REG - First Tin PLC - Preliminary Unaudited Results
28/10/2024 16:45
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RNS Number : 9240J First Tin PLC 28 October 2024
28 October 2024
First Tin PLC
("First Tin" or "the Company")
Preliminary Unaudited Results
First Tin PLC, a tin development company with advanced, low capex projects in
Australia and Germany, today publishes its unaudited preliminary results for
the 18 months ended 30 June 2024.
This follows the change to the Company's accounting reference date and
financial year end from 31 December to 30 June, announced earlier this year.
Highlights
· In Australia, Taronga's excellent potential to be developed into a
low capex, low risk, and high margin tin mine, with attractive economics,
confirmed through the Definitive Feasibility Study
· Taronga's Mineral Resource Estimate ("MRE") increased by over 240%
to 138,300 tonnes of contained tin
· The Taronga deposit has been confirmed to be highly scalable, with
multiple opportunities to create significant value upside identified through:
o Conversion of inferred resources to enable deeper, wider pits
o Potential parallel zones immediately NW of the current pits
o Extensions to the NE and SW of the current pits (mineralisation not closed
off)
o Between the two pits where recent drilling has returned previously unknown
mineralisation
o Potential parallel zones to the SE of the current pits
o Improvements to the expected processing recoveries
· The Company has also been successful in confirming the thesis that
the Taronga deposit is part of a larger tin district which could hold
potential for a hub and spoke approach
· In Germany, delivered a 35% increase in the Tellerhäuser MRE to
138,600t tin from the 2019 estimate of 102,900t tin and infrastructure
requirements successfully progressed
· Loss before tax of £3.9 million (31 December 2022: £3.2m)
· Post-period end, Metals X Limited became a 23% shareholder of First
Tin, which is a strong endorsement from Australia's largest tin producer
First Tin CEO, Bill Scotting commented:
"We are delighted with the significant value we have added to our portfolio
during the period, which has been further validated by Australia's largest tin
producer, acquiring a +20% stake in First Tin immediately post-period end. Our
portfolio holds tremendous potential, especially at Taronga in Australia,
which we believe is on track to become the world's next major tin mine. With
several opportunities identified to scale the project, we are confident that
we can significantly enhance the strong economic case we've already
demonstrated.
"Tin has been designated a critical mineral in numerous jurisdictions, but
with primary tin supply stagnating and major producers facing challenges,
including diminishing reserves and operational disruptions, a supply deficit
looms. This means that our assets, which are located in developed countries
with strong oversight of environmental standards, are of even more strategic
importance. With this in mind, we remain highly optimistic about the tin
market and believe our portfolio is well-positioned for continued success."
Enquiries:
First Tin Via SEC Newgate below
Bill Scotting - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt 020 7389 5016
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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
Period Year
ended ended
30 Jun 31 Dec
Note 2024 2022
(Unaudited) (Audited)
£ £
Administrative expenses (3,163,266) (3,240,389)
Operating loss (3,163,266) (3,240,389)
Finance income 130,236 -
Finance costs (25) (2,557)
Loss before tax (3,033,055) (3,242,946)
Income tax expense - -
Loss for the period (3,033,055) (3,242,946)
Other comprehensive (loss)/income
Exchange differences on translation of foreign
operations (865,875) 118,937
Other comprehensive (loss)/income for the
period (865,875) 118,937
Total comprehensive loss for the period (3,898,930) (3,124,009)
Total comprehensive loss attributable to
the equity holders of the company (3,898,930) (3,124,009)
Basic loss - pence per share 7 (1.14) (1.40)
Diluted loss - pence per share 7 (1.14) (1.40)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 Jun 31 Dec
Note 2024 2022
(Unaudited) (Audited)
£ £
Non-current assets
Intangible assets 9 34,968,675 27,367,552
Property, plant and equipment 10 2,433,830 1,589,748
37,402,505 28,957,300
Current assets
Trade and other receivables 11 290,000 808,711
Cash and cash equivalents 1,345,629 13,823,173
1,635,629 14,631,884
Current liabilities
Trade and other payables 12 (1,153,178) (1,805,298)
Net current assets 482,451 12,826,586
Total assets less current liabilities 37,884,956 41,783,886
Net assets 37,884,956 41,783,866
Capital and reserves
Called up share capital 14 265,535 265,535
Share premium account 14 18,391,046 18,391,046
Merger relief reserve 17,940,000 17,940,000
Warrant reserve 269,138 269,138
Retained earnings 1,854,539 4,887,594
Translation reserve (835,302) 30,573
Shareholders' funds 37,884,956 41,783,886
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 (Unaudited) 265,535 18,391,046 17,940,000 269,138 4,887,594 30,573 41,783,886
Loss for the period - - - - (3,033,055) - (3,033,055)
Other comprehensive loss for
the period - - - - - (865,875) (865,875)
Total comprehensive loss - - - - (3,033,055) (865,875) (3,898,930)
for the period
