ANNUAL REPORT
FOR THE YEAR
ENDED 30 JUNE 2025
The Company’s aim is
to become a global tin
producer supplying fully
traceable and verifiable tin
units into global industries
with high tin usage needs.
The Company owns two
advanced tin projects, in
Germany and in Australia,
and is seeking to bring both
projects into production in
order to be able to deliver
a sustainable answer to the
material supply issues faced
by industrial tin consumers.
FIRST TIN l ANNUAL REPORT 2025
INTRODUCTION
CONTENTS
HIGHLIGHTS & OVERVIEW
Highlights 2
STRATEGIC REPORT
Chairman's Statement 4
World Tin Deposits Map 6
Chief Executive Officer's Report 8
Strategic Report 14
Environmental, Social and Governance ("ESG") 28
Task Force on Climate-related Financial Disclosures 30
CORPORATE GOVERNANCE
Corporate Governance Statement 32
Audit and Risk Committee Report 36
Board of Directors 38
Directors' Remuneration Report 40
Directors' Report 44
INDEPENDENT AUDITORS' REPORT
Independent Auditors' Report 48
FINANCIAL STATEMENTS
Consolidated Statement of Comprehensive Income 54
Consolidated Statement of Financial Position 55
Consolidated Statement of Changes in Equity 56
Consolidated Statement of Cash Flows 57
Notes to the Consolidated Financial Statements 58
Company Statement of Financial Position 74
Company Statement of Changes in Equity 75
Notes to the Company Statements 76
ADDITIONAL INFORMATION
Company Information 81
firsttin.com 1
HIGHLIGHTS
FOR THE YEAR ENDED 30 JUNE 2025
MEETING THE WORLD’S TIN DEMAND – SUSTAINABLY:
Tin is a critical, yet often overlooked, clean energy metal, essential for the energy transition
and digital transformation. From electric vehicles to renewable power grids, the world’s
shift to a decarbonised future relies heavily on circuit boards, held together by solder that is
primarily made from tin. Similarly, tin is critical for 5G, data centres, and the semi-conductors
enabling the digital transformation, AI, robotics and advanced manufacturing.
Currently, 97% of the global tin supply comes from emerging and developing economies,
with a significant portion from artisanal mining, often poorly regulated and with significant
environmental and social consequences. Due to depletion of resources, conflict and
disruption, supply has not grown over the past 20 years, resulting in very low global
inventories. As demand grows, a significant supply deficit is forecast.
But the narrative is changing.
Listed on the London Stock Exchange Main Market, First Tin is a rapidly advancing mining
and development company, aiming to supply fully traceable and verifiable tin. By providing
ethical and reliable tin, our two advanced tin projects in Australia and Germany will help
deliver a sustainable answer to the material supply issues faced by industrial tin consumers.
By delivering on our vision to be a conflict-free source of tin through sustainable,
professional, responsible and regulated mining we are helping to power the global clean
energy and technology transitions while minimising environmental impact and ensuring a
transparent, secure supply chain.
FIRST TIN OFFERS
HIGH VALUE,
LOW-CAPEX ASSETS
OECD-BASED
RESOURCE PORTFOLIO
INFRASTRUCTURE
ADVANTAGES
2 FIRST TIN l ANNUAL REPORT 2025
HIGHLIGHTS & OVERVIEW
PROUD MEMBER OF THE
INTERNATIONAL TIN ASSOCIATION
First Tin is a member of the International Tin Association (ITA), which
supports the global tin industry and leads innovation in tin research and
application. As a committed partner of the ITA, we are contributing to a
more sustainable future for the industry through responsible mining.
firsttin.com 3
HIGHLIGHTS & OVERVIEW
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The past year has been one of
important progress for First Tin.
Against a backdrop of fragile global
tin supply chains and strengthening
demand fundamentals, the Company
has continued to advance its two
strategically located projects in
Australia and Germany. Our priority
has been to ensure the Company is
well-funded to move its assets through
permitting and optimisation, while
continuing to de-risk the path to
development.
Following the successful £10.12 million equity raise
completed in two tranches during H2 2024, we have
been able to accelerate technical work, advance
permitting processes and consolidate our exploration
footprint. These steps have significantly strengthened
the foundation from which we can progress towards
production.
At our Taronga asset in New South
Wales, Australia, the team has
achieved a series of milestones
that have materially advanced the
permitting process
The completion and submission of the Environmental
Impact Statement (EIS) in September 2025 marks
a significant step forward in securing development
approval. Alongside this, results to date from the
metallurgical testwork programmes have confirmed
opportunities to improve recoveries beyond the
levels assumed in the previous Definitive Feasibility
Study (DFS), pointing to enhanced project
economics. Similarly, early assays from the ongoing
drilling programme are confirming the potential to
extend mine life through resource conversion and
expansion. Together, these developments highlight
Taronga’s position as one of the most advanced and
attractive undeveloped tin assets globally.
CHARLES CANNON BROOKES
CHAIRMAN
4 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
In Germany, we have made
further headway at Tellerhäuser,
progressing the fast-track Life
of Mine Plan submission and
advancing water management
studies
At the same time, exploration at Gottesberg and
Auersberg has highlighted the scale of the tin-
indium-gallium mineral systems in this historic district.
These findings strengthen our confidence that our
German portfolio could evolve into a strategically
important supplier of critical raw materials for Europe
at a time when supply security is an increasingly
pressing issue.
The tin market has continued to show both its
criticality and supply-side vulnerability. Demand
drivers from the clean energy transition, electronics
and advanced manufacturing remain robust, while
disruptions in major producing countries during the
year once again highlighted the fragility of the supply
chain. This dynamic further validates our strategy of
advancing projects in stable, transparent jurisdictions
where environmental and social standards are aligned
with customer expectations for responsible supply.
Looking ahead, our focus remains firmly on delivering
the key permitting milestones and confirming the
value enhancement opportunities at Taronga, while
furthering project financing discussions to position
us for construction. In Germany, advancing fast-
track permitting for Tellerhäuser and building out
the broader district-scale potential of our licence
package will be priorities.
With tin increasingly recognised as a vital material for
the global energy and digital transformation, First Tin
is exceptionally well placed to create long-term value
for shareholders and to play a leading role in the
responsible supply of this essential metal.
On behalf of the Board, I would like to thank
our management team and employees for their
commitment, our partners and stakeholders
in Australia and Germany for their continued
collaboration, and our shareholders for their long-
term support.
The progress made over the past year gives us a
strong platform on which to build, and I look forward
with confidence to the year ahead.
Mr C Cannon Brookes
Chairman
24 October 2025
CHAIRMAN'S STATEMENT CONTINUED
firsttin.com 5
STRATEGIC REPORT
WORLD TIN DEPOSITS MAP
Low-cost, value-accretive path of up to
10,000 tonnes of tin per annum
GOTTESBERG
POSSIBLE SATELLITE OREBODY DEVELOPMENT
FOR PROCESSING AT TELLERHÄUSER.
Gottesberg is a historical project of global significance.
In the 1940s and 1950s, SDAG Wismut mined uranium
in the neighbouring granite.
Geologically, the Gottesberg tin deposit is located at the
western edge of the Eibenstock intrusive complex about
3 km from the western contact of the granite massif with
the adjacent schist rocks.
TELLERHÄUSER
EXISTING INFRASTRUCTURE KEEPS CAPITAL COST LOW
The Tellerhäuser project forms part of the Rittersgrün license and is one of the
world’s most advanced tin deposits. The asset includes a former GDR mine and
has an exceptionally long history of mining.
In line with our commitment to “leave no trace” on the environment, we are
planning on building a processing plant underground, while waste rock and
processing remains will be used as a by-product for backfill.
6 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
First Tin’s German and Australian tin assets are ideally located to deliver sustainable and
conflict-free tin production in the future. Together the assets represent the 5th largest
undeveloped tin reserve globally, outside Russia, Kazakhstan and the Democratic Republic
of Congo.
Both assets are located in low-risk, conflict-free jurisdictions and are located near good
infrastructure, contributing to the very low projected start-up capex projected for each.
Established reserves and simple mineralogy create a quick path to production and both
assets also have active mining licenses granted over them.
FIRST TIN
World tin deposits
>50,000t Sn
OECD Countries
Non OECD Countries
TARONGA
SIMPLE METALLURGY, SUPPORTIVE
GOVERNMENT, FREEHOLD LAND OWNERSHIP
Taronga was acquired in 2022 and benefits from over
one century of development, including extensive
drilling, tunnelling, and mining.
Taronga’s exploration has led to the discovery of
6 other targets with sheeted quartz-cassiterite veins
similar to Taronga, including: Tin Beetle, Pound Flat,
McDonalds, Big Plant Creek, Poverty Point
and Emerald.
We are examining on-site renewable solar and wind
power options and will carbon offset any effects from
our activities.
WORLD TIN DEPOSITS MAP CONTINUED
firsttin.com 7
STRATEGIC REPORT
CHIEF EXECUTIVE OFFICER'S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The past 12 months have been a period
of significant progress for First Tin.
Following the successful £10.12m equity
raise in late 2024, we have advanced
our core assets in both Australia and
Germany with a focus on permitting,
optimising project economics and
strengthening our development path.
Together, these steps move us closer
to our goal of becoming a significant,
sustainable and reliable supplier of
traceable tin, at a time when demand
for this critical metal continues to grow
and global supply remains fragile.
TIN, A CRITICAL METAL WITH A
VULNERABLE SUPPLY CHAIN
Tin is a critical, yet often overlooked, metal essential
for the clean energy transition and digital technologies.
Every electrical connection requires solder, which is
predominantly composed of tin, making it fundamental
for modern electronics. Demand is growing rapidly,
driven by advances in consumer electronics, solar,
robotics, 5G and artificial intelligence.
While demand continues to rise, supply growth
has stagnated and remains highly vulnerable
to disruption. Global inventories are low, and a
significant deficit is forecast as supply fails to keep
pace. More than 90% of production comes from
emerging and developing economies, often exposed
to conflict and regulatory risks. Australia remains the
only significant OECD producer of tin concentrate,
while the USA, Japan, Germany and South Korea -
the four largest consumers of refined tin after China,
rely entirely on imports.
During the reporting period, supply disruptions
persisted across major producing regions. Refined
tin exports from Indonesia, the largest exporter, were
down 30% year-on-year in 2024. Although shipments
recovered somewhat in early 2025, they remained
well below 2023 levels, with uncertainty around
export licence approvals continuing. In Myanmar,
the mining ban and subsequent earthquake in Wa
State has severely restricted Chinese imports, which
fell to their lowest level in December 2024 since the
ban was introduced in 2023. Although some mining
activity reportedly resumed post-period end in
August 2025, operations remain fragile.
The shortfall in Chinese imports from Myanmar
was partially offset by increased imports from the
Democratic Republic of Congo. However, conflict
in the east of the country forced the suspension of
W A (BILL) SCOTTING
CHIEF EXECUTIVE OFFICER
8 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
mining at Bisie in March and April 2025, temporarily
removing around 6% of global mine supply. While
operations have since restarted, the security situation
remains unstable. In South America, ongoing
challenges in Brazil and Bolivia are expected to
outweigh growth in Peru, with political uncertainty in
Bolivia adding to the pressures.
Semiconductor sales reached
record highs in 2024, with Q2
2025 sales up 20% year-on-year
Despite broader macro-economic uncertainty,
demand fundamentals for tin remain strong.
Semiconductor sales reached record highs in 2024,
with Q2 2025 sales up 20% year-on-year. China’s
newly added solar PV capacity in H1 2025 doubled
compared to the previous year, although recent data
points to a slowdown in installations and exports.
Global EV sales reached 9.1 million units in H1 2025,
an increase of 28% year-on-year, driven by strong
growth in China, Europe and the rest of the world,
offsetting weaker performance in North America.
Tin prices reflected these competing forces of robust
demand and disrupted supply. After peaking above
US$34,000 per tonne in October 2024, prices fell
back to around US$29,000 - 30,000 by year-end.
The temporary suspension of operations at Bisie
pushed prices above US$38,000 per tonne in April
2025, before stabilising at US$30,000 following the
restart. Since then, prices have trended upwards,
closing the reporting period in the range of
US$32,000 - 34,000 per tonne.
UNLOCKING VALUE AT OUR TARONGA
ASSET IN AUSTRALIA
The period under review has been highly productive
at Taronga as we pushed forward following the
publication of the Definitive Feasibility Study (“DFS”)
in May 2024. Work has focused on progressing
environmental permitting, while confirming
significant value enhancement opportunities.
As a State Significant Development (SSD) in
New South Wales (NSW), the formal permitting
process began with the submission of the Scoping
Report with a request to the New South Wales
Planning Secretary for Environmental Assessment
Requirements (“SEARs”) for the project. The
Scoping Report outlined the key components of the
Taronga project, including the layout, infrastructure
placement, personnel requirements, and proposed
transport routes. Relevant NSW Government
departments and regulatory agencies use it to
define the range of assessment requirements to
be addressed in Taronga's Environmental Impact
Statement ("EIS").
The SEARs notification informed what specialist
studies were required for inclusion in the EIS
to enable the development application to be
assessed by the Department of Planning, Housing
and Infrastructure (DPHI). To meet the statutory
EIS assessment requirements, numerous studies,
some covering multiple years of work, have now
been completed by external experts. These
include biodiversity, land & soil capability, material
characterisation, impacts on air quality, noise,
traffic, visibility, health, surface water, groundwater,
greenhouse gases, Aboriginal Heritage, historic
heritage, agriculture, social impacts and economic
value to the Commonwealth, State and local region.
In addition to the substantial studies undertaken
around the mine site, additional studies were
completed related to the anticipated disturbance
footprint for the proposed mine camp near Glen Innes
airport, and the proposed upgrades to Grampians
Road, the main access road to the mine site.
The EIS, which was finalised and submitted to the
DPHI post-period end, is a comprehensive document
that describes all the components of the Project
and provides information on the key environmental
issues addressed in the design and assessment of
the Project. These are presented in a manner that
addresses the specific requirements of the SEARs
and the requirements of other consulted government
agencies, the local communities, surrounding
landowners and a range of specialist consultants’
assessments. Completion and submission of the
EIS is a significant step forward for Taronga, and
the anticipated receipt of developmental approval
will enable the unlocking of significant value for the
Company.
Related to the EIS, a compensation agreement was
executed in March 2025 with Crown Land NSW to
account for impacts on Crown land and Crown roads
within the Mine Site. Post-period end, in August
2025, an agreement was reached with the Glen Innes
Severn Council (GISC) to place the mine camp on
GISC-owned land adjacent to Glen Innes airport. This
site is strategically located for transport and traffic
management and has existing infrastructure. The
support of GISC and the local community is critical
for the project, and we look forward to continuing to
work with them.
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED
firsttin.com 9
STRATEGIC REPORT
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED
Mineral testing and metallurgical work continued
throughout the period under review, targeting
improved recoveries above what was used in the
previous DFS, which would improve the project’s
economics. The results of additional crushing
testwork have shown it is possible to obtain up to
89.5% of the contained tin into the minus 2.8mm
fraction after coarse crushing. These results, which
are consistent with earlier findings, confirm that
the project does not require the higher capital and
operating cost of ore-sorting equipment to pre-
concentrate the tin. In August 2024, we announced
higher recovery results from coarse gravity testwork
on a higher-grade sample.
In October 2024, a successful trial blast was
completed, which reinforced the technical viability of
the project. The drilling showed excellent penetration
rates assisted by the vertical nature of the fracture
sets, with 221.5m completed within 6 hours. Powder
factors of 0.3, 0.5 and 0.8 were trialled based on
0.8 SG ANFO (Ammonium Nitrate Fuel Oil), with all
showing excellent breakage to sizes less than 400mm.
The results confirmed the powder factors used in
the DFS, with the consultants suggesting the trial of
a lower factor once mining has commenced, which
could result in operational cost savings.
Monitoring of the blast also confirmed acceptable
vibration and noise, demonstrating our commitment
to safety and minimal community impact. This data
has been modelled and included as part of the
EIS. The blasted rock also provided an opportunity
to collect another bulk sample for our continuing
metallurgical testwork programme, with samples
more closely representing the actual run-of-mine
blasted material.
The DFS identified approximately 3.6Mt of Inferred
resource located within the current pit designs, not
currently included in the economic analysis. A review
of the block model and geology shows that some of
this Inferred mineralisation relates to a poorly defined
lode structure located close to the northwestern
pit walls in both the north and south pits. If this
lode structure can be shown to be continuous and
mineralised, it could add significant additional
resources that may allow the northwestern walls to
be pushed back and the pits deepened. As a result,
in December 2024, we announced a 10,000m drilling
programme to be undertaken in 2025 to convert the
in-pit Inferred resource to Indicated and Measured
status, which should translate to additional ore
reserves and ultimately a longer life of mine.
The drilling programme will also test several other
potential lode structures, both within and external
to the current pit design, that are also interpreted
based on soil sampling and/or very broad spaced
drill intercepts. These targets could also add
additional resources, significantly increasing the
project's mine life.
As of 12 September 2025, a total 5,111m of RC drilling has been completed in 69 drill-holes as part of the
resource drilling programme, for which assay results have been received for 19 holes, including:
TMTARC044 23m @ 0.13% Sn from 30m including 12m @ 0.17% Sn from 36m
TMTARC045 10m @ 0.06% Sn from 17m including 2m @ 0.14% Sn from 17m
TMTARC047 17m @ 0.13% Sn from 43m including 5m @ 0.20% Sn from 43m
TMTARC048 17m @ 0.13% Sn from 0m including 6m @ 0.16% Sn from 2m
TMTARC046 8m @ 0.13% Sn from 24m
TMTARC049 13m @ 0.19% Sn from 8m including 4m @ 0.35% Sn from 14m
TMTARC050 14m @ 0.06% Sn from 32m
TMTARC051 9m @ 0.13% Sn from 0m followed by 7m @ 0.14% Sn from 40m
TMTARC053 62m @ 0.10% Sn from 6m including 12m @ 0.14% Sn from 35m
TMTARC054 19m @ 0.12% Sn from 54m including 6m @ 0.18% Sn from 58m
TMTARC055 71m @ 0.09% Sn from 0m including 9m @ 0.15% Sn from 11m
TMTARC056 20m @ 0.12% Sn from 0m followed by 3m @ 0.32% Sn from 33m
TMTARC058 13m @ 0.13% Sn from 0m including 8m @ 0.17% Sn from 0m
TMTARC059 76m @ 0.08% Sn from 20m including 17m @ 0.11% Sn from 20m
TMTARC060 25m @ 0.13% Sn from 54m including 10m @ 0.21% Sn from 61m
TMTARC061 21m @ 0.07% Sn from 0m followed by 15m @ 0.11% Sn from 65m
10 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED
These results are validating our interpretation that
additional mineralisation exists within and adjacent
to the current pit outlines. The grades and widths
intercepted are consistent with existing quantified
resources and are expected to result in additional
resources being added within the current pit outlines,
including converting current Inferred Resources to
Indicated status.
Outcropping along a ridge, with low pre-stripping
and a life of mine strip ratio of 1:1, Taronga is already
planned as a low-risk, low-cost mine. The broad
zones of mineralisation intersected in the current
programme are likely to result in conversion of areas
of waste rock within the current pit outlines to ore.
This will have the added effect of reducing the
strip ratio.
Taronga is a large-scale deposit
with 138,000 tonnes of
contained tin
Exploration work at our nearby satellite deposits has
confirmed our thesis that it lies at the centre of a
broader tin district offering longer-term development
potential. To further consolidate our exploration
efforts in the district, we announced that we had been
granted two new Exploration Licenses near Taronga.
These licenses cover numerous historical hard rock
and alluvial tin workings within and adjacent to the
Mole Creek Leucogranite - the district's main source
of tin mineralisation and bring the Company’s
total area under tenure in the Emmaville district to
ca. 752km
2
.
While our immediate focus remains on bringing
Taronga into production, we are also committed
to building a robust exploration pipeline in this
highly prospective region. The addition of these two
tenements to our portfolio enhances our ability to
identify and develop additional sources of tin in the
district with the longer-term potential to build a
hub and spoke system around the Taronga
processing plant.
To support the next phase of Taronga’s development,
post-period end in August, we were pleased to
bring on board Peter Miers as GM – Projects. Peter
has significant experience leading project and
commissioning teams in mining projects in
Australia. The addition of Peter’s experience and
knowledge will be important as we move through
final permitting and towards the detailed engineering
and execution phase.
CRITICAL MINERALS AT TELLERHÄUSER
AND GOTTESBERG, GERMANY
Our German assets lie in the historic mining district
of Saxony in the heartland of Europe’s high-tech
manufacturing belt. As with Taronga, the location
benefits from existing infrastructure that reduces risk
and anticipated capital expenditure.
During the period under review, activity in Germany
has focused on progressing work for submission of
the “Fast-track” Facultative Life of Mine Plan (LoMP)
for Tellerhäuser, alongside further exploration in the
Gottesberg and Auersberg licenses.
Priorities for the LoMP relate to forested areas and
water studies. A redesign of the product depot was
finalised, which reduced the gradient of the ramp
to 14%. The capacity of the depot was increased by
approximately 100,000m³ with an increase of 1ha
to the site surface footprint. Importantly, we remain
below the 10ha threshold required for the “Fast-
track” life of mine plan. A compensation agreement
with landholders for impacted forest areas has been
prepared ahead of the LoMP.
Progress also continued on the water permitting.
Post-period end, we received notification that
the water treatment technology proposed for the
Tellerhäuser mine, which largely corresponds to the
existing water treatment technology used by Wismut
GmbH meets requirements for natural radionuclides
in the treated mine water. Focus is now on finalising
the study for surface water to complete the LoMP
submission.
Following the successful and low-cost use of
historic drilling data that enabled an increase to the
Tellerhäuser Mineral Resource Estimate (“MRE”), the
team commenced a similar review of historic drilling
data pertaining to the Gottesberg and Auersberg
deposits. The Gottesberg area was explored for
uranium from the 1940s to 1980s, when a State-
funded underground diamond drilling programme
found tin mineralisation, but work was suspended in
the 1990s. Further surface diamond drilling in 2011
confirmed tin mineralisation. The Auersberg license
contains numerous historical tin workings, but limited
exploration has been undertaken except for some
drilling by Wismut at three targets.
firsttin.com 11
STRATEGIC REPORT
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED
The historic dataset has now been supplemented
with results from the exploration mapping and
sampling work conducted during the 2024 and 2025
field season, which included the collection and assay
of 96 rock chip samples. The results indicate potential
for significant tin-indium-gallium mineralisation within
the Eibenstock granite at Gottesberg, Pollersberg
and St Michaelis. This trend appears to extend to the
Gabe Gottes area, forming a strike length of around
10km and representing a large exploration target.
Several tin greisen vein structures were mapped
and sampled across a distance of at least 3km,
demonstrating sizeable systems in the district with
grades ranging between 0.2% and 0.6% Sn, plus
critical raw material by-products. Silver and bismuth
were also located in several tin greisen systems via
surface rock chip sampling.
Potential for the district to host significant critical raw
materials has been shown, and a re-evaluation of the
Tellerhäuser and Gottesberg deposits suggests that
they could both host significant indium and gallium
credits. The indium potential at Tellerhäuser has
already been shown, with a total of 708,000kg indium
being identified as Indicated and Inferred Resources.
The potential for additional tin deposits in our
portfolio of exploration licenses in the tin triangle
around the known Tellerhäuser and Gottesberg
deposits, as well as the considerable potential for
other critically important minerals, is especially
relevant as Europe seeks to build security in its critical
minerals supply chain.
FINANCE REVIEW
The Group reported a loss after tax of £1,554,175
(period ended 30 June 2024: £3,033,055) and a net
asset value of £44,309,236 (period ended 30 June
2024: £37,884,956) for the period under review.
At 30 June 2025 the Group had cash balances of
£6,373,847 (30 June 2024: £1,345,629), with the
Group having invested £2,732,752 (period ended
30 June 2024: £8,536,853) in the purchase of
exploration and evaluation assets during the period.
OUTLOOK
The successful £10.12m equity raise completed
during the period under review provided the funding
to advance development and exploration activities
across our Australian and German assets. Over the
coming year, we will focus on:
• Obtaining Developmental Approval for Taronga.
• Optimisation and enhancement of the value of the
previous Taronga DFS from:
– Completing the metallurgical testing work to
improve recoveries.
– Completing the extension and infill drilling and
resultant conversion of Inferred resources to
increase the mine life.
• Evaluating project financing options to advance
Taronga through engineering design and into
construction.
• Progressing Mining Authority approval for
Tellerhäuser.
12 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
Drilling blastholes for collection of bulk samples from Taronga North Adit
Tin is fundamentally required for the energy transition
and the digital transformation, yet the supply
chain for this critical mineral continues to stagnate
and experience disruption. This creates a significant
opportunity for our two projects strategically located
in the safe, compliant jurisdictions of Australia
and Germany.
The considerable progress over the last year brings
us materially closer to Development Approval for
both our projects. The drilling programme and
metallurgical testwork are pointing to a significantly
value enhanced and higher NPV Taronga project.
With its sizeable resource base, geology and a
mineralogy conducive to easy, cost-effective
open-pit mining and processing, we can look forward
to its development to meet the essential needs of
tin consumers.
I would like to thank all our shareholders and other
stakeholders for your ongoing support as we pursue
our strategic objective to become a reliable and
