Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
First Tin Plc LSE:1SN London Ordinary Share GB00BNR45554 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -6.78% 13.75 13.50 14.00 14.75 13.75 14.75 222,993 15:31:40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining - - - - 37

First Tin PLC Interim Results

20/09/2022 7:00am

UK Regulatory (RNS & others)


First Tin (LSE:1SN)
Historical Stock Chart


From Aug 2022 to Feb 2023

Click Here for more First Tin Charts.

TIDM1SN

RNS Number : 8147Z

First Tin PLC

20 September 2022

20 September 2022

First Tin Plc

("First Tin" or "the Company")

Interim Results for the six months ended 30 June 2022

First Tin, a tin development company with advanced, low capex projects in both Germany and Australia, today publishes its final interim results for the six months ended 30 June 2022.

Highlights

-- The Company successfully completed its IPO on the Standard List of the London Stock Exchange in April 2022, raising GBP20 million (before expenses) of new equity capital, positioning it to invest into and add value to its advanced portfolio of tin assets

-- As part of the IPO, First Tin acquired the Taronga tin asset in NSW Australia, the 5(th) largest undeveloped tin reserve globally. Taronga will now be developed alongside First Tin's other lead asset of Tellerhäuser which is located in Saxony Germany

-- Ended the period with a robust cash position of over GBP18.8m (31 December 2021: GBP2.5m) following the successful IPO in April 2022

-- Loss before tax of GBP2.1m (31 December 2021: GBP1.2m) reflecting a ramp up in operational activities

-- Appointment of an experienced operational team at both assets as well as a strengthening of the PLC board

-- Received initial positive drilling results back from its Gottesberg tin project in Germany with additional results expected in the coming weeks

-- Digbee independent ESG report commissioned with the results expected to be announced shortly

-- Generally, the period under review allowed for the buildings block to be put in place for the rapid future development of the Company's tin portfolio

Post-period highlights

-- Commenced Definitive Feasibility Studies ("DFS") at Taronga and Tellerhäuser, which are both scheduled to be completed in Q4 2023

-- Environmental and permitting work continued at Taronga and Tellerhäuser with all required permits expected to be granted by the end of 2023

-- Commenced drill campaigns at Taronga and Tellerhäuser comprising 24 , 000 metres of diamond and RC drilling. Intention is to both expand the existing known resources while also drilling new satellite exploration targets

Thomas Buenger, Chief Executive Officer, commented:

" In my first interim results as CEO, I am pleased to be able to report on the strong progress made during the period despite several macro-economic challenges. First Tin was admitted to the Main Market of the LSE during the period with the objective of becoming a primary tin supplier in conflict free, low risk jurisdictions through the rapid development of our high value, low capex tin assets in Germany and Australia. I believe the Company has made good strides towards this goal and all our workstreams are progressing as planned .

We remain well capitalised and fully funded to deliver both planned DFS studies alongside extension development and exploration drill programmes.

We are looking forward to receiving and sharing with the market, regular updates on our extensive drilling programmes both in Australia and Germany as we bring these two flagship assets into production rapidly and I look forward to updating our investors during the next six months."

Investor Presentation Reminder

Thomas Buenger (CEO) and Charlie Cannon-Brookes (Non-Executive Chairman) will provide a live presentation relating to the results via the Investor Meet Company platform on Tuesday 27(th) September 2022 at 9:00am BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and click "Add to Meet" First Tin via:

https://www.investormeetcompany.com/first-tin-plc/register-investor

Enquiries:

 
  First Tin                                 Via SEC Newgate 
                                             below 
  Thomas Buenger - Chief Executive 
   Officer 
  Arlington Group Asset Management 
   Limited (Financial Advisor and 
   Joint Broker) 
  Simon Catt                                020 7389 5016 
 
  WH Ireland Limited (Joint Broker) 
  Harry Ansell                              020 7220 1670 
 
  SEC Newgate (Financial PR) 
  Elisabeth Cowell / Axaule Shukanayeva 
   /                                        07900 248 
   Molly Gretton                             213 
 

Notes to Editors

First Tin 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.

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. Its assets have been de-risked significantly, with extensive work undertaken to date.

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.

Chairman's statement

In my first interim results as Non-Executive Chairman of First Tin Plc, I am pleased to be able to report on the strong operational progress that has been made in a challenging environment since the Company's IPO. Despite a turbulent macro-economic backdrop caused by Russia's invasion of Ukraine, volatility of stock exchanges globally and a material fall in the tin spot price, our mission remains to become an established, sustainable tin producer from conflict-free, low political risk jurisdictions. Having successfully completed our IPO in April 2022, First Tin now owns 100% of two advanced, low CAPEX projects in both Australia and Germany. During the period under review, we have been rapidly progressing both of our assets and we remain confident about both the Company's future prospects as well as for the tin market overall.

As a result of the macro-economic challenges the world is currently facing, the volatility of the tin market cannot be underestimated, with tin prices hitting record highs in March 2022 at USD46,735.00 and then subsequently falling to USD21,726.00 in September 2022. While this has negatively impacted equity valuations in the tin sector in recent times, we continue to see a long term, structural global tin supply deficit in the future driven by a significant increase in tin demand to fuel the decarbonisation and support the ongoing electrification of the world's power and transport alongside ongoing supply side constraints. First Tin's assets have been de-risked significantly with extensive historical work undertaken to date and we are working tirelessly on the next stages of our assets' development as they progress towards production. We reman of the belief that First Tin's assets will enter production at a very opportunistic time helping to meet the likely supply gap that will be required to satisfy industrial demand at that time.

