First Tin (1SN) H2 2025 earnings summary

Executive summary

• Significant progress achieved at both Australian and German assets, with key permitting milestones reached and value enhancement initiatives underway.

• No accidents or environmental incidents reported over the 12-month period.

• Largest undeveloped tin resource base in the OECD, positioning for secure, sustainable supply.

• Strong support from shareholders, including a GBP 10 million equity raise in late 2024.

Financial highlights

• Remains debt-free with a cash balance of GBP 6.37 million at period end.

• Comprehensive loss after tax for the period was GBP 1.5 million.

• Majority of funds allocated to Taronga for drilling, metallurgical testing, and EIS completion.

• Free cash flow at current tin prices estimated at AUD 50–60 million per year for Taronga.

Outlook and guidance

• Expecting project approval for Taronga in the first half of 2026, with first production targeted for late 2027 or early 2028.

• Ramp-up to full production at Taronga anticipated within three months, reaching 3,500–4,000 tons of tin metal per year.

• Permitting decision for Tellerhäuser in Germany expected in the first half of next year.

• Ongoing discussions for project financing as permitting advances.