sustainable global producer of fully traceable and
verifiable tin. Significant progress has been made
over the recent period, and we have entered
the new reporting year with confidence.
I look forward to updating you on further
progress.
Mr W A Scotting
Chief Executive Officer
24 October 2025
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED
firsttin.com 13
STRATEGIC REPORT
Drilling at Gottesberg
PRINCIPAL ACTIVITIES
The Company owns two advanced tin projects, one in
Germany and one in Australia, and is seeking to bring
both projects into production in order to be able to
deliver a sustainable answer to the material supply
issues faced by industrial tin consumers.
The Company’s aim is to become a global tin
producer supplying fully traceable and verifiable tin
units into global industries with high tin usage needs.
BUSINESS REVIEW
A review of the business is set out in the Chief
Executive Officer’s report on pages 8 to 13.
FINANCIAL REVIEW
The Group reported a loss after tax of £1,554,175
(period ended 30 June 2024: £3,033,055) and a net
asset value of £44,309,236 (period ended 30 June
2024: £37,884,956) for the period under review.
At 30 June 2025 the Group had cash balances of
£6,373,847 (period ended30 June 2024: £1,345,629),
with the Group having invested £2,732,752 (period
ended 30 June 2024: £8,536,853) in the purchase of
exploration and evaluation assets during the period.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The Directors present their strategic report for First Tin Plc for the year ended
30 June 2025.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider the following to be the key risks and uncertainties applicable to the Group’s activities:
DEPENDENCE ON THE TELLERHÄUSER AND TARONGA PROJECTS
The only operations of the Company are the Tellerhäuser
and Taronga projects. As a result, the success of the
Company is highly dependent on the success of these
two projects.
The Taronga project aims to develop an open pit tin
mine and processing facility to produce c.6,000 tonnes
per year of tin concentrate. A Definitive Feasibility Study
(DFS) has been published for the project which indicates
an economic return based on a pre-production capital
expenditure of AUD176m. The project is currently going
through the permitting process, an Environmental
Impact Study has been submitted to relevant authorities
(post balance sheet date), with development approval
anticipated during the first half of 2026.
The Tellerhäuser project aims to develop an underground
polymetallic tin mine and processing plant to produce
c.5,500 tonnes per year of tin concentrate. The Company
has published a Pre-feasibility/Options Study in respect
of the project, and it is currently progressing through
permitting in Germany.
Whilst the Company is progressing both projects, it
should be noted that while Taronga is further advanced
in its development and Tellerhäuser is at a relatively
early stage of development, both are capital intensive,
and neither project is currently cash generative. Any
adverse developments which affect either of the two
projects (for example if development approval is delayed
or not forthcoming for Taronga or if the conclusions
of the Tellerhäuser Pre-feasibility/Options Study prove
to be incorrect), or the Company’s rights to develop
either project, is likely to adversely affect the Company’s
business and financial condition.
In particular, in the event that there are issues with one
project which require unanticipated funds to be spent
to remedy such issues, and/or management time to
be expended in dealing with those issues, that may
adversely affect the ability of the Company to proceed
with its plans with the other project as forecast. This
would likely have a material adverse impact on the
Company’s results of operations, cash flows and financial
condition.
14 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
DEPENDENCE ON THE RENEWAL OR CONTINUANCE IN FORCE OF MINERAL AND SURFACE
ACCESS RIGHTS, PLANNING AND ENVIRONMENTAL PERMISSIONS AND OTHER APPROPRIATE
LICENCES WHICH MAY BE REVOKED IF THEIR CONDITIONS ARE NOT COMPLIED WITH
The Company’s operations at the Tellerhäuser and
Taronga projects are dependent upon the grant, renewal
or continuance in force of various mineral and surface
access rights, planning and environmental permissions
and other appropriate licences, permits, authorisations,
regulatory approvals and consents and contractual
agreements which may be valid only for a defined time
period, may be subject to limitations and may provide
for termination, revocation or withdrawal in certain
circumstances.
The Group holds a number of licences, the conditions
relating to which are currently being complied with.
Whilst the Board is confident that the Company will
continue to fulfil the necessary conditions to maintain the
good standing of these mining and exploration related
licences in order to continue to be able to execute its
business strategy, this cannot be guaranteed. If any
member of the Group fails to fulfil the specific terms of
any of its licences or if it operates its business in a manner
that violates applicable law, governmental regulators
may impose fines or suspend or terminate the right,
concession, licence, permit or other authorisation, any of
which could have a material adverse effect on the Group’s
results of operations, cash flows and financial condition.
Whilst the Company has diligently investigated title to
all mineral claims and, to the best of its knowledge, title
to all properties owned as at the date of this Document
by Group companies are in good standing, this should
not be construed as a guarantee of title. Although the
Company is not aware that any such issues exist or have
previously existed, the properties may be subject to
undetected title defects. If a title defect does exist, it
is possible that the Group could lose all or part of its
interest in properties to which the title defect relates.
THE COMPANY’S FINANCIAL POSITION AND REQUIREMENTS FOR FURTHER CAPITAL TO FULLY
FUND PROJECTS
The Company is loss-making and has no current source of
revenue. Whilst the Company has a budget and sufficient
working capital for its short- and near-term activities,
the ability of the Company to fully fund the exploration
and development of its Taronga and Tellerhäuser
projects beyond such period will be dependent upon
the Company successfully raising additional finance.
However, it is currently anticipated that the Company
will continue to be loss-making through and beyond a
15-month period.
As noted above, the Taronga DFS estimates that the
required pre-production capital expenditure for that
project will be AUD176m and to bring the Tellerhäuser
project to production is likely to also involve significant
capital expenditure.
Exploration, development and production activities are
capital intensive and inherently uncertain in their outcome
and it may also be the case that the capital expenditure
required to bring the Taronga project to production
materially exceeds the estimates set out in the DFS.
The Company’s current and any future projects may
involve unprofitable efforts, due either to unsuccessful
drilling campaigns or from mines that are productive
but do not produce sufficient net revenues to return a
profit after development, operating and other costs. In
addition, drilling hazards or environmental damage could
significantly affect operating costs, and production from
successful mines may be adversely affected by conditions
including delays in obtaining governmental approvals
or consents. Production delays and declines, whether or
not as a result of the foregoing conditions, may result in
lower revenue or cash flows from operating activities until
such time, if at all, that the delay or decline is cured or
arrested. In the event that such cash flows are reduced in
the future, the Company may be forced to scale back, or
delay, discretionary capital expenditure resulting in delays
to, or the postponement of, the Company’s planned
production and development activities which could
have a material adverse effect on its business, results of
operations, financial condition or prospects.
firsttin.com 15
STRATEGIC REPORT
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
COMMODITY PRICES
The underlying value of the Company’s assets and
its potential future earnings and profitability and
therefore long-term viability will depend, in large
part, on the global market price of tin and the quality
and marketability of such minerals extracted from the
Company’s projects.
Whilst tin prices reached historic highs in 2022, this
is considered to have been caused by tin production
failing to meet unprecedented demand during the
economic recovery which followed 2020’s global
recession and the increased consumption triggered by
world-wide investments into the renewable energy and
electromobility sectors. Later in 2022, the tin price fell
back primarily due to geo-political uncertainty follow
the commencement of the Russia-Ukrainian conflict.
Since then, the tin price has trended steadily upwards
and remains above historic averages. Whilst the
Company takes a conservative view as to future prices,
overproduction and/or a further or continued reduction
in demand may depress prices below the Company’s
current worst-case scenarios. In such circumstances the
Company’s anticipated profitability may be adversely
affected.
Resource market prices are affected by numerous factors
beyond the Company’s control, including inflation,
global and regional consumption patterns, demand and
supply, speculative activities, trading activities by market
participants, international political and economic trends,
currency exchange fluctuations, interest rates, production
costs and increased production due to new and improved
extraction and production methods. The aggregate effect
of these factors on resource prices is impossible for the
Company to predict. The Company monitors commodity
prices in forecasting its cash flow requirements for
the funding of its ongoing exploration and corporate
activities and estimated development costs in bringing
assets into production. The Company does not presently
invest in commodity hedges to mitigate this risk. While
the Company seeks to manage its capital and operating
expenditures to maximise shareholder returns, ultimately
the value of the Company’s projects and its financial
performance may be highly dependent on commodity
prices which are outside of the Company’s control.
If commodity prices fall beyond the reasonable
expectations of the Company, the ability of the Company
to profitably extract commodities from its projects may
be materially impacted, which will have a negative effect
on the Company’s financial results.
SUPPLY CHAIN ISSUES
The Group’s inability to timely acquire strategic
consumables, raw materials, drilling and processing
equipment could have an adverse impact on its results
of operations and financial condition. Periods of high
demand for supplies can occur when availability of
supplies is limited. This can cause costs to increase above
normal inflation rates. Interruption to supplies or increase
in costs could adversely affect the operating results and
cash flows of the Group.
Whilst the Group does not require any specialist or
bespoke equipment and its supply risks are typical
for a mining company with projects of the size, type
and location of Taronga and Tellerhäuser, the Group's
operations will require the purchase or hire of drilling
rigs and operators, engineering design capacity and
fabrication capacity for processing equipment. A
decrease in the availability of these supplies or services,
or inflationary effects may impact the pricing and/or
cause delays to development. In such circumstances the
Company’s financial results may be impacted.
16 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
MINERAL ESTIMATES MAY PROVE INACCURATE
The Company has, and will in the future, publish
information in respect of Measured, Indicated, and
Inferred Resources for both Taronga and Tellerhäuser in
accordance with the JORC 2012 Code and Guidelines.
There are numerous uncertainties which the Company
faces that are inherent in estimating quantities of reserves
and any subsequent cash flows to be derived from such
reserves, including many factors that are beyond the
control of the Company. Estimation of Mineral Reserves
and Mineral Resources (which cannot be measured
in an exact manner) is a subjective process aimed at
understanding the statistical probabilities of recovery.
The interpretation and estimates of the amounts of
Mineral Reserves and Mineral Resources, both as
announced by the Company prior to the date of this
Document and as may be announced in the future,
are subjective and the results of drilling, testing and
production subsequent to the date of any particular
estimate may result in substantial revisions to the original
interpretation and estimates. Moreover, different mining
engineers may assess estimates of Mineral Reserves,
Mineral Resources and cash flows differently based on
the same available data. Actual production, revenues
and expenditures with respect to Mineral Reserves and
Mineral Resources will vary from estimates, and the
variances may be material.
Estimates of economically recoverable Mineral Reserves
and any future net cash flows are based upon a number
of variable factors and assumptions, such as historical
production from the properties, production rates,
ultimate reserve recovery, timing and amount of capital
expenditures, marketability, processing recovery rates,
grade, royalty rates, assumed effects of regulation by
governmental agencies and future operating costs, all
of which may vary from actual results. All such estimates
are, to some degree, speculative, and classifications
of reserves are only attempts to define the degree of
speculation involved. For those reasons, estimates of
the economically recoverable reserves attributable to
any particular group of properties, classification of such
reserves based on risk of recovery and estimates of future
net revenues expected therefrom prepared by different
engineers, or by the same engineers at different times,
may vary. The Company’s actual production, revenues
and development and operating expenditures with
respect to its reserves will vary from estimates thereof,
and such variations could be material.
If the actual Mineral Reserves or Mineral Resources of the
Company are less than the current estimates or of lesser
quality than expected, the Company may be unable
to recover and produce the estimated levels or grade
of its commodities and, as a result, the Company may
not recover its initial outlay of capital expenditures and
operating costs of any such operation and there may
be a material adverse effect on the business, prospects,
financial condition or results of operations of the
Company.
MINING AND MINERAL PROCESSING VOLUMES, RECOVERIES AND COSTS
MAY PROVE INACCURATE
Estimates of future net cash flows are based upon a
number of variable operational factors and assumptions,
including, but not limited to mining production rates,
grade, mining strip ratio, processing rates and mineral
recovery through processing, plant and equipment
utilisation rates, concentrate grade and marketability,
royalty rates, assumed effects of regulation by
governmental agencies and future operating costs, all of
which may vary from actual results.
If the actual mining volumes, processing rates and
recoveries of the Company are less than the current
estimates or of lesser quality than expected, the
Company may be unable to recover and produce the
estimated levels or grade of its commodities and, as a
result, the Company may not recover its initial outlay of
capital expenditures and operating costs of any such
operation and there may be a material adverse effect on
the business, prospects, financial condition or results of
operations of the Company
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
firsttin.com 17
STRATEGIC REPORT
LITIGATION RISK
Undertaking mineral exploration and mining activities
carries with it a risk of being subject to third party
litigation. This can take the form of litigation aimed
at stopping activities brought by local or national
environmental pressure groups and litigation brought
by actual or potential competitors. In the event of the
Company being threatened with litigation or being
subject to a formal law suit, the Company may have
to spend significant management time and costs in
assessing or defending such claims which will adversely
affect results of operations. Whilst both Germany and
Australia have very well advanced legal systems, there
remains the possibility that such actions could be made
by a vexatious or frivolous litigant.
There is also the possibility that a third party could
bring a claim against a relevant licensing authority in
order to seek a delay to, stopping of, or revocation of,
a licence award to a group Company. For example,
the Company is aware that, in Germany, a third party
brought an objection against the Saxony State Mining
authority in relation to the permit awarded to its German
subsidiary, Saxore Bergbau GmbH, over the Rittersgrün
field. The Saxony Mining authority has both rejected
that third party’s objections and ordered the immediate
enforcement of Saxore’s permit. The third party also tried
to annul this immediate enforcement at the Courts but
failed, and both the administrative court of Chemnitz and
the Saxon Higher Administrative Court confirmed the
immediate enforcement of the Rittersgrün permit. These
Court decisions concerning the immediate enforcement
are a strong sign that they regard the Rittersgrün permit
as lawful and that the Courts will reject any action against
the granting of the permit itself. The third party has
raised a further appeal in respect of the Saxony Mining
authority’s decision, but the Company believes that this
appeal will be unsuccessful in light of the earlier decision
of both Courts.
Although Saxore would be able to apply for a new
permit in such circumstances, such an event would delay
development of the project and take up significant
amounts of management time which could have a
materially adverse effect on the Company’s results of
operations and/or financial condition.
INFRASTRUCTURE RISKS
Mining, processing, development and exploration
activities depend, to a significant degree, on adequate
infrastructure. In developing its operations, the Company
will need to construct and support the construction
of infrastructure, including bulk civil works, water
supplies, tailings storage facilities, power facilities and
communications, in particular in relation to Taronga.
Whilst the Company has budgeted for such line items,
unexpected adverse weather, sabotage, government
or other interference in the maintenance or provision of
such infrastructure could result in increased costs which
would materially adversely affect the Group’s operations,
financial condition, and results of operations.
Any such issues arising in respect of the supporting
infrastructure or on the Group’s sites could materially
adversely affect the Group’s results of operations
or financial condition. Furthermore, any failure or
unavailability of the Group’s operational infrastructure
(for example, through equipment failure, lack of qualified
employees) could materially adversely affect its activities.
ENVIRONMENTAL LEGISLATION COMPLIANCE
Environmental legislation is evolving in a manner that is
expected to require stricter standards and enforcement,
increased fines and penalties for non-compliance, more
stringent environmental assessments of proposed
projects and a heightened degree of responsibility
for companies and their officers, directors and
employees. There is no assurance that future changes
in environmental regulation, will not adversely affect
operations at the Company’s projects, in particular given
environmental hazards may exist on the Company’s
properties which are unknown to the Company.
The Company’s current and future operations, including
exploration and project development activities, are
subject to environmental regulations promulgated by,
in Germany, each of the Saxony state government,
the German federal government, and the EU, and in
Australia, the New South Wales state government and
the Australian federal government. The cost of complying
with current laws and regulations, particularly as the
Company’s operations expand, and with new legislation
brought in after the date of this Document, may have a
material impact on management time and the Company’s
cash reserves.
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
18 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
THE GROUP IS SUBJECT TO FOREIGN EXCHANGE RISKS
The functional currency of the Company is Pounds
Sterling. However, it will incur operating costs in Euros
and Australian Dollars and tin is priced in US Dollars.
Therefore, fluctuations in exchange rates of the Pound
against those currencies in which a Group Company
generates revenue and/or incurs expenses may materially
affect the Group’s translated results of operations. This
may increase or decrease the results of operations and
may adversely affect the Group’s financial condition as
stated in Pounds Sterling. In addition, the Company may
not be able to effectively hedge certain cash resources
against risks associated with currency exchange rates
and/or commodity prices. Any significant adverse
fluctuations in currency rates could have a material
adverse effect on the Company’s business, financial
condition and results of operations.
THE GROUP IS SUBJECT TO A NUMBER OF MINING INDUSTRY RISKS AND HAZARDS
The Company’s operations are, and will continue to
be, subject to all of the hazards and risks normally
incidental to exploring, developing and exploiting natural
resources. Some of these risks include, but are not
limited to, environmental hazards, industrial accidents,
industrial and labour disputes, litigation from third
parties, unusual or unexpected geological formations
or other geological or grade problems, unanticipated
changes in metallurgical characteristics and mineral
recovery, unanticipated ground or water conditions,
cave-ins, flooding, rock bursts, periodic interruptions due
to bad or hazardous weather conditions, unfavourable
operating conditions, cost overruns, land claims and
other unforeseen events.
Should any of these risks and hazards adversely affect
the Group’s mining operations or activities, it may cause
an increase in the cost of operations to the point where
it is no longer economically feasible to continue, it may
require the Group to write down the carrying value of the
Company’s projects, it may cause delays or a stoppage in
mineral exploration, development or production, it may
result in damage to or destruction of mineral properties
or processing facilities, and may result in personal injury
or death or legal liability, all of which may have a material
adverse effect on the Group’s financial condition, results
of operation, and future cash flows
LABOUR DISRUPTIONS MAY CAUSE DELAYS AND AN INCREASE IN COSTS
The potential for conflict with employees may occur at
any one of the Group’s operations. Labour interruptions
may be employed to advocate for labour, political or
social goals. Labour interruptions have the potential
to increase operational costs and decrease revenues
by suspending the business activities or increasing the
cost of labour or substitute labour, which may not be
available. If such disruptions are material, they may
adversely affect the Group’s results of operations, cash
flows and financial condition.
THE COMPANY’S OPERATIONS MAY BE AFFECTED BY NATURAL DISASTERS
Natural disasters, including drought, floods, fire, extreme
winter weather and the physical effects of climate
change, all of which are outside the Group’s control,
may adversely affect the Group’s operations. Operating
difficulties, such as unexpected geological variations
that could result in significant failure, could affect the
costs and feasibility of its operations for indeterminate
periods. Damage to or breakdown of a physical asset,
including as a result of fire, flood, explosion or natural
catastrophe, can result in a loss of assets and financial
losses. Insurance (if capable of being obtained by the
Group) may provide protection from some, but not all,
of the costs that may arise from unforeseen events, but
the occurrence of a significant adverse event not fully
covered by insurance could have a material adverse
effect on the Group’s business, results of operations,
financial condition and prospects.
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
firsttin.com 19
STRATEGIC REPORT
NOT ALL RISKS WHICH THE COMPANY FACES ARE INSURABLE
The Company will maintain insurance cover with respect
to its operations in accordance with international mining
practice, including third party liability insurance up to
specified limits. However, the Company will be unable to
insure against all risks and may be exposed under certain
circumstances to uninsurable hazards and risks which
may result in financial liability, property damage, personal
injury or other hazards or liability for the acts or omissions
of sub-contractors, operators and joint venture partners.
Although indemnities may in the future be provided by
subcontractors, operators and joint venture partners,
such indemnities may be difficult to enforce given the
financial positions of those giving the indemnities or due
to the jurisdiction in which the Company may seek to
enforce the indemnities, potentially leaving the Company
exposed to claims by third parties.
There is also no guarantee that the Company will be able
to maintain adequate insurance cover in the future at
rates which are considered reasonable. Accordingly, the
Company could incur substantial losses if an event which
is not fully covered by insurance occurs, which would
have a material adverse effect on the Group’s business,
results of operations and financial condition.
REPUTATION AND BRAND STRENGTH COULD BE ADVERSELY AFFECTED BY QUALITY RELATED
ISSUES OR NEGATIVE PUBLICITY
At its projects the Company intends to produce
tin products of high quality that are verifiable. If a
counterparty is unhappy with the quality of product
received, or if any actions undertaken by the Company
at its projects results in adverse publicity, for example
operational failure or a breakdown in public relations
between the Group and local stakeholders in each
project, the intended reputation and/or brand strength of
the Company will be adversely affected. This could result
in potential customers and suppliers being unwilling to
deal with the Company, which, if it occurred, would have
an adverse effect on the Company’s results of operations.
GEOGRAPHICAL FACTORS
The Company operates across three countries, each of
which has different laws, taxes and operating regulations.
Although all three jurisdictions are first world stable
economic environments, the Company’s business and
results of operations are affected by changes in both
global economic conditions and the individual markets
in which it operates. Terrorist acts, civil unrest and other
similar disturbances, as well as natural catastrophes, can
impact economic conditions and consumer confidence,
degrade infrastructure, disrupt supply chains and
otherwise result in business interruption. A variety
of factors may adversely affect results of operations
and financial conditions during periods of economic
uncertainty or instability, social or labour unrest or
political upheaval in the markets in which it operates. For
example, operations and supply chains may be disrupted.
Periods of economic upheaval may also expose the
Company to greater counterparty risks, including with
customers, suppliers and financial institutions, who may
become insolvent or otherwise unable to perform their
obligations. The Company may also experience greater
fluctuations in foreign currency movements, increased
commodity prices and increased transportation, trade
and energy costs. Periods of economic and political
upheaval may also lead to government actions, such
as imposition of martial law, trade restrictions, foreign
ownership restrictions, capital, price or currency
controls, nationalisation or expropriation of property
or other resources, or changes in legal and regulatory
requirements, including those resulting in potentially
adverse tax consequences.
GOVERNMENTAL ACTIONS TO REDUCE CLIMATE CHANGE MAY DISRUPT OPERATIONS AND/OR
REDUCE CONSUMER DEMAND FOR PRODUCTS
Although the Company intends to operate its business to
the highest possible standards, the wider mining sector
has been targeted by climate change and environmental
activists because of the pollution output generated by
companies operating in the mining industry. This may
lead to further governmental actions which affect all such
companies, irrespective of their actual environmental
performance and the minerals which they are extracting.
Such legislation may involve additional taxes, operating
restrictions and/or further legislation which requires
significant spending by the Company to become and
remain compliant. In such circumstances, the Company’s
results of operations may be materially affected.
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
