REG - First Tin PLC - Interim Results
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RNS Number : 2473U First Tin PLC 25 February 2026
25 February 2026
First Tin PLC
("First Tin" or "the Company")
Interim Results for the six months ending 31 December 2025
First Tin PLC, a tin development company with advanced, low capex projects in
Australia and Germany, today publishes its interim results for the six months
ending 31 December 2025 (HY25).
Highlights
Financial:
· £6.3 million equity fundraising completed in December 2025,
ensuring a strong financial position to advance key development activities.
· Ended the period with a cash balance of £9.03 million (30 June
2025: £6.37 million) and a net asset value of £50.27m (30 June 2025: £44.3
million).
· Posted a comprehensive loss of £0.01m (period ended 31 December
2024: £2.01m)
Advancing Taronga Towards Development Approval
· Key milestone achieved, with submission of the Environmental
Impact Statement ("EIS") in September 2025 following more than three years of
environmental and technical studies, marking a critical step toward
development approval.
· Clear pathway through NSW approvals, following a successful
public exhibition period with only four objections, avoiding referral to the
Independent Planning Commission and reducing approval and timeline
uncertainty.
· Resource scale and quality enhanced through completed infill and
extension drilling, confirming extensions to mineralisation, identifying
higher‑grade zones and supporting the potential for wider and deeper pits.
· Updated Mineral Resource Estimate ("MRE") underway, expected to
convert inferred resources to measured and indicated categories, support an
extended mine life and underpin improved project economics ahead of the DFS
update.
· Silver and copper upside emerging alongside tin, with
metallurgical testwork confirming concentration into sulphide residues and
highlighting potential for future by‑product revenues and additional value
streams.
· Receipt of a non-binding Letter of Interest from the U.S.
Export-Import Bank for up to US$120m in project financing to support Taronga's
development.
Expanding Resources in Germany
· Major upgrade to the Gottesberg Mineral Resource Estimate,
increasing Indicated and Inferred tin resources from 33,000 tonnes to 90,900
tonnes of contained tin.
· Total Group contained tin resources increased to 367,600 tonnes,
making First Tin the largest undeveloped tin resource holder in the OECD.
· Exploration Targets identified at Gottesberg for additional
critical metals, including copper, tungsten, silver and gallium.
· Continued engagement with the regulators and submitted the
"fast-track" Life of Mine Plan (LoMP) to the Mining Authority for
Tellerhäuser.
First Tin CEO, Bill Scotting, commented: "During the last six months, we have
made meaningful progress along our development pathway, bringing us materially
closer to our objective of becoming a sustainable and reliable supplier of
traceable tin from our assets in Australia and Germany.
"At Taronga, the submission of the Environmental Impact Statement and the
successful completion of the public exhibition period represent important
milestones as we move toward development approval. Alongside this, our infill
and extension drilling programme has identified additional mineralisation and
higher‑grade zones and supports the potential for a longer mine life and
improved project economics. This work is now feeding into an updated Mineral
Resource Estimate and the DFS, while mineral processing testwork and detailed
engineering continue across key project areas.
"In Germany, the substantial upgrade to the Gottesberg resource has
significantly increased the scale of our portfolio, taking First Tin's total
contained tin resources to 367,600 tonnes which is the largest undeveloped tin
resource base in the OECD. With a strengthened balance sheet following our
£6.3 million fundraising, our focus is now on advancing Taronga through
permitting and engineering, progressing Mining Authority approval at
Tellerhäuser, and continuing exploration across our licences as we move the
business from development toward construction.
"The structural growth in tin demand, supply uncertainties and rising tin
price present a significant opportunity for First Tin with our projects
strategically located in the safe, compliant jurisdictions of Australia and
Germany. We can look forward to meeting the essential tin needs of industrial
tin consumers."
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 10:00am GMT.
The presentation is open to all existing and potential shareholders. 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 revolution.
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The six months ending 31 December 2025 has been a period of significant
progress for First Tin, with major milestones achieved that have materially
advanced the development of our two key assets in Australia and Germany.
At our Taronga asset in northern New South Wales (NSW), Australia, a key
permitting milestone was reached in September 2025 with the completion and
submission of the Environmental Impact Statement (EIS) to the regulators for
developmental approval.
