RNS Number : 9240J
First Tin PLC
28 October 2024
 

A logo with a circle and text Description automatically generated

 

 

28 October 2024

First Tin PLC

("First Tin" or "the Company")

Preliminary Unaudited Results

First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its unaudited preliminary results for the 18 months ended 30 June 2024.

This follows the change to the Company's accounting reference date and financial year end from 31 December to 30 June, announced earlier this year.

Highlights

·      In Australia, Taronga's excellent potential to be developed into a low capex, low risk, and high margin tin mine, with attractive economics, confirmed through the Definitive Feasibility Study

·      Taronga's Mineral Resource Estimate ("MRE") increased by over 240% to 138,300 tonnes of contained tin

·      The Taronga deposit has been confirmed to be highly scalable, with multiple opportunities to create significant value upside identified through:

Conversion of inferred resources to enable deeper, wider pits

Potential parallel zones immediately NW of the current pits

Extensions to the NE and SW of the current pits (mineralisation not closed off)

Between the two pits where recent drilling has returned previously unknown mineralisation

Potential parallel zones to the SE of the current pits

Improvements to the expected processing recoveries

·      The Company has also been successful in confirming the thesis that the Taronga deposit is part of a larger tin district which could hold potential for a hub and spoke approach

·      In Germany, delivered a 35% increase in the Tellerhäuser MRE to 138,600t tin from the 2019 estimate of 102,900t tin and infrastructure requirements successfully progressed

·      Loss before tax of £3.9 million (31 December 2022: £3.2m)

·      Post-period end, Metals X Limited became a 23% shareholder of First Tin, which is a strong endorsement from Australia's largest tin producer

 

First Tin CEO, Bill Scotting commented:

"We are delighted with the significant value we have added to our portfolio during the period, which has been further validated by Australia's largest tin producer, acquiring a +20% stake in First Tin immediately post-period end. Our portfolio holds tremendous potential, especially at Taronga in Australia, which we believe is on track to become the world's next major tin mine. With several opportunities identified to scale the project, we are confident that we can significantly enhance the strong economic case we've already demonstrated.

"Tin has been designated a critical mineral in numerous jurisdictions, but with primary tin supply stagnating and major producers facing challenges, including diminishing reserves and operational disruptions, a supply deficit looms. This means that our assets, which are located in developed countries with strong oversight of environmental standards, are of even more strategic importance. With this in mind, we remain highly optimistic about the tin market and believe our portfolio is well-positioned for continued success."

Enquiries:

 

First Tin

Via SEC Newgate below

Bill Scotting - Chief Executive Officer

 

Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)



Simon Catt

020 7389 5016




SEC Newgate (Financial Communications)



Elisabeth Cowell / Molly Gretton

07900 248 213

 

Notes to Editors

First Tin PLC is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia, which have been de-risked significantly, with extensive work undertaken to date.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

 

 

 


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2024

 

 

 

 

 

Period


Year

 

 

 

 

ended


ended

 

 

 

 

30 Jun


31 Dec

 

 

 

Note

2024


2022

 

 

 

 

(Unaudited)


(Audited)

 

 

 

 

£


£

 

 

 

 

 



Administrative expenses

 

 

 

(3,163,266)


(3,240,389)

 









 





Operating loss


 


(3,163,266)


(3,240,389)



 





Finance income


 


130,236


-

Finance costs


 


(25)


(2,557)



 







 





Loss before tax


 


(3,033,055)


(3,242,946)



 





Income tax expense


 


-


-

 







 







Loss for the period


 


(3,033,055)


(3,242,946)

 







 







Other comprehensive (loss)/income







 







Exchange differences on translation of foreign







operations




(865,875)


118,937

 







 







Other comprehensive (loss)/income for the







period




(865,875)


118,937

 


 







 





Total comprehensive loss for the period


 


(3,898,930)

 

(3,124,009)

 

 






 

 






Total comprehensive loss attributable to

 






the equity holders of the company

 

 


(3,898,930)


(3,124,009)

 

 






 

 






Basic loss - pence per share

 


7

(1.14)


(1.40)

 

 






 

 






 

 






Diluted loss - pence per share

 


7

(1.14)


(1.40)

 

 




 


 

 




 


 


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

 

 

 

30 Jun

 

31 Dec

 

Note

2024

 

2022

 

 