20 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
THE COMPANY MAY BE UNABLE TO ATTRACT AND RETAIN QUALIFIED PERSONNEL, INCLUDING
KEY SENIOR MANAGEMENT
The Company invests in recruiting and training
talented personnel and senior management. The
Company’s business depends, in part, on the ability of
executive officers and senior management to provide
uninterrupted leadership and direction for its business,
and, in particular, on the ability to recruit, train and
maintain qualified personnel to drive the Group’s
mining activities. This need is all the more acute in the
context of a growing business. The market for talent is
intensely competitive and may become increasingly more
competitive. The Company’s ability to attract and retain
key management and other personnel is dependent on a
number of factors, including prevailing market conditions,
attractiveness of competitors as potential employers,
working conditions and culture and the ability to offer
attractive compensation packages.
If the Company cannot keep its key workers and/or
cannot adequately replace any leaver, this may impact
the ability of the Company to progress its planned mining
activities. In such an event, the Company’s expected
results of operations may be adversely affected.
FINANCIAL RISK MANAGEMENT
The Group’s operations are subject to a variety of
financial risks including price risk, credit risk and liquidity
risk. Details of the Group’s financial risk management
policies are set out in the Note 18 to the Consolidated
Financial Statements.
STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
FUTURE DEVELOPMENTS
The Group actively monitors the appropriate laws
and regulations in each of its jurisdictions. At present
there are no major changes foreseen in this regard
that will have a material effect on the development of
the Group’s assets. Consideration is given to various
risk factors (set out above) which may have a bearing
on the Group’s progress and all of these factors are
subject to change.
S172 STATEMENT
The directors of the Company, as those of all UK
companies, must act in accordance with a set
of general duties. These duties are detailed in
section 172 of the UK Companies Act 2006 which is
summarised as follows:
‘A director of a company must act in the way they
consider, in good faith, would be most likely to
promote the success of the company for the benefit
of the shareholders as a whole and, in doing so have
regard (amongst other matters) to:
• the likely consequences of any decisions in the
long-term;
• the interests of the company’s employees;
• the need to foster the company’s business
relationships with suppliers, customers and others;
• the impact of the company’s operations on the
community and environment;
• the desirability of the company maintaining a
reputation for high standards of business conduct;
and
• the need to act fairly as between members of the
company.’
SHAREHOLDERS
First Tin seeks to develop a broad investor base
with those who share our values and are supportive
of our strategy. Engagement with shareholders is
a key element to this objective and is achieved
through various ways. Besides engaging through the
Company’s Annual General Meeting and through
publication of full and half-year financial results,
Directors and members of the executive team,
supported by the Company’s broker and Investor
Relations advisors, engage with investors directly,
mainly through regulatory news, press releases and
other publications, as well as presentations and
investor talks.
EMPLOYEES
Our current and future success is underpinned by our
ability to engage, motivate and adapt our workforce.
Creating the right environment for employees where
their various strengths are recognised and their
contributions are valued, helps to ensure that we
can deliver our shared objectives. During the period,
firsttin.com 21
STRATEGIC REPORT
internal communications and reporting lines remained
a focus and employees were kept informed of all the
workstreams across the Company and helped to raise key
issues with directors and executive.
CUSTOMERS
First Tin is in the process of developing its assets. However,
understanding our future customers and even their
customers and what matters to them is of paramount
importance to the Company. A comprehensive knowledge
of the tin market, product applications, end users and
delivery of this resource in a clean and ethical manner is at
the core of First Tin’s corporate values.
SUPPLIERS
We have long-standing, close relationships with our
suppliers, service providers and consultants and are
in regular contact with them. Fostering good business
relationships with key stakeholders including suppliers is
important to the Company’s success and we are committed
to acting ethically and with integrity in all business dealings
and relationships.
COMMUNITIES AND ENVIRONMENT
First Tin is committed to utilising industry best practices
and achieving the highest standards of environmental
management and safety. The Company also seeks and
maintains positive relationships with its local communities
and endeavours to continuously assess and monitor
environmental impact, promote internally and apply industry
best practices for environmental management and safety.
TELLERHÄUSER
SOCIAL
The Life of Mine Plan (LOMP) was submitted to the Mines
Authority on 25 May 2023. The Mines Authority provided
the plan to 21 public stakeholders for official statements.
Saxore is currently revising the LOMP to incorporate
reasonable additional requirements of the stakeholders.
Saxore has voluntarily published the plan to the public on
the company’s website, to provide specific information for
those who are not entitled to participate directly in the
permitting process.
Although a social impact assessment is not required by law,
Saxore is preparing an E(S)IA, as this can positively impact
the perception of the Project. German legislation describes
the required content of the E(S)IA report and includes
details of investigations and evaluations to determine
environmental impact, resources used and expected
residues, emissions and waste.
STRATEGIC REPORT CONTINUED
S172 STATEMENT (CONTINUED)
GENDER DIVERSITY
The breakdown by gender of the
number of people employed by the
Group at the date of signing is as
follows:
DIRECTORS
Total number
of directors
5
Male (5) Female (0)
MANAGEMENT
Total number at
management level
4
Male (4) Female (0)
EMPLOYEES
Total number
of employees
15
Male (12) Female (3)
22 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
Mining has a complex relationship with society, but
Saxore assume that it has also various positive socio-
economic effects that can be expected with the start
of ore mining.
No permitting, environmental or social fatal flaws
or red flags have been identified from the desk-top
review of environmental and social data provided.
This includes the landscape conversation plan,
biotope mapping, species protection report and
species mapping, radiation protection concept,
noise, dust, blasting and subsidence assessment as
well as the report following the EU water framework
directive. However, as the project is still in relatively
early stages of development, there may arise areas
where more work is required to bring the project
up to international guidelines and best practice
compliance.
The citizens of the community have been informed
about the project plan in a townhall meeting, in
which questions about truck traffic, the effects on
deep wells and possible radiation pollution were
discussed. Due to the early stage of the project, it
was agreed to provide more details in future such
events. A citizens' initiative was founded to organize
the dialogue.
Saxore undertook a logistics study to consider
alternative routes for the expected truck traffic. The
completed study’s findings were discussed with
the citizens’ initiative. Further community events
discussed potential impacts on water and radiation.
Saxore also attended local field visits and presented
the project more broadly to the community
participants.
The potential benefits to communities affected by
future mining were also discussed publicly at an
information event held at the local mining academy.
Several positive socio-economic impacts are
expected with the start of mining at Tellerhäuser.
Besides employees working directly for the project, a
similar number of jobs are expected to be indirectly
created in the region. It is Saxore’s intention to
educate its employees and grow its talents in
collaboration with regional training institutes.
The development of expertise in various sectors
such as geology, mining, processing technology
and environmental protection is expected. The
development of the project could result in an
improvement in the local infrastructure, for example,
road construction, development of the railway station
and/or network expansion is possible.
A community and stakeholder public relations
programme for the construction, operational and
closure phases will be established.
Saxore engages with the local population to alleviate
any possible fears and to build trust. In a social
management plan, we will use diverse formats to
guarantee an open and transparent communication
and relationship with local government, businesses
and residents. The instruments and tools we plan to
use include:
• Public information events (for example citizens'
meetings, local council meetings)
• Field visits together with responsible authorities
(for example with the mining authority or water
authority)
• Building a website and constantly update it,
• Local print media, social media platforms and
press releases
STRATEGIC REPORT CONTINUED
S172 STATEMENT (CONTINUED)
firsttin.com 23
STRATEGIC REPORT
STRATEGIC REPORT CONTINUED
S172 STATEMENT (CONTINUED)
ENVIRONMENTAL
A preliminary Environmental Impact Assessment
(EIA) has been conducted at Tellerhäuser to identify
potential negative environmental impacts associated
with the Project. This determined that no applicable
thresholds have been exceeded according to EIA
law and a “Fast-Track” Facultative LOMP permitting
process was enabled as there is no requirement to
prepare a full EIA. The decision was gazetted by the
Mines Authority on 17 March 2023.
A biotope and flora mapping over an area of 33
ha was finalised in 2019 and updated in 2024. No
strictly protected flora species have been identified
within the affected project area. A protected moss
species is inside the mapped area but outside the
planned land use. In the mapped area 7 protected
biotopes have been detected. Only two protected
biotopes (0.06 ha) are directly affected by land
use. For these areas mitigation and compensation
measures are necessary, which are described in the
landscape preservation plan that has been finalised.
A linear, strictly protected biotope (creek with riparian
vegetation) is crossing the project area but is not
affected by the project. A buffer zone of ten metres
to the biotope is observed.
Several species groups have been surveyed in
specific studies between 2019 and 2024. These
include avifauna, amphibian/reptile fauna,
lepidoptera, mammals and macrozoobenthos.
The monitoring was finalised in 2024.
As strictly protected species (according to habitat
directive, CD 92/43/EEC), the hazel dormouse
(only evidence of nest-building, no individuals)
and five bat species have been detected in the
project area. Measures for animals protected by the
habitat directive are described in a special species
protection statement, which has been finalised but
not yet published. Further species with “threatened”
status have been identified. These will be managed
by compensation and preventive measures close
to the project area as described in the landscape
preservation plan which has been finalised but not
yet published.
The clearing of wood in the project area will be
compensated by reforestation of open land
areas in Saxony. Saxore has already identified
sufficient compensation areas for submitting the
Facultative LOMP.
No special protected areas, Fauna-Flora-Habitat
(FFH), special areas of conservation, nature protection
or landscape protection areas, for example, are
affected by the project. The same applies to drinking
water and ground water protection areas. As the
project area is within a flood source area, Saxore
must apply for a permit for construction of the
surface infrastructure in this area.
Between 2019 and 2023 a surface water survey
was carried out twice a year as a baseline study for
local water quantity and quality. A ground water
flow model was finalised in 2023 to simulate the
impact of mine dewatering on the environment.
The groundwater modelling found no impact on the
surface water system, and hence to nature protection
areas is expected. No water from the natural local
water system will be used for the mine.
To obtain permission to discharge mine water into
the local catchment area a list of 64 substances/
parameters has been prepared and assessed by
Saxore, and agreed by the water authority according
to the German Surface Water Directive and the
EU Water Framework Directive. As a result, five
substances (arsenic, iron, manganese, radium,
uranium) must be treated in a water treatment plant
before being discharged to avoid causing pollution.
The remaining sludge will be backfilled underground
and immobilised. The final agreement with the water
authority on the discharge parameters has been
settled in 2025.
The local geological background causes an elevated
radiological concentration compared to the German
average. For this reason, radon expansion modelling
was carried out in the area of the planned portal in
the Kunnersbach valley and the ventilation shafts
as these may represent pathways to the surface for
radon. The modelling has shown that the annual
additional radon dose to the population from any
emissions from the mine is insignificant in these
areas.
The project area is within an archeologically relevant
region (mining history). All excavation work in the
topsoil will be monitored by a state archaeological
team during future construction work. This may
impact construction work.
Dust, noise and vibration studies have been done
and no impact on the local inhabitants is expected
due to the distance of the mine site from populated
areas.
No red flags have been identified to date.
24 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
STRATEGIC REPORT CONTINUED
S172 STATEMENT (CONTINUED)
TARONGA
SOCIAL
Stakeholder consultation is ongoing. Community
meetings were held with near neighbours and the
broader community including meetings to present
outcomes of the recent environmental impact
studies. Newsletters have been distributed and a
number of local events were attended or sponsored
during the period. TMPL donated an artwork
sculpture “Roobot” to the town of Emmaville and this
was officially opened by the mayor of the Glen Innes
Severn Council on 30th August 2025.
All interactions to date have been generally positive
with strong support from most of the local community
and First Nations people, and interest in employment
opportunities. Issues raised by nearby landholders
relate to potential noise, dust and vibrations, and
we are working towards alleviating these issues and
ensuring compliance with all regulations. The local
council is very supportive of the project.
ENVIRONMENTAL
The scoping study and request for SEARs (planning
secretary’s environmental assessment requirements)
was lodged on 5th August 2024 and SEARs were
received on 4th September 2024. The SEARs
requirements have been addressed as part of the
Environmental Impact Statement (EIS).
All specialist consultant studies have been completed
and results incorporated into the Environmental
Impact Statement. Studies completed are:
• Biodiversity Development Assessment (GeoLINK)
• Air Quality Impact Assessment (Northstar)
• Noise Assessment (Muller Acoustic)
• Blast Impact Assessment (Terrock)
• Surface Water Assessment (ATC Williams)
• Groundwater Impact Assessment
(Hydrogeologist.Com)
• Independent Peer Review of the Numerical
Groundwater Modelling (Manewell Groundwater)
• Traffic Impact Assessment
(The Transport Planning Partnership)
• Human Health Risk Assessment
(Environmental Risk Sciences)
• Resilience and Hazards SEPP Screening &
Preliminary Hazard Analysis (Sherpa)
• Greenhouse Gas Assessment & Climate Change
Adaptation Plan (Northstar Air Quality)
• Visual Impact Assessment (RW Corkery & Co)
• Aboriginal and Historical Cultural Heritage
Assessment (Landskape Heritage Management)
• Social Impact Assessment (Key Insights)
• Economic Assessment (Gillespie Economics)
• Land and Soil Capability Assessment (Landloch)
• Agricultural Impact Statement (Landloch)
• Geochemistry Characterisation and Assessment
(RGS Environmental Consultants)
The Environmental Impact Statement was completed in
September 2025 and includes the following chapters:
• Executive Summary
• Introduction
• Strategic Context
• Project Description
• Statutory Context
• Engagement
• Assessment and Management of
Key Environmental Issues
• Evaluation of the Project
• References
• Glossary
The study concludes that predicted residual
environmental impacts remain acceptable and that
ongoing management, monitoring and reporting will
ensure that compliance is maintained.
CLIMATE CONSIDERATIONS
First Tin has a policy of minimising its greenhouse
gas emissions and to this end, has decided to have a
behind the meter power supply consisting of a 10MW
solar farm supported by an 8MW gas powered
generator and a single 2MW diesel generator for
emergency back-up only.
To take full advantage of solar power, it has been
decided that primary and secondary crushing (the
single largest power draw at the mine-site) will only
be conducted during daylight hours. This has the
added benefit of minimising noise during the night.
These initiatives are estimated to result in a saving of
around 14,780t CO
2
per year compared with using
Grid power.
firsttin.com 25
STRATEGIC REPORT
STRATEGIC REPORT CONTINUED
S172 STATEMENT (CONTINUED)
A full analysis of greenhouse gas emissions has been
completed as part of the EIS as noted above.
OFFSET AREAS
First Tin currently owns approximately 25km
2
of
Freehold land around the project area.
Studies are currently underway on the areas not
required for mine infrastructure to assess their
environmental significance and value as offset areas.
It is likely that much of this area has a high
environmental value as much of it has not been
affected by previous mining or farming activities. It is
proposed to set aside much of this area in perpetuity
as an environmental conservation area.
PERMITTING
A Mining Lease application (MLA 642) has been
applied for over the mineralisation and all required
site infrastructure. This triggered the “Right to
Negotiate” process with Native Title holders.
No Native Title was registered within the required
time frame and the Right to Negotiate process is now
considered to be complete as per notification from
the Mining, Exploration and Geoscience division of
the Department of Regional NSW.
A compensation agreement has been reached with
Crown Lands department over a block of Crown
Land that covers part of the South Pit area. There is a
Native Title Land Claim over this block and TMPL is
currently in negotiation with the claimants regarding
transferring the Crown Land agreement to them
should their claim be successful.
GOVERNMENT AND REGULATORS
Maintaining respectful and collaborative relationships
with our regulatory authorities is vital to the success
of our business. We believe that the strength of
these relationships will allow us to make a sustainable
and beneficial contribution to the regions in which
we operate.
The Company has held preliminary meetings with
Department of Regional NSW, including the Mining,
Exploration and Geoscience division and Resources
Regulator, to outline the status of exploration and
preliminary mine planning and will hold further
meetings with the Department as part of the Mine
Development Panel process. A draft Scoping Report
was issued on 24 July 2024 with representatives of
the Biodiversity, Conservation and Science Division
(BCS) of the NSW Department of Climate Change,
Energy, the Environment and Water. No further
matters were raised and as noted above, the Scoping
Report and request for SEARs was formally lodged
on 5 August 2024. We have been in contact with the
local parliamentary representatives and have held
meetings with Glen Innes Severn Council to inform
them of our plans and progress and seek preliminary
input into local issues requiring consideration.
The route for mining permissions in NSW is well
regulated and specified and we have followed all
required protocols to date and intend to continue
to do so. Following formal lodgement of the EIS
there will be meetings with the NSW Department
of Planning, Housing and Infrastructure (DPHI) and
NSW Department of Primary Industries and Regional
Development (DPIRD)..
BUSINESS CONDUCT
As explained in more detail in the Corporate
Governance section on pages 32 to 35, values and
culture are an integral part of our strategy and the
Board strives to promote a culture based on high
business conduct standards.
ACTING FAIRLY AS BETWEEN MEMBERS OF THE
COMPANY
Having assessed all necessary factors, and as
supported by the processes described above, the
Directors consider the best approach to delivering on
the Company’s strategy. This is done after assessing
the impact on all stakeholders and is performed
in such a manner so as to act fairly as between the
Company’s shareholders.
This report was approved by the Board on
24 October 2025 and signed on its behalf by:
W A Scotting
Chief Executive Officer
26 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
firsttin.com 27
STRATEGIC REPORT
From left to right: Rob Kidd
(TMPL GM Operations), Mayor
Margot Davis (Glen Innes Severn
Council), Jessica Cass (TMPL
Community Relations Officer),
Tony Truelove (TMPL COO),
Mick Brown (Creator of Roobot)
On Saturday 30 August
2025, a sculpture named
Roobot was unveiled by
Mayor Margot Davis in
the RSL Park at Emmaville.
Roobot is a sculpture
created by artist Mick
Brown as a tribute to the
animals who perished in
the 2019 bushfires. Taronga
Mines purchased the
sculpture as a gift to the
Emmaville community.
ENVIRONMENTAL, SOCIAL AND
GOVERNANCE ("ESG")
FOR THE YEAR ENDED 30 JUNE 2025
OUR VISION
A conflict-free source
of tin through sustainable,
professional, responsible,
and regulated mining.
INTEGRITY
• Do what is right;
• Do what we say we will do;
and
• Be inclusive.
RESPECT
• For the environment
• For our employees (including their health,
safety and wellbeing)
• For the local communities in which we operate
PERFORMANCE
• For delivering outcomes to progress
the green and technological revolutions
• For enhancing the community
• For a return to our shareholders
GLOBAL RESPONSIBILITY
• Assisting in the transition to a “greener future”
• Managing our impacts at every stage of
development and production
OUR PRIORITIES
1
SAFETY
2
MINIMISING OUR
CO
2
FOOTPRINT 3
MINIMISING OUR
ENVIRONMENTAL
FOOTPRINT
4
ETHICAL AND
RESPECTFUL 5
RECRUITMENT AND
MATERIALS 6
POSITIVE
LEGACY
A core value; we aim for a
fatality and injury free workplace.
From an early stage of our mine
project; utilising renewable energy
supply and electrification options
for future mine equipment wherever
possible.
Through identification and
implementation of
“leave-no-trace solutions”
wherever possible.
Behaviour that is built on a
transparent relationship with
local communities and their
culture and laws.
Source and hire locally
wherever possible.
Prepare to leave a positive
legacy for the local
environment.
28 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
• Design, build and operate a state of the art,
environmentally sensitive and conflict-free tin
mining operation;
• Establish a contractual arrangement with the
legitimate First Nations land claimants for the land
plot that partially overlaps where the northern and
southern pit mineralisation are;
• Support locals through two dedicated internship
positions that will offer training opportunities for
mining industry relevant positions, on a rotating
basis;
• Inclusive employment policies that encourage
diversity and gender balance;
• Investigate the options to share water supply from
our purchased water allocation rights with the
local community, subject to the outcome of the
water bores and exploration results;
• Investigate the options to supersize the intended
solar power generation plant in order to achieve a
low, or even CO
2
-free, energy footprint; and
• Plan a tree planting initiative based on the
recommendations of local experts and Glen Innes
Severn Council.
OUR PRIORITIES
1
SAFETY
2
MINIMISING OUR
CO
2
FOOTPRINT 3
MINIMISING OUR
ENVIRONMENTAL
FOOTPRINT
4
ETHICAL AND
RESPECTFUL 5
RECRUITMENT AND
MATERIALS 6
POSITIVE
LEGACY
A core value; we aim for a
fatality and injury free workplace.
From an early stage of our mine
project; utilising renewable energy
supply and electrification options
for future mine equipment wherever
possible.
Through identification and
implementation of
“leave-no-trace solutions”
wherever possible.
Behaviour that is built on a
transparent relationship with
local communities and their
culture and laws.
Source and hire locally
wherever possible.
Prepare to leave a positive
legacy for the local
environment.
TARGETS TARONGA:
WE COMMIT TO:
TARGETS TELLERHÄUSER:
WE COMMIT TO:
• Design, build and operate a state of the art,
environmentally sensitive and conflict-free tin
mining operation with a “leave-no-trace”, mine
waste-free, surface footprint wherever possible;
• Develop a policy for a professional training/
apprenticeship program to support locals to
qualify as potential future employees;
• Investigate the options to supply the future
Tellerhäuser mine with renewable energy in
order to achieve a low, or even CO
2
-free, energy
footprint. Identify the potential use for the
geothermal heat that we can extract out of the to-
be-pumped and treated ground water;
• Support the technology development for low
CO
2
, or CO
2
-free, tin smelting and refining
options as co-financier of a study at the local
university; and
• Integrate electrical driven equipment as one
option into our DFS.
ESG CONTINUED
firsttin.com 29
STRATEGIC REPORT
TASK FORCE ON CLIMATE-RELATED
FINANCIAL DISCLOSURES
FOR THE YEAR ENDED 30 JUNE 2025
First Tin is committed to extracting resources responsibly and sustainability is
at the core of the Group’s development programme and aspirations for future
operations.
GOVERNANCE ARRANGEMENTS IN RELATION
TO ASSESSING AND MANAGING CLIMATE-
RELATED RISKS AND OPPORTUNITIES
The Audit and Risk Committee is responsible
for reviewing and monitoring the suitability and
effectiveness of the Company’s risk management
policies and processes. Since the Group’s IPO during
April 2022 the Audit and Risk Committee approved
a risk management framework which includes a risk
appetite statement and risk register which identifies
and analyses the main risks of the Group along
with the mitigations to those risks (appropriate to
the current stage of the Group’s development).
On the recommendation of the Audit and Risk
Committee the Board formally reviewed the risk
management framework during the period. The
Board is responsible for ensuring that environmental
and climate related issues are incorporated into
all aspects of the Group’s development as well
as assessing the Group’s internal controls to
demonstrate and record conformity with the Group’s
stated environmental goals which can be reviewed in
the ESG Report on pages 28 to 29.
PROCESSES FOR IDENTIFYING, ASSESSING
AND MANAGING CLIMATE-RELATED RISKS ARE
INTEGRATED INTO THE ENTITY’S OVERALL RISK
MANAGEMENT PROCESS
Given the relatively early stage of the development
of the Group’s assets the Directors have elected to
not make a detailed disclosure in this regard. The
Group has appropriate governance structures and
procedures in place to identify risks and implement
further risk management procedures as its assets are
developed. Currently the Group operates from two
corporate offices, with no operational tin production
activity. As such Scope 1, Scope 2 and Scope 3
greenhouse gas (GHG) emissions are not produced
and climate-related risks are minimal. Future risks
are actively assessed as part of the feasibility studies
of both Projects. The Company expects to further
develop the risk management framework during the
course of 2026, with implementation occurring during
the course of late 2026 and 2027, at which point it
is anticipated the Taronga asset will enter the early
stages of commissioning and production.
PRINCIPAL CLIMATE-RELATED RISKS AND
OPPORTUNITIES ARISING IN CONNECTION
WITH THE ENTITY’S OPERATIONS
At this relatively early stage of the development
of the Group’s assets the Directors have elected
to not make a detailed disclosure in this regard as
specific climate-related risks and opportunities will
be defined further into the development programme.
However, during the period the Group has paid
particular attention to the potential climate-related
issues concerning water, soil, biodiversity, waste, and
clean air. The Group has conducted detailed analysis
around the use of renewable energy for the Taronga
project, culminating in the proposal to install a solar
energy facility, which is estimated will generate 53%