Importantly, the subsequent mandatory public exhibition period for the EIS
concluded in November 2025 with only four objections, allowing the project to
proceed through the standard approval pathway. This avoided the additional
time and expense of a referral to the Independent Planning Commission (IPC).
In parallel with the permitting work, the team at Taronga has continued to
progress the previously identified value-enhancement opportunities. The infill
and extension drilling program was successfully completed with final assays
confirming extensions to mineralisation, identifying areas of higher-grade
mineralisation and potential to upgrade substantial portions of inferred
resources to measured and indicated categories. An updated Mineral Resource
Estimate (MRE) is being prepared which should confirm the potential for deeper
and wider pits, thereby extending the mine life and improving the project
economics.
The drilling program also identified silver and copper mineralisation.
Intercepts have shown silver and copper as moderate-grade by-products
associated with the tin mineralisation, as well as in discrete zones of
high-grade, cross-cutting silver-rich mineralisation. While Taronga remains
a tin-focused project, given the recent price increases for silver and copper,
we intend to undertake further technical and economic assessment on recovery
of the silver and copper from the processing residues.
In October 2025, we published a major update to the Gottesberg, Germany MRE
with the total indicated and inferred tin resources increasing from 33,000
tonnes to 90,900 tonnes. This revised MRE takes First Tin's total tin
resource base to 367,600 tonnes of contained tin, the largest undeveloped tin
resource base in the OECD, which represents significant strategic value in an
unstable geopolitical environment.
A crucial enabler for our growth is the ability to raise new finance to
support our developmental programme. We were pleased to receive strong support
from new and existing shareholders for our capital placement of £6.3m
announced in November 2025. Most of this funding is allocated to advancing our
flagship Taronga project through final permitting, and completing an update
and value enhancement to our Definitive Feasibility Study (DFS).
The funding will also support early engineering design work for critical
equipment and site works to help prepare the project for development. The
support from our shareholders underscores the confidence in our strategic
direction, the value in our projects, and the promising outlook for the tin
sector.
The management team continue to advance discussions on potential project
financing options for Taronga. The receipt of a non-binding Letter of
Interest from the U.S. Export-Import Bank outlining potential financing
support of up to US$120 million for the project is another endorsement of
Taronga's strategic importance to the global tin market.
Despite macro-economic and geopolitical uncertainties, demand for tin remains
robust, driven by the global clean energy transition and the digital
transformation. Over the period under review the tin price increased from
US$33,000/tonne at the start of July to over US$40,000/tonne in December
2025. This trend continued into the new year, with the tin price peaking at
US$56,500/tonne on the 29 January 2026, before falling back to ca.,
US$50,000/tonne in early February ahead of the Chinese new year period.
With the International Tin Association forecasting a growing tin supply
deficit over the next decade, the need for reliable, responsibly produced tin
reinforces our commitment to developing scaleable, sustainable and traceable
tin supply. Located in the stable, low political risk OECD jurisdictions of
Australia and Germany, First Tin's projects are well positioned to benefit
from this dynamic. The progress over the past six months continues to show
the strong potential to increase our resource base, extend life of mine and
create long-term value.
The programme for Calendar year 2026 is well established. At Taronga, we look
forward to the completion of the value-enhancing update to the DFS, receipt of
the developmental approval, and finalisation of the project financing package
to allow us to move into the engineering and build phase of project
development. In Germany, we continue to work with the Mines Authority for
the life of mine permit, undertake testwork on germanium and indium
recoveries, and work on building out the district-scale potential of our
exploration licenses.
On behalf of the Board, I would like to thank our employees for their
dedication and hard work, and our shareholders and stakeholders for their
continued support and collaboration as we deliver our vision to be a
significant global and sustainable tin supplier.
C Cannon Brookes
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
In the period ending 31 December 2025, we made major steps along our
developmental path bringing us materially closer to our goal of becoming a
sustainable and reliable supplier of traceable tin from our assets in
Australia and Germany.