Since the IPO in April 2022, the management focused on putting the building blocks in place to progress both of the Company's flagship assets through their respective Definitive Feasibility Studies ("DFS"). The results of this work have been seen post period end with the signing of consultants to manage the DFS process at both Taronga and Tellerhäuser as well as the announcement of the commencement of extensive resource and exploration drill campaigns in both Germany and Australia. Furthermore, the operating teams in both countries have been significantly strengthened and deepened with the appointment of Thomas Kleinsorg in Germany and Robert Kidd in Australia to supervise the respective DFS progress which will facilitate the rapid development of the Company's overall tin portfolio.

Tin is a critical metal for a future economy focused on electrifying transportation and decarbonising the global economy. It is a vital component of any electronic device found in electric vehicles, computers and control equipment, power transmission and other renewable technologies. It is therefore essential that this demand is met by companies which are committed to supplying tin responsibly. First Tin is supporting a decarbonised future and is committed to best-in-class environmental responsibility, such commitment being demonstrated by the Company recently hiring Digbee Limited to undertake an independent Environmental, Social and Governance ("ESG") report on both its flagship assets.

The Company remains well capitalised and fully funded to deliver both of its planned DFS studies alongside extensive development and exploration drilling campaigns which we hope will provide material value creation for shareholders. I would like to thank my fellow directors and management team for their hard work to deliver on our growth and I look forward to updating our investors during the next six months.

 
  C Cannon Brookes 
  Chairman 
 

Chief Executive's Statement

First Tin's ambition is to become a leading global tin producer, supplying fully traceable and verifiable tin units to global industries which have a high requirement for tin. Our near-term strategy is to rapidly develop two advanced, high-value, low capex tin projects in Germany (Tellerhäuser) and Australia (Taronga), leveraging the strong regional infrastructure at each asset.

The past few months have not been without challenges in the macro environment, with Russia's invasion of Ukraine, volatility of stock exchanges, and the tin spot price sell off. Subsequently, this has impacted equity valuations almost universally.

However, despite all these challenges, we are pleased to report that during the last six months we became a public company by listing on the London Stock Exchange, raising in aggregate GBP20 million, and have been progressing our assets' development diligently. We remain confident about our prospects and those of the tin market generally.

This is because tin is a critical metal, vital for the decarbonisation and electrification of the world, yet Europe has very little supply. Rising demand, together with ongoing supply shortages, is expected to lead to sustained deficits for tin for the foreseeable future. First Tin's assets have been de-risked significantly, with extensive historical work undertaken to date.

German Assets - Tellerhäuser, Gottesberg and Auersberg

The assets are located in the Free State of Saxony in eastern Germany. The projects are all easily accessible. There are three international airports within 200km, the closest Dresden, at 55km. All weather road access is provided via the sealed road network in Saxony and the nearby rail system provides access to the European network for the importation of mining equipment and all required supplies for operations. It also provides a cost-effective method for transportation and for the export of products to the end users either within Germany, Europe, or via ports for shipping onto alternate destinations.

Tellerhäuser

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 German Democratic Republic ("GDR") mine and has an exceptionally long history of mining. An active Mining Licence is already in place until 30 June 2070 for the extraction of mineral resources.

A Scoping Study, undertaken in 2021, showed that an operation producing 500,000 tonnes per annum over the life of the mine is financially robust. The report indicated a very low projected start-up capital expenditure of USD49 million, which, at USD30,000 per tonne of tin, suggests a Net Present Value ("NPV") of USD264 million (using an 8% discount rate) and an Internal Rate of Return ("IRR") of 58%.

In line with our commitment to "leave no trace" on the environment, we are planning on building the processing plant underground, while waste rock and processing waste will be used as a by-product for backfill. Our underground water treatment plant will also be situated underground, while we aim to secure the supply for our power needs by renewable energy generated in the region.

In June, we signed a non-binding Memorandum of Understanding ("MOU") with Ecobat Resources Freiberg GmbH ("ERF"), a market leader in the collection, recycling, production, and distribution of resources for battery systems. ERF has the potential to become an offtake partner to First Tin and the intention is to jointly establish a fully integrated 'mine to metal' value chain in Germany. Over the next 18 months, our German subsidiary will jointly develop and execute a concept study and a feasibility study relating to a metallurgical project from primary and secondary raw materials. Under the premise that the study demonstrates viability, both parties aim to conduct basic and detailed engineering in 2023. The potential partnership will contribute to reducing the pressure within Europe for this critical raw material during a global tin supply shortage.

Post period end, in August 2022, we commenced a fully funded programme of diamond drilling focused on adding high-grade tin mineralisation to the Indicated Resources already present at the project. This is an exciting progression for First Tin and a key workstream that will take approximately six months to complete, with first assay results expected during Q4 2022.

The drilling consists of five parent diamond drillholes, with each having up to five daughter holes. The daughter holes will be highly deviated from the centre parent hole, designed to intersect the deeper, high-grade Dreiberg tin mineralisation at a nominal 50m x 50m spacing around the parent holes.

Dreiberg mineralisation was originally intersected by the German-Soviet Union drilling undertaken between the late 1960's and early 1980's and in total there have been 25 holes drilled into the structure, with the best historical results including 7.2m @ 2.15% tin ("Sn").

