First Tin (1SN) H1 2026 earnings summary

Executive summary

• Achieved major milestones at Australian (Taronga) and German (Gottesberg, Tellerhäuser) assets, including EIS submission at Taronga and mine plan submission at Tellerhäuser.

• Upgraded Gottesberg resource, increasing total group contained tin resources to 367,600 tonnes, the largest undeveloped tin resource base in the OECD.

• No accidents or environmental incidents reported during the period.

• Raised £6.3 million in equity, strengthening financial position for development activities.

Financial highlights

• Ended the period with a cash balance of £9.03 million (30 June 2025: £6.37 million).

• Loss after tax for the six months to December 2025 was £0.71 million; comprehensive loss after exchange rate differences was £13,758.

• Net asset value increased to £50.27 million (30 June 2025: £44.31 million).

• Basic and diluted loss per share was (0.15)p (2024: (0.27)p).

• No income generated as a junior miner; continued investment in asset development and permitting.

Outlook and guidance

• Focus for the next six months includes finalising Taronga permitting, updating the DFS, and progressing engineering design.

• Project approval for Taronga expected by end of Q2 2026; updated DFS targeted for Q2.

• Evaluating project financing options, including a non-binding Letter of Interest from the U.S. Export-Import Bank for up to US$120 million.

• Continued exploration and regulatory engagement in both Australia and Germany.