Tin is a critical metal for the clean energy transition, the digital
transformation and AI-linked demand, yet its supply chain remains extremely
vulnerable and subject to disruption. In an increasingly volatile world,
traceable and verifiable tin sourced from secure locations such as First Tin's
projects in Australia and Germany is a sustainable solution to the tin supply
issues facing industrial consumers.
First Tin now has the largest undeveloped tin resource base in the OECD. Our
primary focus continues to be on unlocking the intrinsic value within our
assets by advancing permitting, optimising and enhancing project economics,
and increasingly, preparing for project execution.
Tin, a critical metal with a tightening supply narrative
Tin is a critical, yet often overlooked, clean energy metal. Demand for tin is
increasing as it is fundamental for modern technology - every electrical
connection needs solder that is predominantly composed of tin. To the
structural demand growth from the energy transition and digital transformation
can be added the demand impact of increasing AI-related investments.
However, the supply chain for tin is extremely vulnerable to disruption, with
a limited pipeline of advanced new projects to meet growing demand.
Over 90% of global tin supply comes from emerging and developing economies,
prone to conflict and supply disruptions. Supply has not grown over the past
20 years, resulting in historically low global inventories. Australia is the
only significant producer of tin in concentrate in the OECD. The USA, Japan,
Germany and South Korea, the four largest consumers of refined tin after
China, have no tin mines and are reliant on imports for their advanced
manufacturing sectors. As demand growth is outstripping supply, a
significant supply deficit is forecast in future years.
Over the reporting period we continued to see disruptions to tin supply across
major producing regions. Refined tin exports from Indonesia, the largest
exporter, have shown substantial month-on-month volatility with a Government
crack-down on illegal mining and licensing issues. Regulatory changes are
likely to create supply uncertainty. Although the mining ban in Myanmar has
been lifted, output has continued to be constrained following the earthquake
and recent flooding. Nevertheless, tin-in-concentrate exports to China have
started to increase, but remain well below pre-ban levels. The reduction in
Chinese imports from Myanmar was offset by higher imports from the Democratic
Republic of Congo following the Bisie expansion. However, despite the peace
agreement, conflict continues in the region, raising concerns for supply
security.
Tin demand drivers remained positive over the period. Record global
semi-conductor sales for 2025 were reported, increasing 25% over 2024, with
fourth quarter sales up quarter-on-quarter by 13% and year-on-year by 37%.
China's solar PV installations were reportedly up 35% year-on-year in 2025
with installations picking up again in the fourth quarter. Against a
backdrop of changing legislation, global EV sales exceeded 20 million units in
2025, an increase of 20% on 2024.
With supply side uncertainty and demand growth, the tin price markedly
strengthened over the period, increasing from US$33,000/tonne at the start of
July to reach US$40,000/tonne in early December 2025. It then accelerated in
the new year reaching a record US$56,500/tonne on the 29 January 2026, before
falling back to ca., US$50,000/tonne in early February ahead of the Chinese
new year period. As our Taronga Definitive Feasibility Study (DFS) and
Tellerhäuser PFS have shown, our projects are highly leveraged to increasing
tin prices, so this trend is positive for future value of our resource base.
Demand in the short term is expected to continue to show steady growth, albeit
subject to macro-economic news. As such, supply side developments will
likely drive tin prices in the short-term, reinforcing the longer term
structural need for new tin supply. We are confident that First Tin is well
positioned to benefit from this opportunity to become a material tin supplier
from its conflict-free and low political risk jurisdictions of Australia and
Germany.
Unlocking value at our Taronga Asset in Australia
The period under review has seen major milestones achieved at Taronga.
Following publication of the DFS in May 2024, focus has been on advancing
the project through the environmental permitting process, while working to
confirm the significant value enhancement opportunities identified.
The completion and submission in September 2025 of Taronga's Environmental
Impact Study (EIS) marked the conclusion of over three years of extensive
studies by numerous external specialists to address the statutory EIS
assessment requirements of the Department of Planning, Housing and
Infrastructure (DPHI). These studies related to biodiversity, land and soil
capability, material characterisation, assessment of impacts on air quality,
noise, traffic, health, water, greenhouse gases, Aboriginal and historic
heritage, agriculture, and economic value to the Commonwealth, State and local
region. Additional studies were also completed for the proposed mine camp
near Glen Innes Airport, and the proposed upgrades to the Grampians Road, the
main access road to the mine site.