Dreiberg mineralisation sits approximately 3km down dip of Tellerhäuser's Hämmerlein tin mineralisation and is approximately 400m deeper due to the dip angle. The ultimate aim of this work is to convert as much of the high-grade Dreiberg tin mineralisation as possible, from Inferred to Indicated resource status and thus enable this to be used for economic evaluation under JORC guidelines. The drilling will also aim to identify additional extensions to the known Dreiberg tin mineralisation.

The drilling will also enable the collection of a new sample of the Dreiberg mineralisation for additional mineral processing test work. While the previous mineral processing test work suggests the mineral processing characteristics of this mineralisation are very similar to those at Hämmerlein, it will be very useful to confirm that with our own sample.

The DFS commenced at the Tellerhäuser project in August 2022 and is being undertaken by the well-respected German consulting company, DMT GmbH & Co. KG ("DMT"). DMT has worked extensively in Germany as well as in many other countries worldwide, including Canada, Sweden, Turkey and Kazakhstan. The study is expected to be completed by the second half of 2023.

Gottesberg

The Gottesberg project is a historical project of global significance, located just a few kilometers from the Tellerhäuser tin project in Saxony. Mineralisation from this area is intended to deliver additional ore for processing at a central processing facility. Since July, First Tin has been announcing drill results from this project area, which have confirmed a higher-grade section within the existing resource. The best intercepts to date have returned 73.3m at 0.49% Sn from a drill depth of 91.7m, 2.5m at 2.72% Sn from 128.2m, 6.95m at 1.46% Sn (and 0.26% Cu, 7.7g/t Ag) from 143.65m and 6.5m at 0.98% Sn from 124.7m. We look forward to announcing additional results in the coming weeks.

Auersberg

Auersberg is the largest tin in stream sediment anomaly in Saxony and adjoins Tellerhäuser and Gottesberg licenses, creating 237.8km(2) of continuous tenure for regional exploration. There have been numerous historical tin workings but practically no modern exploration. Multiple walk-up tin targets have been identified and First Tin is planning to undertake further exploration work on the license during 2022.

Australian Assets - Taronga Tin Project

The Taronga tin project is the 5th largest undeveloped tin reserve globally and the second-largest outside of Russia, Kazakhstan, and the Democratic Republic of Congo. It is located in New South Wales, Australia and includes a Mining Lease and four Exploration Licences.

The asset is a historic placer area and, in addition to the existing tin mineral resource, we believe that the primary rocks outside of the existing resource remain underexplored and we have identified six exploration targets with drilling to commence on the highest priority targets in September.

Taronga has near-term production potential and post period end, we commenced a DFS on the asset. The study is being delivered by a consortium of Australian companies led by Mincore Pty Ltd ("Mincore"), which will undertake the project management and mineral processing. The study is expected to be completed by mid-late 2023. This work is being undertaken in conjunction with the ongoing environmental and permitting work designed to obtain all necessary statutory approvals by the end of 2023, as we aim to rapidly bring the world-class Taronga project into production to provide provenance of supply.

Environmental, Social and Governance ("ESG")

The impacts of climate change are increasingly being felt around the world and First Tin is supporting a decarbonised future. We are committed to the environmentally sensitive development of advanced hard rock tin projects in conflict-free, low political risk jurisdictions.

The Company's goal is to develop and operate zero carbon sustainable tin mines that support the current global clean energy and technological revolutions. We remain proactive in our quest to reduce our carbon footprint and to demonstrate this, First Tin has identified a potential partner, Ko nig & Consultants, to support us in our search for solutions to minimise First Tin's design energy consumption. It is widely known that there are widespread constraints in energy across Europe, however, it is interesting to note that in Germany they have taken the decision to keep two of its three remaining nuclear power plants operational, indicating that measures are being taken to mitigate the current energy crisis. It is First Tin's goal to reduce our design energy consumption wherever possible, thereby minimising our carbon footprint and reducing future OPEX.

First Tin applies stringent environmental controls and procedures 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. The Company spends a considerable amount of time understanding the ESG risks and opportunities facing our assets in Germany and Australia, and I am pleased to report that our Environment, Health and Safety (EHS) performance is excellent, with no reported environmental impact or Lost Time Injury (LTI) caused by our drilling activities at both projects.

As a further demonstration of First Tin's commitment to reaching its ESG goals, the Company has commissioned Digbee Limited to undertake independent ESG assessment at both flagship assets with the results expected to be announced in the coming weeks.

Having a positive social impact and maintaining strong relationships with key stakeholders in the communities where our projects are located, is of critical importance to First Tin. During the period, we have had several consultations with local authorities, mining authorities and local government representatives in the areas our flagship assets are located, including holding a community meeting in Emmaville, Australia and participating in a community council meeting in Breitenbrunn, Germany where the Tellerhäuser village is located. During the next six months and beyond, we will continue to strengthen these relationships by regularly engaging with all key stakeholders in these communities and we look forward to updating shareholders on our progress.

Environmental, Social and Governance ("ESG") (continued)

We continue to invest in our people, providing them with the tools and training to support them to advance both our assets and during the period we executed numerous safety training sessions and software training sessions to ensure our employees are fully qualified and comfortable in their roles. We are committed to developing a diverse and inclusive team, and appointments made during the period reflected this.

Finance Review

For the first half of the financial year, First Tin recorded a loss before tax of GBP2.1m (six months to 30 June 2021: GBP0.4m), which included non-recurring IPO costs of GBP0.5m and a non-cash share-based payment expense of GBP0.7m. As expected, this also reflects the ramp up in activity, as we focus on capitalising on the exciting opportunities presented by our portfolio.