of the site’s power requirements and save around
14,700 tonnes of CO
2
. The Definitive Feasibility
Study published for Taronga in May 2024 details the
current environmental legislation that the Group will
need adhere to in the context of climate-related risks
and opportunities, however the Directors remain
cognisant of the ever-changing regulatory landscape.
An Environmental Impact Statement (EIS) has been
prepared for the regulatory approval process for
the Taronga project. As such, the Group expects
to further formalise its views in this regard during
the course of 2026 and 2027 with implementation
occurring during the course of 2027.
TIME PERIODS BY REFERENCE TO WHICH
THOSE RISKS AND OPPORTUNITIES ARE
ASSESSED
The Group’s risk management framework is reviewed
at least twice annually which the Board feels is
appropriate at this stage of the development
programme. However, the framework is fluid
and might be analysed, adapted and expanded
more frequently as First Tin moves towards being
a sustainable tin producer. As noted in the ESG
Report (pages 28 to 29) the Group will identify
and implement ‘leave no trace’ solutions wherever
possible, including potentially utilising renewable
energy supply, screenings, and electrification
options for future mine equipment. Pursuant
to the completion of the Environmental Impact
Statement for Taronga, which was submitted during
30 FIRST TIN l ANNUAL REPORT 2025
STRATEGIC REPORT
Q3 2025, the Company expects to formalise the
risk management framework in this regard, with
implementation occurring during the course of 2027.
ACTUAL AND POTENTIAL IMPACTS OF THE
PRINCIPAL CLIMATE-RELATED RISKS AND
OPPORTUNITIES ON THE ENTITY’S BUSINESS
MODEL AND STRATEGY
At this stage of the development of the Group’s
assets the Directors have elected to not make a
detailed disclosure in this regard as the impact
of climate related risks and opportunities will be
defined further into the development programme.
The Group is developing stringent environmental
controls and procedures in place to minimise and
mitigate its impact on land, water, air quality, climate,
and biodiversity and complies with the requirements
of all applicable legislation, regulation, and rules
in countries of its operation. As noted above, the
Group has conducted detailed analysis around the
use of renewable energy for the Taronga project,
culminating in the proposal to install a solar energy
facility, which is estimated will generate 53% of the
site’s power requirements and save around 14,700
tonnes of CO
2
.
ANALYSIS OF THE RESILIENCE OF THE ENTITY’S
BUSINESS MODEL AND STRATEGY, TAKING
INTO CONSIDERATION DIFFERENT CLIMATE
RELATED SCENARIOS
At this stage of the development of the Group’s
assets the Directors have elected to not make a
detailed disclosure in this regard. As noted in the
Chairman’s Statement on pages 4 to 5, First Tin is
confident in its ability to progress both assets in
Australia and Germany in a sustainable fashion. The
global clean energy and technological revolutions
are driving significant future demand for tin,
creating an exciting opportunity for First Tin
and its ability to deliver a sustainable answer
to the anticipated global tin supply
shortage. The decision to invest in
solar energy for Taronga is expected
to provide economic and supply
benefits in an uncertain future
energy supply environment, as well
a reduction in the project’s CO
2
emissions.
TARGETS USED BY THE GROUP TO MANAGE
CLIMATE-RELATED RISKS AND TO REALISE
CLIMATE-RELATED OPPORTUNITIES AND OF
PERFORMANCE AGAINST THOSE TARGETS
At this stage of the development of the Group’s
assets the Directors have elected to not make a
detailed disclosure in this regard as specific targets
will be defined further into the development
programme. As noted in the ESG Report (pages 28
to 29) the Group will identify and implement ‘leave
no trace’ solutions wherever possible and endeavour
to minimise First Tin’s CO
2
footprint from an early
stage, as evidenced by the selection of solar as part
of the Taronga energy supply mix. The Company
expects to formalise its views in this regard during
the course of 2026 with formal implementation
occurring during the course of 2027.
KEY PERFORMANCE INDICATORS (KPIS) USED
TO ASSESS PROGRESS AGAINST TARGETS USED
TO MANAGE CLIMATE-RELATED RISKS AND
REALISE CLIMATE-RELATED OPPORTUNITIES
AND OF THE CALCULATIONS ON WHICH THOSE
KPIS ARE BASED
At this stage of the development of the Group’s
assets the Directors have elected to not make a
detailed disclosure in this regard as specific risks and
opportunities will be defined closer to the transition
from development to production. The Company
expects to formalise its views in this regard during
the course of 2026 and implement such KPI’s during
the course of 2027 as Taronga is expected to move
into commissioning and production.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED
firsttin.com 31
STRATEGIC REPORT
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The Company is managed under the direction and
supervision of the Board of Directors. Among other
things, the Board sets the vision and strategy for
the Company in order to effectively implement the
Company’s business model which is to become a
global tin producer supplying fully traceable and
verifiable tin units into global industries with high tin
requirements.
Good corporate governance creates shareholder
value by improving performance while reducing or
mitigating risks that the Company faces as we seek to
create sustainable growth over the medium to long-
term. It is my role as Chairman to lead the Board
effectively and to oversee the adoption, delivery
and communication of the Company’s corporate
governance model.
The Listing Rules require all companies admitted
to the Standard Segment of the FCA’s Official List
to adopt and comply with a recognised corporate
governance code. In this regard, the Board has
adopted the Quoted Companies Alliance Corporate
Governance Code (the “Code”). It was decided
that the Code was more appropriate for the
Company’s size and stage of development than the
more prescriptive Financial Reporting Council’s UK
Corporate Governance Code. The narrative that
follows sets out in broad terms how we comply with
the Code at this point in time and we will provide
annual updates to the report going forward.
PRINCIPLE 1: ESTABLISH A PURPOSE,
STRATEGY AND BUSINESS MODEL WHICH
PROMOTE THE LONG-TERM VALUE FOR
SHAREHOLDERS
In the short to medium term First Tin plans to
establish sustainable tin mining and processing from
its two flagship assets, the Taronga Project in New
South Wales, Australia and the Tellerhäuser project in
Saxony, Germany.
By developing these advanced hard rock tin projects
in the Tier 1 jurisdictions of Australia and Germany,
First Tin will support the global energy transition and
digital transformation by supplying critically needed
compliant and verifiable tin into the electric vehicle,
renewable energy and semi-conductor supply chains.
By virtue of its expanding exploration portfolio and
resource base, First Tin is also developing a range
of options for longer term growth in tin supply and
shareholder value.
PRINCIPLE 2: PROMOTE A CORPORATE
CULTURE THAT IS BASED ON ETHICAL VALUES
AND BEHAVIOURS
The Board believes that the promotion of a corporate
culture based on sound ethical values and behaviours
is essential to maximise shareholder value. With
regard to the structure and size of the Company,
the Board is confident the ethical values are being
adhered to through multiple ways. Many employees
are members of professional bodies and/or are
educated to a very high academic level. Having a
relevant professional degree and being a member
in good standing of the professional body aligns
with the culture the Company cultivates to obtain its
objectives. The Company will only meet its objectives
if all its employees are ethical, fair and transparent in
their dealings with our stakeholders.
PRINCIPLE 3: SEEK TO UNDERSTAND
AND MEET SHAREHOLDER NEEDS AND
EXPECTATIONS
The Company is committed to listening and
communicating openly with its shareholders to ensure
that its strategy, business model and performance
are clearly understood. Understanding what analysts
and investors think about us, and in turn, helping
these audiences understand our business, is a key
part of driving our business forward and we actively
seek dialogue with the market. We do so via retail
and institutional investor roadshows, attending
and presenting at investor conferences, meeting
with independent investment analysts and financial
journalists and our regular reporting.
The Directors actively seek to build a relationship
with institutional shareholders. The Chief Executive
Officer (“CEO”) and other Directors will make
presentations to institutional shareholders and
analysts from time-to-time in part to listen to their
feedback and have a direct conversation on any areas
of concern. The Board as a whole is kept informed
of the views and concerns of major shareholders by
briefings from the CEO. Any significant investment
reports from analysts will be circulated to the Board.
The Non-Executive Chairman is also available to
meet with major shareholders if required to discuss
issues of importance to them.
The Annual General Meeting (“AGM”) is one forum
for dialogue with shareholders and the Board. The
Notice of Meeting is sent to shareholders at least 21
clear days before the AGM. The Chair of the Board
and all Committee Chairs, together with all other
32 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE STATEMENT CONTINUED
Directors, will routinely attend the AGM and are
available to answer questions raised by shareholders.
For each vote, the number of proxy votes received
for, against and withheld is announced at the
meeting. The results of the AGM will subsequently be
published on the Company’s website.
PRINCIPLE 4: TAKE INTO ACCOUNT WIDER
STAKEHOLDER AND SOCIAL RESPONSIBILITIES
AND THEIR IMPLICATIONS FOR LONG-TERM
SUCCESS
Engaging with all our stakeholders strengthens our
relationships and helps us make better business
decisions to deliver on our commitments. The
Board is regularly updated on wider stakeholder
engagement to stay abreast of stakeholder insights
into the issues that matter most to them and our
business, and to enable the Board to understand
and consider these issues in decision-making.
Some examples of stakeholders aside from our
shareholders are the nearby communities to our
projects, our potential future customers and our
suppliers. The Board therefore closely monitors and
reviews the results of the Company’s engagement
with those groups to ensure alignment of interests.
PRINCIPLE 5: EMBED EFFECTIVE RISK
MANAGEMENT, INTERNAL CONTROLS AND
ASSURANCE ACTIVITIES, CONSIDERING BOTH
OPPORTUNITIES AND THREATS, THROUGHOUT
THE ORGANISATION
FINANCIAL CONTROLS
The Company’s Audit and Risk Committee comprises
Ross Ainger (Chairman) and Bill Scotting. The Audit
and Risk Committee meets as often as required
and at least twice a year. The Audit and Risk
Committee’s main functions include reviewing the
effectiveness of internal control systems and risk
assessment, overseeing the Company’s relationship
with the external auditors, including making
recommendations to the Board in relation to the
appointment and remuneration of the Company’s
auditors and monitoring and reviewing annually
their independence, objectivity, effectiveness and
qualifications.
The Audit and Risk Committee also monitors the
integrity of the financial statements of the Company
and Group, including its annual and interim reports
and any other formal announcement relating to
financial performance. The Audit and Risk Committee
considers the nature, scope and results of the
auditors’ work and reviews, and can develop and
implements policies on the supply of non-audit
services that are provided by the external auditors
where appropriate. The Audit and Risk Committee
focuses particularly on compliance with legal
requirements, accounting standards and the relevant
Listing Rules and ensuring that an effective system
of internal financial and non-financial controls is
maintained. The ultimate responsibility for reviewing
and approving the annual report and accounts
remains with the Board. The identity of the Chairman
of the Audit and Risk Committee is reviewed on
an annual basis and the membership of the Audit
and Risk Committee, and its terms of reference are
kept under review. The Audit and Risk Committee
Chairman is considered to be an independent Non-
Executive Director and no member has links with the
Company’s external auditors.
STANDARDS AND POLICIES
The Board is committed to maintaining appropriate
standards for all the Group’s business activities and
ensuring that these standards are set out in written
policies where appropriate. The Board acknowledges
that the Group’s international operations may give
rise to possible claims of bribery and corruption.
In consideration of the UK Bribery Act the Board
reviews the perceived risks to the Group arising from
bribery and corruption to identify aspects of the
business which may be improved to mitigate such
risk. The Board has adopted a zero-tolerance policy
toward bribery and has reiterated its commitment
to carry out business fairly, honestly and openly. The
Company has a share Dealing Code, in conformity
with the requirements of the Listing Rules for
Companies and the Market Abuse Regime (MAR)
and ensures compliance by the Board and senior
staff with the terms of the code. In summary, the
code stipulates that those covered by it should: not
deal in any securities of the Company unless prior
written notice of such proposed dealings has been
given to the Board and written clearance received
from the Board; not purchase or sell any securities of
the Company in the 30 days immediately preceding
the announcement of the Company’s half-yearly or
annual results; not use another person, company
or organisation to act as an agent, or nominee,
partner, conduit or in another capacity, to deal in
any securities on their behalf where that third person
would breach obligations under this paragraph; and
immediately inform the Board of any dealings in the
Company’s shares.
firsttin.com 33
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE STATEMENT CONTINUED
All material contracts are required to be reviewed and
signed by a Director of the Company and reviewed
by our external counsel.
The Company has a social media policy. The
objective of the policy is to minimise the risks to the
Company through use of social media. The policy
deals with the use of all forms of social media,
all social networking sites, internet postings, the
Company’s website, non-regulatory news feeds and
blogs. It applies to use of social media for business
purposes as well as personal use that may affect
the Company in any way. The policy covers all
employees, officers, consultants, contractors, interns,
casual workers and agency workers.
PRINCIPLE 6: MAINTAIN THE BOARD AS A
WELL-FUNCTIONING, BALANCED TEAM LED BY
THE CHAIR
The Board comprises the Non-Executive Chairman,
one Executive Director and three Non-Executive
Directors. The Board is satisfied that it has a suitable
balance between governance on the one hand,
and knowledge of the Company on the other, to
enable it to discharge its duties and responsibilities
effectively. All Directors are encouraged to use their
independent judgement and to challenge all matters,
whether strategic or operational. The Chairman holds
update meetings with each Director to ensure they are
performing as they are required.
During the financial year to 30 June 2026, at least four
Board meetings will take place (six Board meetings
were held during the year to 30 June 2025). Key
Board activities in the coming year will include: the
review of the progress of the environmental work
and permitting; review and approval of drilling
programmes at Taronga to convert inferred resources
to indicated, measured; review and approval of site
preparation at Taronga; review and development
of the long-term strategy of the Group; review and
approval of the annual plan and budget; assessing any
potential acquisition candidates and received take-
over offers, as the case might be; the continued open
dialogue with the investment community; to consider
our financial and non-financial policies; to discuss the
Company’s capital structure and financial strategy,
including capital investments, funding and shareholder
returns; to discuss internal governance processes; to
review the Company’s risk management system and
profile; and to review feedback from shareholders
post full and half year results. The Company has
effective procedures in place to monitor and deal
with conflicts of interest. The Board is aware of the
other commitments and interests of its Directors, and
changes to these commitments and interests must be
reported to and, where appropriate, agreed with the
rest of the Board.
PRINCIPLE 7: MAINTAIN APPROPRIATE
GOVERNANCE STRUCTURES AND ENSURE
THAT INDIVIDUALLY AND COLLECTIVELY THE
DIRECTORS HAVE THE NECESSARY UP-TO-DATE
EXPERIENCE, SKILLS AND CAPABILITIES
The Board is satisfied that, between the Directors, it
has an effective and appropriate balance of skills and
experience, including in the areas of mining, mineral
processing, commodity markets, ESG, corporate
finance and capital markets. All Directors receive
regular and timely information on the Company’s
operational and financial performance. Relevant
information is circulated to the Directors in advance
of meetings.
The Board makes decisions regarding the
appointment and removal of Directors and there
is a formal, rigorous and transparent procedure for
appointments. The Company’s Articles of Association
require that: any Director who has held office at
the time of the three previous AGMs and who did
not retire at either of them must retire from office
and may offer him or herself for re-election by the
shareholders; and that any new Directors appointed
during the year must stand for election at the AGM
immediately following their appointment.
All Directors are able to take independent
professional advice in the furtherance of their duties,
if necessary, at the Company’s expense. In addition,
the Directors have direct access to the advice
and services of the Company Secretary and Legal
Counsel.
The Board meets at least four times each year in
accordance with its scheduled meeting calendar.
The Board sets direction for the Company through a
formal schedule of matters reserved for its decision.
Prior to the start of each financial year, a schedule of
dates for that year’s four Board meetings is compiled
to align as far as reasonably practicable with the
Company’s financial calendar while also ensuring an
appropriate spread of meetings across the financial
year. This may be supplemented by additional
meetings as and when required. During the financial
year to 30 June 2026, the Board will meet for at least
four scheduled meetings.
34 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE STATEMENT CONTINUED
The Board receive appropriate and timely information
prior to each meeting; a formal agenda is produced
for each meeting, and Board and committee papers
are expected to be distributed well before meetings
take place. Any Director may challenge Company
proposals and decisions are taken democratically
after discussion. Any Director who feels that any
concern remains unresolved after discussion may ask
for that concern to be noted in the minutes of the
meeting, which are then circulated to all Directors.
Any specific actions arising from such meetings are
agreed by the Board or relevant committee and then
followed up by the Company’s management.
The Board is responsible for the long-term success
of the Company. There is a formal schedule of
matters reserved to the Board. It is responsible
for overall Group strategy; approval of major
investments; approval of the annual and interim
results; annual budgets; dividend policy; and Board
structure. It monitors the exposure to key business
risks and reviews the annual budgets and their
performance in relation to those budgets. There
is a clear division of responsibility at the head of
the Company. The Chairman is responsible for
running the business of the Board and for ensuring
appropriate strategic focus and direction. The CEO is
responsible for proposing the strategic focus to the
Board, implementing it once it has been approved
and overseeing the management of the Company
through the executive team.
The Board is supported by the Audit and Risk
Committee. The Committee has access to such
resources, information and advice as it deems
necessary, at the cost of the Company, to enable the
committee to discharge its duties.
PRINCIPLE 8: EVALUATE BOARD
PERFORMANCE BASED ON CLEAR AND
RELEVANT OBJECTIVES, SEEKING CONTINUOUS
IMPROVEMENT
The Company is constantly assessing the individual
contributions of each of the members of the Board
and executive team to ensure that: their contribution
is relevant and effective, that they are committed
and where relevant, they have maintained their
independence. Over the next 12 months we intend
to continue to review the performance of the team
as a unit to ensure that the members of the Board
collectively function in an efficient and productive
manner.
PRINCIPLE 9: ESTABLISH A REMUNERATION
POLICY WHICH IS SUPPORTIVE OF LONG-
TERM VALUE CREATION AND THE COMPANY'S
PURPOSE, STRATEGY AND CULTURE
The Company recognises that a well-designed
remuneration policy is critical to attracting, retaining,
and motivating high-calibre talent while ensuring
alignment with the Company’s long-term strategic
goals, purpose, and culture.
The Company’s aim is to attract, retain and incentivise
the Executive Director, senior management and
employees in a manner consistent with the goals
of good corporate governance. The Board will
continue to consider a number of factors including
the basic salary, benefits and incentives available
to the Executive Director, senior management and
employees of comparable companies and for new
senior recruits based on executive search specialist
advice. The Company’s remuneration packages
awarded to the Executive Director and senior
management are intended to be competitive. A
formal performance related remuneration incentive
programme is being developed and implemented
as the Company moves towards project execution
and production and will aim to align employees’ with
shareholders’ interests.
PRINCIPLE 10: COMMUNICATE HOW
THE COMPANY IS GOVERNED AND IS
PERFORMING BY MAINTAINING A DIALOGUE
WITH SHAREHOLDERS AND OTHER KEY
STAKEHOLDERS
The Company communicates with shareholders
through the Annual Report and Accounts, full-
year and half-year announcements, the AGM, RNS
announcements, EGM’s as required, and one-to-
one meetings with large existing or potential new
shareholders. A range of corporate information
(including all Company announcements and
presentations) is also available to shareholders,
investors and the public on the Company’s corporate
website, www.firsttin.com. The Board receives
regular updates on the views of shareholders
through briefings and reports from the CEO and the
Company’s brokers. The Company communicates
with institutional investors frequently through
briefings with management. In addition, analysts’
notes and brokers’ briefings are reviewed to
achieve a wide understanding of investors’ views.
The Company will also communicate to individual
investors and private client brokers, investor
roadshows and presentations at investor conferences.
firsttin.com 35
CORPORATE GOVERNANCE
During the Period there were two
members of the Audit and Risk
Committee. Ross Ainger chaired the
Committee and the other member
was Bill Scotting. Ross Ainger is
a Non-Executive Director and
deemed to be independent by the
Board. It is intended that the Audit
and Risk Committee meets at least
twice a year and the Committee is
responsible for ensuring that the
Company’s financial performance is
properly monitored and reported
and for providing oversight of the
Company’s risk management and
system of internal controls. The
chair reports to the Board after each
Committee and will attend each
Annual General Meeting of the
Company.
In the period between 1 July 2024
and 30 June 2025 the Committee
met four times, with all members in
attendance.
The Audit and Risk committee plays
a vital role at First Tin by ensuring
that the Company has effective
and appropriate risk management
and internal control systems,
backed up by comprehensive
financial, governance and reporting
functions. The chair ensures that
the Audit and Risk Committee
provides the appropriate guidance,
governance and oversight to
management in order to identify
and manage risks, helping to
facilitate the effective delivery
of the Projects in Germany and
Australia.
DUTIES OF THE AUDIT AND
RISK COMMITTEE
INTERNAL CONTROL AND RISK ASSESSMENT
The Committee assists the Board in discharging its duty
to ensure that the financial statements presented by
the Company to its shareholders conform with all legal
and regulatory requirements and that the Company and
its subsidiaries’ financial reporting and internal control
policies and procedures for the identification, assessment
and reporting of risks are adequate, by keeping
such matters under review and making appropriate
recommendations to the Board.
RISK IDENTIFICATION AND ASSESSMENT
The Committee advises the Board on the Company’s
risk strategy, risk policies and current risk exposures;
overseas the implementation and maintenance of the
overall risk management framework and systems; reviews
the Company’s risk assessment processes and capability
to identify and manage new risks; and reviews the
effectiveness of the Company’s IT systems and procedures.
EXTERNAL AUDIT
The Committee considers and makes recommendations
to the Board regarding the appointment and
reappointment of the Company’s external auditor, as
well as any questions relating to their resignation or
removal. The Committee oversees the relationship with
the external auditor, including, but not limited to, the
approval of their remuneration and terms of engagement,
whether in relation to audit or non-audit services, and
annually assesses the auditor’s independence, objectivity,
qualifications, expertise, resources and effectiveness. The
Audit and Risk Committee meets the external auditor at
least twice a year and reviews the findings of the audit.
FINANCIAL STATEMENTS
The Committee monitors the integrity of the financial
statements of the Company, including the annual and
interim reports, preliminary results announcements and
any other formal announcement relating to its financial
performance. It reviews any significant financial reporting
issues and judgments, and challenges, where necessary,
and the Company’s financial statements before submission
to the Board. The Committee keeps under review the
consistent application of accounting policies and practices
on a year-to-year basis, and across the Company.
AUDIT AND RISK COMMITTEE REPORT
FOR THE YEAR ENDED 30 JUNE 2025
36 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
MEETINGS
The Committee met during August 2024, October 2024, March
2025 and May 2025. and focused on the following topics.
DURING THE PERIOD, THE COMMITTEE:
• met with the external auditor and discussed their audit
report and audit plan for the financial period to
30 June 2025;
• approved the publication of the annual and
half-year financial results for the period to 30 June
2024 and 31 December 2024 respectively;
• as part of the annual report preparation made a
going concern assessment of the Company and
discussed future financing requirements with
management;
• considered and approved the annual review of
internal controls, including relevant policies;
• reviewed the risk register and discussed the
same with management and defined the risk
appetite the Board is willing to accept;
• decided that due to the size and nature of the
operation, there was not a current need for an
internal audit function; and
• assessed the independence of the auditor and
approved their fees for audit-related services.
WHISTLEBLOWINGS
The Company has a whistleblowing policy in place which sets
out the formal process by which an employee of the Group may, in
confidence, raise concerns about possible improprieties in financial
reporting or other matters.
ANTI-BRIBERY
The Company has an anti-bribery and anti-corruption policy which
sets out its zero-tolerance position and provides information and
guidance to employees on how to recognize and deal with bribery
and corruption issues.
EXTERNAL AUDITOR
The Committee considered the independence and effectiveness
of the external auditor. The Annual Report 2025 is the fourth year
Crowe U.K. LLP has been auditing and Leo Makin has been the audit
partner for the same period.
AUDIT AND RISK COMMITTEE REPORT CONTINUED
firsttin.com 37
CORPORATE GOVERNANCE
BOARD OF DIRECTORS
AS AT 30 JUNE 2025
W A (BILL) SCOTTING
CHIEF EXECUTIVE OFFICER
Bill is an internationally
experienced CEO, Director,
senior executive, and consultant
with over 35 years’ experience
in globally leading companies,
primarily related to metals and
mining. Previous roles include
Head of Corporate Development
at copper producer, Aurubis; CEO
of zinc producer, Nyrstar; CEO of
ArcelorMittal’s Mining division;
Head of Strategy and Head of
