
The primary objective of the Directors' capital management is to ensure that
the Group will be able to continue as a going concern while sustaining the
future development of the business.
19. Related party transactions
Directors' remuneration and fees
Directors' remuneration and fees are disclosed in the Directors' Remuneration
Report on pages 36 to 39.
Other fees and transactions
Mr C Cannon Brookes was a director of Arlington Group Asset Management Limited
("Arlington") for the reporting period. During the period, the Company
incurred costs of £550,875 from Arlington in respect of fund-raising
commissions and expenses, financial advisory and director's fees (2024:
£127,500 in respect of financial advisory fees and director's fees). At 30
June 2025, £nil was outstanding (2024: £42,500).
Mr R. G. J. Ainger was a director of RFA Consulting Limited ("RFA") during the
reporting period. During the period the Company incurred costs of £55,000
from RFA in respect of company secretarial services and consultancy fees. The
fees were paid in full during the period.
20. Share capital and share premium
2025 2024
£ £
Allotted, called up and fully paid share capital
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each 451,868 265,535
20. Share capital and share premium (continued)
Movements in ordinary shares
No. of Share Share
shares Capital premium Total
£ £ £
Opening balance
at 1 July 2024 265,534,972 265,535 18,391,046 18,656,581
Shares issued during year 186,333,334 186,333 9,933,667 10,120,000
451,868,306 451,868 28,324,713 28,776,581
Less: issuance costs settled in cash - - (765,826) (765,826)
Balance at
30 June 2025 451,868,306 451,868 27,558,887 28,010,755
And
The shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights; they do not confer any rights
of redemption.
On 1 August 2024 the Company issued 53,000,000 Ordinary shares of £0.001 each
at a value of 4 pence per share. Total costs of £202,770 were incurred and
were offset against share premium.
On 20 November 2024 the Company issued a further 133,333,334 Ordinary shares
of £0.001 each at a value of 6 pence per share. Total costs of £563,056 were
incurred and were offset against share premium.
21. Reserves
The warrant reserve is used to hold the fair value of warrants issued but not
yet exercised.
The merger reserve is used to hold the premium on share issued to acquire
subsidiaries where merger relief applies under Section 612, Companies Act
2006.
The retained earnings reserve contains the accumulated losses of the Group.
The translation reserve is used to hold the accumulated gains and losses on
translation of overseas subsidiaries.
22. Net fund reconciliation
The table below sets out an analysis of net funds and the movements in net
funds for each of the periods presented:
2025 2024
£ £
Cash and cash equivalents 6,373,847 1,345,629
Net funds 6,373,847 1,345,629
Cash and
cash
equivalents
£
Net funds
At 1 January 2023 13,823,173
Cash flows (12,389,745)
Currency translation (87,799)
At 30 June 2024 1,345,629
Cash flows 5,158,090
Currency translation (129,872)
At 30 June 2025 6,373,847
23. Ultimate controlling party
In the opinion of the Directors, there is no controlling party.
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Note 2025 2024
£ £
Non-current assets
Investment in subsidiaries 6 19,192,381 19,192,381
Long-term receivables 7 33,687,172 26,915,042
52,879,553 46,107,423
Current assets
Trade and other receivables 8 34,924 43,609
Cash and cash equivalents 3,929,125 1,087,803
3,964,049 1,131,412
Current liabilities
Trade and other payables 9 (134,435) (165,441)
Net current assets 3,829,614 965,971
Total assets less current liabilities 56,709,167 47,073,394
Net assets 56,709,167 47,073,394
Equity
Called up share capital 11 451,868 265,535
Share premium account 11 27,558,887 18,391,046
Merger relief reserve 12 17,940,000 17,940,000
Warrant reserve 12 269,138 269,138
Retained earnings 12 10,489,274 10,207,675
Total equity 56,709,167 47,073,394
The Company made a profit in the period of £281,599 (2024: profit of
£341,866).
The financial statements were approved by the Board of directors and
authorised for issue on 24(th) October 2025 and are signed on its behalf by:
C Cannon Brookes
Director
Company number: 07931518
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Share Merger
Share premium relief Warrant Retained Total
capital account reserve reserve earnings equity
£ £ £ £ £ £
At 1 July 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394
Profit for the year - - - - 281,599 281,599
Total comprehensive income - - - - 281,599 281,599
for the year
Transactions with owners:
Issuance of shares (net of issuance costs) 186,333 9,167,841 - - - 9,354,174
Total transactions with owners 186,333 9,167,841 - - - 9,354,174
At 30 June 2025 451,868 27,558,887 17,940,000 269,138 10,489,274 56,709,167
The Notes form an integral part of these Company Financial Statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
Share Merger
Share premium relief Warrant Retained Total
capital account reserve reserve earnings equity
£ £ £ £ £ £
At 1 January 2023 265,535 18,391,046 17,940,000 269,138 9,865,809 46,731,528
Profit for the period - - - - 341,866 341,866
Total comprehensive loss
for the period - - - - 341,866 341,866
At 30 June 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394
The Notes form an integral part of these Company Financial Statements.