At 30 June 2024 (Unaudited) 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Merger
Share Share relief Warrant Retained Translation Total
capital premium reserve reserve earnings reserve equity
£ £ £ £ £ £ £
At 1 January 2022 138,868 17,931,296 - 95,372 (10,507,856) (88,364) 7,569,316
Loss for the year - - - - (3,242,946) - (3,242,946)
Other comprehensive income
for the year - - - - - 118,937 118,937
Total comprehensive loss
for the year - - - - (3,242,946) 118,937 (3,124,009)
Transactions with owners:
Capital reduction - (17,931,296) - - 17,931,296 - -
Issuance of shares (net of
issuance costs) 66,667 18,564,812 - - - - 18,631,479
Shares issued to acquire
Taronga 60,000 - 17,940,000 - - - 18,000,000
Share-based payments - (173,766) - 173,766 707,100 - 707,100
Total transactions with
owners 126,667 459,750 17,940,000 173,766 18,638,396 - 37,338,579
At 31 December 2022 265,535 18,391,046 17,940,000 269,138 4,887,594 30,573 41,783,886
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
Period Year
ended ended
30 Jun 31 Dec
2024 2022
(Unaudited) (Audited)
£ £
Cash flows from operating activities
Operating loss (3,163,266) (3,240,389)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of tangible assets 74,211 20,597
Loss on disposal of tangible assets 18,009 -
Share-based payment expense - 707,100
Decrease/(increase) in trade and other receivables 518,711 (357,635)
(Decrease)/increase in trade and other payables (652,120) 1,503,846
Cash used in operations (3,204,455) (1,366,481)
Interest paid (25) (2,557)
Net cash flows used in operating activities (3,204,480) (1,369,038)
Cash flows from investing activities
Purchase of intangible fixed assets (8,536,853) (5,288,557)
Receipt of government grants 256,965 -
Purchase of property, plant and equipment (1,035,613) (600,907)
Cash acquired on acquisition of Taronga - 102
Interest received 130,236 -
Net cash flows used in investing activities (9,185,265) (5,889,362)
Cash flows from financing activities
Proceeds from issue of shares - 19,000,000
Share issuance costs - (368,521)
Net cash flows generated
from financing activities - 18,631,479
Net (decrease)/increase in cash (12,389,745) 11,373,079
Cash and cash equivalents at beginning of period 13,823,173 2,503,714
Exchange loss on cash and cash equivalents (87,799) (53,620)
Cash at the end of period 1,345,629 13,823,173
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 consolidated financial information comprises 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 information.
Statutory information
The financial information included in this unaudited preliminary announcement
does not constitute statutory financial statements. The statutory financial
statements for the year ended 31 December 2022 have been delivered to
Companies House and received an unqualified auditors' report with a material
uncertainty in respect of going concern. The statutory financial statements
for the 18 month period ended 30 June 2024 will be finalised on the basis of
the financial information presented by the directors in this unaudited
preliminary announcement and will be delivered to Companies House following
the Company's Annual General Meeting. The audit report for the 18 month period
ended 30 June 2024 has yet to be signed.
The announcement of the preliminary unaudited results was approved on behalf
of the board of directors on 28 October 2024.
2. Presentation of financial information
The financial information is 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 information has 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 information has been
prepared on a historical cost basis.
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 2024, the Group had cash balances of £1.3 million. On 10 July 2024
the Company raised £2.1 million (before expenses) by way of a placing of 53
million new ordinary shares at a price of 4 pence per share.
The Directors have prepared financial projections and plans for a period of at
least 12 months from the date of approval of these consolidated financial
information. It is anticipated that additional capital will need to be raised
within the next 12 months in order to continue to fund the Group's activities
at their planned levels and any such capital raise via the issuance of new
ordinary shares in First Tin plc, will be subject to shareholder approval.
This represents a material uncertainty that may cast significant doubt on the
Group's ability to continue as a going concern. If the Group was unable to
raise additional capital, the cash balance pursuant to the placing announced
on 10 July 2024 would be insufficient to fund the Group's activities at their
current level for a period of at least 12 months from the date of approval of
these consolidated financial information. However, the Directors have a
reasonable expectation that this uncertainty can be managed to a successful
outcome, and based on that assessment, the Group will have adequate resources
to continue in operational existence for the foreseeable future. Accordingly,
these consolidated financial information has been prepared on the going
concern basis.
The consolidated financial information does 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.
3.3 Basis of consolidation
The consolidated financial information incorporates the financial information
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.
