Interim Results
Summary by AI BETAClose X
25 February 2026
First Tin PLC
("First Tin" or "the Company")
Interim Results for the six months ending 31 December 2025
First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its interim results for the six months ending 31 December 2025 (HY25).
Highlights
Financial:
· £6.3 million equity fundraising completed in December 2025, ensuring a strong financial position to advance key development activities.
· Ended the period with a cash balance of £9.03 million (30 June 2025: £6.37 million) and a net asset value of £50.27m (30 June 2025: £44.3 million).
· Posted a comprehensive loss of £0.01m (period ended 31 December 2024: £2.01m)
Advancing Taronga Towards Development Approval
· Key milestone achieved, with submission of the Environmental Impact Statement ("EIS") in September 2025 following more than three years of environmental and technical studies, marking a critical step toward development approval.
· Clear pathway through NSW approvals, following a successful public exhibition period with only four objections, avoiding referral to the Independent Planning Commission and reducing approval and timeline uncertainty.
· Resource scale and quality enhanced through completed infill and extension drilling, confirming extensions to mineralisation, identifying higher‑grade zones and supporting the potential for wider and deeper pits.
· Updated Mineral Resource Estimate ("MRE") underway, expected to convert inferred resources to measured and indicated categories, support an extended mine life and underpin improved project economics ahead of the DFS update.
· Silver and copper upside emerging alongside tin, with metallurgical testwork confirming concentration into sulphide residues and highlighting potential for future by‑product revenues and additional value streams.
· Receipt of a non-binding Letter of Interest from the U.S. Export-Import Bank for up to US$120m in project financing to support Taronga's development.
Expanding Resources in Germany
· Major upgrade to the Gottesberg Mineral Resource Estimate, increasing Indicated and Inferred tin resources from 33,000 tonnes to 90,900 tonnes of contained tin.
· Total Group contained tin resources increased to 367,600 tonnes, making First Tin the largest undeveloped tin resource holder in the OECD.
· Exploration Targets identified at Gottesberg for additional critical metals, including copper, tungsten, silver and gallium.
· Continued engagement with the regulators and submitted the "fast-track" Life of Mine Plan (LoMP) to the Mining Authority for Tellerhäuser.
First Tin CEO, Bill Scotting, commented: "During the last six months, we have made meaningful progress along our development pathway, bringing us materially closer to our objective of becoming a sustainable and reliable supplier of traceable tin from our assets in Australia and Germany.
"At Taronga, the submission of the Environmental Impact Statement and the successful completion of the public exhibition period represent important milestones as we move toward development approval. Alongside this, our infill and extension drilling programme has identified additional mineralisation and higher‑grade zones and supports the potential for a longer mine life and improved project economics. This work is now feeding into an updated Mineral Resource Estimate and the DFS, while mineral processing testwork and detailed engineering continue across key project areas.
"In Germany, the substantial upgrade to the Gottesberg resource has significantly increased the scale of our portfolio, taking First Tin's total contained tin resources to 367,600 tonnes which is the largest undeveloped tin resource base in the OECD. With a strengthened balance sheet following our £6.3 million fundraising, our focus is now on advancing Taronga through permitting and engineering, progressing Mining Authority approval at Tellerhäuser, and continuing exploration across our licences as we move the business from development toward construction.
"The structural growth in tin demand, supply uncertainties and rising tin price present a significant opportunity for First Tin with our projects strategically located in the safe, compliant jurisdictions of Australia and Germany. We can look forward to meeting the essential tin needs of industrial tin consumers."
Investor Presentation Reminder
Bill Scotting, CEO and Tony Truelove, Technical Director, will provide a live presentation relating to the results via the Investor Meet Company platform today at 10:00am GMT.
The presentation is open to all existing and potential shareholders. 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:
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First Tin |
Via SEC Newgate below |
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Bill Scotting - Chief Executive Officer
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Arlington Group Asset Management Limited (Financial Advisor and Joint Broker) |
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Simon Catt
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+44 (0)20 7389 5016 |
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Zeus Capital Limited (Joint Broker) |
+44 (0)20 3829 5000 |
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Harry Ansell / Dan Bristowe / Katy Mitchell
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SEC Newgate (Financial Communications) |
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Robin Tozer / George Esmond / Gwen Samuel |
+44 (0)7540 106366 firsttin@secnewgate.co.uk |
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 and North America have 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 revolution.
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The six months ending 31 December 2025 has been a period of significant progress for First Tin, with major milestones achieved that have materially advanced the development of our two key assets in Australia and Germany.
At our Taronga asset in northern New South Wales (NSW), Australia, a key permitting milestone was reached in September 2025 with the completion and submission of the Environmental Impact Statement (EIS) to the regulators for developmental approval.