Performance Enhancement at
ArcelorMittal; Metallurgist at
BHP; Consultant at McKinsey &
Company and CRU International.
Bill has an MBA (with Distinction)
from Warwick Business School in
the UK, and a B.Sc. (Metallurgy)
from the University of Newcastle
in NSW, Australia, where he was
awarded the Australasian Institute
of Metals Prize for Metallurgy.
He was a member of the World
Economic Forum Global Advisory
Council for Mining & Metals from
2010-2012.
CHARLES
CANNON BROOKES
NON-EXECUTIVE CHAIRMAN
Charles is an Executive Director
and Chief Investment officer
of Duke Capital Limited and is
focused on deal origination,
due diligence, execution and
monitoring as well as UK plc
responsibilities. He has over 20
years investment experience
and has advised and sat on the
boards of several different funds,
trusts and other publicly traded
investment companies. Prior to
Duke, he owned and was the
CIO of Arlington Group Asset
Management Limited which acted
as the UK based, FCA regulated
investment management
company to the Arlington Special
Situations Fund. Earlier in his
career Charles worked at Jupiter
Asset Management, ABN Amro
and Barclays de Zoete Wedd.
First Tin is committed
to attaining the highest
level of corporate
governance to ensure
the future sustainability
of the organisation and
to create long term value
for its shareholders.
To achieve this, we
promote a culture that
rewards performance,
integrity and respect.
Global tin specialists
have more than 150 years’
of combined experience
in tin exploration,
development, mining,
processing, and
commercialisation.
38 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
BOARD OF DIRECTORS CONTINUED
BRETT SMITH
NON-EXECUTIVE DIRECTOR
Brett has served on the board of
private mining and exploration
companies and has over 33 years
international experience in the
engineering, construction and
mineral processing businesses.
He is Executive Director and
Deputy Chairman of Hong Kong
listed company APAC Resources
Limited, Executive Director of
MetalsX Limited and Hong Kong
listed company Dragon Mining
Limited and a Non-executive
Director of ASX listed companies
Prodigy Gold NLTanami Gold NL
and Elementos Limited.
PETER GUNZBURG
NON-EXECUTIVE DIRECTOR
Peter has over 20 years’
experience acting as a public
company director, stockbroker and
investor. He has previously been
a director of BARD1 Life Sciences
Limited, Resolute Ltd, Australian
Stock Exchange Ltd, Eyres Reed
Ltd, CIBC World Markets Australia
Ltd and Fleetwood Corporation
Ltd. He is currently Chairman of
MetalsX Limited.
ROSS AINGER
INDEPENDENT NON-
EXECUTIVE DIRECTOR
Ross has worked as in
independent corporate
consultant since January 2020,
advising public, private and FCA
Authorised and Regulated firms
on a variety of different mandates.
He previously worked at Arlington
Group Asset Management, a
commodities focused investment
management, corporate finance,
and advisory business; Merrill
Lynch Investment Managers;
Deutsche Bank and Reuters.
firsttin.com 39
CORPORATE GOVERNANCE
DIRECTORS' REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The Company’s policy is to maintain levels of remuneration sufficient to attract,
motivate and retain senior executives of the highest calibre who can deliver
growth in shareholder value. The Executive Director’s remuneration currently
consists of a basic salary. A performance-related incentive plan is currently
being developed.
The Company seeks to strike an appropriate balance between fixed and performance-related rewards,
reinforcing a clear link between pay and performance. The performance targets for staff, senior executives
and the Executive Director continue to be aligned to the key drivers of the business strategy, thereby creating
a strong alignment of interest between staff, Executive Director and shareholders. The Board will continue
to review the Company’s remuneration policy and make amendments, as and when necessary, to ensure
it remains fit for purpose and continues to drive high levels of executive performance and remains both
affordable and competitive in the market.
The policy is subject to shareholder approval through the votes cast at the upcoming AGM to be held on 4
December 2025.
POLICY TABLE
Purpose and link to strategy Criteria Performance conditions and cost
REMUNERATION ELEMENT: BASE SALARY
To provide fixed
remuneration to:
• help recruit and retain key
individuals; and
• reflect the individual’s
experience, role, rank and
contribution within the
Company.
The Board takes into account a number of factors
when setting salaries, including:
• the scope and complexity of the role;
• the skills and experience of the individual;
• salary levels for similar roles within the industry;
• pay elsewhere in the Company.
Salaries are reviewed, but not necessarily
increased, annually.
The current base salaries of the
Directors can be found in the
Directors’ Remuneration section.
The Board retains discretion to
make higher increases in certain
circumstances, for example,
following an increase in the scope
and/or responsibility of the role or
the development of the individual
in the role or by benchmarking.
REMUNERATION ELEMENT: OTHER BENEFITS
To provide a basic benefits
package, in order to help
recruit and retain key
individuals.
The Company may provide the Executive Director
and management as well as employees with
accident insurance, pension insurance and similar
benefits in line with legal requirements in the
jurisdiction of employment of the respective
employee.
The expense of providing the
benefit.
REMUNERATION ELEMENT: ANNUAL BONUS
To incentivise and reward
the achievement of annual
financial, operational and
individual objectives which
are key to the delivery of
the Company’s short-term
strategy.
At present no annual bonus is paid to the
Executive Director. The Board will review this
during the financial year to 30 June 2026.
None.
40 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
Purpose and link to strategy Criteria Performance conditions and cost
REMUNERATION ELEMENT: SHARE OPTION PLAN
• To incentivise and reward
the creation of long-term
shareholder value.
• To align the interests of the
eligible employees with
those of shareholders.
• To help recruit and retain
key individuals.
Under the terms of the share option plan (the
“Share Option Plan”), the Remuneration and
Nominations Committee may issue options over
shares up to 10% of the issued share capital of
the Company from time to time. The Executive
Director, employees and certain consultants are
eligible for awards.
None
DIRECTORS’ REMUNERATION (AUDITED)
The table below sets out the Directors’ remuneration and fees:
Basic fees
Performance
related bonus
Share based
payments Total
2025 £ £ £ £
Mr W. A. Scotting 179,167 – – 179,167
Mr C. Cannon Brookes 35,000 – – 35,000
Mr R. G. J. Ainger 45,000 – – 45,000
Mr B. R. Smith 23,315 – – 23,315
Mr P. L. Gunzburg 23,315 – – 23,315
Mr I Hofmaier 15,000 – – 15,000
Ms C Apthorpe 13,333 – – 13,333
334,130 – – 334,130
2024 £ £ £ £
Mr W. A. Scotting 75,000 – – 75,000
Mr C. Cannon Brookes 52,500 – – 52,500
Mr R. G. J. Ainger 36,964 – – 36,964
Mr T Buenger 282,809 – – 282,809
Mr S I Cornelius 30,000 – – 30,000
Mr I Hofmaier 67,500 – – 67,500
Ms C Apthorpe 60,000 – – 60,000
Mr N Mather 40,385 – – 40,385
645,158 – – 645,158
PENSION ARRANGEMENTS (AUDITED)
There were no pensions or other similar arrangements in place with any of the Directors during the periods
ended 30 June 2025 or 30 June 2024.
DIRECTORS' REMUNERATION REPORT CONTINUED
POLICY TABLE CONTINUED
firsttin.com 41
CORPORATE GOVERNANCE
PAYMENTS TO PAST DIRECTORS (AUDITED)
No payments were made to past directors in the periods ended 30 June 2025 or 30 June 2024.
DIRECTORS’ INTERESTS (AUDITED)
The Directors held the following interest in the share capital of the Company either directly or beneficially as at
30 June 2025:
Ordinary shares
2025
Percentage of
issued shares
No. %
Arlington Group Asset Management Ltd
1
52,366,675 11.59
W A Scotting 2,250,000 0.50
1 Mr C. Cannon Brookes is a beneficial owner of Arlington Group Asset Management Ltd
The Directors have no interest in share options either directly or beneficially.
PERFORMANCE GRAPH (UNAUDITED)
The Company’s shares were admitted to trading on the main market of the London Stock Exchange on 8 April
2022. The chart below shows the performance of the Company’s shares against the FTSE all share index.
-80%
-90%
-100%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
20%
0%
May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 May 24
First Tin
FTSE Actuaries All Share Index
10%
DIRECTORS' REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION (AUDITED) CONTINUED
42 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
PERCENTAGE CHANGE IN DIRECTORS’ REMUNERATION
There was no change in basic salary for the Directors in place during the current and prior periods other than a
33% increase with respect to the salary of W A Scotting. Accordingly, no table has been presented.
RELATIVE IMPORTANCE OF THE SPEND ON PAY (UNAUDITED)
The table below shows the Group’s expenditure on employee pay compared to distributions to shareholders:
2025 2024
No. No.
Distribution to shareholders – –
Total employee pay 1,239,230 2,340,045
This report was approved by the Board on 24 October 2025 and signed on its behalf by:
C Cannon Brookes
Non-Executive Chairman
DIRECTORS' REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION (AUDITED) CONTINUED
firsttin.com 43
CORPORATE GOVERNANCE
Examining drill cores
from Tellerhäuser Deeps
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
PRINCIPAL ACTIVITIES
The Company owns two advanced tin projects, one in
Germany and one in Australia, and is seeking to bring
both projects into production in order to be able to
deliver a sustainable answer to the material supply
issues faced by industrial tin consumers.
The Company’s aim is to become a global tin
producer supplying fully traceable and verifiable tin
units into global industries with high tin usage needs.
RESULTS AND DIVIDENDS
No ordinary dividends were paid during the period.
The directors do not recommend payment of a final
dividend.
DIRECTORS
The Directors who served throughout the year and
up to the date of signing of the annual report were as
follows:
W. A. Scotting
C. Cannon Brookes
R. G. J. Ainger
B. R. Smith (appointed 11 July 2024)
P. L. Gunzburg (appointed 11 July 2024)
C. J. Apthorpe (resigned 30 September 2024)
I. Hofmaier (resigned 30 September 2024)
N. Mather (resigned 11 July 2024)
DIRECTORS’ REMUNERATION
The Directors’ remuneration is detailed in the
Directors’ Remuneration Report on pages 40 to 43.
DIRECTORS’ AND OFFICERS’
INDEMNITY INSURANCE
The Group has Directors’ and Officers’ liability
insurance in place which provides cover against
liabilities arising against them in that capacity.
SUBSTANTIAL SHAREHOLDERS
The Company has been notified of the following
interests of 3 per cent. or more in its issued share
capital as at 24 October 2025:
Ordinary
shares
Percentage
holding
No. %
Metals X Limited 135,166,667 29.91
Baker Steel Capital Managers LLP 54,616,675 12.09
Arlington Group Asset
Management Ltd 52,366,675 11.59
Sparta AG 24,166,667 5.35
Konwave AG 13,666,666 3.02
SHARE CAPITAL
The Company’s shares as at 30 June 2025 comprised
451,868,306 Ordinary shares of £0.001 each. The
shares have attached to them full voting, dividend
and capital distribution (including on winding up)
rights; they do not confer any rights of redemption.
STREAMLINED ENERGY AND CARBON
REPORTING
The Streamlined Energy and Carbon Reporting
(“SECR”) Regulations require quoted companies
and large unquoted companies that have consumed
more than 40,000 kilowatt-hours (kWh) of energy
in the reporting period to include energy and
carbon information within their Directors’ Report.
The Group do not currently exceed this threshold
and are therefore exempt from the SECR reporting
requirements in this Annual Report.
The directors present their report and the consolidated financial statements for the year
ended 30 June 2025.
44 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
GOING CONCERN
The Group currently has no income and meets
its working capital requirements through raising
development finance. In common with many
businesses engaged in exploration and evaluation
activities prior to production and sale of minerals the
Group will require additional funds and/or funding
facilities in order to fully develop its business plan.
Ultimately the viability of the Group is dependent
on future liquidity in the exploration and evaluation
period and this, in turn, depends on the availability of
external funding.
At 30 June 2025, the Group had cash balances of
£6.37 million following two rounds of fundraising
during the year under review. The Directors have
prepared a cash flow forecast to 31 December
2026 which indicates that additional funding will
be required in Spring 2026 in order for the Group
to continue to settle its liabilities as they fall due.
This represents a material uncertainty that may
cast significant doubt about the Group’s and the
Company’s ability to continue as a going concern.
However, based upon the success of previous
fundraising, the Directors are confident that sufficient
funds will be raised to enable the Group to continue
as a going concern.
Accordingly, these financial statements have been
prepared on the going concern basis and do not
reflect any adjustments that would be required to be
made if they were to be prepared on a basis other
than the going concern basis.
DIRECTORS' REPORT CONTINUED
Outcropping at Taronga
firsttin.com 45
CORPORATE GOVERNANCE
DIRECTORS’ RESPONSIBILITIES
STATEMENT
The Directors are responsible for preparing the
annual report and the consolidated financial
statements in accordance with applicable law and
regulations. Company law requires the directors
to prepare the Group and the Company financial
statements for each financial year. Under that law
the directors have elected to prepare the Group
financial statements in accordance with UK adopted
International Accounting Standards and elected to
prepare the Company financial statements under
United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards
including FRS 101 Reduced Disclose Framework) and
applicable law.
Under company law, the Directors must not approve
the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs
of the Group and the Company and of the profit or
loss of the Group for that period. In preparing these
financial statements, the Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and estimates that are
reasonable and prudent;
• state whether applicable accounting standards
have been followed, subject to any material
departures disclosure and explained in the
financial statements;
• prepare the Strategic Report, Directors’ Report
and Directors’ Remuneration Report which comply
with the requirements of the Companies Act 2006;
and
• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Group and the Company will continue in
business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Group’s and the Company’s transactions
and disclose with reasonable accuracy at any time
the financial position of the Group and the Company.
They have general responsibility for taking such steps
as are reasonably open to them to safeguard the
assets of the Group and the Company and to prevent
and detect fraud and other irregularities.
DIRECTORS' REPORT CONTINUED
Emmaville’s historic Mining Museum
46 FIRST TIN l ANNUAL REPORT 2025
CORPORATE GOVERNANCE
DIRECTORS' REPORT CONTINUED
Historic tin workings near Emmaville
WEBSITE PUBLICATION
The Directors, who were in office at the date of
approval of this report, confirm that, so far as they are
aware, there is no relevant audit information of which
the Company’s auditor is unaware and that they have
taken all reasonable steps to make themselves aware
of any relevant audit information and to establish that
the Company’s auditor is aware of that information.
The Directors are responsible for preparing
the financial statements in accordance with the
Disclosure and Transparency Rules (“DTR”) of the
United Kingdom’s Financial Conduct Authority and
with International Financial Reporting Standards as
adopted by the United Kingdom.
The Directors confirm to the best of their
knowledge that:
• the financial statements have been prepared in
accordance with the relevant financial reporting
framework and give a true and fair view of the
assets, liabilities, financial position and profit or
loss of the Group and the Company; and
• the Strategic Report and Directors’ Report include
a fair review of the development and performance
of the business and the financial position of
the Group and the Company, together with a
description of the principal risks and uncertainties
that it faces; and
• the annual report and financial statements, taken
as a whole, are fair, balanced, and understandable
and provide the information necessary for
shareholders to assess the Group’s position,
performance, business model and strategy.
ANNUAL GENERAL MEETING
The Company’s Annual General Meeting will be held
on 4 December 2025 at 12.00pm at 1st Floor,
47/48 Piccadilly, London, W1J 0DT.
On behalf of the Board on 24 October 2025.
C Cannon Brookes
Director
firsttin.com 47
CORPORATE GOVERNANCE
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF FIRST TIN PLC
OPINION
We have audited the financial statements of First Tin
PLC (the “Parent Company”) and its subsidiaries (the
“Group”) for the year ended 30 June 2025, which
comprise:
• the consolidated statement of comprehensive
income;
• the consolidated and Company statements of
financial position;
• the consolidated statements of cash flows for the
year then ended;
• the consolidated and Company statements of
changes in equity; and
• the notes to the financial statements, including
significant accounting policies.
The financial reporting framework that has been
applied in the preparation of the Group financial
statements is applicable law and UK-adopted
International Accounting Standards (UK IAS). The
financial reporting framework that has been applied
in the preparation of the Parent Company financial
statements is applicable law and United Kingdom
Accounting Standards, including Financial Reporting
Standard 101 Reduced Disclosure Framework (United
Kingdom Generally Accepted Accounting Practice).
In our opinion:
• the financial statements give a true and fair view
of the state of the Group’s and of the Parent
Company's affairs as at 30 June 2025 and of the
Group’s loss for the year then ended;
• the Group financial statements have been properly
prepared in accordance with UK International
Accounting Standards;
• the Parent Company financial statements have
been properly prepared in accordance with
United Kingdom Generally Accepted Accounting
Practice;
• the financial statements have been prepared
in accordance with the requirements of the
Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with
International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities
under those standards are further described in
the Auditor’s responsibilities for the audit of the
financial statements section of our report. We are
independent of the Group and the Parent Company
in accordance with the ethical requirements that
are relevant to our audit of the financial statements
in the UK, including the FRC’s Ethical Standard as
applied to listed entities, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide
a basis for our opinion.
MATERIAL UNCERTAINTY RELATING TO GOING
CONCERN
We draw attention to note 3.2 in the financial
statements, which indicates that the Group needs
to raise additional capital to fully develop its
business plan. As stated in note 3.2, these events or
conditions, along with other matters as set forth in
Note 3.2, indicate that a material uncertainty exists
that may cast significant doubt on the Group and
the Parent Company’s ability to continue as a going
concern. Our opinion is not modified in respect of
this matter.
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation of the
financial statements is appropriate. Our evaluation of
the directors’ assessment of the Group’s and Parent
Company’s ability to continue to adopt the going
concern basis of accounting included the following.
• We confirmed our understanding of the Group’s
going concern assessment process. We have
obtained and reviewed the Board’s paper setting
out the going concern assessment and examined
supporting financial projections;
• We assessed the appropriateness of the approach,
assumptions and arithmetic accuracy of the model
used by management when performing their
going concern assessment;
• We discussed with management the quantum
and timing of the future fundraise, including
consideration of the Group’s historical fundraising
activities;
48 FIRST TIN l ANNUAL REPORT 2025
INDEPENDENT AUDITORS' REPORT
• We reviewed and considered potential
downside scenarios and the resultant impact on
available funds, to assess the reasonableness of
economic assumptions on the Group’s liquidity
requirements; and
• We assessed the adequacy of the disclosures
made in the financial statements.
Our responsibilities and the responsibilities of the
directors with respect to going concern are described
in the relevant sections of this report.
OVERVIEW OF OUR AUDIT APPROACH
MATERIALITY
In planning and performing our audit we applied
the concept of materiality. An item is considered
material if it could reasonably be expected to change
the economic decisions of a user of the financial
statements. We used the concept of materiality to
both focus our testing and to evaluate the impact of
misstatements identified.
Based on our professional judgement, we
determined overall materiality for the Group financial
statements as a whole to be £340,000 (Period ended
30 June 2024: £300,000), based on 0.75% percent
of Group total assets. We consider an asset-based
measure to be appropriate because of the stage of
development of the assets. Materiality for the Parent
Company financial statements as a whole was set at
£220,000 (Period ended 30 June 2024: £100,000)
based on 0.4% of the Company’s total assets at the
year end.
We use a different level of materiality (‘performance
materiality’) to determine the extent of our testing
for the audit of the financial statements. Performance
materiality is set based on the audit materiality as
adjusted for the judgements made as to the entity
risk and our evaluation of the specific risk of each
audit area having regard to the internal control
environment. Performance materiality was set at
70% of materiality for the financial statements as a
whole, which equate to £238,000 (Period ended 30
June 2024: £210,000) for the group and £154,000
(Period ended 30 June 2024: £70,000) for the Parent
Company.
Where considered appropriate performance
materiality may be reduced to a lower level, such
as, for related party transactions and directors’
remuneration.
We agreed with the Audit and Risk Committee to
report to it all identified errors in excess of £11,000
(Period ended 30 June 2024: £9,000). Errors below
that threshold would also be reported to it if, in
our opinion as auditor, disclosure was required on
qualitative grounds.
OVERVIEW OF THE SCOPE OF OUR AUDIT
Our Group audit was scoped by obtaining an
understanding of the Group and its environment,
including the Group’s system of internal control, and
assessing the risks of material misstatement in the
financial statements. We also addressed the risk of
management override of internal controls, including
assessing whether there was evidence of bias by the
Directors that may have represented a risk of material
misstatement.
We identified two significant components, being
the principal operating subsidiaries, Saxore Bergbau
GmbH (“Saxore”) and Taronga Mines Pty Limited.
Our group audit strategy focused on the Parent
Company and both of the significant components,
which were subject to a full scope audit. The audit
of Saxore was principally performed in Germany by
a local Crowe member firm under the direction and
supervision of the Group audit team. We reviewed
the work of the local audit team remotely and
communicated with the team and local management
on a regular basis. The audit of the Company and
Taronga Mines Pty Limited was conducted from the
UK. All Group companies were within the scope of
our audit testing.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the financial statements of the current
period and include the most significant assessed
risks of material misstatement (whether or not due
to fraud) that we identified. These matters included
those which had the greatest effect on: the overall
audit strategy, the allocation of resources in the audit;
and directing the efforts of the engagement team.
These matters were addressed in the context of our
audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide
a separate opinion on these matters.
In addition to the matter described in the material
uncertainty related to going concern section, we
have determined the matters described below to
be the key audit matters to be communicated in our
report. This is not a complete list of all risks identified
by our audit.
INDEPENDENT AUDITORS' REPORT CONTINUED
firsttin.com 49
INDEPENDENT AUDITORS' REPORT
Key audit matter How the scope of our audit addressed the key audit matter
VALUATION OF INTANGIBLE ASSETS
The carrying value of intangible assets comprise
of the exploration and evaluation (E&E) assets.
At the reporting date the carrying value of the
Group’s E&E assets were £36.68 million
(2024: £34.97 million), as detailed in note 13
to the consolidated financial statements.
There is a risk that costs may be capitalised
which do not meet the criteria set out within
IFRS 6. There may also be indicators of
impairment to the carrying value of exploration
and evaluation assets.
As part of our risk assessment, we determined
the carrying value of these asset as a core
component of the Group’s valuation and
impairment assessment requires the use of
judgment and estimates which are likely give
rise to significant risk.
We confirmed and assessed the existence and the
design effectiveness of controls around the approval
of capitalised expenditure and management’s
impairment assessment for exploration and
evaluation assets.
For a sample of capitalised costs, we validated
the costs incurred were correctly measured and
appropriately allocated to the mining projects.
We reviewed management’s assessment which
concluded that there are no facts or circumstances
that suggest that there are any indicators of
impairment of the asset or that the recoverable
amount is less than the carrying value.
In considering this assessment under IFRS 6, we
reviewed the following sources of evidence:
• The right to explore the area and the validity of
the exploration licence;
• board minutes, budgets and other operational
plans setting out the Group’s current plans for the
continued commercial appraisal of the mining
development assets;
• current and forward metal prices; and
• current plans and intentions for the asset with
management.
Based on the above audit procedures, we consider
the accounting treatment and the related valuations
of the intangible assets to be reasonable and in line
with our expectations. We also reviewed the related
disclosures in the notes to the financial statements
for compliance with accounting standards and
consistency with the results of our work, with no
matters arising.
INDEPENDENT AUDITORS' REPORT CONTINUED
50 FIRST TIN l ANNUAL REPORT 2025
INDEPENDENT AUDITORS' REPORT
Key audit matter How the scope of our audit addressed the key audit matter
CARRYING VALUE OF INVESTMENTS AND INTERCOMPANY RECEIVABLES – PARENT COMPANY
The carrying value of investments in subsidiaries
in the financial statements of the Parent Company
was £19.19 million (2024: £19.19 million)
and long-term receivable from subsidiaries was
£33.69 million (2024: £26.92 million), are detailed
in note 6 and note 7 to the Parent Company
financial statements.
Management considered the recoverability of the
investments as at year end to determine whether
there were any indicators for impairment.
Impairment assessments require significant
judgement and there is a risk that the valuation
of these assets may be misstated, potentially
resulting in an inappropriate impairment charge.
We obtained and assessed the management’s
impairment assessment of investments in subsidiaries
and long-term receivables. These balances are closely
linked to the underlying E&E assets held by the
Group, which form the core of the Group’s valuation.
We challenged Management as to why the carrying
value of these balances is greater than the Company’s
market capitalisation, which is an indication of
impairment.
Our procedures included:
• Obtained and reviewed management’s
impairment assessment, which was based on the
recoverable amount of the Group’s E&E asset,
which is determined by the economic net present
value (NPV) model;
• Verified the accuracy of key assumptions, including
prevailing and forecast metal prices, production
timelines, and the discount rate. We benchmarked
these assumptions against external market data
and industry norms;
• Tested the model for arithmetic accuracy to
ensure the calculations were correctly applied and
consistent with the underlying assumptions;