The EIS is a comprehensive document that describes all the components of the
Taronga Project and provides information on the environmental issues addressed
in its design and assessment. It addresses the requirements of the New South
Wales Planning Secretary for Environmental Assessment Requirements (SEARs), as
well as the requirements of other Government agencies, the local communities,
surrounding landowners and a range of specialist consultants' assessments.
The team at Taronga has engaged extensively with the local community to
understand their issues and concerns and reflect these in the design of the
Project. The support of the Glen Innes Severn Council (GISC) is highlighted
by the agreement to place the mine camp on GISC-owned land adjacent to the
Glen Innes Airport, which is strategically located for transport and traffic
management and has existing infrastructure in place. The support of the
local community and GISC is critical for the Project, and this is reflected in
the outcome of the mandatory public exhibition period for the EIS, which
concluded in November with only four objections. As this is well below the
threshold of 50, the project can proceed through the standard approval
pathway, avoiding the additional time and expense of a referral to the
Independent Planning Commission (IPC).
Another major milestone at Taronga was the successful completion of the infill
and extension drilling programme. The programme, which totalled 7,459 metres
across 97 reverse circulation (RC) drillholes, was primarily designed to
convert Inferred resources to Measured and Indicated status, as well as to
test several interpreted zones of mineralisation adjacent to the proposed
pits. The assay results are very encouraging, validating our interpretation
that additional mineralisation exists within and adjacent to the current pit
outlines:
· Extended Mineralisation: Assay results confirm the extension of
mineralisation to the northeast and southwest, indicating the potential for
wider, deeper pits, which would extend the mine life and improve project
economics.
· Improved Ore Conversion: Potential conversion of waste rock to
ore, improving the already excellent 1:1 strip ratio and reducing mining
costs.
· Higher-Grade Mineralisation: Significant higher-grade
intersections were identified within, between and outside the current pit
shells. Notably, the northern extension of known mineralisation in the South
Pit showed high grade intercepts over at least 150m strike and still open to
the north.
· Potential upgrade of Inferred Resource to Measured and Indicated
categories: Drilling has shown the Hillside Extended Zone (in the north of
both pits) to be well mineralised and it is expected to upgrade substantial
portions of the Inferred Resource to Measured and Indicated categories.
Similarly, results from infill drilling in the southern part of the South Pit
should allow conversion of Inferred Resources to Indicated category.
· New Mineralised Area: Mineralisation confirmed in an undrilled
area to the north of the North Pit (new North Zone), with some high-grade
intersections, warranting further drilling.
The drilling program also identified silver and copper mineralisation.
Intercepts have shown silver and copper as moderate-grade by-products
associated with the tin mineralisation, as well as in discrete zones of
high-grade, cross-cutting silver-rich mineralisation. Metallurgical testwork
undertaken as part of the current tin processing flowsheet refinement
indicates that silver and copper are partially concentrated into sulphide
flotation residues generated during tin concentration, dressing and clean-up.
Assays from recent test work show sulphide residues averaging 137g/t silver
(4.4oz/t) and 1.74% copper, derived from average head grades of 5.8g/t Ag and
0.11% Cu. Approximately 30,000 tonnes of sulphide residues are expected to
be generated annually under the current process design. These residues are
currently planned to be stored separately in the Residue Storage Facility
("RSF"), preserving the option for future retreatment to recover silver and
copper, subject to further test work and economic assessment.
All the assay data has been provided to an independent consultant to prepare
an updated Mineral Resource Estimate (MRE). The potential upgrading of
resources from Inferred to Measured and Indicated status is expected to
ultimately support a longer life of mine and with tin prices currently near
USD 50,000/tonne enhance the project economics.
Mineral Processing Testwork continued to refine the processing flowsheet with
results confirming the upgrading and concentration potential of the Taronga
mineralisation through our simple, low capex and low opex gravity flowsheet.
Together with the results from the drilling programme and updated MRE, this
work will inform the update to the DFS that is underway.