Importantly, as of 30 June 2022, our cash position remains robust at over GBP18.8m (at 31 December 2021: GBP2.5m), as a result of our successful GBP20m fundraise in conjunction with our IPO. This means that the Company is fully funded for 12 months and beyond, including being fully funded for all drilling and DFS activities ongoing across the Company's asset base, enabling management to create value in the long term for our shareholders.

Outlook

Looking forward, we expect to provide regular updates on our extensive drilling programmes both in Australia and Germany, designed to define additional tin mineralisation in both countries. We are fully funded to deliver all these value-enhancing workstreams, which will significantly de-risk these already advanced assets.

Our vision is to bring our two flagship assets into production rapidly, and the workstreams underway demonstrate our dedication to achieving this goal.

I would like to thank you, our shareholders, for your continuous support as we build our tin projects to support the global clean energy transition and technological revolutions whilst creating value for our shareholders. We are well positioned to take advantage of the sizeable, rapidly growing tin market.

T Buenger

Chief Executive Officer

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIODED 30 JUNE 2022

 
                                              Note         Period         Period 
                                                               to             to 
                                                               30             30 
                                                             June           June 
                                                             2022           2021 
                                                      (Unaudited)    (Unaudited) 
                                                              GBP            GBP 
 
  Administrative expenses                               (945,035)      (519,476) 
  IPO costs                                             (505,335)              - 
  Share based payments (non-cash)                7      (707,100)       (14,611) 
 
 
  Operating loss                                      (2,157,470)      (534,087) 
 
  Other gains and losses                                   37,455        167,795 
  Finance costs                                                 -       (55,855) 
  Other income                                             10,612              - 
 
 
  Loss before tax                                     (2,109,403)      (422,147) 
 
  Income tax expense                                            -              - 
 
 
  Loss for the period                                 (2,109,403)      (422,147) 
 
 
  Other comprehensive income/(loss) 
 
  Exchange differences on translation 
   of foreign 
   operations                                              51,628      (105,941) 
  Changes in the fair value of 
   equity instruments at fair value                             -      (584,561) 
 
 
  Other comprehensive income/(loss) 
   for the 
   period                                                  51,628      (690,502) 
 
 
  Total comprehensive loss for 
   the period                                         (2,057,775)    (1,112,649) 
 
 
  Total comprehensive loss attributable 
   to 
   the equity holders of the company                  (2,057,775)    (1,112,649) 
 
 
  Basic loss - pence per share                   6         (1.07)         (0.36) 
 
 
 
  Diluted loss - pence per share                 6         (1.07)         (0.36) 
 
 
 

The Notes on pages 14 to 24 form an integral part of these Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

 
                                                   Note             30              31 
                                                                  June        December 
                                                                  2022            2021 
                                                           (Unaudited)       (Audited) 
                                                                   GBP             GBP 
  Non-current assets 
 
  Intangible assets                                   8     22,724,338       3,380,913 
  Investment deposit and long-term receivables        9              -       1,543,670 
  Property, plant and equipment                      10      1,289,882          28,851 
 
 
                                                            24,014,220       4,953,434 
 
  Current assets 
 
  Trade and other receivables                        11        376,225         413,620 
  Cash and cash equivalents                                 18,847,158       2,503,714 
 
 
                                                            19,223,383       2,917,334 
 
  Current liabilities 
 
  Trade and other payables                           12      (387,483)       (301,452) 
 
 
  Net current assets                                        18,835,900       2,615,882 
 
 
  Total assets less current liabilities                     47,353,663       7,569,316 
 
 
  Net assets                                                42,850,120       7,569,316 
 
 
 
  Capital and reserves 
 
  Called up share capital                            14        265,535         138,868 
  Share premium account                              14     18,391,046      17,931,296 
  Merger relief reserve                                     17,940,000               - 
  Warrant reserve                                              269,138          95,372 
  Retained earnings                                  15      6,021,137    (10,507,856) 
  Translation reserve                                         (36,736)        (88,364) 
 
 
  Shareholders' funds                                       42,850,120       7,569,316 
 
 
 

The Notes on pages 14 to 24 form an integral part of these Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIODED 30 JUNE 2022

 
                                                      Perio d               Period to 
                                                           to 
                                                           30                      30 
                                                         June                    June 
                                                         2022                    2021 
                                                  (Unaudited)             (Unaudited) 
                                                          GBP                     GBP 
  Cash flows from operating activities 
  Loss before income tax for period               (2,109,403)               (534,087) 
 
  Adjustments to reconcile loss 
   before tax to net cash flows: 
  Depreciation of tangible assets                       8,702                   4,376 
  Share-based payment expense                         707,100                  14,609 
  Decrease in trade and other receivables              74,851                  68,660 
  Increase/(decrease) in trade and 
   other payables                                      86,031                (87,729) 
 
 
  Cash used in operations                         (1,232,719)               (534,171) 
  Interest paid                                             -                 (1,608) 
 
 
  Net cash flows used in operating 
   activities                                     (1,232,719)               (535,779) 
 
 
  Cash flows from investing activities 
  Investment in intangible assets                   (743,899)               (139,219) 
  Purchase of property, plant and 
   equipment                                        (279,294)                (24,842) 
  Cash acquired on acquisition of                         102                       - 
   Taronga 
  Proceeds from sale of investment                          -                 331,189 
 
 
  Net cash flows (used in)/generated 
   from 
   investing activities                           (1,023,091)                 167,128 
 
 
  Cash flows from financing activities 
  Issuance of shares (net of issuance 
   costs)                                          18,631,479               5,523,440 
 
 
  Net cash flows generated 
   from financing activities                       18,631,479               5,523,440 
 
 
  Net increase in cash                             16,375,669               5,154,789 
 
  Cash and cash equivalents at beginning 
   of year                                          2,503,714                 245,740 
  Exchange loss on cash and cash 
   equivalents                                       (32,225)                 (8,560) 
 
 
  Cash at the end of period                        18,847,158               5,391,969 
 
 
 

As disclosed in Note 4, the material non-cash transactions relate to the issue of new shares as part of the consideration to acquire Taronga Mines Pty Ltd ("Taronga").

