First Tin (1SN) H1 2025 earnings summary

Executive summary

• Raised GBP 10 million in equity, ending with GBP 8.36 million cash and GBP 45.23 million net assets, supporting ongoing development in Australia and Germany.

• Significant progress on permitting and technical studies at Taronga, with EIS submission expected in March/April 2025.

• Tellerhäuser and Gottesberg projects in Germany advanced through redesigns, baseline studies, and historic data analysis.

• Strategic investment by Metals X Limited brought technical expertise and board changes, further de-risking development.

• Focus remains on advancing permitting, feasibility studies, and preparing for construction and operational readiness.

Financial highlights

• No revenue generated as the company remains in the exploration and development phase.

• Comprehensive loss of £2.01 million (or $0.9 million) for the six months to December 2024.

• Ended the period with a cash balance of £8.36 million and net asset value of £45.23 million.

• Administrative expenses totaled £944,625; basic and diluted loss per share was 0.27p.

• Majority of expenditure directed towards Taronga's EIS, DFS enhancement, and technical work; lesser spend on German permitting and resource updates.

Outlook and guidance

• Sufficient working capital for the next 12 months, with focus on completing Taronga EIS, drilling, and metallurgical testing.

• Targeting submission of Taronga's EIS by late March or April 2025, with permitting expected before year-end.

• First production and revenues anticipated in 2027, contingent on permitting and project financing.

• Updated feasibility study and NPV estimate (targeting AUD 400 million) expected in the second half of 2025.

• Drilling program results expected by July 2025.