Importantly, the subsequent mandatory public exhibition period for the EIS concluded in November 2025 with only four objections, allowing the project to proceed through the standard approval pathway. This avoided the additional time and expense of a referral to the Independent Planning Commission (IPC).
In parallel with the permitting work, the team at Taronga has continued to progress the previously identified value-enhancement opportunities. The infill and extension drilling program was successfully completed with final assays confirming extensions to mineralisation, identifying areas of higher-grade mineralisation and potential to upgrade substantial portions of inferred resources to measured and indicated categories. An updated Mineral Resource Estimate (MRE) is being prepared which should confirm the potential for deeper and wider pits, thereby extending the mine life and improving the project economics.
The drilling program also identified silver and copper mineralisation. Intercepts have shown silver and copper as moderate-grade by-products associated with the tin mineralisation, as well as in discrete zones of high-grade, cross-cutting silver-rich mineralisation. While Taronga remains a tin-focused project, given the recent price increases for silver and copper, we intend to undertake further technical and economic assessment on recovery of the silver and copper from the processing residues.
In October 2025, we published a major update to the Gottesberg, Germany MRE with the total indicated and inferred tin resources increasing from 33,000 tonnes to 90,900 tonnes. This revised MRE takes First Tin's total tin resource base to 367,600 tonnes of contained tin, the largest undeveloped tin resource base in the OECD, which represents significant strategic value in an unstable geopolitical environment.
A crucial enabler for our growth is the ability to raise new finance to support our developmental programme. We were pleased to receive strong support from new and existing shareholders for our capital placement of £6.3m announced in November 2025. Most of this funding is allocated to advancing our flagship Taronga project through final permitting, and completing an update and value enhancement to our Definitive Feasibility Study (DFS).
The funding will also support early engineering design work for critical equipment and site works to help prepare the project for development. The support from our shareholders underscores the confidence in our strategic direction, the value in our projects, and the promising outlook for the tin sector.
The management team continue to advance discussions on potential project financing options for Taronga. The receipt of a non-binding Letter of Interest from the U.S. Export-Import Bank outlining potential financing support of up to US$120 million for the project is another endorsement of Taronga's strategic importance to the global tin market.
Despite macro-economic and geopolitical uncertainties, demand for tin remains robust, driven by the global clean energy transition and the digital transformation. Over the period under review the tin price increased from US$33,000/tonne at the start of July to over US$40,000/tonne in December 2025. This trend continued into the new year, with the tin price peaking at US$56,500/tonne on the 29 January 2026, before falling back to ca., US$50,000/tonne in early February ahead of the Chinese new year period.
With the International Tin Association forecasting a growing tin supply deficit over the next decade, the need for reliable, responsibly produced tin reinforces our commitment to developing scaleable, sustainable and traceable tin supply. Located in the stable, low political risk OECD jurisdictions of Australia and Germany, First Tin's projects are well positioned to benefit from this dynamic. The progress over the past six months continues to show the strong potential to increase our resource base, extend life of mine and create long-term value.
The programme for Calendar year 2026 is well established. At Taronga, we look forward to the completion of the value-enhancing update to the DFS, receipt of the developmental approval, and finalisation of the project financing package to allow us to move into the engineering and build phase of project development. In Germany, we continue to work with the Mines Authority for the life of mine permit, undertake testwork on germanium and indium recoveries, and work on building out the district-scale potential of our exploration licenses.
On behalf of the Board, I would like to thank our employees for their dedication and hard work, and our shareholders and stakeholders for their continued support and collaboration as we deliver our vision to be a significant global and sustainable tin supplier.
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C Cannon Brookes |
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Chairman |
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CHIEF EXECUTIVE OFFICER'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
In the period ending 31 December 2025, we made major steps along our developmental path bringing us materially closer to our goal of becoming a sustainable and reliable supplier of traceable tin from our assets in Australia and Germany.
Tin is a critical metal for the clean energy transition, the digital transformation and AI-linked demand, yet its supply chain remains extremely vulnerable and subject to disruption. In an increasingly volatile world, traceable and verifiable tin sourced from secure locations such as First Tin's projects in Australia and Germany is a sustainable solution to the tin supply issues facing industrial consumers.
First Tin now has the largest undeveloped tin resource base in the OECD. Our primary focus continues to be on unlocking the intrinsic value within our assets by advancing permitting, optimising and enhancing project economics, and increasingly, preparing for project execution.
Tin, a critical metal with a tightening supply narrative
Tin is a critical, yet often overlooked, clean energy metal. Demand for tin is increasing as it is fundamental for modern technology - every electrical connection needs solder that is predominantly composed of tin. To the structural demand growth from the energy transition and digital transformation can be added the demand impact of increasing AI-related investments. However, the supply chain for tin is extremely vulnerable to disruption, with a limited pipeline of advanced new projects to meet growing demand.