The Notes on pages 14 to 24 form an integral part of these Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIODED 30 JUNE 2022

 
 
                                                    Merger 
                       Share           Share        relief    Warrant        Retained    Translation          Total 
                     capital         premium       reserve    reserve        earnings        reserve         equity 
                         GBP             GBP           GBP        GBP             GBP            GBP            GBP 
 
  At 1 January 
   2022              138,868      17,931,296             -     95,372    (10,507,856)       (88,364)      7,569,316 
 
  Loss for the 
   period                  -               -             -          -     (2,109,403)              -    (2,109,403) 
  Other 
  comprehensive 
  loss for 
  the year                 -               -             -          -               -         51,628         51,628 
 
 
  Total 
  comprehensive 
  loss 
   for the year            -               -             -          -     (2,109,403)         51,628    (2,057,775) 
 
  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 30 June 2021    265,535      18,391,046    17,940,000    269,138       6,021,137       (36,736)     42,850,120 
 
 

The Notes on pages 14 to 24 form an integral part of these Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIODED 30 JUNE 2021

 
 
 
                        Share          Share        Shares    Warrant       Retained    Translation          Total 
                                                        to 
                      capital        premium     be issued    reserve       earnings        reserve         equity 
                          GBP            GBP           GBP        GBP            GBP            GBP            GBP 
 
  At 1 January 
   2021                70,177     10,264,409        50,411          -    (8,861,429)         28,729      1,552,297 
 
  Loss for the 
   year                     -              -             -          -      (422,147)              -      (422,147) 
  Other 
  comprehensive 
  loss for 
  the year                  -              -             -          -      (584,561)      (105,941)      (690,502) 
 
 
  Total 
  comprehensive 
  loss 
   for the year             -              -             -          -    (1,006,708)      (105,941)    (1,112,649) 
 
  Transactions 
  with 
  owners: 
  Accrued 
  interest on 
  convertible 
   loan notes               -              -        54,247          -              -              -         54,247 
  Issuance of 
  shares 
  (net 
   of costs)           67,181      7,671,602     (104,658)          -              -              -      7,634,125 
  Share-based 
   payments                 -       (80,763)             -     80,763         14,611              -         14,611 
 
 
  Total 
  transactions 
  with 
   owners              67,181      7,590,839      (50,411)     80,763         14,611              -      7,702,983 
 
 
  At 30 June 2021     137,358     17,855,248             -     80,763    (9,853,526)       (77,212)      8,142,631 
 
 

The Notes on pages 14 to 24 form an integral part of these Condensed Consolidated Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIODED 30 JUNE 2022

 
1.  General Information 
 
 
    First Tin Plc ("the Company") and its subsidiaries own 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. 
 
     On 3 August 2021 the Company changed its name from Anglo Saxony 
     Mining Limited to First Tin Limited and on 15 March 2022 the 
     Company re-registered as a public company in the name of First 
     Tin Plc. The Company's registered office is First Floor, 47/48 
     Piccadilly, London, England, W1J 0DT. 
 
     The Company was admitted to listing on the Official List by way 
     of a Standard Listing in accordance with Chapter 14 of the Listing 
     Rules and to trading on the London Stock Exchange's Main Market 
     for listed securities on 8 April 2022. The ISIN of the Ordinary 
     Shares is GB00BNR45554 and the SEDOL Code is BNR4555. 
 
     The condensed consolidated financial statements comprise financial 
     information of the Company and its subsidiaries (the "Group"). 
 
 
2.  Significant accounting policies 
 
 
  2.1  Basis of preparation 
 
 
      The unaudited condensed consolidated financial statements for 
       the period ended 30 June 2022 have been prepared in accordance 
       with the Disclosure and Transparency Rules of the Financial 
       Conduct Authority and International Accounting Standard 34 
       "Interim Financial Reporting" (IAS 34). Other than as noted 
       below, the accounting policies applied by the Group in the 
       preparation of these condensed consolidated financial statements 
       are the same as those set out in the Group's audited financial 
       statements for the year ended 31 December 2021. These condensed 
       consolidated financial statements have been prepared under 
       the historical cost convention except for certain financial 
       and equity instruments that have been measured at fair value. 
 
       These condensed consolidated financial statements do not include 
       all of the information required for a complete set of IFRS 
       financial statements. However, selected explanatory notes are 
       included to explain events and transactions that are significant 
       to an understanding of the changes in the Group's financial 
       position and performance since the audited financial statements 
       for the year ended 31 December 2021. 
 
       Statutory accounts for the year ended 31 December 2021 have 
       been filed with the Registrar of Companies and the auditor's 
       report was unqualified, did not contain any statement under 
       Section 498(2) or 498(3) of the Companies Act 2006 and did 
       not contain any matters to which the auditors drew attention 
       without qualifying their report. 
 