(Unaudited)

 

(Audited)

 

 

£

 

£

Non-current assets


 

 


 

 

 

 


Intangible assets

9

34,968,675

 

27,367,552

Property, plant and equipment

10

2,433,830

 

1,589,748


 

 

 



 

 

 



 

37,402,505

 

28,957,300

 

 

 

 


Current assets

 

 

 



 

 

 


Trade and other receivables

11

290,000

 

808,711

Cash and cash equivalents


1,345,629

 

13,823,173

 

 


 

 




 

 




1,635,629

 

14,631,884




 


Current liabilities


 

 


 


 

 


Trade and other payables

12

(1,153,178)

 

(1,805,298)

 

 

 

 


 

 

 

 


Net current assets

 

482,451

 

12,826,586

 

 

 

 


 

 

 

 


Total assets less current liabilities


37,884,956

 

41,783,886

 


 

 



 

 

 


Net assets

 

37,884,956

 

41,783,866

 

 

 

 


 

 

 

 



 

 

 


Capital and reserves

 

 

 



 

 

 


Called up share capital

14

265,535

 

265,535

Share premium account

14

18,391,046

 

18,391,046

Merger relief reserve


17,940,000

 

17,940,000

Warrant reserve


269,138

 

269,138

Retained earnings


1,854,539

 

4,887,594

Translation reserve


(835,302)

 

30,573

 

 

 

 


 

 

 

 


Shareholders' funds

 

37,884,956

 

41,783,886

 

 

 

 


 

 

 

 


 

 

 

 

 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger

 

 

 

 

 

 

 

 

 

 

Share

 

Share

 

relief

 

Warrant

 

Retained

 

Translation

 

Total

 

 

capital

 

premium

 

reserve

 

reserve

 

earnings

 

reserve

 

equity

 

 

£

 

£

 

£

 

£

 

£

 

£

 

£

 















At 1 January 2023 (Unaudited)


265,535

 

18,391,046

 

17,940,000

 

269,138

 

4,887,594

 

30,573

 

41,783,886














 


Loss for the period


-


-


-


-


(3,033,055)


-

 

(3,033,055)

Other comprehensive loss for













 


the period

 


-


-


-


-


-


(865,875)

 

(865,875)














 















 


Total comprehensive loss


-

 

-

 

-

 

-


(3,033,055)

 

(865,875)

 

(3,898,930)

for the period


 

 

 

 

 

 

 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 30 June 2024 (Unaudited)

 

265,535

 

18,391,046

 

17,940,000

 

269,138


1,854,539


(835,302)

 

37,884,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger

 

 

 

 

 

 

 

 

 

 

Share

 

Share

 

relief

 

Warrant

 

Retained

 

Translation

 

Total

 

 

capital

 

premium

 

reserve

 

reserve

 

earnings

 

reserve

 

equity

 

 

£

 

£

 

£

 

£

 

£

 

£

 

£

 















At 1 January 2022


138,868

 

17,931,296

 

-

 

95,372

 

(10,507,856)

 

(88,364)

 

7,569,316














 


Loss for the year


-


-


-


-


(3,242,946)


-

 

(3,242,946)

Other comprehensive income













 


for the year

 


-


-


-


-


-


118,937

 

118,937














 















 


Total comprehensive loss


 

 

 

 

 

 

 





 


for the year


-

 

-

 

-

 

-


(3,242,946)


118,937

 

(3,124,009)

 













 


Transactions with owners:













 


Capital reduction


-


(17,931,296)


-


-


17,931,296


-

 

-

Issuance of shares (net of















issuance costs)


66,667


18,564,812


-


-


-


-


18,631,479

Shares issued to acquire















Taronga


60,000


-


17,940,000


-


-


-


18,000,000

Share-based payments


-


(173,766)


-


173,766


707,100


-


707,100

 













 


 













 


Total transactions with













 


owners


126,667


459,750


17,940,000


173,766


18,638,396


-

 

37,338,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2022

 

265,535

 

18,391,046

 

17,940,000

 

269,138


4,887,594


30,573

 

41,783,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

 

 

 

 

 

Period

 

Year

 

 

 

 

ended

 

ended

 

 

 

 

30 Jun

 

31 Dec

 

 

 

 

2024

 

2022

 

 

 

 

(Unaudited)

 

(Audited)

 