Over 90% of global tin supply comes from emerging and developing economies, prone to conflict and supply disruptions. Supply has not grown over the past 20 years, resulting in historically low global inventories. Australia is the only significant producer of tin in concentrate in the OECD. The USA, Japan, Germany and South Korea, the four largest consumers of refined tin after China, have no tin mines and are reliant on imports for their advanced manufacturing sectors. As demand growth is outstripping supply, a significant supply deficit is forecast in future years.
Over the reporting period we continued to see disruptions to tin supply across major producing regions. Refined tin exports from Indonesia, the largest exporter, have shown substantial month-on-month volatility with a Government crack-down on illegal mining and licensing issues. Regulatory changes are likely to create supply uncertainty. Although the mining ban in Myanmar has been lifted, output has continued to be constrained following the earthquake and recent flooding. Nevertheless, tin-in-concentrate exports to China have started to increase, but remain well below pre-ban levels. The reduction in Chinese imports from Myanmar was offset by higher imports from the Democratic Republic of Congo following the Bisie expansion. However, despite the peace agreement, conflict continues in the region, raising concerns for supply security.
Tin demand drivers remained positive over the period. Record global semi-conductor sales for 2025 were reported, increasing 25% over 2024, with fourth quarter sales up quarter-on-quarter by 13% and year-on-year by 37%. China's solar PV installations were reportedly up 35% year-on-year in 2025 with installations picking up again in the fourth quarter. Against a backdrop of changing legislation, global EV sales exceeded 20 million units in 2025, an increase of 20% on 2024.
With supply side uncertainty and demand growth, the tin price markedly strengthened over the period, increasing from US$33,000/tonne at the start of July to reach US$40,000/tonne in early December 2025. It then accelerated in the new year reaching a record US$56,500/tonne on the 29 January 2026, before falling back to ca., US$50,000/tonne in early February ahead of the Chinese new year period. As our Taronga Definitive Feasibility Study (DFS) and Tellerhäuser PFS have shown, our projects are highly leveraged to increasing tin prices, so this trend is positive for future value of our resource base.
Demand in the short term is expected to continue to show steady growth, albeit subject to macro-economic news. As such, supply side developments will likely drive tin prices in the short-term, reinforcing the longer term structural need for new tin supply. We are confident that First Tin is well positioned to benefit from this opportunity to become a material tin supplier from its conflict-free and low political risk jurisdictions of Australia and Germany.
Unlocking value at our Taronga Asset in Australia
The period under review has seen major milestones achieved at Taronga. Following publication of the DFS in May 2024, focus has been on advancing the project through the environmental permitting process, while working to confirm the significant value enhancement opportunities identified.
The completion and submission in September 2025 of Taronga's Environmental Impact Study (EIS) marked the conclusion of over three years of extensive studies by numerous external specialists to address the statutory EIS assessment requirements of the Department of Planning, Housing and Infrastructure (DPHI). These studies related to biodiversity, land and soil capability, material characterisation, assessment of impacts on air quality, noise, traffic, health, water, greenhouse gases, Aboriginal and historic heritage, agriculture, and economic value to the Commonwealth, State and local region. Additional studies were also completed for the proposed mine camp near Glen Innes Airport, and the proposed upgrades to the Grampians Road, the main access road to the mine site.
The EIS is a comprehensive document that describes all the components of the Taronga Project and provides information on the environmental issues addressed in its design and assessment. It addresses the requirements of the New South Wales Planning Secretary for Environmental Assessment Requirements (SEARs), as well as the requirements of other Government agencies, the local communities, surrounding landowners and a range of specialist consultants' assessments.
The team at Taronga has engaged extensively with the local community to understand their issues and concerns and reflect these in the design of the Project. The support of the Glen Innes Severn Council (GISC) is highlighted by the agreement to place the mine camp on GISC-owned land adjacent to the Glen Innes Airport, which is strategically located for transport and traffic management and has existing infrastructure in place. The support of the local community and GISC is critical for the Project, and this is reflected in the outcome of the mandatory public exhibition period for the EIS, which concluded in November with only four objections. As this is well below the threshold of 50, the project can proceed through the standard approval pathway, avoiding the additional time and expense of a referral to the Independent Planning Commission (IPC).
Another major milestone at Taronga was the successful completion of the infill and extension drilling programme. The programme, which totalled 7,459 metres across 97 reverse circulation (RC) drillholes, was primarily designed to convert Inferred resources to Measured and Indicated status, as well as to test several interpreted zones of mineralisation adjacent to the proposed pits. The assay results are very encouraging, validating our interpretation that additional mineralisation exists within and adjacent to the current pit outlines:
· Extended Mineralisation: Assay results confirm the extension of mineralisation to the northeast and southwest, indicating the potential for wider, deeper pits, which would extend the mine life and improve project economics.
