First Tin Reports Robust Financials and Key Project Advances in 2025 Final Results

First Tin’s 2025 finals – cash rebuilt, permits progressing, value levers turning

First Tin PLC has published its audited results for the year ended 30 June 2025. The story is twofold: the balance sheet has been strengthened after a £10.12 million raise in H2 2024, and both core projects – Taronga in Australia and Tellerhäuser in Germany – moved closer to development through meaningful permitting and technical milestones.

• Cash at year end: £6.37 million (2024: £1.35 million).
• Net asset value: £44.31 million (2024: £37.88 million).
• Loss after tax: £1.55 million; total comprehensive loss (includes FX translation): £2.93 million.
• Taronga EIS submitted in September 2025 – a critical step toward Development Approval.
• German “fast-track” Life of Mine Plan advanced at Tellerhäuser; regional exploration pointing to tin plus indium and gallium potential.

Key numbers investors should know

Metric	FY2025
Cash and cash equivalents	£6,373,847
Net asset value	£44,309,236
Loss after tax	£1,554,175
Total comprehensive loss	£2,929,894
Cash used in operations	£1,461,159
Exploration and evaluation spend	£2,732,752
Shares in issue at 30 June 2025	451,868,306
Basic loss per share	0.39p

Important context: the going concern note flags a need for additional funding in Spring 2026 to continue settling liabilities as they fall due. Management is confident, but this is a material uncertainty investors should factor into risk assessments.

Taronga, Australia – EIS lodged and value optimisation in motion

Taronga took a big step with the submission of its Environmental Impact Statement (EIS) in September 2025. Years of specialist studies – biodiversity, water, air quality, noise, traffic, heritage, social and economic – are now on the regulator’s desk. Related agreements with Crown Land NSW and Glen Innes Severn Council for the mine camp location demonstrate constructive local engagement, which often makes permitting smoother.

On the technical side, the company is pushing for better-than-DFS metallurgical performance. Coarse crushing tests show up to 89.5% of contained tin reporting to the minus 2.8 mm fraction, suggesting the project does not require capital-intensive ore sorting. A 2024 trial blast backed up the mining assumptions in the DFS and even hinted at potential cost savings from lower powder factors once in operation.

Resource conversion is the other lever. A 10,000 m drilling programme targeted in-pit Inferred resources and potential extensions. Early assays from 19 holes include broad intercepts consistent with existing resources, for example:

• 71 m at 0.09% Sn from surface (TMTARC055).
• 62 m at 0.10% Sn from 6 m, including 12 m at 0.14% Sn from 35 m (TMTARC053).
• 25 m at 0.13% Sn from 54 m, including 10 m at 0.21% Sn from 61 m (TMTARC060).
• 13 m at 0.19% Sn from 8 m, including 4 m at 0.35% Sn from 14 m (TMTARC049).

Why it matters: converting Inferred to Indicated and Measured can extend mine life and reduce the strip ratio in areas currently modelled as waste. With Taronga already planned as a low-risk, low-cost open pit (life-of-mine strip ratio 1:1) and a sizeable 138,000 tonnes of contained tin, incremental improvements flow straight into project economics.

The footprint has also grown. Two new exploration licences near Taronga take First Tin’s Emmaville district tenure to approximately 752 km², supporting a long-term hub-and-spoke vision. A new GM – Projects, Peter Miers, has been appointed to help push through final permitting and into execution.

Tellerhäuser, Gottesberg and Auersberg, Germany – fast-track permitting and critical minerals

Tellerhäuser progressed its “fast-track” Life of Mine Plan, with water management work and forest compensation agreements moving forward. A product depot redesign increased capacity by roughly 100,000 m³ while keeping the surface footprint below the 10 ha threshold for fast-track eligibility. Post period end, the proposed water treatment technology was confirmed as compliant with requirements for natural radionuclides in treated mine water – a critical box to tick before submission.

Regionally, fieldwork and historic data reviews at Gottesberg and Auersberg point to significant tin-indium-gallium systems. Rock chips came in at 0.2% to 0.6% Sn across greisen veins mapped over at least 3 km, within a larger 10 km trend in the Eibenstock granite. This adds weight to the idea of a future European supply node for critical raw materials. Notably, Tellerhäuser already shows 708,000 kg of indium in Indicated and Inferred Resources.

Tin market backdrop – supply tight, demand resilient

The CEO’s market review paints a familiar picture: robust demand from electronics, solar and advanced manufacturing, set against a fragile supply chain. Indonesia’s export volatility, disruption in Myanmar and the DRC, and challenges in South America all featured over the period. Prices swung from above US$34,000 per tonne in October 2024 to around US$30,000 by year-end, spiking above US$38,000 in April 2025 before settling in the US$32,000 – US$34,000 range at the reporting date.

Why this matters to First Tin: projects in OECD jurisdictions with high ESG standards can command strategic interest when the market is short of traceable supply. Timing development approvals into a structurally tight market can be a powerful combination.

What could move the share price next

• Taronga permitting – assessment of the EIS and any subsequent Development Approval.
• Further Taronga drill results and an updated resource or reserve statement converting Inferred material.
• Completion of metallurgical testwork and any update to recovery assumptions beyond the DFS.
• Submission and progress on the fast-track LoMP for Tellerhäuser, including water permitting.
• Financing updates – the company has signposted a funding requirement by Spring 2026.
• Tin price moves – a higher price deck would enhance project economics.

Risks and watch items

• Funding – the going concern note highlights a need for additional funds in Spring 2026. Equity dilution or structure of any financing will matter.
• Permitting – Taronga’s EIS is in; approval timing and potential conditions remain uncertain.
• Execution – converting Inferred resources and delivering higher recoveries must be demonstrated at scale.
• FX translation – movements hit the translation reserve, contributing to the £2.93 million comprehensive loss.

My take – steady de-risking with clear catalysts ahead

This is a constructive set of results from First Tin. Cash has been rebuilt to £6.37 million, NAV rose to £44.31 million, and operating losses were tightly controlled at £1.55 million. More importantly, the heavy lifting has been done on permitting and optimisation: Taronga’s EIS submission is a headline milestone, and drill plus metallurgical work point to a potentially stronger, longer-life mine than the May 2024 DFS assumed. In Germany, the LoMP steps and water treatment confirmation are exactly what you want to see before filing, while regional sampling strengthens the critical-minerals narrative.

The flip side is familiar for developers – funding. The Spring 2026 requirement is explicit and represents a key sensitivity. Permitting timelines and any capex updates will also be scrutinised. If approvals land cleanly and the testwork translates into better recoveries, the valuation case improves.

For investors seeking leveraged exposure to tin with projects in Australia and Germany, this update shows tangible progress. The next 12 months look catalyst-rich, and if tin prices continue to firm, the wind could be at First Tin’s back.

Investor presentation

The company will present today at 10:30am GMT via Investor Meet Company. Details here: https://www.investormeetcompany.com/first-tin-plc/register-investor