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:
o Conversion of inferred resources to enable deeper, wider
pits
o Potential parallel zones immediately NW of the current
pits
o Extensions to the NE and SW of the current pits
(mineralisation not closed off)
o Between the two pits where recent drilling has returned
previously unknown mineralisation
o Potential parallel zones to the SE of the current
pits
o 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
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Period
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Year
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ended
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ended
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30
Jun
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31 Dec
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Note
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2024
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2022
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(Unaudited)
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(Audited)
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£
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£
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Administrative expenses
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(3,163,266)
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(3,240,389)
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Operating loss
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(3,163,266)
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(3,240,389)
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Finance income
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130,236
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-
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Finance costs
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(25)
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(2,557)
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Loss
before tax
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(3,033,055)
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(3,242,946)
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Income tax expense
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-
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-
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Loss
for the period
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(3,033,055)
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(3,242,946)
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Other comprehensive (loss)/income
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Exchange differences on translation
of foreign
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operations
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(865,875)
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118,937
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Other comprehensive (loss)/income for the
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period
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(865,875)
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118,937
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Total comprehensive loss for the period
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(3,898,930)
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(3,124,009)
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Total comprehensive loss attributable to
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the
equity holders of the company
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(3,898,930)
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(3,124,009)
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Basic loss - pence per share
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7
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(1.14)
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(1.40)
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Diluted loss - pence per share
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7
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(1.14)
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(1.40)
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