With Taronga's EIS submitted, discussions have advanced on potential project
financing options and in November we announced the receipt of a non-binding
Letter of Interest from the U.S. Export-Import Bank (EXIM). This indicated
EXIM's capacity to consider up to US$120 million in financing for a maximum
repayment term of 12 years to support Taronga's development, linked to the
supply of tin concentrate to the USA. The US currently has no domestic mine
production and the project may qualify for special consideration under
EXIM's China and Transformational Exports Program (CTEP), aimed at
strengthening US supply chain resilience in critical minerals.
Growing our Resource Base in Germany
Similarly to Taronga, our German assets represent another large-scale tin
resource, located in the historic tin district of Saxony in Germany, and also
benefiting from existing infrastructure that reduces risk and anticipated
capital expenditure.
Following the successful and low cost use of historic drilling data that
enabled an increase to the Tellerhäuser MRE, the team commenced a similar
review of historic drilling data, supplemented with more recent exploration
mapping and sampling, for the Gottesberg deposit. In October, we published
an updated MRE for Gottesberg with a significant increase in the resource base
under the 2012 JORC Code & Guidelines.
Based on revised economic considerations, including the increased tin price,
and an improved geological understanding of the mineralisation that suggests
the mineralisation is more robust at lower cut-off grades, the cut-off has
been reduced from 0.35% Sn to 0.15% Sn. This resulted in the total Indicated
and Inferred Resource base increasing from the previously reported 33,000t tin
to 90,900t tin with average grade decreasing from 0.49% Sn to 0.25% Sn. This
revised resource is more in line with previously reported historical resource
estimates, with wireframes now being more geologically constrained rather than
grade constrained.
The revised estimate takes First Tin's total tin resource base to 367,600
tonnes tin, the largest undeveloped tin resource base in the OECD and one of
the largest undeveloped tin resource bases globally.
While there was insufficient assay data to quantify associated elements into
resources status, Exploration Targets have been estimated for copper,
tungsten, bismuth, arsenic, silver and gallium. The presence of these
critical raw materials, which are essential for various industries, including
electronics, defence, batteries, robotics, EV's and green energy technologies,
further enhances the strategic importance of our German assets
Finance Review
In December, the Group announced the successful equity fundraising of £6.3
million (before expenses) by way of a subscription for 90,000,000 new
ordinary shares of £0.001 each in the capital of the Company at a price
of 7 pence per ordinary share. This fundraising marks another important
milestone for First Tin as we continue to advance our strategy of developing
high-quality, low-capex tin projects in stable jurisdictions. The majority of
the proceeds are to be allocated to Taronga to accelerate critical early
works, including preparatory groundworks, infrastructure upgrades, and support
the completion of our updated DFS, while also supporting progress at our
German assets.
For the 6 months to 31 December 2025, the Group reported a loss after tax of
£0.71m (period ended 31 December 2024: £0.91m) and a net asset value of
£50.27m (period ended 30 June 2025: £44.31m).
At 31 December 2025 the Group had cash balances of £9.03m (period ended 30
June 2025: £6.37m).
Outlook
Following the successful capital raise we are in a strong financial position
to deliver our planned developmental and value enhancement programme.
Our focus over the next 6 months is on:
· Finalisation of our response to submissions to the DPHI for
Taronga's permitting.
· Optimisation and enhancement of the value of the Taronga DFS
from:
o Completion of the mineral testwork programme and refinements to the
processing flowsheet.
o Completion of an updated MRE confirming the potential for an increased
life of mine.
· Progress detailed engineering design for the proposed mine camp
and Taronga's mine water management system.
· Evaluating project financing options to advance Taronga through
engineering design and into construction.
· Progressing Mining Authority approval for Tellerhäuser.
· Field work around our exploration licenses in both Australia and
Germany.
The structural shifts in the tin market, together with the increased
recognition of tin as a critical metal for the energy transition, the digital
revolution and the growth of AI-related investment, present significant
opportunities. Our projects, strategically located in the safe, compliant
jurisdictions of Australia and Germany, ideally position us to capitalise on
this opportunity. The progress over the past 6 months brings us materially
closer to Development Approval for both our projects. With the largest
undeveloped tin resource base in the OECD, we can look forward to meeting the
essential needs of industrial tin consumers.
