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

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

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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

Male (5) Female (0)

MANAGEMENT

Total number at

management level

Male (4) Female (0)

EMPLOYEES

Total number

of employees

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

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

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

SAFETY

MINIMISING OUR

FOOTPRINT 3

MINIMISING OUR

ENVIRONMENTAL

FOOTPRINT

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

-free, energy footprint; and

• Plan a tree planting initiative based on the

recommendations of local experts and Glen Innes

Severn Council.

OUR PRIORITIES

SAFETY

MINIMISING OUR

FOOTPRINT 3

MINIMISING OUR

ENVIRONMENTAL

FOOTPRINT

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

-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

, or CO

-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

. 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

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

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

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

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%

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

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

capital

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

capital

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

capital

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

capital

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

COMPANY

INFORMATION

DIRECTORS

C. Cannon Brookes

W. A. Scotting

R. G. J. Ainger

B. R. Smith

P. L. Gunzburg

SECRETARY

R. G. J. Ainger

COMPANY NUMBER

07931518

REGISTERED OFFICE

First Floor 47/48 Piccadilly

London W1J 0DT

AUDITOR

Crowe U.K. LLP

55 Ludgate Hill

London EC4M 7JW

BANK

SG Kleinwort Hambros Bank Limited

8 St James’s Square

London SW1Y 4JU

FINANCIAL ADVISOR/JOINT BROKER

Arlington Group Asset Management Limited

47/48 Piccadilly

London W1J 0DT

FINANCIAL PUBLIC RELATIONS

SEC Newgate UK Limited

14 Greville Street

London EC1N 8SB

JOINT BROKER

Zeus Capital Limited

125 Old Broad Street

London, EC2N 1AR

REGISTRAR

Share Registrars Limited

3 The Millenium Centre

Crosby Way

Farnham GU9 7XX

SOLICITOR

Charles Russell Speechlys LLP

5 Fleet Place

London EC4M 7RD

firsttin.com 81

ADDITIONAL INFORMATION

FIRST TIN

First Floor

47/48 Piccadilly

London W1J 0DT

firsttin.com

CBP032817

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