· Improved Ore Conversion: Potential conversion of waste rock to ore, improving the already excellent 1:1 strip ratio and reducing mining costs.
· Higher-Grade Mineralisation: Significant higher-grade intersections were identified within, between and outside the current pit shells. Notably, the northern extension of known mineralisation in the South Pit showed high grade intercepts over at least 150m strike and still open to the north.
· Potential upgrade of Inferred Resource to Measured and Indicated categories: Drilling has shown the Hillside Extended Zone (in the north of both pits) to be well mineralised and it is expected to upgrade substantial portions of the Inferred Resource to Measured and Indicated categories. Similarly, results from infill drilling in the southern part of the South Pit should allow conversion of Inferred Resources to Indicated category.
· New Mineralised Area: Mineralisation confirmed in an undrilled area to the north of the North Pit (new North Zone), with some high-grade intersections, warranting further drilling.
The drilling program also identified silver and copper mineralisation. Intercepts have shown silver and copper as moderate-grade by-products associated with the tin mineralisation, as well as in discrete zones of high-grade, cross-cutting silver-rich mineralisation. Metallurgical testwork undertaken as part of the current tin processing flowsheet refinement indicates that silver and copper are partially concentrated into sulphide flotation residues generated during tin concentration, dressing and clean-up.
Assays from recent test work show sulphide residues averaging 137g/t silver (4.4oz/t) and 1.74% copper, derived from average head grades of 5.8g/t Ag and 0.11% Cu. Approximately 30,000 tonnes of sulphide residues are expected to be generated annually under the current process design. These residues are currently planned to be stored separately in the Residue Storage Facility ("RSF"), preserving the option for future retreatment to recover silver and copper, subject to further test work and economic assessment.
All the assay data has been provided to an independent consultant to prepare an updated Mineral Resource Estimate (MRE). The potential upgrading of resources from Inferred to Measured and Indicated status is expected to ultimately support a longer life of mine and with tin prices currently near USD 50,000/tonne enhance the project economics.
Mineral Processing Testwork continued to refine the processing flowsheet with results confirming the upgrading and concentration potential of the Taronga mineralisation through our simple, low capex and low opex gravity flowsheet. Together with the results from the drilling programme and updated MRE, this work will inform the update to the DFS that is underway.
With Taronga's EIS submitted, discussions have advanced on potential project financing options and in November we announced the receipt of a non-binding Letter of Interest from the U.S. Export-Import Bank (EXIM). This indicated EXIM's capacity to consider up to US$120 million in financing for a maximum repayment term of 12 years to support Taronga's development, linked to the supply of tin concentrate to the USA. The US currently has no domestic mine production and the project may qualify for special consideration under EXIM's China and Transformational Exports Program (CTEP), aimed at strengthening US supply chain resilience in critical minerals.
Growing our Resource Base in Germany
Similarly to Taronga, our German assets represent another large-scale tin resource, located in the historic tin district of Saxony in Germany, and also benefiting from existing infrastructure that reduces risk and anticipated capital expenditure.
Following the successful and low cost use of historic drilling data that enabled an increase to the Tellerhäuser MRE, the team commenced a similar review of historic drilling data, supplemented with more recent exploration mapping and sampling, for the Gottesberg deposit. In October, we published an updated MRE for Gottesberg with a significant increase in the resource base under the 2012 JORC Code & Guidelines.
Based on revised economic considerations, including the increased tin price, and an improved geological understanding of the mineralisation that suggests the mineralisation is more robust at lower cut-off grades, the cut-off has been reduced from 0.35% Sn to 0.15% Sn. This resulted in the total Indicated and Inferred Resource base increasing from the previously reported 33,000t tin to 90,900t tin with average grade decreasing from 0.49% Sn to 0.25% Sn. This revised resource is more in line with previously reported historical resource estimates, with wireframes now being more geologically constrained rather than grade constrained.
The revised estimate takes First Tin's total tin resource base to 367,600 tonnes tin, the largest undeveloped tin resource base in the OECD and one of the largest undeveloped tin resource bases globally.
While there was insufficient assay data to quantify associated elements into resources status, Exploration Targets have been estimated for copper, tungsten, bismuth, arsenic, silver and gallium. The presence of these critical raw materials, which are essential for various industries, including electronics, defence, batteries, robotics, EV's and green energy technologies, further enhances the strategic importance of our German assets
Finance Review
In December, the Group announced the successful equity fundraising of £6.3 million (before expenses) by way of a subscription for 90,000,000 new ordinary shares of £0.001 each in the capital of the Company at a price of 7 pence per ordinary share. This fundraising marks another important milestone for First Tin as we continue to advance our strategy of developing high-quality, low-capex tin projects in stable jurisdictions. The majority of the proceeds are to be allocated to Taronga to accelerate critical early works, including preparatory groundworks, infrastructure upgrades, and support the completion of our updated DFS, while also supporting progress at our German assets.
For the 6 months to 31 December 2025, the Group reported a loss after tax of £0.71m (period ended 31 December 2024: £0.91m) and a net asset value of £50.27m (period ended 30 June 2025: £44.31m).
At 31 December 2025 the Group had cash balances of £9.03m (period ended 30 June 2025: £6.37m).
Outlook
Following the successful capital raise we are in a strong financial position to deliver our planned developmental and value enhancement programme.
Our focus over the next 6 months is on:
· Finalisation of our response to submissions to the DPHI for Taronga's permitting.
· Optimisation and enhancement of the value of the Taronga DFS from:
o Completion of the mineral testwork programme and refinements to the processing flowsheet.
o Completion of an updated MRE confirming the potential for an increased life of mine.
· Progress detailed engineering design for the proposed mine camp and Taronga's mine water management system.
· Evaluating project financing options to advance Taronga through engineering design and into construction.
· Progressing Mining Authority approval for Tellerhäuser.
· Field work around our exploration licenses in both Australia and Germany.
The structural shifts in the tin market, together with the increased recognition of tin as a critical metal for the energy transition, the digital revolution and the growth of AI-related investment, present significant opportunities. Our projects, strategically located in the safe, compliant jurisdictions of Australia and Germany, ideally position us to capitalise on this opportunity. The progress over the past 6 months brings us materially closer to Development Approval for both our projects. With the largest undeveloped tin resource base in the OECD, we can look forward to meeting the essential needs of industrial tin consumers.
As always, I would like to thank all our shareholders and other stakeholders for your ongoing support. Our strategic objective to become a reliable and sustainable global producer of fully traceable and verifiable tin is clear and following the significant progress over the recent period, we have entered 2026 with confidence. I look forward to updating you on further progress.
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W A Scotting |
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Chief Executive Officer |
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
|
|
Note |
Period to |
|
Period to |
|
|
|
|
|
31 |
|
31 |
|
|
|
|
|
December |
|
December |
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(767,380) |
|
(944,625) |
|
Share based payments (non-cash) |
|
|
6 |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
|
(767,380) |
|
(944,625) |
|
|
|
|
|
|
|
|
|
Finance income |
|
|
|
60,875 |
|
35,538 |
|
Finance costs |
|
|
|
(2,750) |
|
(792) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before tax |
|
|
|
(709,255) |
|
(909,879) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
(709,255) |
|
(909,879) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign |
|
|
|
|
|
|
|
operations |
|
|
|
695,497 |
|
(1,098,084) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income for the |
|
|
|
|
|
|
|
period |
|
|
|
695,497 |
|
(1,098,084) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
|
|
(13,758) |
|
(2,007,963) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to |
|
|
|
|
|
|
|
the equity holders of the company |
|
|
|
(13,758) |
|
(2,007,963) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss - pence per share |
|
|
5 |
(0.15) |
|
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss - pence per share |
|
|
5 |
(0.15) |
|
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
Note |
31 |
|
30 |
|
|
|
December |
|
June |
|
|
|
2025 |
|
2025 |
|
|
|
(Unaudited) |
|
(Audited) |
|
|
|
£ |
|
£ |
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
7 |
38,947,988 |
|
36,681,959 |
|
Property, plant and equipment |
8 |
2,606,999 |
|
2,314,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,554,987 |
|
38,996,359 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
9 |
257,287 |
|
218,807 |
|
Cash and cash equivalents |
|
9,033,181 |
|
6,373,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,290,468 |
|
6,592,654 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
10 |
(574,734) |
|
(1,279,777) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets |
|
8,715,734 |
|
5,312,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
50,270,721 |
|
44,309,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
50,270,721 |
|
44,309,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
|
Called up share capital |
12 |
541,868 |
|
451,868 |
|
Share premium account |
|
33,444,130 |
|
27,558,887 |
|
Merger relief reserve |
|
17,940,000 |
|
17,940,000 |
|
Warrant reserve |
|
269,138 |
|
269,138 |
|
Retained earnings |
|
(408,891) |
|
300,364 |
|
Translation reserve |
|
(1,515,524) |
|
(2,211,021) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' funds |
|
50,270,721 |
|
44,309,236 |
|
|
|
|
|
|
|
|
|
|
|
|
The Condensed Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on 25 February 2026 and were signed on its behalf by:
|
C Cannon Brookes |
|
|
Director |
|
The Notes form an integral part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
|
|
|
Period to |
|
Period to |
|
|
|
|
|
31 |
|
31 |
|
|
|
|
|
December |
|
December |
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
£ |
|
£ |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Operating loss for the period |
|
|
|
(767,380) |
|
(944,625) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile loss before tax to net cash flows: |
|
|
|
|||
|
Depreciation of tangible assets |
|
|
|
38,953 |
|
21,829 |
|
Loss on disposal of tangible assets |
|
|
|
- |
|
- |
|
(Increase)/decrease in trade and other receivables |
|
|
|
(38,480) |
|
43,976 |
|
Decrease in trade and other payables |
|
|
|
(705,043) |
|
(114,389) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in operations |
|
|
|
(1,471,950) |
|
(993,209) |
|
Interest paid |
|
|
|
(2,750) |
|
(792) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in operating activities |
|
|
(1,474,700) |
|
(994,001) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Purchase of intangible assets |
|
|
|
(1,693,784) |
|
(1,306,935) |
|
Receipt of government grants |
|
|
|
- |
|
- |
|
Purchase of property, plant and equipment |
|
|
|
(251,392) |
|
(74,993) |
|
Interest received |
|
|
|
60,875 |
|
35,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows generated from/(used in) investing activities |
(1,884,301) |
|
(1,346,390) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Issuance of shares (net of issuance costs) |
|
|
|
5,975,243 |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows generated from financing activities |
|
|
5,975,243 |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash |
|
|
|
2,616,242 |
|
7,013,783 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
|
6,373,847 |
|
1,345,629 |
|
Exchange gain on cash and cash equivalents |
|
|
|
43,092 |
|
3,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at the end of period |
|
|
|
9,033,181 |
|
8,363,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger |
|
|
|
|
|
|
|
|
|
|
Share |
Share |
|
relief |
|
Warrant |
|
Retained |
|
Translation |
|
Total |
|
|
capital |
premium |
|
reserve |
|
reserve |
|
earnings |
|
reserve |
|
equity |
|
|
£ |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2025 |
451,868 |
27,558,887 |
|
17,940,000 |
|
269,138 |
|
300,364 |
|
(2,211,021) |
|
44,309,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
- |
|
- |
|
- |
|
(709,255) |
|
- |
|
(709,255) |
|
Other comprehensive loss for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
- |
|
- |
|
- |
|
695,497 |
|
695,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
- |
|
- |
|
(709,255) |
|
695,497 |
|
(13,758) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares (net of issuance costs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
90,000 |
5,885,243 |
|
- |
|
- |
|
- |
|
- |
|
5,975,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
90,000 |
5,885,243 |
|
- |
|
- |
|
- |
|
- |
|
5,975,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
541,868 |
33,444,130 |
|
17,940,000 |
|
269,138 |
|
(408,891) |
|
(1,515,524) |
|
50,270,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger |
|
|
|
|
|
|
|
|
|
|
Share |
Share |
|
relief |
|
Warrant |
|
Retained |
|
Translation |
|
Total |
|
|
capital |
premium |
|
reserve |
|
reserve |
|
earnings |
|
reserve |
|
equity |
|
|
£ |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
265,535 |
18,391,046 |
|
17,940,000 |
|
269,138 |
|
1,854,539 |
|
(835,302) |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
- |
|
- |
|
- |
|
(909,879) |
|
- |
|
(909,879) |
|
Other comprehensive income for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
- |
|
- |
|
- |
|
(1,098,084) |
|
(1,098,084) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year |
- |
- |
|
- |
|
- |
|
(909,879) |
|
(1,098,084) |
|
(2,007,963) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2024 |
451,868 |
27,558,887 |
|
17,940,000 |
|
269,138 |
|
944,660 |
|
(1,933,386) |
|
45,231,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Condensed Consolidated Financial Statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
1. |
General Information |
|
|
|
|
|
The Company is a public company limited by shares, incorporated in England and Wales under the Companies Act 2006. The Company's registered address is First Floor, 47/48 Piccadilly, London, W1J 0DT.
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.
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 31 December 2025 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 period ended 30 June 2025. 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 period ended 30 June 2025.
Statutory accounts for the period ended 30 June 2025 have been filed with the Registrar of Companies and the auditor's report was unqualified and did not contain any statement under Section 498(2) or 498(3) of the Companies Act 2006. The report contained reference to a material uncertainty relating to going concern, but the auditor's opinion was not modified in respect of this matter.
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 25 February 2026. |
|
|
2.2 |
Going concern |
|
|
|
The Group currently has no income and meets its working capital requirements through to 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 study period and this, in turn, depends on the availability of external funding.
On 25 November 2025 the Company raised £6.3 million (before expenses) by way of a placing of 90,000,000 new ordinary shares at a price of 7 pence per share.
At 31 December 2025, the Group had cash balances of c. £9.0 million. This will provide sufficient working capital for 12 months from the date of signing of these financial statements, based on financial projections prepared by the Directors.
Accordingly, these financial statements have been prepared on the going concern basis and do not reflect any adjustments that would be required to be made if they were to be prepared on a basis other than the going concern basis. |
|
3. |
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 period ended 30 June 2025.
|
|
4. |
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: |
|
|
|
|
|
|
|
31 |
|
30 |
|
|
|
|
|
|
|
December |
|
June |
|
|
|
|
|
|
|
2025 |
|
2025 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Germany |
|
|
|
|
9,171,828 |
|
9,265,621 |
|
|
Australia |
|
|
|
|
32,383,159 |
|
29,730,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,554,987 |
|
38,996,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. |
Loss per Ordinary share |
|
|
|
|
|
Period to |
|
Period to |
|
|
|
|
|
31 |
|
31 |
|
|
|
|
|
December |
|
December |
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
£ |
|
£ |
|
|
Loss for the period attributable to the ordinary |
|
|
|
|
|
|
|
equity holders of the Company (£) |
|
|
(709,255) |
|
(909,879) |
|
|
|
|
|
|
|
|
|
|
Basic loss per Ordinary share |
|
|
|
|
|
|
|
Weighted average number of Ordinary shares |
|
|
459,694,393 |
|
340,040,407 |
|
|
in issue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per Ordinary share (pence) |
|
|
(0.15) |
|
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per Ordinary share |
|
|
|
|
|
|
|
Weighted average number of Ordinary shares |
|
|
459,694,393 |
|
340,040,407 |
|
|
in issue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per Ordinary share (pence) |
|
|
(0.15) |
|
(0.27) |
|
|
|
|
|
|
|
|
|
|
For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive warrants and options over ordinary shares. Potential ordinary shares resulting from the exercise of warrants and options 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. |
|
6. |
Share-based payments |
|
|
Share options and warrants |
|
|
The 8,500,000 options that were outstanding at 31 December 2024 expired during 2025. There are no options or warrants outstanding at the period end. |
|
7. |
Intangible assets |
|
|
|
|
|
|
|
|
|
Exploration
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
|
|
evaluation |
|
|
|
|
|
|
|
|
|
assets |
|
|
|
|
|
|
|
|
|
£ |
|
|
Cost At 1 January 2021 Additions Currency translation At 31 December 2021
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
|
|
|
|
|
|
34,968,675 |
|
|
Additions |
|
|
|
|
|
|
2,732,752 |
|
|
Currency translation |
|
|
|
|
|
|
(1,019,468) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
|
|
|
|
|
36,681,959 |
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
2,230,243 |
|
|
Disposals |
|
|
|
|
|
|
(536,459) |
|
|
Currency translation |
|
|
|
|
|
|
572,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
38,947,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 31 December 2025, the Directors have:
a) reviewed the time period that the Group has the right to explore the area and noted no instances of expiration, or licences that are expected to expire in the near future and not be renewed; b) determined that further E&E expenditure is either budgeted or planned for all licences; c) not decided to discontinue exploration activity due to there being a lack of quantifiable mineral resource; and d) not identified any instances where sufficient data exists to indicate that there are licences where the E&E spend is unlikely to be recovered from successful development or sale.
On the basis of the above assessment, the Directors are not aware of any facts or circumstances that would suggest the carrying amount of the E&E asset may exceed its recoverable amount. |
|
8. |
Property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & |
|
Motor |
|
Fixtures & |
|
|
|
|
|
|
Buildings |
|
Vehicles |
|
Fittings |
|
Total |
|
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
|
2,115,351 |
|
131,246 |
|
308,598 |
|
2,555,195 |
|
|
Additions |
|
- |
|
- |
|
156,696 |
|
156,696 |
|
|
Currency translation |
|
(194,612) |
|
(8,929) |
|
(25,200) |
|
(228,741) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
1,920,739 |
|
122,317 |
|
440,094 |
|
2,483,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
|
- |
|
- |
|
251,392 |
|
251,392 |
|
|
Currency translation |
|
64,124 |
|
3,554 |
|
16,692 |
|
84,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
|
1,984,863 |
|
125,871 |
|
708,178 |
|
2,818,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
|
- |
|
30,606 |
|
90,759 |
|
121,365 |
|
|
Charge for period |
|
- |
|
11,173 |
|
38,574 |
|
49,747 |
|
|
Currency translation |
|
- |
|
(1,113) |
|
(1,249) |
|
(3,631) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
- |
|
40,666 |
|
128,084 |
|
168,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for period |
|
- |
|
5,908 |
|
33,045 |
|
38,953 |
|
|
Currency translation |
|
- |
|
1,095 |
|
3,115 |
|
4,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
|
- |
|
47,669 |
|
164,244 |
|
211,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
|
1,984,863 |
|
78,202 |
|
543,934 |
|
2,606,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
1,920,739 |
|
81,651 |
|
312,010 |
|
2,314,400 |
|
|
|
|
|
|
|
|
|
|
|
|
9. |
Trade and other receivables |
|
|
|
31 |
|
31 |
|
|
|
December |
|
December |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Prepayments and other receivables |
153,595 |
|
137,967 |
|
|
Recoverable value added taxes |
103,692 |
|
108,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
257,287 |
|
246,024 |
|
|
|
|
|
|
|
10. |
Trade and other payables |
|
|
|
31 |
|
31 |
|
|
|
December |
|
December |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Trade payables |
115,876 |
|
610,569 |
|
|
Accruals |
214,859 |
|
203,920 |
|
|
Other payables |
243,999 |
|
224,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
574,734 |
|
1,038,789 |
|
|
|
|
|
|
|
11. |
Related party transactions |
|
|
Directors' remuneration and fees The table below sets out the Directors' remuneration and fees: |
|
|
Six months ended 31 December 2025 |
|
|
|
|
Share based payments |
|
|
|
|
|
|
|
|
|
Fees |
|
|
Total |
|
|
|
|
|
|
|
£ |
|
£ |
|
£ |
|
|
Mr W A Scotting |
|
|
|
100,000 |
|
- |
|
100,000 |
|
|
Mr C Cannon Brookes* |
|
|
|
17,500 |
|
- |
|
17,500 |
|
|
Mr R G J Ainger |
|
|
|
22,500 |
|
- |
|
22,500 |
|
|
Mr B R Smith |
|
12,000 |
|
- |
|
12,000 |
||
|
|
Mr P L Gunzburg |
|
12,000 |
|
- |
|
12,000 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,000 |
|
- |
|
164,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fees relating to Mr C Cannon Brookes are paid to Arlington Group Asset Management Limited.
|
|
Six months ended 31 December 2024 |
|
|
|
|
Share based payments |
|
|
|
|
|
|
|
|
|
Fees |
|
|
Total |
|
|
|
|
|
|
|
£ |
|
£ |
|
£ |
|
|
Mr W A Scotting |
|
|
|
79,167 |
|
- |
|
79,167 |
|
|
Mr C Cannon Brookes* |
|
|
|
17,500 |
|
- |
|
17,500 |
|
|
Mr R G J Ainger |
|
|
|
22,500 |
|
- |
|
22,500 |
|
|
Mr B R Smith (appointed 11 July 2024) |
|
11,315 |
|
- |
|
11,315 |
||
|
|
Mr P L Gunzburg (appointed 11 July 2024) |
|
11,315 |
|
- |
|
11,315 |
||
|
|
Ms C Apthorpe (resigned 30 September 2024) |
|
13,333 |
|
- |
|
13,333 |
||
|
|
Mr I Hofmaier (resigned 30 September 2024) |
|
15,000 |
|
- |
|
15,000 |
||
|
|
Mr N Mather** (resigned 11 July 2024) |
|
- |
|
- |
|
- |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,130 |
|
- |
|
170,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fees relating to Mr C Cannon Brookes are paid to Arlington Group Asset Management Limited. ** Fees relating to Mr N Mather are paid to Samuel Capital Pty. |
||||||||
|
|
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 £273,500 from Arlington in respect of fund-raising commissions and expenses, financial advisory and director's fees (2024: £508,375 in respect of financial advisory fees and director's fees).
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 £18,000 from RFA in respect of financial advisory fees and company secretarial services (2024: £37,000 in respect of company secretarial services). |
|
12. |
Share capital |
|
|
|
31 |
|
30 |
|
|
|
December |
|
June |
|
|
|
2025 |
|
2025 |
|
|
|
£ |
|
£ |
|
|
Allotted, called up and fully paid |
|
|
|
|
|
541,868,306 (2024: 451,868,306) Ordinary shares of £0.001 each |
541,868 |
|
451,868 |
|
|
|
|
|
|
|
|
On 15 December 2025 the Company issued 90,000,000 Ordinary shares of £0.001 each at a value of 7 pence per share. Total costs of £324,757 were incurred and were offset against share premium.
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
|
13. |
Ultimate controlling party |
|
|
In the opinion of the Directors, there is no controlling party. |
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