       A number of amended standards became applicable for the current 
       reporting period. The Group did not have to change its accounting 
       policies or make retrospective adjustments as a result of adopting 
       these amended standards. 
 
       The condensed consolidated financial statements are unaudited 
       and were approved by the Board of Directors on 16(th) September 
       2022. 
 
 
  2.2  Going concern 
 
 
                During the period the Company's shares were admitted to trading 
                 on the London Stock Exchange with net proceeds of GBP18.6 million. 
 
                 The Directors have prepared financial projections and plans 
                 for a period of at least 12 months from the date of approval 
                 of these condensed consolidated financial statements. Based 
                 on the current management plan, management believes that these 
                 funds are sufficient for the expenditure to date as well as 
                 the planned forecast expenditure for the forthcoming twelve 
                 months. 
 
                 The Directors have a reasonable expectation that the Group 
                 has adequate resources to continue in operational existence 
                 for the foreseeable future. For this reason, the Directors 
                 consider it appropriate for the Group to adopt the going concern 
                 basis in preparing these condensed consolidated financial statements. 
 
                 The Group is pre-production and has currently has no income 
                 and meets its working capital requirements through raising 
                 working capital and development finance from external investors. 
                 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. Ultimately the viability 
                 of the Group is dependent on future liquidity in the exploration 
                 and study phase and this, in turn, depends on the availability 
                 of funds. 
 
 
  3.    Critical accounting estimates and judgements 
 
 
    The preparation of the Group's condensed consolidated financial 
     statements 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. Critical judgements 
     and areas where the use of estimates is significant are set out 
     in the audited consolidated financial statements for the year 
     ended 31 December 2021. 
 
 
  4.    Acquisition of Taronga 
 
 
    On 8 April 2022, First Tin Plc acquired 100% of the share capital 
     of Taronga Mines Pty Ltd in exchange for a combination of cash, 
     shares in First Tin Plc and assumption of the liability due to 
     First Tin Plc. The business was acquired in line with the Company's 
     aim of being able to deliver a sustainable answer to the material 
     supply issues faced by industrial tin consumers. The acquisition 
     has been accounted for as an asset acquisition, with the net 
     assets acquired recognised at fair value at the date of acquisition. 
 
     Total consideration transferred as part of the acquisition was: 
 
 
                                            Fair value 
                                                   GBP 
   Consideration 
   Total cash transferred                      734,182 
   Shares transferred (60,000,000 
    shares at 30p)                          18,000,000 
   Assumption of liability due 
    to First Tin Plc                           862,020 
 
 
                                            19,596,202 
 
 
 
 
    The provisional fair values of the assets acquired and the liabilities 
     assumed at the acquisition date were: 
 
 
                                           Fair value 
   Recognised amounts of assets                   GBP 
    acquired and 
   liabilities assumed 
   Property, plant and equipment 
    - plant and 
     machinery                                 34,203 
   Property, plant and equipment 
    - land and 
     buildings                                965,938 
   Intangibles - exploration and 
    evaluation assets                      18,558,503 
   Cash balances                                  102 
   Other current assets                        37,456 
 
 
   Total identifiable net assets           19,596,202 
 
 
 
 
 
    The loss of Taronga Mines Pty Ltd included the consolidated statement 
     of comprehensive income for the period is GBP59,000. 
 
     The fair value of the acquired exploration and evaluation assets 
     is provisional pending receipt of the final valuations for those 
     assets. 
 
 
  5.    Segmental reporting 
 
 
    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: 
 
 
                             30           31 
                           June     December 
                           2022         2021 
                            GBP          GBP 
   Germany            4,081,495    3,409,764 
   Australia         24,436,268    1,543,670 
 
 
                     28,517,763    4,953,434 
 
 
 
 
6.           Loss per Ordinary share 
 
 
                                                    Period      Period to 
                                                        to 
                                                        30             30 
                                                      June           June 
                                                      2022           2021 
                                                       GBP            GBP 
   Loss for the period attributable 
    to the ordinary 
     equity holders of the Company (GBP)       (2,109,403)      (422,147) 
 
   Basic loss per Ordinary share 
   Weighted average number of Ordinary 
    shares 
    in issue                                   197,275,713    116,289,846 
 
   Basic loss per Ordinary share (pence)            (1.07)         (0.36) 
 
 
   Diluted loss per Ordinary share 
   Weighted average number of Ordinary 
    shares 
    in issue                                   197,734,041    116,289,846 
 
   Diluted loss per Ordinary share 
    (pence)                                         (1.07)         (0.36) 
 
 
 
    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. 
 
 
7.  Share-based payments 
 
 
  Share options and warrants 
 
 
    The following table shows the movements in the share-based payment 
     reserve during the period: 
 
 
                                       No. of       No. of       No. of         No. of 
                                      options      options     warrants       warrants 
                                        at 30        at 31        at 30          at 31 
                                         June     December         June       December 
                                         2022         2021         2022           2021 
                                          GBP          GBP          GBP            GBP 
   Outstanding at beginning of 
    period                          1,560,000    2,210,000    3,168,000      2,407,048 
   Granted during the period        8,500,000            -    2,500,000      3,168,000 
   Expired during the period                -    (650,000)            -    (2,407,048) 
 
 
   Outstanding at the end of 
    the period                     10,060,000    1,560,000    5,668,000      3,168,000 
 
 
 
 
   Exercisable at the end of 
    the period                     10,060,000    1,560,000    5,668,000      3,168,000 
 
 
   Weighted average exercise 
    price (pence)                          30           13           26             20 
 
 
 
 
  Impact on the statement of comprehensive income 
 
 
    Share options 
     The Group recognised a charge of GBP707,100 in profit or loss 
     for the six-month period ended 30 June 2022 (period ended 30 
     June 2021: GBPnil). The expense is comprised of GBP582,317 relating 
     to directors (see Note 14) and GBP124,783 relating to staff and 
     consultants and relates to the issue of 8,500,000 options at 
     an exercise price of 33 pence, exercisable over a period of three 
     years from the date of grant. 
 
