First Tin (1SN) Transition Period summary

Executive summary

• Achieved significant milestones at Taronga (Australia) and Tellerhäuser (Germany), including major resource upgrades, feasibility studies, and no accidents or environmental incidents over the 18-month period to June 2024.

• Definitive Feasibility Study (DFS) for Taronga confirmed its potential as a low CapEx, low risk, high margin tin mine with substantial NPV upside.

• Updated Mineral Resource Estimates (MRE) increased resources at Taronga by 240% to 138,300 tons and at Tellerhäuser by 35% to 138,600 tons of tin.

• Raised GBP 10 million post-period through two placements, with Metals X becoming the largest shareholder.

Financial highlights

• Posted a loss of GBP 3.9 million for the 18-month period, reflecting ongoing investment in asset development.

• Ended the period with a cash balance of GBP 1.35 million.

• Two post-period capital raises: GBP 2 million in July and GBP 8 million in October, enhancing liquidity.

• Company remains debt-free after recent capital raises.

Outlook and guidance

• Majority of new funds will be allocated to Taronga for drilling, resource conversion, process optimization, and permitting, aiming to increase NPV to $400 million at a $30,000 tin price.

• Permitting for Taronga expected in the second half of next year, with construction to follow.

• Priorities include completing the Environmental Impact Statement and developmental approval for Taronga, optimizing the DFS, and advancing project financing.

• Tellerhäuser to progress through permitting and minimal fieldwork to retain exploration licenses.