 

 

 

£

 

                  £

Cash flows from operating activities

 

 

 

 

 


Operating loss

 

 

 

(3,163,266)


(3,240,389)


 

 


 



Adjustments to reconcile loss before tax to net   cash flows:

 

 


 



Depreciation of tangible assets

 

 

 

74,211


20,597

Loss on disposal of tangible assets

 

 

 

18,009


-

Share-based payment expense

 

 

 

-


707,100

Decrease/(increase) in trade and other receivables


 

 

518,711


(357,635)

(Decrease)/increase in trade and other payables


 

 

(652,120)


1,503,846



 


 



 

 

 


 



Cash used in operations


 

 

(3,204,455)


(1,366,481)

Interest paid


 

 

(25)


(2,557)



 


 



 


 


 



Net cash flows used in operating activities

 

 

(3,204,480)


(1,369,038)

 


 





 


 





Cash flows from investing activities


 





Purchase of intangible fixed assets


 

 

(8,536,853)


(5,288,557)

Receipt of government grants


 

 

256,965


-

Purchase of property, plant and equipment


 

 

(1,035,613)


(600,907)

Cash acquired on acquisition of Taronga


 

 

-


102

Interest received


 

 

130,236


-

 


 


 



 


 


 



Net cash flows used in investing activities


 

 

(9,185,265)


(5,889,362)

 


 


 



 


 





Cash flows from financing activities


 





Proceeds from issue of shares


 

 

-


19,000,000

Share issuance costs


 

 

-


(368,521)



 


 



 


 


 



Net cash flows generated


 


 



  from financing activities


 

 

-


18,631,479

 


 





 


 





Net (decrease)/increase in cash


 

 

(12,389,745)


11,373,079



 


 



Cash and cash equivalents at beginning of period


 

 

13,823,173


2,503,714

Exchange loss on cash and cash equivalents


 

 

(87,799)


(53,620)



 


 





 


 



Cash at the end of period


 

 

1,345,629


13,823,173

 

 

 






 

 





 

 

 

 

 

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 consolidated financial information comprises 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 information.

 

Statutory information

 

The financial information included in this unaudited preliminary announcement does not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2022 have been delivered to Companies House and received an unqualified auditors' report with a material uncertainty in respect of going concern. The statutory financial statements for the 18 month period ended 30 June 2024 will be finalised on the basis of the financial information presented by the directors in this unaudited preliminary announcement and will be delivered to Companies House following the Company's Annual General Meeting. The audit report for the 18 month period ended 30 June 2024 has yet to be signed.

 

The announcement of the preliminary unaudited results was approved on behalf of the board of directors on 28 October 2024.

 

2.

Presentation of financial information

 


The financial information is 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 information has 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 information has been prepared on a historical cost basis.

 


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 2024, the Group had cash balances of £1.3 million. On 10 July 2024 the Company raised £2.1 million (before expenses) by way of a placing of 53 million new ordinary shares at a price of 4 pence per share.

 

The Directors have prepared financial projections and plans for a period of at least 12 months from the date of approval of these consolidated financial information. It is anticipated that additional capital will need to be raised within the next 12 months in order to continue to fund the Group's activities at their planned levels and any such capital raise via the issuance of new ordinary shares in First Tin plc, will be subject to shareholder approval. This represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. If the Group was unable to raise additional capital, the cash balance pursuant to the placing announced on 10 July 2024 would be insufficient to fund the Group's activities at their current level for a period of at least 12 months from the date of approval of these consolidated financial information. However, the Directors have a reasonable expectation that this uncertainty can be managed to a successful outcome, and based on that assessment, the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these consolidated financial information has been prepared on the going concern basis.

 

The consolidated financial information does 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 information incorporates the financial information 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.

 

 

4.

Critical accounting estimates and judgements

 


The preparation of the Group's financial information 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 consolidated financial information 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.

 

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:

 



 


 

 

Period

 

Year



 


 

 

ended

 

ended



 


 

 

30 June

 

31 Dec



 


 

 

2024

 

2022



 

 

 

 

£

 

£


Germany

 

 


 

8,847,849

 

6,824,224


Australia

 

 


 

28,554,656

 

22,133,076



 

 


 

 

 




 

 


 

 

 




 

 


 

37,402,505

 

28,957,300



 

 


 

 

 




 

 


 

 

 


 

 

6.