     Share warrants 
     The Group recognised a charge of GBP173,766 in share premium 
     for the six-month period ended 30 June 2022 (period ended 30 
     June 2021: GBP80,763) and a charge of GBPnil (period ended 30 
     June 2021: GBP14,611) in profit or loss. This charge relates 
     to the issue of 2,500,000 warrants to Arlington Group Asset Management 
     (see Note 14), at an exercise price of 33 pence, exercisable 
     over a period of two years from the date of grant. 
 
 
8.  Intangible assets 
 
 
                                          Exploration 
                                                  and 
                                           evaluation 
                                               assets 
                                                  GBP 
   Cost 
    At 1 January 2021 
    Additions 
    Currency translation 
    At 31 December 2021 
   At 1 January 2021                        2,950,227 
   Additions                                  588,255 
   Currency translation                     (157,569) 
 
 
   At 31 December 2021                      3,380,913 
 
   Additions                                  743,899 
   Acquisition of Taronga (Note 
    4)                                     18,558,503 
   Currency translation                        41,023 
 
 
   At 30 June 2022                         22,724,338 
 
 
 
 
 
      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 2022, 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. 
 
 
9.  Investments deposit and long-term receivables 
 
 
                               30           31 
                             June     December 
                             2022         2021 
                              GBP          GBP 
   Investment deposit           -      734,182 
   Long-term receivables        -      809,488 
 
 
                                -    1,543,670 
 
 
 
    In November 2021, the Company entered into a Sale and Purchase 
     Agreement with Aus Tin Mining Limited ("Aus Tin"), the parent 
     entity of Taronga, to acquire the entire share capital of Taronga 
     for an initial cash consideration of GBP734,182 (AUD1,350,000) 
     followed by the issue of 60,000,000 ordinary shares of the Company 
     on completion. The Company also provided an unsecured, interest 
     free loan to Taronga to the value of GBP809,488 (AUD1,505,000) 
     as working capital. 
 
     No provision for impairment was recognised as at 30 June 2022 
     (GBPnil as at 31 December 2021). 
 
     On 8 April 2022, First Tin Plc acquired 100% of the share capital 
     of Taronga Mines Pty Ltd in exchange for a combination of cash, 
     shares in First Tin Plc and assumption of the liability due to 
     First Tin Plc (see Note 4). 
 
 
         10.           Property, plant and equipment 
 
 
 
                                  Land &       Motor    Fixtures 
                                                               & 
                               Buildings    Vehicles    Fittings        Total 
                                     GBP         GBP         GBP          GBP 
   Cost 
   At 1 January 2021                   -      15,550      41,957       57,507 
   Additions                           -      24,842       3,323       28,165 
   Currency translation                -     (1,589)     (7,483)      (9,072) 
 
 
   At 31 December 2021                 -      38,803      37,797       76,600 
 
 
   Additions                     170,859      82,425      26,010      279,294 
   Acquisition of Taronga        965,939           -      34,202    1,000,141 
   Currency translation         (10,588)       1,050       1,195      (8,343) 
 
 
   At 30 June 2022             1,126,210     122,278      99,204    1,347,692 
 
 
   Depreciation 
   At 1 January 2021                   -      13,518      33,059       46,577 
   Charge for year                     -       4,811       4,034        8,845 
   Currency translation                -       (762)     (6,911)      (7,673) 
 
 
   At 31 December 2021                 -      17,567      30,182       47,749 
 
 
   Charge for year                     -       2,591       6,111        8,702 
   Currency translation                -         490         869        1,359 
 
 
   At 30 June 2022                     -      20,648      37,162       57,810 
 
 
   Net book value 
 
   At 30 June 2022             1,126,210     101,630      62,042    1,289,882 
 
 
   At 31 December 2021                 -      21,236       7,615       28,851 
 
 
 
         11.           Trade and other receivables 
 
 
                                              30          31 
                                            June    December 
                                            2022        2021 
                                             GBP         GBP 
   Prepayments and other receivables     359,735     311,549 
   Recoverable value added taxes          16,490     102,071 
 
 
                                         376,225     413,620 
 
 
 
         12.           Trade and other payables 
 
 
                           30          31 
                         June    December 
                         2022        2021 
                          GBP         GBP 
   Trade payables     272,656     210,521 
   Accruals            90,324      79,449 
   Other payables      24,503      11,482 
 
 
                      387,483     301,452 
 
 
 
         13.           Related party transactions 
 
 
    Directors' remuneration and fees 
 
     The table below sets out the Directors' remuneration and fees: 
 
 
   Six months ended 30 June                   Share based 
    2022 
                                      Fees       payments      Total 
                                       GBP            GBP        GBP 
   Mr T Buenger                    124,112        374,347    498,459 
   Mr C Cannon Brookes*             11,750              -     11,750 
   Mr A M J Collette                 3,000         33,275     36,275 
   Mr S L Fabian                     6,000          8,319     14,319 
   Mr M E Thompson                   3,000         83,188     86,188 
   Mr A J Truelove                  23,573         83,188    106,761 
   Ms C Apthorpe                     9,128              -      9,128 
   Mr S Cornelius                   10,269              -     10,269 
   Mr I Hofmaier                    10,269              -     10,269 
 
 
                                   201,101        582,317    783,418 
 
 
 

* Fees relating to Mr C Cannon Brookes are paid to Arlington Group Asset Management Limited.

