First Tin (1SN) H2 2026 earnings summary

Executive summary

• FY26 focused on advancing Taronga in Australia through resource conversion, feasibility work and permitting; German projects remained a longer-term growth platform.

• The portfolio’s stated purpose is to develop traceable tin supply in Australia and Germany, both OECD jurisdictions, while addressing structural supply constraints.

Financial highlights

• FY26 loss after tax was £1.469m versus £1.554m in FY25; operating loss was £1.572m versus £1.704m.

• Net assets rose to £50.285m from £44.309m; cash was £6.128m versus £6.374m at 30 June 2026 and 2025, respectively.

• Exploration and evaluation asset purchases were £4.642m versus £2.733m; net operating cash outflow was £1.428m.

Outlook and guidance

• Taronga development approval was expected during 2026; priorities are to advance project financing and offtake discussions ahead of construction, alongside German studies, permitting and exploration.

• Taronga’s conceptual Phase 2 extension indicates a possible 4–11 additional mine years and 11–26kt additional tin sold, subject to resource scenario and future permitting.

• Additional funding is forecast to be required in Spring 2027 for working capital; the Board expected to raise sufficient funds, but future funding remains uncertain.