As always, I would like to thank all our shareholders and other stakeholders
for your ongoing support. Our strategic objective to become a reliable and
sustainable global producer of fully traceable and verifiable tin is clear and
following the significant progress over the recent period, we have entered
2026 with confidence. I look forward to updating you on further progress.
W A Scotting
Chief Executive Officer
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
Note Period to Period to
31 31
December December
2025 2024
(Unaudited) (Unaudited)
£ £
Administrative expenses (767,380) (944,625)
Share based payments (non-cash) 6 - -
Operating loss (767,380) (944,625)
Finance income 60,875 35,538
Finance costs (2,750) (792)
Loss before tax (709,255) (909,879)
Income tax expense - -
Loss for the period (709,255) (909,879)
Other comprehensive (loss)/income
Exchange differences on translation of foreign
operations 695,497 (1,098,084)
Other comprehensive (loss)/income for the
period 695,497 (1,098,084)
Total comprehensive loss for the period (13,758) (2,007,963)
Total comprehensive loss attributable to
the equity holders of the company (13,758) (2,007,963)
Basic loss - pence per share 5 (0.15) (0.27)
Diluted loss - pence per share 5 (0.15) (0.27)
The Notes form an integral part of these Condensed Consolidated Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note 31 30
December June
2025 2025
(Unaudited) (Audited)
£ £
Non-current assets
Intangible assets 7 38,947,988 36,681,959
Property, plant and equipment 8 2,606,999 2,314,400
41,554,987 38,996,359
Current assets
Trade and other receivables 9 257,287 218,807
Cash and cash equivalents 9,033,181 6,373,847
9,290,468 6,592,654
Current liabilities
Trade and other payables 10 (574,734) (1,279,777)
Net current assets 8,715,734 5,312,877
Total assets less current liabilities 50,270,721 44,309,236
Net assets 50,270,721 44,309,236
Capital and reserves
Called up share capital 12 541,868 451,868
Share premium account 33,444,130 27,558,887
Merger relief reserve 17,940,000 17,940,000
Warrant reserve 269,138 269,138
Retained earnings (408,891) 300,364
Translation reserve (1,515,524) (2,211,021)
Shareholders' funds 50,270,721 44,309,236
The Condensed Consolidated Financial Statements were approved and authorised
for issue by the Board of Directors on 25 February 2026 and were signed on its
behalf by:
C Cannon Brookes
Director
The Notes form an integral part of these Condensed Consolidated Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Period to Period to
31 31
December December
2025 2024
(Unaudited) (Unaudited)
£ £
Cash flows from operating activities
Operating loss for the period (767,380) (944,625)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of tangible assets 38,953 21,829
Loss on disposal of tangible assets - -
(Increase)/decrease in trade and other receivables (38,480) 43,976
Decrease in trade and other payables (705,043) (114,389)
Cash used in operations (1,471,950) (993,209)
Interest paid (2,750) (792)
Net cash flows used in operating activities (1,474,700) (994,001)
Cash flows from investing activities
Purchase of intangible assets (1,693,784) (1,306,935)
Receipt of government grants - -
Purchase of property, plant and equipment (251,392) (74,993)
Interest received 60,875 35,538
Net cash flows generated from/(used in) investing activities (1,884,301) (1,346,390)
Cash flows from financing activities
Issuance of shares (net of issuance costs) 5,975,243 9,354,174
Net cash flows generated from financing activities 5,975,243 9,354,174
Net increase/(decrease) in cash 2,616,242 7,013,783
Cash and cash equivalents at beginning of period 6,373,847 1,345,629
Exchange gain on cash and cash equivalents 43,092 3,972
Cash at the end of period 9,033,181 8,363,384
The Notes form an integral part of these Condensed Consolidated Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
Merger
Share Share relief Warrant Retained Translation Total
capital premium reserve reserve earnings reserve equity
£ £ £ £ £ £ £
At 1 July 2025 451,868 27,558,887 17,940,000 269,138 300,364 (2,211,021) 44,309,236
Loss for the period - - - - (709,255) - (709,255)
Other comprehensive loss for the year
- - - - - 695,497 695,497
Total comprehensive loss for the year
- - - - (709,255) 695,497 (13,758)
Transactions with owners:
Issuance of shares (net of issuance costs)
90,000 5,885,243 - - - - 5,975,243
Total transactions with owners
90,000 5,885,243 - - - - 5,975,243
At 31 December 2025 541,868 33,444,130 17,940,000 269,138 (408,891) (1,515,524) 50,270,721
The Notes form an integral part of these Condensed Consolidated Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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 - - - - (909,879) - (909,879)
Other comprehensive income for the year
- - - - - (1,098,084) (1,098,084)
Total comprehensive loss for the year - - - - (909,879) (1,098,084) (2,007,963)
At 31 December 2024 451,868 27,558,887 17,940,000 269,138 944,660 (1,933,386) 45,231,167
The Notes form an integral part of these Condensed Consolidated Financial
Statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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, W1J 0DT.