• Performed sensitivity analysis on the economic
NPV model by varying long term forecast
metal prices and discount rates, to evaluate the
robustness of the recoverable amount;
Based on the work performed, we concurred with
management’s assessment that no impairment was
required and considered the associated disclosures to
be appropriate.
Our audit procedures in relation to these matters were designed in the context of our audit opinion as a
whole. They were not designed to enable us to express an opinion on these matters individually and we
express no such opinion.
INDEPENDENT AUDITORS' REPORT CONTINUED
firsttin.com 51
INDEPENDENT AUDITORS' REPORT
INDEPENDENT AUDITORS' REPORT CONTINUED
OTHER INFORMATION
The directors are responsible for the other
information contained within the annual report.
The other information comprises the information
included in the annual report, other than the financial
statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover
the other information and, except to the extent
otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information
and, in doing so, consider whether the other
information is materially inconsistent with the
financial statements or our knowledge obtained
in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required
to determine whether this gives rise to a material
misstatement in the financial statements themselves.
If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
OPINION ON OTHER MATTER PRESCRIBED BY
THE COMPANIES ACT 2006
In our opinion the part of the Directors’ remuneration
report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion based on the work undertaken in the
course of our audit
• the information given in the strategic report and
the directors' report for the financial year for which
the financial statements are prepared is consistent
with the financial statements; and
• the directors’ report and strategic report have
been prepared in accordance with applicable
legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO
REPORT BY EXCEPTION
In light of the knowledge and understanding of
the Group and the Parent Company and their
environment obtained in the course of the audit, we
have not identified material misstatements in the
strategic report or the directors’ report.
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us
to report to you if, in our opinion:
• adequate accounting records have not been kept
by the Parent Company, or returns adequate for
our audit have not been received from branches
not visited by us; or
• the Parent Company financial statements are not
in agreement with the accounting records and
returns; or
• certain disclosures of directors' remuneration
specified by law are not made; or
• we have not received all the information and
explanations we require for our audit.
RESPONSIBILITIES OF THE DIRECTORS FOR THE
FINANCIAL STATEMENTS
As explained more fully in the directors’
responsibilities statement set out on page 46, the
directors are responsible for the preparation of the
financial statements and for being satisfied that they
give a true and fair view, and for such internal control
as the directors determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors
are responsible for assessing the Group’s and Parent
Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accounting unless the directors either intend to
liquidate the Group or the Parent Company or to
cease operations, or have no realistic alternative but
to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT
OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (UK)
will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these financial statements.
52 FIRST TIN l ANNUAL REPORT 2025
INDEPENDENT AUDITORS' REPORT
INDEPENDENT AUDITORS' REPORT CONTINUED
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities,
including fraud is detailed below:
We obtained an understanding of the legal and
regulatory frameworks within which the Group
operates, focusing on those laws and regulations that
have a direct effect on the determination of material
amounts and disclosures in the financial statements.
The laws and regulations we considered in this
context were the Companies Act 2006, the Disclosure
and Transparency Rules (DTR), relevant local mining
licence compliance requirement and Taxation
legislation.
We identified the greatest risk of material impact on
the financial statements from irregularities, including
fraud, to be the override of controls by management.
Our audit procedures to respond to management
override risks included enquiries of management
about their own identification and assessment risk
of irregularities, testing a risk-based selection of
journals, reviewing accounting estimates for biases,
assessing the accounting treatment of non-routine
transactions, corroborating amounts and balances
recognised to supporting documentation on a
sample basis and ensuring accounting policies are
appropriate under IFRS’s and applicable law.
Owing to the inherent limitations of an audit, there is
an unavoidable risk that we may not have detected
some material misstatements in the financial
statements, even though we have properly planned
and performed our audit in accordance with auditing
standards. We are not responsible for preventing
non-compliance and cannot be expected to detect
non-compliance with all laws and regulations.
These inherent limitations are particularly significant
in the case of misstatement resulting from fraud as
this may involve sophisticated schemes designed to
avoid detection, including deliberate failure to record
transactions, collusion or the provision of intentional
misrepresentations.
A further description of our responsibilities is
available on the Financial Reporting Council’s website
at: www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor’s report.
OTHER MATTERS WHICH WE ARE REQUIRED
TO ADDRESS
We were appointed by Board on 31 March 2022 to
audit the financial statements for the year ending 31
December 2022. Our total uninterrupted period of
engagement is 4 years covering the periods ended
31 December 2021 to 30 June 2025.
The non-audit services prohibited by the FRC’s
Ethical Standard were not provided to the Group or
the Parent Company and we remain independent of
the Group and the Parent Company in conducting
our audit. No other non-audit services were provided
to the Group or the Parent Company.
Our audit opinion is consistent with the additional
report to the audit and risk committee.
USE OF OUR REPORT
This report is made solely to the company's
members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work
has been undertaken so that we might state to the
company's members those matters we are required
to state to them in an auditor's report and for no
other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone
other than the company and the company's members
as a body, for our audit work, for this report, or for
the opinions we have formed.
Leo Malkin
Senior Statutory Auditor
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
24 October 2025
firsttin.com 53
INDEPENDENT AUDITORS' REPORT
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
Notes
Year ended
30 June
2025
Year ended
30 June
2024
£ £
Administrative expenses (1,704,191) (3,163,266)
Operating loss 6 (1,704,191) (3,163,266)
Finance income 8 154,523 130,236
Finance costs 9 (4,507) (25)
Loss before tax (1,554,175) (3,033,055)
Income tax expense 10 – –
Loss for the period (1,554,175) (3,033,055)
Other comprehensive loss:
Exchange differences on translation of
foreign operations (1,375,719) (865,875)
Other comprehensive loss for the period (1,375,719) (865,875)
Total comprehensive loss for the period (2,929,894) (3,898,930)
Total comprehensive loss attributable to the
equity holders of the company (2,929,894) (3,898,930)
Basic loss – pence per share 11 (0.39) (1.14)
Diluted loss – pence per share 11 (0.39) (1.14)
The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements.
54 FIRST TIN l ANNUAL REPORT 2025
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2025
Notes
Year ended
30 June
2025
Year ended
30 June
2024
£ £
Non-current assets
Intangible assets 13 36,681,959 34,968,675
Property, plant and equipment 15 2,314,400 2,433,830
38,996,359 37,402,505
Current assets
Trade and other receivables 16 218,807 290,000
Cash and cash equivalents 6,373,847 1,345,629
6,592,654 1,635,629
Current liabilities
Trade and other payables 17 (1,279,777) (1,153,178)
Net current assets 5,312,877 482,451
Total assets less current liabilities 44,309,236 37,884,956
Net assets 44,309,236 37,884,956
Capital and reserves
Called up share capital 20 451,868 265,535
Share premium account 20 27,558,887 18,391,046
Merger relief reserve 21 17,940,000 17,940,000
Warrant reserve 21 269,138 269,138
Retained earnings 21 300,364 1,854,539
Translation reserve 21 (2,211,021) (835,302)
Shareholders’ funds 44,309,236 37,884,956
The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements.
The financial statements were approved and authorised for issue by the Board on 24 October 2025 and were
signed on its behalf by:
C Cannon Brookes
Director Company number 07931518
firsttin.com 55
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Share
capital
Share
premium
Merger
relief
reserve
Warrant
reserve
Retained
earnings
Translation
reserve
Total
equity
£ £ £ £ £ £ £
At 1 July 2024 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956
Loss for the period – – – – (1,554,175) – (1,554,175)
Other comprehensive income
for the period – – – – – (1,375,719) (1,375,719)
Total comprehensive loss
for the period – – – – (1,554,175) (1,375,719) (2,929,894)
Transactions with owners:
Issuance of shares (net of
issuance costs) 186,333 9,167,841 – – – – 9,354,174
Total transactions
with owners 186,333 9,167,841 – – – – 9,354,174
At 30 June 2025 451,868 27,558,887 17,940,000 269,138 300,364 (2,211,021) 44,309,236
Share
capital
Share
premium
Merger
relief
reserve
Warrant
reserve
Retained
earnings
Translation
reserve
Total
equity
£ £ £ £ £ £ £
At 1 January 2023 265,535 18,391,046 17,940,000 269,138 4,887,594 30,573 41,783,886
Loss for the year – – – – (3,033,055) – (3,033,055)
Other comprehensive income
for the year – – – – – (865,875) (865,875)
Total comprehensive loss
for the period – – – – (3,033,055) (865,875) (3,898,930)
At 30 June 2024 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956
The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements.
56 FIRST TIN l ANNUAL REPORT 2025
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Year ended
30 June
2025
Year ended
30 June
2024
£ £
Cash flows from operating activities
Operating loss (1,704,191) (3,163,266)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of tangible assets 49,747 74,211
Loss on disposal of tangible assets – 18,009
Decrease in trade and other receivables 71,193 518,711
Increase/(decrease) in trade and other payables 126,599 (652,120)
Cash used in operations (1,456,652) (3,204,455)
Interest paid (4,507) (25)
Net cash flows used in operating activities (1,461,159) (1,369,038)
Cash flows from investing activities
Purchase of intangible fixed assets (2,732,752) (8,536,853)
Receipt of government grants – 256,965
Purchase of property, plant and equipment (156,696) (1,035,613)
Interest received 154,523 130,236
Net cash flows in investing activities (2,734,925) (9,185,265)
Cash flows from financing activities
Proceeds from issue of shares 10,120,000 –
Share issuance costs (765,826) –
Net cash flows from financing activities 9,354,174 –
Net increase/(decrease) in cash 5,158,090 (12,389,745)
Cash and cash equivalents at beginning of period 1,345,629 13,823,173
Exchange loss on cash and cash equivalents (129,872) (87,799)
Cash at the end of period 6,373,847 1,345,629
The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements.
firsttin.com 57
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
1 GENERAL INFORMATION
The Company is a public company limited by shares,
incorporated in England and Wales under the Companies
Act 2006. The Company’s registered address is First Floor,
47/48 Piccadilly, London, England, W1J 0DT.
The financial statements comprise of financial information
of the Company and its subsidiary (the “Group”). The
principal activities of the Company and the Group and the
nature of their operations are disclosed elsewhere in these
financial statements.
2 PRESENTATION OF FINANCIAL STATEMENTS
The financial statements are presented in pounds sterling,
as this is the currency of the UK listed parent company.
3 MATERIAL ACCOUNTING POLICY
INFORMATION
3.1 Basis of preparation
These financial statements have been prepared on the
going concern basis in accordance with UK adopted
International Accounting Standards (UK IAS) and the
requirements of the Companies Act 2006. The financial
statements have been prepared on a historical cost basis.
The current year financial information is for the year ended
30 June 2025 and comparative financial information is for
the 18 month period ended 30 June 2024.
3.2 Going concern
The Group currently has no income and meets its working
capital requirements through raising development finance.
In common with many businesses engaged in exploration
and evaluation activities prior to production and sale of
minerals the Group will require additional funds and/
or funding facilities in order to fully develop its business
plan. Ultimately the viability of the Group is dependent on
future liquidity in the exploration and evaluation period
and this, in turn, depends on the availability of external
funding.
At 30 June 2025, the Group had cash balances of £6.37
million following two rounds of fundraising during the
year under review. The Directors have prepared a cash
flow forecast to 31 December 2026 which indicates that
additional funding will be required in Spring 2026 in order
for the Group to continue to settle its liabilities as they fall
due. This represents a material uncertainty that may cast
significant doubt about the Group’s and the Company’s
ability to continue as a going concern. However, based
upon the success of previous fundraising, the Directors are
confident that sufficient funds will be raised to enable the
Group to continue as a going concern.
Accordingly, these financial statements have been
prepared on the going concern basis and do not reflect
any adjustments that would be required to be made if
they were to be prepared on a basis other than the going
concern basis.
3.3 Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control
is achieved where the Company has power over the
investee, is exposed or has rights to variable returns from
its involvement with the investee and has the ability to use
its power to affect its returns.
Changes in the Group’s interests in subsidiaries that do
not result in a loss of control are accounted for as equity
transactions.
The results of subsidiaries acquired or disposed of are
included in the consolidated Statement of Comprehensive
Income from the effective date of acquisition or up to the
effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial
information of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra-group transactions, balances and unrealised gains
on transactions between group companies are eliminated
on consolidation.
3.4 Intangible assets other than goodwill
Exploration and evaluation assets
The Group capitalises costs which directly relate to
exploration and evaluation activities in areas for which it
has obtained appropriate legal rights and there is a high
degree of confidence in the feasibility of the project.
Capitalised exploration and evaluation costs include
acquisition of rights to explore, topographical, geological,
geochemical and geophysical studies, exploration drilling,
sampling and activities in relation to the evaluation of the
technical feasibility and commercial viability of extracting
a mineral resource. General and administrative costs
directly associated with such activities are also capitalised.
Government grants relating to exploration and evaluation
expenditure are recognised as a deduction from the asset
carrying amounts once there is reasonable assurance that
the Group will comply with any conditions attached to the
grant and that the grant will be received.
Exploration and evaluation costs are carried at cost
less any impairment and are not amortised prior to the
conclusion of the appraisal activities. If the appraisal
activities establish the existence of commercial
reserves and the decision is made to develop the site,
then the carrying value of the associated exploration
and evaluation assets is tested for impairment and
subsequently reclassified as development and production
assets. If commercial reserves have not been found,
or exploration and evaluation activities have been
abandoned, then the associated exploration and
evaluation assets are fully impaired.
Impairment charges and exploration costs incurred prior
to obtaining legal rights are expensed in the profit and
loss as incurred.
58 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED
3.5 Property, plant and equipment
Items of property, plant and equipment that do not
form part of the exploration and evaluation assets are
carried as cost less accumulated depreciation and are
depreciated on a straight-line basis over the following
expected useful economic lives:
Land and buildings Land is not depreciated
Motor vehicles 3 years
Fixtures and fittings 3 - 15 years
3.6 Impairment of non-financial assets
At each reporting date, the Directors assess whether
there is any indication that a Group’s asset, other
than deferred tax assets, may be impaired. Where an
indicator of impairment exists, the Directors make an
estimate of the recoverable amount. An impairment loss
is recognised in profit and loss whenever the carrying
amount of the asset or cash generating unit exceeds its
recoverable amount.
Recoverable amount is the higher of fair value less costs
to sell and “value-in-use”. In assessing “value-in-use”,
the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessments of the time-value of money
and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss
is recognised immediately in the profit and loss, unless
the relevant asset is carried at a revalued amount, in
which case the impairment loss is treated as a revaluation
decrease.
Where an impairment loss subsequently reverses, the
carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been
determined had no impairment loss been recognised
for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately
in the profit and loss, unless the relevant asset is carried
at a revalued amount greater than cost, in which case the
reversal of the impairment loss is treated as a revaluation
increase.
3.7 Segment reporting
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-
maker, who is responsible for allocating resources and
assessing performance of the operating segments, has
been identified as the Board of Directors..
3.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits
held at call with banks, other short-term liquid
investments with original maturities of three months or
less and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
3.9 Financial assets
Financial assets are recognised in the Statement of
Financial Position when the Group becomes party to the
contractual provisions of the instrument.
Financial assets are classified into specified categories.
The classification depends on the Group’s business model
for managing the financial assets and the contractual
terms of the cash flows. Financial assets are initially
measured at fair value plus transaction costs.
Loans and receivables
Trade receivables are recognised initially at the amount
of consideration that is unconditional, unless they contain
significant financing components, in which case they are
recognised at fair value. They are subsequently measured
at amortised cost using the effective interest method less
loss allowance.
Loans and other receivables that have fixed or
determinable payments and are held for collection of
contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured
at amortised cost using the effective interest method less
any impairment.
Interest is recognised by applying the effective
interest rate, except for short-term receivables when
the recognition of interest would be immaterial. The
effective interest method is a method of calculating the
amortised cost of a debt instrument and of allocating the
interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash receipts through the expected life of the
debt instrument to the net carrying amount on initial
recognition.
Impairment of financial assets
The Group assesses on a forward-looking basis the
expected credit loss associated with its receivables
carried at amortised cost. The impairment methodology
applied depends on whether there has been a significant
increase in credit risk. For trade receivables, the Group
applies the simplified approach permitted by IFRS 9,
resulting in trade receivables recognised and carried
at original invoice amount less an allowance for any
uncollectible amounts based on expected credit losses.
The Group recognises a loss allowance for expected
credit losses on investments in debt instruments that are
measured at amortised cost. The amount of expected
credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the
respective financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the
contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all
the risks and rewards of ownership to another entity.
firsttin.com 59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
3.10 Financial liabilities
Financial liabilities are classified as either financial
liabilities at fair value through profit or loss or other
financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other
payables, are initially measured at fair value, and are
subsequently measured at amortised cost, using the
effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only
when, the Group’s obligations are discharged, cancelled,
or they expire.
3.11 Equity instruments
Equity instruments issued by the Company are recorded
at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised
as liabilities once they are no longer at the discretion of
the Company.
3.12 Taxation
The tax expense represents the sum of the tax currently
payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit
for the period. Taxable profit differs from net profit as
reported in the profit and loss because it excludes items
of income or expense that are taxable or deductible in
other years and it further excludes items that are never
taxable or deductible. The Group’s liability for current tax
is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax
Deferred tax is the tax expected to be payable or
recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation
of taxable profit and is accounted for using the balance
sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available
against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from
the initial recognition of other assets and liabilities in
a transaction that affects neither the tax profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that
are expected to apply in the period when the liability is
settled, or the asset is realised. Deferred tax is charged
or credited in the profit and loss, except when it relates
to items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity. Deferred
tax assets and liabilities are offset when the Group has a
legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
3.13 Foreign exchange
Functional and presentation currency
Items included in the financial statements of each of
the Group’s entities are measured using the currency of
the primary economic environment in which the entity
operates (the “functional currency”). The consolidated
financial statements are presented in pound sterling,
which is the Group’s functional and presentation currency.
Transactions and balances
Transactions in currencies other than the functional
currency are recorded at the rates of exchange prevailing
at the dates of the transactions. At each reporting date,
monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing
on the reporting date. Gains and losses arising on
translation are included in profit or loss for the period.
Group companies
For the purpose of presenting the consolidated financial
statements, the assets and liabilities of the Group’s
foreign operations are translated at exchange rates
prevailing on the reporting date. Income and expense
items are translated at the average exchange rates for
each period, unless exchange rates fluctuate significantly
during that period, in which case the exchange rates at
the date of transaction are used. All resulting exchange
differences are recognised in “other comprehensive
income” and accumulated in equity.
3.14 Leases
The Directors assess whether a Group’s contract is, or
contains, a lease at inception of the contract. Payments
associated with short-term leases or leases of low value
assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases
with a lease-term of 12 months or less without a purchase
option.
3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED
60 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
3.15 Share-based payments
Equity-settled share-based payments to employees and
others providing similar services are measured at the fair
value of the equity instruments at the grant date. The fair
value excludes the effect of non-market-based vesting
conditions. Details regarding the determination of the fair
value of equity-settled share-based transactions are set
out in Note 12 to these financial statements.
The fair value determined at the grant date of the equity-
settled share-based payments is expensed on a straight-
line basis over the vesting period, based on the Directors’
estimate of the number of equity instruments that will
eventually vest. At each reporting date, the Directors
revises their estimate of the number of equity instruments
expected to vest as a result of the effect of non-market-
based vesting conditions. The impact of the revision of
the original estimates, if any, is recognised in profit or
loss such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to reserves.
Equity-settled share-based payment transactions with
parties other than employees are measured at the fair
value of the goods or services received, except where
that fair value cannot be estimated reliably, in which
case they are measured at the fair value of the equity
instruments granted, measured at the date the entity
obtains the goods or the counterparty renders the
service.
3.16 New and amended standards adopted by the Group
The Group has applied the following standards and
amendments for the first time for the reporting period
commencing 1 January 2024:
• Classification of Liabilities as Current or Non-
current and Non-current liabilities with covenants –
Amendments to IAS 1
• Lease Liability in Sale and Leaseback – Amendments to
IFRS 16
• Supplier Finance Arrangements – Amendments to IAS
7 and IFRS 7
The amendments listed above did not have any impact
on the amounts recognised in prior periods and are
not expected to significantly affect the current or future
periods.
3.17 New standards and interpretations not yet adopted
Certain new accounting standards, amendments to
accounting standards and interpretations have been
published that are not mandatory for 30 June 2025
reporting periods and have not been early adopted
by the Group. These standards, amendments or
interpretations are not expected to have a material
impact on the entity in the current or future reporting
periods and on foreseeable future transactions.
4 CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS
The preparation of the Group’s financial statements
under IFRS requires the Directors to make estimates and
assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent assets
and liabilities. Estimates and judgements are continually
evaluated and are based on historical experience and
other factors including expectations of future events that
are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
Details of the Group’s significant accounting judgements
used in the preparation of these financial statements
include:
Recoverability of intangible exploration and evaluation
assets
Where a project is sufficiently advanced, the
recoverability of intangible exploration and evaluation
assets is assessed by comparing the carrying value to
internal and operator estimates of the net present value
of projects. Intangible exploration assets are inherently
judgemental to value. The amounts for intangible
exploration and evaluation assets represent active
exploration projects. These amounts will be written-off to
the profit and loss as exploration costs unless commercial
reserves are established, or the determination process is
completed and there are no indications of impairment.
3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED
firsttin.com 61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
5 SEGMENTAL ANALYSIS
In the opinion of the Board of Directors the Group has one operating segment, being the exploitation of mineral rights.
The Group also analyses and measures its performance into geographic regions, specifically Germany and Australia.
Non-current assets by region are summarised below:

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Germany | 9,265,621 | 8,847,849
Australia | 29,730,738 | 28,554,656
| 38,996,359 | 37,402,505

6 OPERATING LOSS
The operating loss for the year is stated after charging the following:

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Depreciation | 49,747 | 74,211
Expenses relating to short-term leases | 9,439 | 144,411
Auditor’s remuneration: |  |
Fees payable to the Company’s auditor for the audit of the Company |  |
and consolidated financial statements | 75,000 | 96,000
Total auditor's remuneration | 75,000 | 96,000

62 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
7 STAFF COSTS AND DIRECTORS’ REMUNERATION

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Wages and salaries | 1,081,434 | 2,060,861
Social security costs | 98,979 | 202,185
Pension costs | 58,817 | 76,999
| 1,239,230 | 2,340,045
Amount capitalised as intangible asset | (858,560) | (1,597,588)
Total staff cost recognised in the profit and loss | 380,670 | 742,457

The average number of staff employed by the Group, including Directors, is detailed below:

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| No. | No.
Management and administration | 9 | 11
Geology and environment | 15 | 7
Average number of staff employed by the Group | 24 | 18

Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41.
The Directors are regarded as the key management personnel.
8 FINANCE INCOME

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Bank interest receivable | 154,523 | 130,236

firsttin.com 63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
9 FINANCE COSTS

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Bank charges and other finance costs | 4,507 | 25

10 INCOME TAX EXPENSE

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
| £ | £
Current tax | – | –
Deferred tax | – | –
| – | –
Loss before taxation on continued operations | (1,554,175) | (3,033,055)
Loss on before taxation multiplied by standard rate of |  |
UK corporation tax of 25% (2024 – 24%) | (388,543) | (727,933)
Difference in overseas tax rate | (153,027) | (256,301)
Expenses not deductible for tax | (232,615) | (170,217)
Utilisation of losses brought forward | (70,485) | (82,213)
Effect of tax losses not recognised as deferred tax assets | 844,670 | 1,236,664
Total tax charge for the year | – | –

The Group has tax losses carried forward of approximately £17.5 million (2024: £16.6 million). The unutilised tax losses have
not been recognised as a deferred tax asset due to uncertainty over the timing of future profits and gains.
An increase in the UK corporation tax rate from 19% to 25% came into effect for the financial year beginning 1 April 2023.
64 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
11 LOSS PER ORDINARY SHARE

| Year ended |
| 30 June |
| 2025 |
|  | Year ended
|  | 30 June
|  | 2024
Loss for the period attributable to the ordinary equity holders of the Company (£) | (1,554,175) | (3,033,055)
Basic loss per Ordinary share |  |
Weighted average number of Ordinary Shares in issue | 395,494,790 | 265,534,972
Basic loss per Ordinary share (pence) | (0.39) | (1.14)
Diluted loss per Ordinary share |  |
Weighted average number of Ordinary Shares in issue | 395,494,790 | 265,534,972
Diluted loss per Ordinary share (pence) | (0.39) | (1.14)

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all
potential dilutive warrants, options and convertible loans over ordinary shares. Potential ordinary shares resulting from the
exercise of warrants, options and the conversion of convertible loans have an anti-dilutive effect due to the Group being in a
loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share.
12 SHARE-BASED PAYMENTS
Share options and warrants
The Group adopted the First Tin Option Plan (“FT Option Plan”), effective from 8 April 2022. In addition to the FT Option
Plan the Group as certain outstanding warrants and options issued under previous schemes.
The options issued under previous schemes expired during the period ended 30 June 2024.
The options issued under the FT Option Plan vested on admission to the London Stock Exchange and are exercisable for
periods between 2 and 3 years from issue.

| No. of options |  |  |
| 2025 |  |  |
|  | No. of options |  |
|  | 2024 |  |
|  |  | No. of warrants |
|  |  | 2025 |
|  |  |  | No. of warrants
|  |  |  | 2024
| £ | £ | £ | £
Outstanding at beginning of period | 8,500,000 | 10,060,000 | – | 5,668,000
Granted during the period | – | – | – | –
Expired during the period | (8,500,000) | (10,060,000) | – | (5,668,000)
Outstanding at the end of the period | – | – | – | –
Exercisable at the end of the period | – | – | – | –
Weighted average exercise price (pence) | – | – | – | –

Fair value of options granted
No options were granted during the year ended 30 June 2025 or the period ended 30 June 2024.
Fair value of warrants granted
No warrants were granted during the year ended 30 June 2025 or the period ended 30 June 2024.
firsttin.com 65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
13 INTANGIBLE ASSETS

| Exploration and
| evaluation assets
| £
Cost |
At 1 January 2023 | 27,367,552
Additions | 8,536,853
Government grants | (256,965)
Currency translation | (678,765)
As at 30 June 2024 | 34,968,675
Additions | 2,732,752
Currency translation | (1,019,468)
As at 30 June 2025 | 36,681,959

The intangible assets relate to the Tellerhäuser and Taronga tin projects located in southern Saxony in the east of Germany
and Australia, respectively.
The Directors assess for impairment when facts and circumstances suggest that the carrying amount of an Exploration and
evaluation (“E&E”) asset may exceed its recoverable amount. In making this assessment, the Directors have regard to the
facts and circumstances noted in IFRS 6 paragraph 20. In performing their assessment of each of these factors, at 30 June
2025, the Directors have:
a) reviewed the time period that the Group has the right to explore the area and noted no instances of expiration, or
licences that are expected to expire in the near future and not be renewed;
b) determined that further E&E expenditure is either budgeted or planned for all licences;
c) not decided to discontinue exploration activity due to there being a lack of quantifiable mineral resource; and
d) not identified any instances where sufficient data exists to indicate that there are licences where the E&E spend is
unlikely to be recovered from successful development or sale.
On the basis of the above assessment, the Directors are not aware of any facts or circumstances that would suggest the
carrying amount of the E&E asset may exceed its recoverable amount.
14 INVESTMENTS
The table below sets out the Company’s subsidiaries. The subsidiaries have share capital consisting solely of ordinary shares
and the proportion of ownership interests held equals the voting rights. The registered office address is also their principal
place of business:

Name of company | Place of operation | Principal activity | Shareholding
Saxore Bergbau GmbH (“Saxore”) |  |  |
(incorporated in Germany) |  |  |
| Platz der Oktoberopfer |  |
| 1A 09599 Freiberg, Germany |  |
|  | Mineral exploration | 100%
Taronga Mines Pty Ltd |  |  |
(incorporated in Australia) |  |  |
| 2 Glen Innes Road, Emmaville, |  |
| NSW 2371, Australia |  |
|  | Mineral exploration | 100%
First Tin Australia Pty Ltd |  |  |
(incorporated in Australia) |  |  |
| 2 Glen Innes Road, Emmaville, |  |
| NSW 2371, Australia |  |
|  | Dormant | 100%