Staff costs and Director's renumeration

 



 

 

 

 

Period

 

Year



 

 

 

 

ended

 

ended



 

 

 

 

30 Jun

 

31 Dec



 

 

 

 

2024

 

2022



 

 

 

 

£

 

£


 

At 1 January 2021

Additions

Currency translation

At 31 December 2021

 

 

 


 

 

 



Wages and salaries

 

 


 

2,060,861

 

1,124,086


Social security costs

 

 


 

202,185

 

104,671


Pension costs

 

 


 

76,999

 

36,683



 

 


 

 

 




 

 


 

 

 



 

 

 


 

2,340,045

 

1,265,440


 

 

 


 

 

 



Amount capitalised as intangible asset

 

 


 

(1,597,588)

 

(791,342)



 

 


 

 

 




 

 


 

 

 



Total staff cost recognised in the profit

 

 


 

 

 



  and loss

 

 


 

742,457

 

474,098



 

 


 

 

 




 

 


 

 

 


 


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

 



 

 

 

 

Period

 

Year



 

 

 

 

ended

 

ended



 

 

 

 

30 Jun

 

31 Dec



 

 

 

 

2024

 

2022



 

 

 

 

No.

 

No.


 

At 1 January 2021

Additions

Currency translation

At 31 December 2021

 

 

 


 

 

 



Management and administration

 

 


 

11

 

11


Geology and environment

 

 


 

7

 

12



 

 


 

 

 




 

 


 

 

 



Average number of staff employed

 

 


 

 

 



  by the Group

 

 


 

18

 

23



 

 


 

 

 




 

 


 

 

 


 

 

 

 

7.

Loss per Ordinary share

 



 

 

Period


Year



 

 

ended


ended



 

 

30 Jun


31 Dec



 

 

2024


2022


 

 

 





Loss for the period attributable to the ordinary

 






equity holders of the Company (£)

 

 

(3,033,055)


(3,242,946)



 


 




Basic loss per Ordinary share

 


 




Weighted average number of Ordinary shares

 


 




  in issue

 

 

265,534,972


231,872,871



 


 




Basic loss per Ordinary share (pence)


 

(1.14)


(1.40)



 

 

 





 


 




Diluted loss per Ordinary share

 


 




Weighted average number of Ordinary shares

 


 




  in issue

 

 

265,534,972


232,112,833



 


 




Diluted loss per Ordinary share (pence)


 

(1.14)


(1.40)



 

 

 



 


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.

 

 

8.

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


No. of

 

No. of

 

No. of

 



options


options

 

warrants

 

warrants

 



2024


2022

 

2024

 

2022

 


Outstanding at beginning of period

10,060,000

 

1,560,000

 

5,668,000

 

3,168,000

 


Granted during the period

-

 

8,500,000

 

-

 

2,500,000

 


Expired during the period

(1,560,000)

 

-

 

(5,668,000)

 

-

 



 

 


 

 

 


 



 

 


 

 

 


 


Outstanding at the end of the period

8,500,000

 

10,060,000

 

-

 

5,668,000

 



 

 


 

 

 


 



 

 


 

 

 


 



 

 


 

 

 


 



 

 


 

 

 


 


Exercisable at the end of the period

8,500,000

 

10,060,000

 

-

 

5,668,000

 



 

 


 

 

 


 



 

 


 

 

 


 


Weighted average exercise price (pence)

33

 

30

 

-

 

26

 



 

 


 

 

 


 



 

 


 

 

 


 












 

 

Share options outstanding at the end of the period have the following expiry dates and exercise prices:

 



 


Exercise

 

No. of

 

No. of



 


price

 

Options

 

Options


Grant date

Expiry date


pence

 

2024

 

2022


4 March 2019

4 March 2023

 

13

 

-

 

1,560,000


6 April 2022

5 April 2025

 

33

 

8,500,000

 

8,500,000



 

 


 

 

 




 

 


 

 

 




 

 


 

8,500,000

 

10,060,000



 

 


 

 

 




 

 


 

 

 




 

 


 

 

 



Weighted average remaining contractual life of options

 


 

 

 



outstanding at the end of the period

 


 

0.76

 

1.94



 

 


 

 

 




 

 


 

 

 


 

 

Warrants outstanding at the end of the period have the following expiry dates and exercise prices:

 



 


Exercise

 

No. of

 

No. of



 


price

 

Options

 

Options


Grant date

Expiry date


pence

 

2024

 

2022


27 April 2021

9 April 2024

 

20

 

-

 

2,668,000


29 June 2021

9 April 2024

 

20

 

-

 

500,000


29 March 2022

6 April 2024

 

33

 

-

 

2,500,000



 

 


 

 

 




 

 


 

 

 




 

 


 

-

 

5,668,000



 

 


 

 

 




 

 


 

 

 




 

 


 

 

 



Weighted average remaining contractual life of options

 


 

 

 



outstanding at the end of the period

 


 

-

 

1.27



 

 


 

 

 




 

 


 

 

 


 

 

 

 

 

 

Fair value of options granted

 


The assessed fair value at the grant date of options granted during the year ended 31 December 2022 was £0.08 per option. No options were granted during the period ended 30 June 2024. The fair value at grant date is determined using the Black-Scholes model, which takes into account the following inputs:

 



 



 

Period

 

Year

 



 



 

ended

 

ended

 



 



 

30 Jun

 

31 Dec

 



 



 

2024

 

2022

 


Grant date

 



 

-

 

8 April 2022

 


Exercise price

 


 

 

-

 

33 pence

 


Market value at grant date

 

 


 

-

 

30 pence

 


Expected term

 

 


 

-

 

3 years

 


Volatility

 

 


 

-

 

44%

 


Risk free rate

 

 


 

-

 

1.5%

 



 

 


 

 

 


 



 

 


 

 

 


 












 


The volatility is calculated based upon the volatilities of peer group companies since there is insufficient historic data available for the Group.

 


Fair value of warrants granted

 

During the year ended 31 December 2022 the Group issued 2,500,000 warrants at an exercise price of 33 pence, exercisable over a period of two years from the date of grant.  The fair value was calculated at £173,766. The fair value was determined using the Black-Scholes model, with the following inputs: market value at grant date of 30 pence, expected term of 2 years, volatility of 46% and risk free rate of 1.4%. No warrants were issued during the period ended 30 June 2024.

 

 

Expenses arising from share-based payment transactions

 


Total expenses arising from share-based payment transactions recognised during the period were as follows:

 



 



 

Period

 

Year



 



 

ended

 

ended



 



 

30 Jun

 

31 Dec



 



 

2024

 

2022



 



 

£

 

£


Recognised in profit or loss:

 


 

 


 



Options issued to Directors under the FT Option Plan

 

-

 

582,317


Options issued to staff and consultants under the FT Option Plan

 

-

 

124,783



 

 

 




 

 

 




 

-

 

707,100


Recognised against share premium:

 

 


 

 

 



Warrants issued in respect of broker services

 

-

 

173,766


Shares issued in settlement of broker commission

 

-

 

1,000,000



 

 


 

 

 




 

 


 

 

 




 

 


 

-

 

1,173,766



 

 


 

 

 




 

 


 

 

 




 

 


 

-

 

1,880,766



 

 


 

 

 




 

 


 

 

 


 

 

 

9.

Intangible assets

 



 



 

 

 

Exploration

 



 



 

 

 

and

 



 


 

 

 

 

evaluation



 


 

 

 

 

assets



 

 

 

 

 

 

£


Cost

At 1 January 2021

Additions

Currency translation

At 31 December 2021

 

 

 


 

 

 



At 1 January 2022

 

 


 

 

 

3,380,913


Additions

 

 


 

 

 

5,288,557


Acquisition of Taronga

 

 


 

 

 

18,558,503


Currency translation

 

 


 

 

 

139,579



 

 


 

 

 




 

 


 

 

 



At 31 December 2022

 

 


 

 

 

27,367,552



 

 


 

 

 



Additions

 

 


 

 

 

8,536,853


Government grants

 

 


 

 

 

(256,965)


Currency translation

 

 


 

 

 

(678,765)



 

 


 

 

 

 



 

 


 

 

 

 


At 30 June 2024

 

 


 

 

 

34,968,675



 

 


 

 

 




 

 


 

 

 


 


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 2024, 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.

 

 

 

 

 

10.