4. Critical accounting estimates and judgements
The preparation of the Group's financial information 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 consolidated financial information 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:
Period Year
ended ended
30 June 31 Dec
2024 2022
£ £
Germany 8,847,849 6,824,224
Australia 28,554,656 22,133,076
37,402,505 28,957,300
6. Staff costs and Director's renumeration
Period Year
ended ended
30 Jun 31 Dec
2024 2022
£ £
At 1 January 2021
Additions
Currency translation
At 31 December 2021
Wages and salaries 2,060,861 1,124,086
Social security costs 202,185 104,671
Pension costs 76,999 36,683
2,340,045 1,265,440
Amount capitalised as intangible asset (1,597,588) (791,342)
Total staff cost recognised in the profit
and loss 742,457 474,098
The average number of staff employed by the Group, including Directors, is
detailed below:
Period Year
ended ended
30 Jun 31 Dec
2024 2022
No. No.
At 1 January 2021
Additions
Currency translation
At 31 December 2021
Management and administration 11 11
Geology and environment 7 12
Average number of staff employed
by the Group 18 23
7. Loss per Ordinary share
Period Year
ended ended
30 Jun 31 Dec
2024 2022
Loss for the period attributable to the ordinary
equity holders of the Company (£) (3,033,055) (3,242,946)
Basic loss per Ordinary share
Weighted average number of Ordinary shares
in issue 265,534,972 231,872,871
Basic loss per Ordinary share (pence) (1.14) (1.40)
Diluted loss per Ordinary share
Weighted average number of Ordinary shares
in issue 265,534,972 232,112,833
Diluted loss per Ordinary share (pence) (1.14) (1.40)
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.
8. 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.
No. of No. of No. of No. of
options options warrants warrants
2024 2022 2024 2022
Outstanding at beginning of period 10,060,000 1,560,000 5,668,000 3,168,000
Granted during the period - 8,500,000 - 2,500,000
Expired during the period (1,560,000) - (5,668,000) -
Outstanding at the end of the period 8,500,000 10,060,000 - 5,668,000
Exercisable at the end of the period 8,500,000 10,060,000 - 5,668,000
Weighted average exercise price (pence) 33 30 - 26
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 2024 2022
4 March 2019 4 March 2023 13 - 1,560,000
6 April 2022 5 April 2025 33 8,500,000 8,500,000
8,500,000 10,060,000
Weighted average remaining contractual life of options
outstanding at the end of the period 0.76 1.94
Warrants 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 2024 2022
27 April 2021 9 April 2024 20 - 2,668,000
29 June 2021 9 April 2024 20 - 500,000
29 March 2022 6 April 2024 33 - 2,500,000
- 5,668,000
Weighted average remaining contractual life of options
outstanding at the end of the period - 1.27
Fair value of options granted
The assessed fair value at the grant date of options granted during the year
ended 31 December 2022 was £0.08 per option. No options were granted during
the period ended 30 June 2024. The fair value at grant date is determined
using the Black-Scholes model, which takes into account the following inputs:
Period Year
ended ended
30 Jun 31 Dec
2024 2022
Grant date - 8 April 2022
Exercise price - 33 pence
Market value at grant date - 30 pence
Expected term - 3 years
Volatility - 44%
Risk free rate - 1.5%
The volatility is calculated based upon the volatilities of peer group
companies since there is insufficient historic data available for the Group.
Fair value of warrants granted
During the year ended 31 December 2022 the Group issued 2,500,000 warrants at
an exercise price of 33 pence, exercisable over a period of two years from the
date of grant. The fair value was calculated at £173,766. The fair value
was determined using the Black-Scholes model, with the following inputs:
market value at grant date of 30 pence, expected term of 2 years, volatility
of 46% and risk free rate of 1.4%. No warrants were issued during the period
ended 30 June 2024.
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during
the period were as follows:
Period Year
ended ended
30 Jun 31 Dec
2024 2022
£ £
Recognised in profit or loss:
Options issued to Directors under the FT Option Plan - 582,317
Options issued to staff and consultants under the FT Option Plan - 124,783
- 707,100
Recognised against share premium:
Warrants issued in respect of broker services - 173,766
Shares issued in settlement of broker commission - 1,000,000
- 1,173,766
- 1,880,766
9. Intangible assets
Exploration
and
evaluation
assets
£
Cost
At 1 January 2021
Additions
Currency translation
At 31 December 2021
At 1 January 2022 3,380,913
Additions 5,288,557
Acquisition of Taronga 18,558,503
Currency translation 139,579
At 31 December 2022 27,367,552
Additions 8,536,853
Government grants (256,965)
Currency translation (678,765)
At 30 June 2024 34,968,675
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 2024, 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.