1. General Information
First Tin Plc is a public company limited by shares incorporated in England
and Wales. The registered office is First Floor, 47/48 Piccadilly, London,
England, W1J 0DT.
2. Basis of preparation
These financial statements have been prepared in accordance with Financial
Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act
2006. The financial statements have been prepared under the historical cost
convention.
The Company has taken advantage of the following disclosure exemptions in
preparing these financial statements, as permitted by FRS 101 "Reduced
Disclosure Framework":
· The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2
Share-based Payment;
· The requirements of paragraphs 62, B64(d), B64(e), B64(g),
B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and
B67 of IFRS 3 Business Combinations;
· The requirements of paragraph 33(c) of IFRS 5 Non-Current Assets
Held for Sale and Discontinued Operations;
· The requirements of IFRS 7 Financial Instruments: Disclosures;
· The requirements of paragraphs 91 to 99 of IFRS 13 Fair Value
Measurement;
· The requirement in paragraph 38 of IAS 1 Presentation of
Financial Statements to present comparative information in respect of:
· Paragraph 79(a)(iv) of IAS 1;
· Paragraph 73(e) of IAS 16 Property, Plant and Equipment;
· Paragraph 118(e) of IAS 38 Intangible Assets;
· The requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C,
38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;
· The requirements of paragraphs 134 to 136 of IAS 1 Presentation
of Financial Statements;
· The requirements of IAS 7 Statement of Cash Flows;
· The requirements of paragraphs 30 and 31 of IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors;
· The requirements of paragraphs 17 and 18A of IAS 24 Related Party
Disclosures;
· The requirements in IAS 24 Related Party Disclosures to disclose
related party transactions entered into between two or more members of a
Group;
· The requirements of paragraphs 134(d) to 134(f) and 135(c) to
135(e) of IAS 36 Impairments of Assets;
3. Material accounting policy information
3.1 Investment in subsidiaries
Investments in subsidiaries are stated at cost less accumulated impairment.
3.2 Impairment
At each reporting date, the Company assesses whether there is any indication
that an asset, other than inventories and deferred tax assets, may be
impaired. Where an indicator of impairment exists, the Company makes an
estimate of the recoverable amount. An impairment loss is recognised in profit
or loss whenever the carrying amount of the asset or cash generating unit
exceeds its recoverable amount.
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised immediately in the income statement, unless the relevant asset
is carried at a revalued amount, in which case the impairment loss is treated
as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or cash-generating unit) prior years. A
reversal of an impairment loss is recognised immediately in profit or loss,
unless the relevant asset is carried at a revalued amount greater than cost,
in which case the reversal of the impairment loss is treated as a revaluation
increase.
3.3 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three
months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities.
3.4 Financial assets
Financial assets are recognised in the Company's statement of financial
position when the Company becomes party to the contractual provisions of the
instrument.
Financial assets are classified into specified categories. The classification
depends on the Company's business model for managing the financial assets and
the contractual terms of the cash flows.
Financial assets are initially measured at fair value plus transaction costs,
other than those classified as fair value through profit or loss (FVTPL) or
fair value through other comprehensive income (FVOCI), which are measured at
fair value.
3. Material accounting policy information (continued)
3.4 Financial assets (continued)
Loans and receivables
Trade receivables are recognised initially at the amount of consideration that
is unconditional, unless they contain significant financing components when
they are recognised at fair value. They are subsequently measured at amortised
cost using the effective interest method, less loss allowance.
Loans and other receivables that have fixed or determinable payments and are
held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortised
cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for
short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of
a debt instrument and of allocating the interest income over the relevant
period. The effective interest rate is the rate that exactly discounts
estimated future cash receipts through the expected life of the debt
instrument to the net carrying amount on initial recognition.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit loss
associated with its receivables carried at amortised cost. The impairment
methodology applied depends on whether there has been a significant increase
in credit risk. For trade receivables, the Company applies the simplified
approach permitted by IFRS 9, resulting in trade receivables recognised and
carried at original invoice amount less an allowance for any uncollectible
amounts based on expected credit losses.
The Company recognises a loss allowance for expected credit losses on
investments in debt instruments that are measured at amortised cost. The
amount of expected credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the respective financial
instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership to another entity.
3. Material accounting policy information (continued)
3.5 Financial liabilities
Financial liabilities are classified as either financial liabilities at fair
value through profit or loss or other financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other payables, are initially
measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Company's
obligations are discharged, cancelled, or they expire.