Property, plant and equipment

 



 

 

 

 

 

 

 

 



 

Land &

 

Motor

 

Fixtures &

 

 



 

Buildings

 

Vehicles

 

Fittings

 

Total



 

£

 

£

 

£

 

£


Cost

 

 

 

 

 

 

 

 


At 1 January 2022

 

-

 

38,803

 

37,797

 

76,600


Additions

 

415,220

 

110,583

 

75,104

 

600,907


Acquisition of Taronga

 

965,939

 

-

 

34,202

 

1,000,141


Currency translation

 

(21,179)

 

1,658

 

3,119

 

(16,402)



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


At 31 December 2022

 

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



 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 


Depreciation

 

 

 

 

 

 

 

 


At 1 January 2022

 

-

 

17,567

 

30,182

 

47,749


Charge for period

 

-

 

9,334

 

11,263

 

20,597


Currency translation

 

-

 

1,160

 

1,992

 

3,152



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


At 31 December 2022

 

-

 

28,061

 

43,437

 

71,498


-

 

28,061

 

43,437

 

71,498


28,061

 

28,061

 

43,437

 

71,498


-

 

28,061

 

43,437

 

71,498


43,437

 

28,061

 

43,437

 

71,498


-

 

28,061

 

43,437

 

71,498


71,498

 

28,061

 

43,437

 

71,498




 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


Charge for period

 

-

 

18,813

 

55,398

 

74,211


Disposal

 

-

 

(15,277)

 

(5,436)

 

(20,713)


Currency translation

 

-

 

(991)

 

(2,640)

 

(3,631)



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


At 30 June 2024

 

-

 

30,606

 

90,759

 

121,365



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


Net book value

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 


At 30 June 2024

 

2,115,351

 

100,640

 

217,839

 

2,433,830



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 


At 31 December 2022


1,359,180


28,061


43,437


71,498


-


28,061


43,437


71,498


122,983


28,061


43,437


71,498


-


28,061


43,437


71,498


106,785


28,061


43,437


71,498


-


28,061


43,437


71,498


1,589,748


28,061


43,437


71,498




 

 

 

 

 

 

 

 

 

 

 

11.

Trade and other receivables

 



30 Jun


31 Dec



2024


2022



£


£


Prepayments and other receivables

259,210


386,287


Recoverable value added taxes

30,790


422,424



 





 





290,000


808,711



 



 

12.

Trade and other payables

 



30 Jun


31 Dec



2024


2022



£


£


Trade payables

691,493


761,512


Accruals

404,016


949,004


Other payables

57,669


94,782



 





 




 

 

1,153,178


1,805,298


 

 

 



 

 

13.

Related party transactions

 


Directors' remuneration and fees

 

The table below sets out the Directors' remuneration and fees:

 


 

 

 

 

Performance

 

Share

 

 



 

 

 

related

 

based

 

 



 

Basic fees

 

bonus

 

payments

 

Total



 

£

 

£

 

£

 

£


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



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

645,159

 

-

 

-

 

645,159



 

 

 

 

 

 

 

 

 


 

 

 

 

Performance

 

Share

 

 



 

 

 

related

 

based

 

 



 

Basic fees

 

bonus

 

payments

 

Total



 

£

 

£

 

£

 

£


2022

 

 

 

 

 

 

 

 


Mr T Buenger

 

268,519


109,748


374,347


752,614


Mr S I Cornelius

 

32,769


-


-


32,769


Mr I Hofmaier

 

32,769


-


-


32,769


Ms C Apthorpe

 

29,128


-


-


29,128


Mr C Cannon Brookes

 

29,250


-


-


29,250


Mr N Mather

 

7,500


-


-


7,500



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

399,935


109,748


374,347


884,030



 

 

 

 

 

 

 

 


 


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 £127,500 from Arlington in respect of financial advisory and director's fees (2022: £876,004 in respect of fund-raising commissions and expenses, financial advisory fees and director's fees). At 30 June 2024, £42,500 was outstanding (2022: £nil).

 

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 £52,000 from RFA in respect of company secretarial services. The fees were paid in full during the period.

 

 

14.

Share capital and share premium

 


 

30 Jun


31 Dec


 

 

 

2024


2022



£


£


Allotted, called up and fully paid share capital

 




265,534,972 (2022: 265,534,972) Ordinary shares of £0.001 each

265,535


265,535



 



 

 

 

15.

Ultimate controlling party

 


In the opinion of the Directors, there is no controlling party.

 

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