ANNUAL REPORT

FOR THE YEAR ENDED

31 DECEMBER 2022

The Company’s aim is

to become a global tin

producer supplying fully

traceable and verifiable tin

units into global industries

order to be able to deliver

a sustainable answer to the

material supply issues faced

by industrial tin consumers.

Indications of mineralisation

of tin and copper in the

orebody at Taronga

FIRST TIN l ANNUAL REPORT 2022

INTRODUCTION

Strategic Report 14

Environmental, Social and Governance ("ESG") 20

Task Force on Climate-related Financial Disclosures 22

Corporate Governance Statement 24

ESG Committee Report 29

Audit and Risk Committee Report 30

Remuneration and Nominations Committee Report 32

Board of Directors 34

Directors' Remuneration Report 36

Consolidated Statement of Changes in Equity 52

Consolidated Statement of Cash Flows 53

Notes to the Consolidated Financial Statements 54

Company Statement of Financial Position 72

Company Statement of Changes in Equity 73

Notes to the Company Statements 74

Company Information 81

firsttin.com

1

by £34,214,550 to £41,783,866

(2021: £7,569,316)

+452%

by £11,319,459 to £13,823,173

(2021: £2,503,714)

+452%

by the Government of NSW under

its Critical Minerals and High-Tech

Metals Activation Fund

2 FIRST TIN l ANNUAL REPORT 2022

HIGHLIGHTS & OVERVIEW

Deep Lead tin workings

near Taronga

firsttin.com 3

HIGHLIGHTS & OVERVIEW

First Tin came to market in April 2022, successfully

raising £20m to progress its two low capex, high

Definitive Feasibility Studies (“DFS”) at each asset

to capitalise on the advanced nature of our projects.

While we have experienced some minor delays at

Tellerhäuser due to issues with our drilling contractor,

we have made strong operational progress at

Taronga and aim to complete the DFS there by the

end of 2023 as previously indicated. During the

period under review, First Tin undertook substantial

drill programmes at both our assets after a period of

over 40 years of inactivity at each project. These have

final flow sheets at both assets and in developing

sustainable solutions for their respective water and

power requirements.

Whilst the ongoing macro-economic challenges

during the period certainly had a material short term

negative impact on the spot tin price, post period

end the spot price has started to strengthen again

and, with a significant tin deficit anticipated by the

International Tin Association (ITA) from 2025 onwards,

we are hopeful that higher prices will emerge in future

The surge in demand for tin in the next decade will

be driven by the global transition to clean energy

sales in 2021 and 2022 and are expected to rise to

60% of sales by 2030. Solar power generation also

experienced strong growth at 40% year-on-year, and

data storage requirements are expected to increase

10-fold by 2030. It is therefore essential that this

demand is met by companies that are dedicated to

supplying tin responsibly. Currently, 97% of global

tin supply comes from emerging or developing

economies, with tin mining in these regions often

linked to local conflicts and poor ESG standards

During the period under review, it was pleasing to

report that Taronga Mines Pty Ltd, an Australian

registered, 100% owned subsidiary of First Tin,

was awarded a significant grant of A$494,038 by

the Government of New South Wales in Australia

under its Critical Minerals and High-Tech Metals

Activation Fund. The grant reinforces the support

and commitment we have from the Government

4 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

and will help fund the ongoing development on this

important tin deposit.

We were also pleased to welcome Nick Mather

to the Board as a Non-Executive Director on

30 September 2022. Nick has 40 years' experience

in all aspects of resource exploration and brings

technical expertise and a track record of successful

business development which will be valuable as

6 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

14 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

REQUIREMENT FOR FURTHER CAPITAL

covenants.

COMMODITY PRICES

Risk: The Company’s future value and its potential

future revenues will be highly dependent on global tin

prices. Although tin prices are, as at the date of these

financial statements, increasing and above long-term

averages, there can be no guarantee that the tin price

will remain at price levels seen in the last two years. A

depressed tin price will adversely affect the Company’s

ability to raise future funding and its ability to produce

Mitigation: The Group is 100% exposed to the tin

price; however, the cash costs of both of the assets

remain within our budget which is conservatively

based on the long-term tin price as modelled by

external advisors.

the cost of operations, variations of the grade of ore

mined, fluctuations in the price of minerals, costs of

development, infrastructure and processing equipment

and such other factors as government regulations,

including regulations to royalties, allowable production,

importing and exporting of minerals and environmental

protection.

risk to operations.

LITIGATION RISK

Risk: The Company may face litigation from third

parties aimed at delaying or stopping the Company’s

Mitigation: Management maintains on-going

dialogue with the local relevant government bodies

mining legislation to ensure that the Group is in

compliance with legislation at all times.

MINING INDUSTRY RISKS AND HAZARDS

Risk: The Company’s operations will be subject to

typical hazards and health and safety risks present

in exploring and exploiting natural resources. This

includes accidents, industrial disputes and litigation

from third parties. Any such events could materially

impact the Company’s financial condition.

Mitigation: Acting in an ethical, responsible and

transparent manner is fundamental to realising the

significant business benefits gained from building

trusted and constructive relationships with all our

stakeholders, and to maintaining our socio-political

license to operate. A key focus is strengthening

our sustainability governance and management

FOREIGN EXCHANGE RISK

Risk: The Company will be exposed to foreign

exchange risk as it is domiciled in the UK but with

operations in Germany and Australia, and, in addition

as tin is priced in US Dollars. There can be no

guarantee that exchange rates between the Pound,

Euro, Australian Dollar and US Dollar will not become

more volatile in the future.

Mitigation: To minimise the Group’s risk, the Group

tries to match the currency holdings with future

operating cash flows. Funds are pooled centrally

in the head office bank accounts to the maximum

extent possible. The Group has converted

12-months of budgeted operating expenses into

the relevant currencies to avoid month to month

fluctuations in the foreign exchange rates.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

sustainable tin mines that support the current global

clean energy and technological revolutions.

First Tin is also supporting a decarbonised future and is

committed to best-in-class environmental responsibility.

The impacts of climate change are increasingly being

felt around the world and First Tin is committed to

being a zero-carbon emissions company as agreed

to by nations participating in the Paris Agreement of

2015. The Company applies stringent environmental

controls and procedures to minimise and mitigate

external parties to drive the ESG process forward.

16 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

KEY PERSONNEL RISK

Risk: The Group is reliant on a number of key

personnel. The loss of one or more of its key personnel

could have an adverse impact on the business of

the Group.

Mitigation: To deliver on the principles and

commitments as stated in our People policy. Visible

leadership in the development of our people,

diversity and inclusion. Sustained resourcing of the

professional development and training initiatives.

The Group is in the process of implementing

a compensation policy that seeks to recruit

CYBER ATTACKS AND ONLINE FRAUD

Risk: The potential for cyber security attacks, misuse

and release of sensitive information pose ongoing and

real risks.

Mitigation: The Group monitors IT and fraud risk

and continues to invest in people, process and

technology to protect our information systems and

assets.

FINANCIAL RISK MANAGEMENT

The Group’s operations are subject to a variety of financial risks including price risk, credit risk and liquidity

risk. Details of the Group’s financial risk management policies are set out in the Note 19 to the Consolidated

Financial Statements.

The breakdown by gender of the current number of people employed by the Group as at 31 December 2022

is as follows:

DIRECTORS MANAGEMENT EMPLOYEES

There have been no material events to report since

the year end.

The directors of the Company, as those of all UK

companies, must act in accordance with a set

of general duties. These duties are detailed in

regard (amongst other matters) to:

• the interests of the company’s employees;

• the need to foster the company’s business

relationships with suppliers, customers and others;

• the impact of the company’s operations on the

community and environment;

• the desirability of the company maintaining a

reputation for high standards of business conduct;

First Tin seeks to develop a broad investor base

with those who share our values and are supportive

of our strategy. Engagement with shareholders is

a key element to this objective and is achieved

through various ways. Besides engaging through the

Company’s Annual General Meeting and through

publication of full and half-year financial results,

Directors and members of the executive team,

supported by the Company’s broker and Investor

Relations advisors, engage with investors directly,

mainly through regulatory news, press releases and

where their various strengths are recognised and

their contributions are valued, helps to ensure that

we can deliver our shared objectives. During 2022,

internal communications and reporting lines were

were kept informed of all the workstreams across

the Company and helped to raise key issues with

directors and executives.

CUSTOMERS

First Tin is in the process of developing its assets.

applications, end users and delivery of this resource

in a clean and ethical manner is at the core of First

Tin’s corporate values.

SUPPLIERS

We have long-standing, close relationships with our

suppliers, service providers and consultants and

are in regular contact with them. Fostering good

business relationships with key stakeholders including

suppliers is important to the Company’s success

and we are committed to acting ethically and with

integrity in all business dealings and relationships.

environmental impact, promote internally and

across our industry best practices for environmental

management and safety.

TELLERHÄUSER

A social management plan will be developed,

including stakeholder engagement using

various formats to ensure open and transparent

communication and negotiation with local

government, businesses and residents. This will

include public information events, community

website; as well as presence on social media

18 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

politicians and authorities. A community and

stakeholder public relations work programme for the

construction, operational and closure phases will be

established.

Community Development could include infrastructure

improvements in the immediate area. Initial

discussions with the Breitenbrunn community have

been held regarding the construction of a separate

pavement and cycle path, refurbishment of a small

bridge, and the integration of access to the local

neighbours and maintain regular email contact

advising them of our current activities. We have also

hosted two community information forums for the

Emmaville community to provide an overview of the

Company’s plans and seek early input and feedback

on issues important to the community. As part of

our commitment to ongoing engagement, we have

appointed a community liaison officer who lives in

Emmaville and is responsible for organising and

posting regular newsletters and compiling community

Department as part of the Mine Development Panel

process. A Scoping Meeting will also be held with

the NSW Department of Planning and Environment

as part of the formal commencement of the

contact with the local parliamentary representatives

and have held meetings with Glen Innes Severn

Council to inform them of our plans and progress

and seek preliminary input into local issues requiring

consideration. The route for mining permissions in

NSW is well regulated and specified and we have

Board strives to promote a culture based on high

business conduct standards.

ACTING FAIRLY AS BETWEEN MEMBERS OF THE

COMPANY

Having assessed all necessary factors, and as

supported by the processes described above, the

Directors consider the best approach to delivering on

the Company’s strategy. This is done after assessing

the impact on all stakeholders and is performed

Mr T Buenger

Chief Executive Officer

20 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

effectiveness of the Company’s risk management

policies and processes. Since the Group’s IPO during

April 2022 the Audit and Risk Committee approved

a risk management framework which includes a risk

appetite statement and risk register which identifies

and analyses the main risks of the Group along with

the mitigations to those risks (appropriate to the

current stage of the Group’s development). On the

recommendation of the Audit and Risk Committee

the Board formally adopted the risk management

the Group’s stated environmental goals which can be

reviewed in the ESG Report on pages 20 to 21.

PROCESSES FOR IDENTIFYING, ASSESSING

AND MANAGING CLIMATE-RELATED RISKS ARE

INTEGRATED INTO THE ENTITY’S OVERALL RISK

MANAGEMENT PROCESS;

Given the early stage of the development of the

Group’s assets the Directors have elected to not

make a detailed disclosure in this regard, the

Group has appropriate governance structures and

and climate-related risks are minimal. Future risks are

actively managed as part of the feasibility studies of

both Projects.

detailed disclosure in this regard as specific climate-

related risks and opportunities will be defined further

into the development programme.

TIME PERIODS BY REFERENCE TO WHICH

THOSE RISKS AND OPPORTUNITIES ARE

ASSESSED;

The Group’s risk management framework is reviewed

Report (pages 20 to 21) the Group will identify

and implement ‘leave no trace’ solutions wherever

possible, including utilising renewable energy supply,

screenings, and electrification options for future mine

equipment.

ACTUAL AND POTENTIAL IMPACTS OF THE

PRINCIPAL CLIMATE-RELATED RISKS AND

OPPORTUNITIES ON THE ENTITY’S BUSINESS

MODEL AND STRATEGY;

At this stage of the development of the Group’s

and procedures in place 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 in

countries of its operation.

22 FIRST TIN l ANNUAL REPORT 2022

STRATEGIC REPORT

ANALYSIS OF THE RESILIENCE OF THE

ENTITY’S BUSINESS MODEL AND STRATEGY,

CLIMATE-RELATED SCENARIOS;

At this stage of the development of the Group’s

assets the Directors have elected to not make a

detailed disclosure in this regard. As noted in the

Chairman’s Statement on pages 4 to 5 First Tin is

an exciting opportunity for First Tin and its ability

to deliver a sustainable answer to the global supply

shortage.

TARGETS USED BY THE GROUP

TO MANAGE CLIMATE-RELATED

RISKS AND TO REALISE CLIMATE-

RELATED OPPORTUNITIES AND OF

PERFORMANCE AGAINST THOSE

TARGETS;

no trace’ solutions wherever possible

and endeavour to minimise First Tin’s

CO2 footprint from an early stage.

KEY PERFORMANCE INDICATORS (KPIS)

USED TO ASSESS PROGRESS AGAINST

TARGETS USED TO MANAGE CLIMATE-

RELATED RISKS AND REALISE CLIMATE-RELATED

OPPORTUNITIES AND OF THE CALCULATIONS

assets the Directors have elected to not make a

Solar panels powering

Taronga office

30 FIRST TIN l ANNUAL REPORT 2022

CORPORATE GOVERNANCE

The Committee meets prior to the annual audit with

the external auditor to discuss the audit plan and

again prior to the publication of the annual results.

These meetings are attended by the external audit

partner, Chair of the Committee, the CFO and the

Company Secretary. Additional formal meetings are

held as necessary.

During the period, the Committee:

• met with the external auditor and discussed

their audit report and audit plan for the financial

discussed future equity placings and financing

requirements with management;

• considered and approved the annual review of

internal controls, including relevant policies;

• reviewed the risk register and discussed the same

with management and defined the risk appetite

the Board is willing to accept;

• decided that due to the size and nature of the

operation, there was not a current need for an

internal audit function; and

EXTERNAL AUDITOR

The Committee considered the independence and

effectiveness of the external auditor. The Annual

Report 2022 is the second year Crowe U.K. LLP has

been auditing and Leo Makin has been the audit

partner for the same period.

Chair – Audit and Risk Committee

11 April 2023

firsttin.com 31

CORPORATE GOVERNANCE

INGO HOFMAIER

CHAIR

32 FIRST TIN l ANNUAL REPORT 2022

CORPORATE GOVERNANCE

identifying and recommending suitable candidates

for appointment to the Board or “C-level” Senior

Management positions, recommending policies,

procedures and an organisational design to

improve corporate performance and governance

board diversity, ensuring that related policies and

procedures, once adopted, are implemented such

that the performance of each member of the Board

recommendations to the Board about plans for

an orderly succession of the Chairman and Non-

Executive Directors and a formal, rigorous and

transparent procedure to be used by them. The

Committee also considers and recommends, if

appropriate, the reappointment of any Non-Executive

Director at the conclusion of their specified term of

office or under the retirement by rotation provisions

in the Company’s Articles of Association. The

Committee considers and makes recommendations

additional Non-Executive Directors and any Executive

Directors (if such are considered to be appropriate).

MEETINGS

The Committee met in November 2022 with all

members in attendance. The focus of the discussions

during the meeting and work undertaken during the

year was:

• To consider whether each committee member is

spending enough time to fulfil his or her duties.

Looking at the time spent, being at least 2

• To review compensation studies to ensure

Directors are being adequately remunerated. It

was noted that the directors of First Tin currently

draw less than the average of comparable

companies listed in London. In light of the

Company’s weak share price performance,

having suffered from the significant fall in tin

prices starting in the second quarter of 2022, the

• To commence work on the Board competency and

skills matrix for approval in early 2023;

• To consider requirements of Board composition

and potential changes in light of current diversity

and ESG expectations. The Committee in

particular discussed a recent amendment to the

FCA’s Listing Rules with regards to the number

of women of London Stock Exchange main

market plc boards. It was agreed that should

a new Director or person covered under the

rules need to be appointed, the First Tin Board

should consider the ratios stipulated and aim for

• After the retirement of Martyn Knight as CFO

of First Tin, the Committee considered the

appointment of a new CFO in December 2022.

The decision was taken to engage the services

of Jane Lowden, a partner in F. W. Smith, Riches

& Co Chartered Accountants, as Finance Adviser

to the Board. Jane is an experienced accountant,

who is well known to the Group and advises a

• To consider the appointment of a Senior

Independent Director based in London, from

among the existing Non-Executive Directors; and

• To review and suggest the award of the 2022

bonus for the CEO of the Company and suggest

the KPIs in 2023.

firsttin.com 33

CORPORATE GOVERNANCE

more than 25 years’ experience

in base metal and semiconductor

industry. He is a base metals

senior executive with wide

breadth of knowledge across

multiple disciplines across the

base metals industry with focus on

non-ferrous metals, copper, PGMs

and recycling. Thomas is a former

board member, chief operating

Director of Arlington Group Asset

Management Limited (AGAM) and

has successfully led a number of

IPO and RTO transactions on the

London markets. Prior to AGAM

he worked for Arlington Group

plc, an AIM quoted investment

company and managed all of its

public equity portfolio, as well

as Jupiter Asset Management,

INDEPENDENT NON-

and Company Secretary with over

10 years of experience in the

mining sector across a number of

jurisdictions. She has extensive

experience in fundraisings, due

diligence exercises, acquisitions,

strategic investments, project

management, and debt financing.

Catherine was nominated and

selected for the Top 100 Global

listed on the main market of the

LSE, and a Non-Executive Director

of Panthera Resources plc (AIM).

34 FIRST TIN l ANNUAL REPORT 2022

CORPORATE GOVERNANCE

INDEPENDENT NON-

lawyer. Since 2010 he has served

as a non-executive director on

numerous public listed companies.

He also has over 20 years’

experience as a corporate lawyer

and for most of his legal career

was a Shanghai based partner

of a major international law firm.

Most of his work during this time

involved advising multi-national

of Danakali Limited and Non-

Executive Chairman of Element 25

Limited, Buxton Resources Limited

and Duketon Mining Limited.

INDEPENDENT NON-

project development experience

in Europe, the Americas and

Asia. He was instrumental in

building the metals and mining

practice of Hannam & Partners,

a London-based merchant bank,

with experience across complex

joint-venture, M&A, equity

investments, capital markets, and

corporate finance transactions.

business development executive

with Rio Tinto, Capgemini,

and a Financial Controller and

later Commercial Director with

Wienerberger, an Austrian

building material group with

significant interests in Germany.

and Non-Executive Director

management experience. He is

the founder and co-founder of

numerous companies including

DGR Global Limited, Orbis Gold,

Arrow Energy Ltd and SolGold

plc. He also sits on several Boards

including SolGold plc, Armour

Energy and Lakes Blue Energy NL

and Clara Resources Australia Ltd.

firsttin.com 35

CORPORATE GOVERNANCE

growth in shareholder value. Executive Directors’ remuneration currently

Remuneration and Nominations Committee will continue to review the Company’s remuneration policy and

make amendments, as and when necessary, to ensure it remains fit for purpose and continues to drive high

levels of executive performance and remains both affordable and competitive in the market.

The policy is subject to shareholder approval through the votes cast at the upcoming AGM to be held on 27

June 2023.

Purpose and link to strategy Criteria Performance conditions and cost

REMUNERATION ELEMENT: BASE SALARY

36 FIRST TIN l ANNUAL REPORT 2022

CORPORATE GOVERNANCE

firsttin.com 37

CORPORATE GOVERNANCE

DIRECTORS’ INTERESTS (AUDITED)

The Directors held the following interest in the share capital of the Company either directly or beneficially:

Ordinary shares

2022

Percentage of

issued shares

Warrants

2022

Warrants

2021

2021 No. No. No.

1 Mr C. Cannon Brookes is a beneficial owner of Arlington Group Asset Management Ltd

38 FIRST TIN l ANNUAL REPORT 2022

CORPORATE GOVERNANCE

PERFORMANCE GRAPH (UNAUDITED)

The Company’s shares were admitted to trading on the main market of the London Stock Exchange on 8 April

2021 No. No.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit

misstatement (whether or not due to fraud) that we identified. These matters included those which had the

greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts

of the engagement team. These matters were addressed in the context of our audit of the financial statements

as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit.

46 FIRST TIN l ANNUAL REPORT 2022

whole. They were not designed to enable us to express an opinion on these matters individually and we

express no such opinion.

OTHER INFORMATION

The Directors are responsible for the other

The other information comprises the information

included in the annual report, other than the financial

statements and our auditor’s report thereon. Our

opinion on the financial statements does not cover

the other information and, except to the extent

otherwise explicitly stated in our report, we do not

information is materially inconsistent with the

financial statements or our knowledge obtained

in the audit or otherwise appears to be materially

misstated. If we identify such material inconsistencies

or apparent material misstatements, we are required

to determine whether this gives rise to a material

misstatement in the financial statements themselves.

If, based on the work we have performed, we

conclude that there is a material misstatement of this

other information, we are required to report that fact.

We have nothing to report in this regard.

In our opinion based on the work undertaken in the

course of our audit

consistent with the financial statements; and

• the Directors’ report and strategic report have

been prepared in accordance with applicable

legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO

REPORT BY EXCEPTION

In light of the knowledge and understanding of

the Group and the Parent Company and their

environment obtained in the course of the audit, we

• adequate accounting records have not been kept

by the parent company, or returns adequate for

our audit have not been received from branches

not visited by us; or

• the parent company financial statements are not

• certain disclosures of Directors' remuneration

• we have not received all the information and

RESPONSIBILITIES OF THE DIRECTORS FOR THE

FINANCIAL STATEMENTS

As explained more fully in the Directors’

responsibilities statement set out on page 42, the

directors are responsible for the preparation of the

financial statements and for being satisfied that they

give a true and fair view, and for such internal control

as the Directors determine is necessary to enable the

preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors

cease operations, or have no realistic alternative but

to do so.

Our objectives are to obtain reasonable assurance

about whether the financial statements as a whole

are free from material misstatement, whether due

to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a

high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs (UK)

will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error

and are considered material if, individually or in the

aggregate, they could reasonably be expected to

48 FIRST TIN l ANNUAL REPORT 2022

We obtained an understanding of the legal and

regulatory frameworks within which the Group

have a direct effect on the determination of material

amounts and disclosures in the financial statements.

The laws and regulations we considered in this

context were the Companies Act 2006 and Taxation

legislation.

override risks included enquiries of management

about their own identification and assessment risk

of irregularities, testing a risk-based selection of

journals, reviewing accounting estimates for biases,

assessing the accounting treatment of non-routine

transactions, corroborating amounts and balances

recognised to supporting documentation on a

sample basis and ensuring accounting policies are

appropriate under IFRS’s and applicable law.

Owing to the inherent limitations of an audit, there is

an unavoidable risk that we may not have detected

in the case of misstatement resulting from fraud as

this may involve sophisticated schemes designed to

avoid detection, including deliberate failure to record

transactions, collusion or the provision of intentional

misrepresentations.

A further description of our responsibilities is

available on the Financial Reporting Council’s website

at: www.frc.org.uk/auditorsresponsibilities. This

description forms part of our auditor’s report.

OTHER MATTERS WHICH WE ARE REQUIRED

TO ADDRESS

to audit the financial statements for the year ending

31 December 2022. Our total uninterrupted period

of engagement is 2 years covering the periods ended

31 December 2021 to 31 December 2022.

The non-audit services, where we acted as reporting

conducting our audit. Fees paid for audit and non-

audit services are provided in note 6.

Our audit opinion is consistent with the additional

report to the audit committee.

USE OF OUR REPORT

This report is made solely to the company's

members, as a body, in accordance with Chapter

3 of Part 16 of the Companies Act 2006. Our audit

work has been undertaken so that we might state

to the Company's members those matters we are

Leo Malkin

Senior Statutory Auditor

for and on behalf of

Crowe U.K. LLP

Statutory Auditor

Notes

Year ended

The Notes on pages 54 to 71 form an integral part of these Consolidated Financial Statements.

50 FIRST TIN l ANNUAL REPORT 2022

FINANCIAL STATEMENTS

Notes

Year ended

Assets

Non-current assets

Intangible assets 13 27,367,552 3,380,913

Investments 14 - 1,543,670

Property, plant and equipment 15 1,589,748 28,851

Current assets

Trade and other receivables 16 808,711 413,620

Total assets less current liabilities 41,783,886 7,569,316

firsttin.com 51

FINANCIAL STATEMENTS

premium

Merger

reserve

reserve

£ £ £ £ £ £ £

premium

Shares to

reserve

£ £ £ £ £ £ £

The Notes on pages 54 to 71 form an integral part of these Consolidated Financial Statements.

52 FIRST TIN l ANNUAL REPORT 2022

FINANCIAL STATEMENTS

Year ended

Operating loss (3,240,389) (1,321,977)

Depreciation of tangible assets 20,597 8,845

Share-based payment expense 707,100 163,609

Increase in trade and other receivables (357,635) (317,770)

Increase in trade and other payables 1,503,846 113,731

Initial consideration to acquire Taronga - (734,182)

Loan advanced to Taronga - (813,762)

Proceeds from sale of investment - 333,000

Cash acquired on acquisition of Taronga 102 -

Net cash flows in investing activities (5,889,362) (1,831,364)

Proceeds from issue of shares 19,000,000 5,601,000

Share issuance costs (368,521) –

Interest paid in respect of convertible loans - (200,000)

Net cash flows from financing activities 18,631,479 5,401,000

commission.

The Notes on pages 55 to 78 form an integral part of these Consolidated Financial Statements.

FINANCIAL STATEMENTS

54 FIRST TIN l ANNUAL REPORT AND FINANCIAL STATEMENTS 2022