First Tin Plc ("the Company'') and its subsidiaries own two advanced tin
projects, one in Germany and one in Australia, and is seeking to bring both
projects into production in order to be able to deliver a sustainable answer
to the material supply issues faced by industrial tin consumers.
The condensed consolidated financial statements comprise financial information
of the Company and its subsidiaries (the "Group").
2. Significant accounting policies
2.1 Basis of preparation
The unaudited condensed consolidated financial statements for the period ended
31 December 2025 have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority and International
Accounting Standard 34 "Interim Financial Reporting" (IAS 34). Other than as
noted below, the accounting policies applied by the Group in the preparation
of these condensed consolidated financial statements are the same as those set
out in the Group's audited financial statements for the period ended 30 June
2025. These condensed consolidated financial statements have been prepared
under the historical cost convention except for certain financial and equity
instruments that have been measured at fair value.
These condensed consolidated financial statements do not include all of the
information required for a complete set of IFRS financial statements. However,
selected explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the Group's
financial position and performance since the audited financial statements for
the period ended 30 June 2025.
Statutory accounts for the period ended 30 June 2025 have been filed with the
Registrar of Companies and the auditor's report was unqualified and did not
contain any statement under Section 498(2) or 498(3) of the Companies Act
2006. The report contained reference to a material uncertainty relating to
going concern, but the auditor's opinion was not modified in respect of this
matter.
A number of amended standards became applicable for the current reporting
period. The Group did not have to change its accounting policies or make
retrospective adjustments as a result of adopting these amended standards.
The condensed consolidated financial statements are unaudited and were
approved by the Board of Directors on 25 February 2026.
2.2 Going concern
The Group currently has no income and meets its working capital requirements
through to 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 study period and
this, in turn, depends on the availability of external funding.
On 25 November 2025 the Company raised £6.3 million (before expenses) by way
of a placing of 90,000,000 new ordinary shares at a price of 7 pence per
share.
At 31 December 2025, the Group had cash balances of c. £9.0 million. This
will provide sufficient working capital for 12 months from the date of signing
of these financial statements, based on financial projections prepared by the
Directors.
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. Critical accounting estimates and judgements
The preparation of the Group's condensed consolidated financial statements
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. Critical judgements and areas
where the use of estimates is significant are set out in the audited
consolidated financial statements for the period ended 30 June 2025.
4. Segmental reporting
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:
31 30
December June
2025 2025
£ £
Germany 9,171,828 9,265,621
Australia 32,383,159 29,730,738
41,554,987 38,996,359
5. Loss per Ordinary share
Period to Period to
31 31
December December
2025 2024
£ £
Loss for the period attributable to the ordinary
equity holders of the Company (£) (709,255) (909,879)
Basic loss per Ordinary share
Weighted average number of Ordinary shares 459,694,393 340,040,407
in issue
Basic loss per Ordinary share (pence) (0.15) (0.27)
Diluted loss per Ordinary share
Weighted average number of Ordinary shares 459,694,393 340,040,407
in issue
Diluted loss per Ordinary share (pence) (0.15) (0.27)
For diluted loss per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potential dilutive warrants and
options over ordinary shares. Potential ordinary shares resulting from the
exercise of warrants and options 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.