 
        Six months ended 30 June                           Share based 
         2021 
                                                   Fees       payments            Total 
                                                    GBP            GBP              GBP 
        Mr T Buenger                                  -              -                - 
        Mr C Cannon Brookes*                      3,000              -            3,000 
        Mr A M J Collette                         6,000              -            6,000 
        Mr S L Fabian                            60,000         14,611           74,611 
        Mr M E Thompson                           6,000              -            6,000 
        M A J Truelove                           23,800              -           23,800 
        Ms C Apthorpe                                 -              -                - 
        Mr S Cornelius                                -              -                - 
        Mr I Hofmaier                                 -              -                - 
 
 
                                                 98,800         14,611          113,411 
 
 
   * Fees relating to Mr C Cannon Brookes are paid to Arlington 
    Group Asset Management Limited. 
 
 
 
    Other fees and transactions 
 
     Mr C Cannon Brookes was a director of Arlington Group Asset Management 
     Limited ("Arlington") for the period under review. During the 
     period, Arlington invoiced and was paid GBP821,754 (six months 
     ended 30 June 2021: GBP411,215) in respect of fund-raising commissions, 
     advisory fees and expenses. In addition, Arlington was granted 
     2,500,000 warrants (six months ended 30 June 2021: 2,568,000) 
     and the Group recognised a charge against share premium of GBP173,766 
     (six months ended 30 June 2021: GBP80,763) in respect of these 
     warrants. 
 
     Mr M E Thompson was a director of Tungsten West Plc ("Tungsten") 
     for the period under review. During the period, Tungsten invoiced 
     and was paid GBPnil (six months ended 30 June 2021: GBP8,000) 
     in respect of shared office rental charges. 
 
 
         14.           Share capital 
 
 
                                                            30          31 
                                                          June    December 
                                                          2022        2021 
                                                           GBP         GBP 
   Allotted, called up and fully paid 
   265,534,972 (2021: 138,868,305) Ordinary shares 
    of GBP0.001 each                                   265,535     138,868 
 
 
 
    On 8 April 2022 the Company completed its listing on the London 
     Stock Exchange. 66,666,667 Ordinary shares of GBP0.001 each were 
     issued for cash at a value of 30p per share. Total costs of GBP1,873,856 
     were incurred and GBP1,368,521 of this amount has been offset 
     against share premium. In addition, GBP173,766 relating to the 
     issue of warrants was offset against share premium. 
 
     On 8 April 2022 the Company completed its Sale and Purchase agreement 
     with Aus Tin for the acquisition of 100% of the share capital 
     of Taronga (see note 4). As part of the agreement 60,000,000 
     ordinary shares of GBP0.001 each were issued at a value of 30p 
     per share. 
 
 
   Share premium account             30            31 
                                   June      December 
                                   2022          2021 
                                    GBP           GBP 
   Share premium account     36,285,182    17,931,296 
 
 
 
    In March 2022, as part of the re-registration to a public limited 
     company, the Company completed a capital reduction which reduced 
     the share premium by GBP17,931,296. This was offset against its 
     retained deficit. 
 
 
         15.           Retained earnings 
 
 
    As set out in Note 14, the Company completed a capital reduction 
     during the period which resulted in an increase in retained earnings 
     of GBP17,931,296. 
 
 
         16.           Ultimate controlling party 
 
 
    In the opinion of the Directors, there is no controlling party. 
 

DIRECTORS, SECRETARY AND ADVISERS

 
  Directors                    C Cannon Brookes (Non-executive Chairman) 
                               T Buenger (Chief Executive Officer) 
                               C Apthorpe (Non-executive Director) 
                               S Cornelius (Non-executive Director) 
                               I Hofmaier (Non-executive Director) 
 
  Company Secretary            R G J Ainger 
 
  Registered Office            First Floor 
                               47/48 Piccadilly 
                               London, England 
                               W1J 0DT 
 
  Financial Advisor / Joint 
   Broker                      Arlington Group Asset Management Limited 
                               47/48 Piccadilly 
                               London 
                               W1J 0DT 
 
  Joint Broker                 WH Ireland Group plc 
                               24 Martin Lane 
                               London 
                               EC4R 0DR 
 
  Independent Auditor          Crowe U.K. LLP 
                               55 Ludgate Hill 
                               London 
                               EC4M 7JW 
 
  Legal Advisers to the 
   Company                     Charles Russell Speechlys LLP 
                               5 Fleet Place 
                               London 
                               EC4M 7RD 
 
  Registrars                   Share Registrars Limited 
                               3 The Millenium Centre 
                               Crosby Way 
                               Farnham 
                               GU9 7XX 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR EALNKFSEAEFA

(END) Dow Jones Newswires

September 20, 2022 02:00 ET (06:00 GMT)

1 Year First Tin Chart

1 Year First Tin Chart

1 Month First Tin Chart

1 Month First Tin Chart
Your Recent History
LSE
1SN
First Tin
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20230207 05:38:59