10. Property, plant and equipment
Land & Motor Fixtures &
Buildings Vehicles Fittings Total
£ £ £ £
Cost
At 1 January 2022 - 38,803 37,797 76,600
Additions 415,220 110,583 75,104 600,907
Acquisition of Taronga 965,939 - 34,202 1,000,141
Currency translation (21,179) 1,658 3,119 (16,402)
At 31 December 2022 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
Depreciation
At 1 January 2022 - 17,567 30,182 47,749
Charge for period - 9,334 11,263 20,597
Currency translation - 1,160 1,992 3,152
At 31 December 2022 - 28,061 43,437 71,498 - 28,061 43,437 71,498 28,061 28,061 43,437 71,498 - 28,061 43,437 71,498 43,437 28,061 43,437 71,498 - 28,061 43,437 71,498 71,498 28,061 43,437 71,498
Charge for period - 18,813 55,398 74,211
Disposal - (15,277) (5,436) (20,713)
Currency translation - (991) (2,640) (3,631)
At 30 June 2024 - 30,606 90,759 121,365
Net book value
At 30 June 2024 2,115,351 100,640 217,839 2,433,830
At 31 December 2022 1,359,180 28,061 43,437 71,498 - 28,061 43,437 71,498 122,983 28,061 43,437 71,498 - 28,061 43,437 71,498 106,785 28,061 43,437 71,498 - 28,061 43,437 71,498 1,589,748 28,061 43,437 71,498
- 28,061 43,437 71,498
28,061 28,061 43,437 71,498
- 28,061 43,437 71,498
43,437 28,061 43,437 71,498
- 28,061 43,437 71,498
71,498 28,061 43,437 71,498
Charge for period
-
18,813
55,398
74,211
Disposal
-
(15,277)
(5,436)
(20,713)
Currency translation
-
(991)
(2,640)
(3,631)
At 30 June 2024
-
30,606
90,759
121,365
Net book value
At 30 June 2024
2,115,351
100,640
217,839
2,433,830
At 31 December 2022
1,359,180 28,061 43,437 71,498
- 28,061 43,437 71,498
122,983 28,061 43,437 71,498
- 28,061 43,437 71,498
106,785 28,061 43,437 71,498
- 28,061 43,437 71,498
1,589,748 28,061 43,437 71,498
11. Trade and other receivables
30 Jun 31 Dec
2024 2022
£ £
Prepayments and other receivables 259,210 386,287
Recoverable value added taxes 30,790 422,424
290,000 808,711
12. Trade and other payables
30 Jun 31 Dec
2024 2022
£ £
Trade payables 691,493 761,512
Accruals 404,016 949,004
Other payables 57,669 94,782
1,153,178 1,805,298
13. Related party transactions
Directors' remuneration and fees
The table below sets out the Directors' remuneration and fees:
Performance Share
related based
Basic fees bonus payments Total
£ £ £ £
2024
Mr W. A. Scotting 75,000 - - 75,000
Mr C. Cannon Brookes 52,500 - - 52,500
Mr R. G. J. Ainger 36,964 - - 36,964
Mr T Buenger 282,809 - - 282,809
Mr S I Cornelius 30,000 - - 30,000
Mr I Hofmaier 67,500 - - 67,500
Ms C Apthorpe 60,000 - - 60,000
Mr N Mather 40,385 - - 40,385
645,159 - - 645,159
Performance Share
related based
Basic fees bonus payments Total
£ £ £ £
2022
Mr T Buenger 268,519 109,748 374,347 752,614
Mr S I Cornelius 32,769 - - 32,769
Mr I Hofmaier 32,769 - - 32,769
Ms C Apthorpe 29,128 - - 29,128
Mr C Cannon Brookes 29,250 - - 29,250
Mr N Mather 7,500 - - 7,500
399,935 109,748 374,347 884,030
Performance Share
related based
Basic fees bonus payments Total
£ £ £ £
2022
Mr T Buenger 268,519 109,748 374,347 752,614
Mr S I Cornelius 32,769 - - 32,769
Mr I Hofmaier 32,769 - - 32,769
Ms C Apthorpe 29,128 - - 29,128
Mr C Cannon Brookes 29,250 - - 29,250
Mr N Mather 7,500 - - 7,500
399,935 109,748 374,347 884,030
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 £127,500 from Arlington in respect of financial advisory
and director's fees (2022: £876,004 in respect of fund-raising commissions
and expenses, financial advisory fees and director's fees). At 30 June 2024,
£42,500 was outstanding (2022: £nil).
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 £52,000
from RFA in respect of company secretarial services. The fees were paid in
full during the period.
14. Share capital and share premium
30 Jun 31 Dec
2024 2022
£ £
Allotted, called up and fully paid share capital
265,534,972 (2022: 265,534,972) Ordinary shares of £0.001 each 265,535 265,535
15. Ultimate controlling party
In the opinion of the Directors, there is no controlling party.
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. END FR QKFBBABDDAKBRecent news on First Tin
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