6. Share-based payments
Share options and warrants
The 8,500,000 options that were outstanding at 31 December 2024 expired during
2025. There are no options or warrants outstanding at the period end.
7. Intangible assets
Exploration
and
evaluation
assets
£
Cost
At 1 January 2021
Additions
Currency translation
At 31 December 2021
At 1 July 2024 34,968,675
Additions 2,732,752
Currency translation (1,019,468)
At 30 June 2025 36,681,959
Additions 2,230,243
Disposals (536,459)
Currency translation 572,245
At 31 December 2025 38,947,988
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 31 December 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.
8. Property, plant and equipment
Land & Motor Fixtures &
Buildings Vehicles Fittings Total
£ £ £ £
Cost
At 1 July 2024 2,115,351 131,246 308,598 2,555,195
Additions - - 156,696 156,696
Currency translation (194,612) (8,929) (25,200) (228,741)
At 30 June 2025 1,920,739 122,317 440,094 2,483,150
Additions - - 251,392 251,392
Currency translation 64,124 3,554 16,692 84,370
At 31 December 2025 1,984,863 125,871 708,178 2,818,912
Depreciation
At 1 July 2024 - 30,606 90,759 121,365
Charge for period - 11,173 38,574 49,747
Currency translation - (1,113) (1,249) (3,631)
At 30 June 2025 - 40,666 128,084 168,750
Charge for period - 5,908 33,045 38,953
Currency translation - 1,095 3,115 4,210
At 31 December 2025 - 47,669 164,244 211,913
Net book value
At 31 December 2025 1,984,863 78,202 543,934 2,606,999
At 30 June 2025 1,920,739 81,651 312,010 2,314,400
9. Trade and other receivables
31 31
December December
2025 2024
£ £
Prepayments and other receivables 153,595 137,967
Recoverable value added taxes 103,692 108,057
257,287 246,024
10. Trade and other payables
31 31
December December
2025 2024
£ £
Trade payables 115,876 610,569
Accruals 214,859 203,920
Other payables 243,999 224,300
574,734 1,038,789
11. Related party transactions
Directors' remuneration and fees
The table below sets out the Directors' remuneration and fees:
Six months ended 31 December 2025 Share based
payments
Fees Total
£ £ £
Mr W A Scotting 100,000 - 100,000
Mr C Cannon Brookes* 17,500 - 17,500
Mr R G J Ainger 22,500 - 22,500
Mr B R Smith 12,000 - 12,000
Mr P L Gunzburg 12,000 - 12,000
164,000 - 164,000
* Fees relating to Mr C Cannon Brookes are paid to Arlington Group
Asset Management Limited.
Six months ended 31 December 2024 Share based
payments
Fees Total
£ £ £
Mr W A Scotting 79,167 - 79,167
Mr C Cannon Brookes* 17,500 - 17,500
Mr R G J Ainger 22,500 - 22,500
Mr B R Smith (appointed 11 July 2024) 11,315 - 11,315
Mr P L Gunzburg (appointed 11 July 2024) 11,315 - 11,315
Ms C Apthorpe (resigned 30 September 2024) 13,333 - 13,333
Mr I Hofmaier (resigned 30 September 2024) 15,000 - 15,000
Mr N Mather** (resigned 11 July 2024) - - -
170,130 - 170,130
* Fees relating to Mr C Cannon Brookes are paid to Arlington Group
Asset Management Limited.
** Fees relating to Mr N Mather are paid to Samuel Capital Pty.
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 £273,500 from Arlington in respect of fund-raising
commissions and expenses, financial advisory and director's fees (2024:
£508,375 in respect of financial advisory fees and director's fees).
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 £18,000
from RFA in respect of financial advisory fees and company secretarial
services (2024: £37,000 in respect of company secretarial services).
12. Share capital
31 30
December June
2025 2025
£ £
Allotted, called up and fully paid
541,868,306 (2024: 451,868,306) Ordinary shares of £0.001 each 541,868 451,868
On 15 December 2025 the Company issued 90,000,000 Ordinary shares of £0.001
each at a value of 7 pence per share. Total costs of £324,757 were incurred
and were offset against share premium.
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.
13. Ultimate controlling party
In the opinion of the Directors, there is no controlling party.
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