3.6 Equity instruments
Equity instruments issued by the Company are recorded at the proceeds
received, net of direct issue costs. Dividends payable on equity instruments
are recognised as liabilities once they are no longer at the discretion of the
Company.
3.7 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Company's liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting date.
3. Material accounting policy information (continued)
3.7 Taxation (continued)
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from the initial recognition
of other assets and liabilities in a transaction that affects neither the tax
profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled, or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities
are offset when the Company has a legally enforceable right to offset current
tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
3.8 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the
rates of exchange prevailing at the dates of the transactions. At each
reporting date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting
date. Gains and losses arising on translation are included in profit or loss
for the period.
3.9 Critical accounting estimates and judgements
Details of the Company's significant accounting judgements and critical
accounting estimates are set out in these financial statements and
include:
Carrying value of investments in subsidiary undertakings and long-term
receivables
At each reporting date, investments in and loans made to subsidiaries are
reviewed to determine whether there is any indication that those assets are
impaired. If there is an indication of possible impairment, the recoverable
amount of the asset is estimated and compared with its carrying amount. Any
resulting impairment loss is recognised immediately in profit or loss.
The Directors have reviewed the carrying value of these assets at 30 June 2025
and, whilst there has been a fall in the Company's market capitalisation
during the period, the estimated valuations of the underlying mining assets
remain substantially in excess of the carrying value of the investments in and
loans to subsidiary undertakings. Accordingly, the Directors consider that
no impairment of these assets is required.
4. Profit for the financial period
The Company has taken advantage of section 408 of the Companies Act 2006 and,
consequently, a Profit and Loss Account for the Company alone has not been
presented.
5. Staff costs and Director's remuneration
Year Period
ended ended
30 Jun 30 Jun
2025 2024
£ £
Wages and salaries 252,500 282,983
Social security costs 26,029 19,380
Total staff cost recognised in the profit
and loss 278,529 302,363
The average number of staff employed by the Company, including Directors, is
detailed below:
Year Period
ended ended
30 Jun 30 Jun
2025 2024
No. No.
Management and administration 3 4
Directors' remuneration and fees are disclosed in the Directors' Remuneration
Report on pages 36 to 39.
6. Investment in subsidiaries
£
At 30 June 2025 and 30 June 2024 19,192,381
7. Long-term receivables
Loan to Loan to
Taronga Saxore Total
£ £ £
Cost
At 1 July 2024 12,466,317 14,448,725 26,915,042
Additions 6,204,360 1,792,407 7,996,767
Currency translation (1,414,554) 189,917 (1,224,637)
At 30 June 2025 17,256,123 16,431,049 33,687,172
8. Trade and other receivables
2025 2024
£ £
VAT recoverable 6,297 4,068
Prepayments 28,627 39,541
34,924 43,609
9. Trade and other payables
2025 2024
£ £
Other payables 7,309 18,200
Accruals 127,126 147,241
134,435 165,441
10. Related party transactions
Directors' remuneration and fees
Directors' remuneration and fees are disclosed in the Directors' Remuneration
Report on pages 36 to 39.
Other fees and transactions
Other fees and transactions with the Company are disclosed in Note 19 to the
consolidated financial statements.
The Company was owed £16,431,049 (2024: £14,448,725) by Saxore, a wholly
owned subsidiary incorporated in Germany. In the year to 30 June 2025 a net of
£738,264 (2024: £2,752,185) was advanced by the Company to Saxore, and
interest of £1,054,143 (2024: £1,487,924) was accrued in respect of the
loan. The loan carries interest at 4% over the European Central Bank rate per
annum.
In addition, the Company was owed £17,256,123 (2024: £12,466,317) by
Taronga, a wholly owned subsidiary incorporated in Australia. In the period to
30 June 2025 a net of £4,944,221 (2024: £6,873,600) was advanced by the
Company to Taronga, and interest of £1,260,139 (2024: £1,202,874) was
accrued in respect of the loan. The loan carries interest at 4% over the Bank
of England base rate per annum.
11. Share capital
2025 2024
£ £
Allotted, called up and fully paid
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each 451,868 265,535
Movement of the share capital is disclosed in Note 20 to the consolidated
financial statements
2025 2024
£ £
Share premium account 27,558,887 18,391,046
12. Reserves
The merger reserve is used to hold the premium on share issued to acquire
subsidiaries where merger relief applies under Section 612, Companies Act
2006.
The warrant reserve is used to hold the fair value of warrants issued but not
yet exercised.
The retained earnings reserve contains the accumulated losses of the Company.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR FIFVAITLRFIE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on First Tin
See all newsREG - First Tin PLC - Notice of AGM
AnnouncementREG - First Tin PLC - Final Audited Results
AnnouncementREG - First Tin PLC - Gottesberg Project MRE Update
AnnouncementREG - First Tin PLC - Notice of Results
AnnouncementREG - First Tin PLC - SAXORE XTRACT
Announcement