REG - First Tin PLC - Metals X Limited Acquires Stake in First Tin

First TinAnnouncement

11/07/2024 07:00

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RNS Number : 9391V  First Tin PLC  11 July 2024

 

11 July 2024

First Tin PLC

("First Tin" or "the Company")

Metals X Limited Acquires Strategic Stake in First Tin PLC

and Board Changes

First Tin PLC, a tin development company with advanced, low capex projects in
Germany and Australia, is pleased to announce that Australia's largest tin
producer Metals X Limited ("Metals X") (ASX: MLX) has completed an on-market
purchase of 60 million existing ordinary shares at a price of 4 pence per
share from Clara Resources Limited. As a result, Metals X holds approximately
23% of the current issued ordinary share capital of First Tin.

On 10 July 2024, the Company announced a fundraising (the "Fundraising") to
raise gross proceeds of approximately £2.1 million by means of a placing (the
"Placing") of new Ordinary Shares (the "Placing Shares") at a price of 4 pence
per share (the "Issue Price"). Metals X agreed to subscribe for 11,500,000
Placing Shares in the Placing. Pursuant to completion of the Fundraising,
which is subject to shareholder approval, Metals X's holding will continue to
represent approximately 23% of the enlarged issued share capital of the
Company.

First Tin is pleased to welcome Metals X as a new shareholder. Metals X brings
decades of expertise in tin mining and processing, along with a strong balance
sheet, which will help First Tin advance its own high margin, low capex tin
projects in Australia and Germany.

Metals X Chairman Peter Gunzburg commented:

"We are delighted to make a strategic investment in First Tin PLC and look
forward to working closely together. The combination of Metals X's operating
and financial capabilities with First Tin's exciting and late stage
development assets should be of significant benefit to all stakeholders."

First Tin PLC CEO Bill Scotting said:

"First Tin is pleased to receive Metals X's endorsement of our tin assets.
Having recently delivered a successful Definitive Feasibility Study for
Taronga and a strengthened mineral resource estimate for Tellerhäuser, we
look forward to deepening our collaboration with Australia's largest tin
producer to optimise and accelerate the delivery of our growth projects, which
will supply essential tin units to a world undergoing an energy transition and
digital transformation."

As part of the agreement, First Tin has invited Metals X to nominate two
directors to the First Tin board. Therefore, Brett Smith, Executive Director
of Metals X, and Peter Gunzburg, Chairman of Metals X, will join the board,
effective 11 July 2024. As such, Clara's board representative Mr. Nicholas
Mather will step down as a Non-Executive Director.  First Tin thanks Mr.
Mather for his contribution to the board since the IPO in 2022.

Enquiries:

 

 First Tin                                                                     Via SEC Newgate below
 Bill Scotting - Chief Executive Officer
 Arlington Group Asset Management Limited (Financial Advisor and Joint Broker
 and Bookrunner)
 Simon Catt                                                                    020 7389 5016
 WH Ireland Limited (Joint Broker and Bookrunner)
 Harry Ansell                                                                  020 7220 1670
 SEC Newgate (Financial Communications)
 Elisabeth Cowell / Molly Gretton                                              07900 248 213

 

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 has 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.

 

 

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