66 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
15 PROPERTY, PLANT AND EQUIPMENT

| Land & |  |  |
| buildings |  |  |
|  | Motor |  |
|  | vehicles |  |
|  |  | Fixtures and |
|  |  | fittings | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2023 | 1,359,980 | 151,044 | 150,222 | 1,661,246
Additions | 847,609 | 18,801 | 169,203 | 1,035,613
Disposals | – | (30,755) | (7,967) | (38,722)
Currency translation | (92,238) | (7,844) | (2,860) | (102,942)
At 30 June 2024 | 2,115,351 | 131,246 | 308,598 | 2,555,195
Additions | – | – | 156,696 | 156,696
Disposals | – | – | – | –
Currency translation | (194,612) | (8,929) | (25,200) | (228,741)
At 30 June 2025 | 1,920,739 | 122,317 | 440,094 | 2,483,150
Depreciation |  |  |  |
At 1 January 2023 | – | 28,061 | 43,437 | 71,498
Charge for the period | – | 18,813 | 55,398 | 74,211
Disposals | – | (15,277) | (5,436) | (20,713)
Currency translation | – | (991) | (2,640) | (3,631)
At 30 June 2024 | – | 30,606 | 90,759 | 121,365
Charge for period | – | 11,173 | 38,574 | 49,747
Disposal | – | – | – | –
Currency translation | – | (1,113) | (1,249) | (2,362)
At 30 June 2025 | – | 40,666 | 128,084 | 168,750
Net book value |  |  |  |
At 30 June 2024 | 2,115,351 | 100,640 | 217,839 | 2,433,830
At 30 June 2025 | 1,920,739 | 81,651 | 312,010 | 2,314,400

16 TRADE AND OTHER RECEIVABLES

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Prepayments and other receivables | 130,299 | 259,210
Recoverable value added taxes | 88,508 | 30,790
| 218,807 | 290,000

firsttin.com 67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
17 TRADE AND OTHER PAYABLES

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Trade payables | 788,770 | 691,493
Lease liabilities | 66,426 | –
Accruals | 292,212 | 404,016
Other payables | 132,369 | 57,669
| 1,279,777 | 1,153,178

18 FINANCIAL INSTRUMENTS
The principal financial instruments used by the Group from which financial instrument risk arises are as follows:
Financial assets

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Measured at amortised cost |  |
Cash and cash equivalents | 6,373,847 | 1,345,629
Trade and other receivables | 83,014 | 177,007
| 6,456,861 | 1,522,636

Financial liabilities

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Liabilities measured at amortised cost |  |
Trade and other payables | 1,279,777 | 1,153,178

All financial assets and liabilities are due within one year.
The main risks arising from the Group's activities are market risk, credit risk and liquidity risk.
Market risk
Market risk is the risk that the fair value of future cash flows will fluctuate because of changes in market price. This risk is
primarily comprised of interest risk and foreign currency risk.
68 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Foreign currency risk management
As highlighted earlier in these financial statements, the presentation currency of the Group is pound sterling. The Group has
foreign currency denominated assets and liabilities. Exposures to exchange rate fluctuations therefore arise. The Group pays for
invoices denominated in a foreign currency in the same currency as the invoice therefore suffers from a level of foreign currency
risk. The Group does not enter into any derivative financial instruments to manage its exposure to foreign currency risk.
The carrying amount of the Group's foreign currency denominated monetary assets and monetary liabilities as at 30 June 2025
is as follows:

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Australian Dollars |  |
Cash balances | 3,072,824 | 189,351
Euro |  |
Cash balances | 423,438 | 446,286

As at 30 June 2024, if all foreign currencies in which the Group transacts, had strengthened or weakened by 10% against
pound sterling with all other variables held constant, post-tax loss for the year would have increased/(decreased) by:

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Strengthened by 10% increase in post-tax loss | 317,839 | 57,786
Weakened by 10% decrease in post-tax loss | (388,469) | (70,625)

The rate of 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and
represents management's assessment of the reasonable possible change in foreign exchange rates. The sensitivity analysis
includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for
a 10% change in foreign currency rates. A positive number above indicates an increase in loss (increase in profit) or other
equity where the pound sterling strengthens by 10% against the relevant currency. For a 10% weakening of the pound
sterling against the relevant currency, there would be an equal and opposite impact on the profit or loss and other equity.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. Credit risk arises principally from the Group's cash balances and other receivables.
The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk.
The Group considers the banks and financial institutions have low credit risks. Therefore, the Group is of the view that the
loss allowance is immaterial and hence no provision is required.
The concentration of the Group’s credit risk is considered by counterparty, geography and currency. The Group does not
have any significant concentrations of credit risk at the reporting date related to external third parties.
As at 30 June 2025, the Group held no collateral as security against any financial asset. No financial assets were past their
due date and there were no problems with the credit quality of any financial assets in the period. As a result, there has been
no impairment of financial assets during the period.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the
Group’s maximum exposure to credit risk without taking account of the value of any collateral obtained. An allowance for
impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction
in the recoverability of the cash flows. Management considers the above measures to be sufficient to control the credit risk
exposure.
The Group recognises a loss allowance for expected credit losses in debt instruments at each reporting date. As at 30 June
2025 and 30 June 2024, no impairment was recognised.
18 FINANCIAL INSTRUMENTS CONTINUED
firsttin.com 69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Liquidity risk
Liquidity risk is the risk that an entity may not be able to generate sufficient cash resources to settle its obligations as they
fall due. The Directors monitor cash flow requirements regularly and adopt a prudent liquidity risk management approach to
ensure sufficient cash is available for operational expenses.
The following tables detail the Group’s remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Group can be required to pay.

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Due within 1 month |  |
Trade and other payables | 1,279,777 | 1,153,178

Fair values
The Directors consider that the carrying amount of loans and receivables and other financial liabilities approximates to their
fair value because of the short-term nature of such assets the effect of discounting is negligible.
Capital management
For the purposes of capital management, capital includes issued capital and all other equity reserves attributable to the
equity holders of the Company. The primary objective of the Directors’ capital management is to ensure that the Group will
be able to continue as a going concern while sustaining the future development of the business.
19 RELATED PARTY TRANSACTIONS
Directors’ remuneration and fees
Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41.
Other fees and transactions
Mr C Cannon Brookes was a director of Arlington Group Asset Management Limited (“Arlington”) for the reporting period.
During the period, the Company incurred costs of £550,875 from Arlington in respect of fund-raising commissions and
expenses, financial advisory and director’s fees (2024: £127,500 in respect of financial advisory fees and director’s fees).
At 30 June 2025, £nil was outstanding (2024: £42,500).
Mr R. G. J. Ainger was a director of RFA Consulting Limited (“RFA”) during the reporting period. During the period the
Company incurred costs of £55,000 from RFA in respect of company secretarial services and consultancy fees. The fees were
paid in full during the period.
18 FINANCIAL INSTRUMENTS CONTINUED
70 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
20 SHARE CAPITAL AND SHARE PREMIUM

| 30 June |
| 2025 |
|  | 30 June
|  | 2024
| £ | £
Allotted, called up and fully paid share capital |  |
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each | 451,868 | 265,535

Movements in ordinary shares

| No. of shares | Share capital | Share premium | Total
|  | £ | £ | £
Opening balance at July 2024 | 265,534,972 | 265,535 | 18,391,046 | 18,656,581
Shares issued during year | 186,333,334 | 186,333 | 9,933,667 | 10,120,000
| 451,868,306 | 451,868 | 28,324,713 | 28,776,581
Less: issuance costs settled in cash | – | – | (765,826) | (765,826)
Balance at 30 June 2024 | 451,868,306 | 451,868 | 27,558,887 | 28,010,755

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not
confer any rights of redemption..
On 1 August 2024 the Company issued 53,000,000 Ordinary shares of £0.001 each at a value of 4 pence per share. Total
costs of £202,770 were incurred and were offset against share premium.
On 20 November 2024 the Company issued a further 133,333,334 Ordinary shares of £0.001 each at a value of 6 pence per
share. Total costs of £563,056 were incurred and were offset against share premium.
21 RESERVES
The warrant reserve is used to hold the fair value of warrants issued but not yet exercised.
The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under
Section 612, Companies Act 2006.
The retained earnings reserve contains the accumulated losses of the Group.
The translation reserve is used to hold the accumulated gains and losses on translation of overseas subsidiaries.
firsttin.com 71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
22 NET FUND RECONCILIATION
The table below sets out an analysis of net funds and the movements in net funds for each of the periods presented:

| 2025 | 2024
| £ | £
Cash and cash equivalents | 6,373,847 | 1,345,629
Net funds | 6,373,847 | 1,345,629

| Cash and cash
| equivalents
| £
Net funds |
At 1 January 2023 | 13,823,173
Cash flows | (12,389,745)
Currency translation | (87,799)
At 30 June 2024 | 1,345,629
Cash flows | 5,158,090
Currency translation | (129,872)
At 30 June 2025 | 6,373,847

23 ULTIMATE CONTROLLING PARTY
In the opinion of the Directors, there is no controlling party.
72 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
firsttin.com 73
Prior to finalisation of the EIS, TMPL held various Community Engagement Townhalls
and near-neighbour meetings to describe all the components of the Project, share the
impact assessment outcomes from the many expert studies completed and show how
these were addressed in the design of the Project.
COMMUNITY ENGAGEMENTS
Notes
Year ended
30 June
2025
Year ended
30 June
2024
£ £
Assets
Non-current assets
Investment in subsidiaries 6 19,192,381 19,192,381
Long-term receivables 7 33,687,172 26,915,042
52,879,553 46,107,423
Current assets
Trade and other receivables 8 34,924 43,609
Cash and cash equivalents 3,929,125 1,087,803
3,964,049 1,131,412
Liabilities
Current liabilities
Trade and other payables 9 (134,435) (165,441)
Net current assets 3,829,614 965,971
Total assets less current liabilities 56,709,167 47,073,394
Net assets 56,709,167 47,073,394
Equity
Called up share capital 11 451,868 265,535
Share premium account 11 27,558,887 18,391,046
Merger relief reserve 12 17,940,000 17,940,000
Warrant reserve 12 269,138 269,138
Retained earnings 12 10,489,274 10,207,675
Total equity 56,709,167 47,073,394
The notes on pages 76 to 80 form an integral part of these Company Financial Statements.
The Company made a profit in the period of £281,599 (2024: profit of £341,866).
The financial statements were approved by the Board of directors and authorised for issue on 24 October 2025
and are signed on its behalf by:
C Cannon Brookes
Director Company number 07931518
COMPANY STATEMENT OF
FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2025
74 FIRST TIN l ANNUAL REPORT 2025
FINANCIAL STATEMENTS
COMPANY STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Share
capital
Share
premium
account
Merger
relief
reserve
Warrant
reserve
Retained
earnings
Total
equity
£ £ £ £ £ £
At 1 July 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394
Profit for the period – – – – 281,599 281,599
Total comprehensive income
for the period – – – – 281,599 281,599
Transactions with owners:
Issuance of shares, net of costs 186,333 9,167,841 – – – 9,354,174
Total transactions with owners 186,333 9,167,841 – – – 9,354,174
At 30 June 2025 451,868 27,558,887 17,940,000 269,138 10,489,274 56,709,167
Share
capital
Share
premium
account
Shares to
be issued
Warrant
reserve
Retained
earnings
Total
equity
£ £ £ £ £ £
At 1 January 2023 265,535 18,391,046 17,940,000 269,138 9,865,809 46,731,528
Profit for the period – – – – 341,866 341,866
Total comprehensive loss for
the period – – – – 341,866 341,866
At 30 June 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394
The notes on pages 76 to 80 form an integral part of these Company Financial Statements.
firsttin.com 75
FINANCIAL STATEMENTS
1 GENERAL INFORMATION
First Tin Plc is a public company limited by shares
incorporated in England and Wales. The registered office
is First Floor, 47/48 Piccadilly, London, England, W1J 0DT.
2 BASIS OF PREPARATION
These financial statements have been prepared in
accordance with Financial Reporting Standard 101
“Reduced Disclosure Framework” and the Companies Act
2006. The financial statements have been prepared under
the historical cost convention.
The Company has taken advantage of the following
disclosure exemptions in preparing these financial
statements, as permitted by FRS 101 “Reduced
Disclosure Framework”:
• The requirements of paragraphs 45(b) and 46 to 52
of IFRS 2 Share-based Payment;
• The requirements of paragraphs 62, B64(d), B64(e),
B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii),
B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business
Combinations;
• The requirements of paragraph 33(c) of IFRS 5
Non-Current Assets Held for Sale and Discontinued
Operations;
• The requirements of IFRS 7 Financial Instruments:
Disclosures;
• The requirements of paragraphs 91 to 99 of IFRS 13
Fair Value Measurement;
• The requirement in paragraph 38 of IAS 1
Presentation of Financial Statements to present
comparative information in respect of:
• Paragraph 79(a)(iv) of IAS 1;
• Paragraph 73(e) of IAS 16 Property, Plant and
Equipment;
• Paragraph 118(e) of IAS 38 Intangible Assets;
• The requirements of paragraphs 10(d), 10(f), 16,
38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of
IAS 1 Presentation of Financial Statements;
• The requirements of paragraphs 134 to 136 of IAS 1
Presentation of Financial Statements;
• The requirements of IAS 7 Statement of Cash Flows;
• The requirements of paragraphs 30 and 31 of IAS
8 Accounting Policies, Changes in Accounting
Estimates and Errors;
• The requirements of paragraphs 17 and 18A of IAS
24 Related Party Disclosures;
• The requirements in IAS 24 Related Party Disclosures
to disclose related party transactions entered into
between two or more members of a Group;
• The requirements of paragraphs 134(d) to 134(f) and
135(c) to 135(e) of IAS 36 Impairments of Assets;
3 MATERIAL ACCOUNTING POLICY
INFORMATION
3.1 Investment in subsidiaries
Investments in subsidiaries are stated at cost less
accumulated impairment.
3.2 Impairment
At each reporting date, the Company assesses whether
there is any indication that an asset, other than
inventories and deferred tax assets, may be impaired.
Where an indicator of impairment exists, the Company
makes an estimate of the recoverable amount. An
impairment loss is recognised in profit or loss whenever
the carrying amount of the asset or cash generating unit
exceeds its recoverable amount.
Recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessments of the time value of money
and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is
recognised immediately in the income statement, unless
the relevant asset is carried at a revalued amount, in
which case the impairment loss is treated as a revaluation
decrease.
Where an impairment loss subsequently reverses, the
carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been
determined had no impairment loss been recognised for
the asset (or cash-generating unit) prior years. A reversal
of an impairment loss is recognised immediately in profit
or loss, unless the relevant asset is carried at a revalued
amount greater than cost, in which case the reversal of
the impairment loss is treated as a revaluation increase.
3.3 Cash and cash equivalents
Cash and cash equivalents include cash in hand,
deposits held at call with banks, other short-term liquid
investments with original maturities of three months or
less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
76 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE COMPANY FINANCIAL STATEMENTS
NOTES TO THE COMPANY STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
3.4 Financial assets
Financial assets are recognised in the Company's
statement of financial position when the Company
becomes party to the contractual provisions of the
instrument.
Financial assets are classified into specified categories.
The classification depends on the Company’s business
model for managing the financial assets and the
contractual terms of the cash flows.
Financial assets are initially measured at fair value plus
transaction costs, other than those classified as fair value
through profit or loss (FVTPL) or fair value through other
comprehensive income (FVOCI), which are measured at
fair value.
Loans and receivables
Trade receivables are recognised initially at the amount
of consideration that is unconditional, unless they
contain significant financing components when they are
recognised at fair value. They are subsequently measured
at amortised cost using the effective interest method, less
loss allowance.
Loans and other receivables that have fixed or
determinable payments and are held for collection of
contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured
at amortised cost using the effective interest method, less
any impairment.
Interest is recognised by applying the effective
interest rate, except for short-term receivables when
the recognition of interest would be immaterial. The
effective interest method is a method of calculating the
amortised cost of a debt instrument and of allocating the
interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash receipts through the expected life of the
debt instrument to the net carrying amount on initial
recognition.
Impairment of financial assets
The Company assesses on a forward-looking basis the
expected credit loss associated with its receivables
carried at amortised cost. The impairment methodology
applied depends on whether there has been a significant
increase in credit risk. For trade receivables, the Company
applies the simplified approach permitted by IFRS 9,
resulting in trade receivables recognised and carried
at original invoice amount less an allowance for any
uncollectible amounts based on expected credit losses.
The Company recognises a loss allowance for expected
credit losses on investments in debt instruments that are
measured at amortised cost. The amount of expected
credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the
respective financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the
contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all
the risks and rewards of ownership to another entity.
3.5 Financial liabilities
Financial liabilities are classified as either financial
liabilities at fair value through profit or loss or other
financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other
payables, are initially measured at fair value, and are
subsequently measured at amortised cost, using the
effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only
when, the Company’s obligations are discharged,
cancelled, or they expire.
3.6 Equity instruments
Equity instruments issued by the Company are recorded
at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised
as liabilities once they are no longer at the discretion of
the Company.
3.7 Taxation
The tax expense represents the sum of the tax currently
payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit
for the period. Taxable profit differs from net profit as
reported in the income statement because it excludes
items of income or expense that are taxable or deductible
in other years and it further excludes items that are never
taxable or deductible. The Company’s liability for current
tax is calculated using tax rates that have been enacted
or substantively enacted by the reporting date.
Deferred tax
Deferred tax is the tax expected to be payable or
recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation
of taxable profit and is accounted for using the balance
sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available
against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from
the initial recognition of other assets and liabilities in
a transaction that affects neither the tax profit nor the
accounting profit.
3 SIGNIFICANT ACCOUNTING POLICIES CONTINUED
firsttin.com 77
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
The carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that
are expected to apply in the period when the liability is
settled, or the asset is realised. Deferred tax is charged or
credited in the income statement, except when it relates
to items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity. Deferred
tax assets and liabilities are offset when the Company has
a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
3.8 Foreign exchange
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing at the dates
of the transactions. At each reporting date, monetary
assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the
reporting date. Gains and losses arising on translation are
included in profit or loss for the period.
3.9 Critical accounting estimates and judgements
Details of the Company’s significant accounting
judgements and critical accounting estimates are set out
in these financial statements and include:
Carrying value of investments in subsidiary
undertakings and long-term receivables
At each reporting date, investments in and loans made
to subsidiaries are reviewed to determine whether there
is any indication that those assets are impaired. If there
is an indication of possible impairment, the recoverable
amount of the asset is estimated and compared with
its carrying amount. Any resulting impairment loss is
recognised immediately in profit or loss.
The Directors have reviewed the carrying value of these
assets at 30 June 2025 and, whilst there has been a fall in
the Company’s market capitalisation during the period,
the estimated valuations of the underlying mining assets
remain substantially in excess of the carrying value of
the investments in and loans to subsidiary undertakings.
Accordingly, the Directors consider that no impairment of
these assets is required.
3 SIGNIFICANT ACCOUNTING POLICIES CONTINUED
4 PROFIT FOR THE FINANCIAL PERIOD
The Company has taken advantage of section 408 of the Companies Act 2006 and, consequently, a Profit and Loss Account
for the Company alone has not been presented.
78 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
5 STAFF COSTS AND DIRECTORS’ REMUNERATION
Year ended
30 June
2025
Year ended
30 June
2024
£ £
Wages and salaries 252,500 282,983
Social security costs 26,029 19,380
Total staff cost recognised in the profit and loss 278,529 302,363
The average number of staff employed by the Company, including Directors, is detailed below:
Year ended
30 June
2025
Year ended
30 June
2024
No. No.
Management and administration 3 4
Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41.
6 INVESTMENT IN SUBSIDIARIES
£
At 30 June 2025 and 30 June 2024 19,192,381
There is no comparable amount, because it was the same last year.
7 LONG-TERM RECEIVABLES
Loan to
Taronga
Loan to
Saxore Total
£ £ £
Cost
At 1 July 2024 12,466,317 14,448,725 26,915,042
Additions 6,204,360 1,792,407 7,996,767
Currency translation (1,414,554) 189,917 (1,224,637)
At 30 June 2025 17,256,123 16,431,049 33,687,172
8 TRADE AND OTHER RECEIVABLES
30 June
2025
30 June
2024
£ £
VAT recoverable 6,297 4,068
Prepayments 28,627 39,541
34,924 43,609
firsttin.com 79
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
9 TRADE AND OTHER PAYABLES
30 June
2025
30 June
2024
£ £
Trade payables –
Other payables 7,309 18,200
Accruals 127,126 147,241
134,435 165,441
10 RELATED PARTY TRANSACTIONS
Directors’ remuneration and fees
Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41.
Other fees and transactions
Other fees and transactions with the Company are disclosed in Note 19 to the consolidated financial statements.
The Company was owed £16,431,049 (2024: £14,448,725) by Saxore, a wholly owned subsidiary incorporated in Germany.
In the year to 30 June 2025 a net of £738,264 (2024: £2,752,185) was advanced by the Company to Saxore, and interest of
£1,054,143 (2024: £1,487,924) was accrued in respect of the loan. The loan carries interest at 4% over the European Central
Bank rate per annum.
In addition, the Company was owed £17,256,123 (2024: £12,466,317) by Taronga, a wholly owned subsidiary incorporated in
Australia. In the period to 30 June 2025 a net of £4,944,221 (2024: £6,873,600) was advanced by the Company to Taronga,
and interest of £1,260,139 (2024: £1,202,874) was accrued in respect of the loan. The loan carries interest at 4% over the
Bank of England base rate per annum.
11 SHARE CAPITAL
30 June
2025
30 June
2024
£ £
Allotted, called up and fully paid
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each 451,868 265,535
Movement of the share capital is disclosed on Note 20 to the consolidated financial statements.
30 June
2025
30 June
2024
£ £
Share premium account 27,558,887 18,391,046
12 RESERVES
The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under
Section 612, Companies Act 2006.
The warrant reserve is used to hold the fair value of warrants issued but not yet exercised.
The retained earnings reserve contains the accumulated losses of the Company.
80 FIRST TIN l ANNUAL REPORT 2025
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED