![]() # ANNUAL REPORT ## FOR THE YEAR ## ENDED 30 JUNE 2025 ![]() #### The Company’s aim is #### to become a global tin #### producer supplying fully #### traceable and verifiable tinunits into global industrieswith high tin usage needs.The Company owns two #### advanced tin projects, in Germany and in Australia, #### and is seeking to bring both #### projects into production in #### order to be able to deliver #### a sustainable answer to thematerial supply issues facedby industrial tin consumers. FIRST TIN l ANNUAL REPORT 2025 INTRODUCTION ![]() CONTENTS HIGHLIGHTS & OVERVIEW Highlights 2 STRATEGIC REPORT Chairman's Statement 4 World Tin Deposits Map 6 Chief Executive Officer's Report 8 Strategic Report 14 Environmental, Social and Governance ("ESG") 28 Task Force on Climate-related Financial Disclosures 30 CORPORATE GOVERNANCE Corporate Governance Statement 32 Audit and Risk Committee Report 36 Board of Directors 38 Directors' Remuneration Report 40 Directors' Report 44 INDEPENDENT AUDITORS' REPORT Independent Auditors' Report 48 FINANCIAL STATEMENTS Consolidated Statement of Comprehensive Income 54 Consolidated Statement of Financial Position 55 Consolidated Statement of Changes in Equity 56 Consolidated Statement of Cash Flows 57 Notes to the Consolidated Financial Statements 58 Company Statement of Financial Position 74 Company Statement of Changes in Equity 75 Notes to the Company Statements 76 ADDITIONAL INFORMATION Company Information 81 firsttin.com 1 ![]() ## HIGHLIGHTS ### FOR THE YEAR ENDED 30 JUNE 2025 MEETING THE WORLD’S TIN DEMAND – SUSTAINABLY: Tin is a critical, yet often overlooked, clean energy metal, essential for the energy transition and digital transformation. From electric vehicles to renewable power grids, the world’s shift to a decarbonised future relies heavily on circuit boards, held together by solder that is primarily made from tin. Similarly, tin is critical for 5G, data centres, and the semi-conductors enabling the digital transformation, AI, robotics and advanced manufacturing. Currently, 97% of the global tin supply comes from emerging and developing economies, with a significant portion from artisanal mining, often poorly regulated and with significant environmental and social consequences. Due to depletion of resources, conflict and disruption, supply has not grown over the past 20 years, resulting in very low global inventories. As demand grows, a significant supply deficit is forecast. But the narrative is changing. Listed on the London Stock Exchange Main Market, First Tin is a rapidly advancing mining and development company, aiming to supply fully traceable and verifiable tin. By providing ethical and reliable tin, our two advanced tin projects in Australia and Germany will help deliver a sustainable answer to the material supply issues faced by industrial tin consumers. By delivering on our vision to be a conflict-free source of tin through sustainable, professional, responsible and regulated mining we are helping to power the global clean energy and technology transitions while minimising environmental impact and ensuring a transparent, secure supply chain. #### FIRST TIN OFFERS HIGH VALUE, LOW-CAPEX ASSETS OECD-BASED RESOURCE PORTFOLIO INFRASTRUCTURE ADVANTAGES 2 FIRST TIN l ANNUAL REPORT 2025 HIGHLIGHTS & OVERVIEW ![]() PROUD MEMBER OF THE INTERNATIONAL TIN ASSOCIATION First Tin is a member of the International Tin Association (ITA), which supports the global tin industry and leads innovation in tin research and application. As a committed partner of the ITA, we are contributing to a more sustainable future for the industry through responsible mining. firsttin.com 3 HIGHLIGHTS & OVERVIEW ![]() ## CHAIRMAN'S STATEMENT ### FOR THE YEAR ENDED 30 JUNE 2025 The past year has been one of important progress for First Tin. Against a backdrop of fragile global tin supply chains and strengthening demand fundamentals, the Company has continued to advance its two strategically located projects in Australia and Germany. Our priority has been to ensure the Company is well-funded to move its assets through permitting and optimisation, while continuing to de-risk the path to development. Following the successful £10.12 million equity raise completed in two tranches during H2 2024, we have been able to accelerate technical work, advance permitting processes and consolidate our exploration footprint. These steps have significantly strengthened the foundation from which we can progress towards production. #### At our Taronga asset in New South #### Wales, Australia, the team has achieved a series of milestonesthat have materially advanced the #### permitting process The completion and submission of the Environmental Impact Statement (EIS) in September 2025 marks a significant step forward in securing development approval. Alongside this, results to date from the metallurgical testwork programmes have confirmed opportunities to improve recoveries beyond the levels assumed in the previous Definitive Feasibility Study (DFS), pointing to enhanced project economics. Similarly, early assays from the ongoing drilling programme are confirming the potential to extend mine life through resource conversion and expansion. Together, these developments highlight Taronga’s position as one of the most advanced and attractive undeveloped tin assets globally. CHARLES CANNON BROOKES CHAIRMAN 4 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() #### In Germany, we have made further headway at Tellerhäuser, #### progressing the fast-track Life #### of Mine Plan submission andadvancing water managementstudies At the same time, exploration at Gottesberg and Auersberg has highlighted the scale of the tin- indium-gallium mineral systems in this historic district. These findings strengthen our confidence that our German portfolio could evolve into a strategically important supplier of critical raw materials for Europe at a time when supply security is an increasingly pressing issue. The tin market has continued to show both its criticality and supply-side vulnerability. Demand drivers from the clean energy transition, electronics and advanced manufacturing remain robust, while disruptions in major producing countries during the year once again highlighted the fragility of the supply chain. This dynamic further validates our strategy of advancing projects in stable, transparent jurisdictions where environmental and social standards are aligned with customer expectations for responsible supply. Looking ahead, our focus remains firmly on delivering the key permitting milestones and confirming the value enhancement opportunities at Taronga, while furthering project financing discussions to position us for construction. In Germany, advancing fast- track permitting for Tellerhäuser and building out the broader district-scale potential of our licence package will be priorities. With tin increasingly recognised as a vital material for the global energy and digital transformation, First Tin is exceptionally well placed to create long-term value for shareholders and to play a leading role in the responsible supply of this essential metal. On behalf of the Board, I would like to thank our management team and employees for their commitment, our partners and stakeholders in Australia and Germany for their continued collaboration, and our shareholders for their long- term support. The progress made over the past year gives us a strong platform on which to build, and I look forward with confidence to the year ahead. Mr C Cannon Brookes Chairman 24 October 2025 CHAIRMAN'S STATEMENT CONTINUED firsttin.com 5 STRATEGIC REPORT ![]() ## WORLD TIN DEPOSITS MAP Low-cost, value-accretive path of up to #### 10,000 tonnes of tin per annum GOTTESBERG POSSIBLE SATELLITE OREBODY DEVELOPMENT FOR PROCESSING AT TELLERHÄUSER. Gottesberg is a historical project of global significance. In the 1940s and 1950s, SDAG Wismut mined uranium in the neighbouring granite. Geologically, the Gottesberg tin deposit is located at the western edge of the Eibenstock intrusive complex about 3 km from the western contact of the granite massif with the adjacent schist rocks. TELLERHÄUSER EXISTING INFRASTRUCTURE KEEPS CAPITAL COST LOW 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 GDR mine and has an exceptionally long history of mining. In line with our commitment to “leave no trace” on the environment, we are planning on building a processing plant underground, while waste rock and processing remains will be used as a by-product for backfill. 6 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() First Tin’s German and Australian tin assets are ideally located to deliver sustainable and conflict-free tin production in the future. Together the assets represent the 5th largest undeveloped tin reserve globally, outside Russia, Kazakhstan and the Democratic Republic of Congo. Both assets are located in low-risk, conflict-free jurisdictions and are located near good infrastructure, contributing to the very low projected start-up capex projected for each. Established reserves and simple mineralogy create a quick path to production and both assets also have active mining licenses granted over them. FIRST TIN World tin deposits >50,000t Sn OECD Countries Non OECD Countries TARONGA SIMPLE METALLURGY, SUPPORTIVE GOVERNMENT, FREEHOLD LAND OWNERSHIP Taronga was acquired in 2022 and benefits from over one century of development, including extensive drilling, tunnelling, and mining. Taronga’s exploration has led to the discovery of 6 other targets with sheeted quartz-cassiterite veins similar to Taronga, including: Tin Beetle, Pound Flat, McDonalds, Big Plant Creek, Poverty Point and Emerald. We are examining on-site renewable solar and wind power options and will carbon offset any effects from our activities. WORLD TIN DEPOSITS MAP CONTINUED firsttin.com 7 STRATEGIC REPORT ![]() ## CHIEF EXECUTIVE OFFICER'S REPORT ### FOR THE YEAR ENDED 30 JUNE 2025 The past 12 months have been a period of significant progress for First Tin. Following the successful £10.12m equity raise in late 2024, we have advanced our core assets in both Australia and Germany with a focus on permitting, optimising project economics and strengthening our development path. Together, these steps move us closer to our goal of becoming a significant, sustainable and reliable supplier of traceable tin, at a time when demand for this critical metal continues to grow and global supply remains fragile. TIN, A CRITICAL METAL WITH A VULNERABLE SUPPLY CHAIN Tin is a critical, yet often overlooked, metal essential for the clean energy transition and digital technologies. Every electrical connection requires solder, which is predominantly composed of tin, making it fundamental for modern electronics. Demand is growing rapidly, driven by advances in consumer electronics, solar, robotics, 5G and artificial intelligence. While demand continues to rise, supply growth has stagnated and remains highly vulnerable to disruption. Global inventories are low, and a significant deficit is forecast as supply fails to keep pace. More than 90% of production comes from emerging and developing economies, often exposed to conflict and regulatory risks. Australia remains the only significant OECD producer of tin concentrate, while the USA, Japan, Germany and South Korea - the four largest consumers of refined tin after China, rely entirely on imports. During the reporting period, supply disruptions persisted across major producing regions. Refined tin exports from Indonesia, the largest exporter, were down 30% year-on-year in 2024. Although shipments recovered somewhat in early 2025, they remained well below 2023 levels, with uncertainty around export licence approvals continuing. In Myanmar, the mining ban and subsequent earthquake in Wa State has severely restricted Chinese imports, which fell to their lowest level in December 2024 since the ban was introduced in 2023. Although some mining activity reportedly resumed post-period end in August 2025, operations remain fragile. The shortfall in Chinese imports from Myanmar was partially offset by increased imports from the Democratic Republic of Congo. However, conflict in the east of the country forced the suspension of W A (BILL) SCOTTING CHIEF EXECUTIVE OFFICER 8 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() mining at Bisie in March and April 2025, temporarily removing around 6% of global mine supply. While operations have since restarted, the security situation remains unstable. In South America, ongoing challenges in Brazil and Bolivia are expected to outweigh growth in Peru, with political uncertainty in Bolivia adding to the pressures. #### Semiconductor sales reached #### record highs in 2024, with Q2 #### 2025 sales up 20% year-on-year Despite broader macro-economic uncertainty, demand fundamentals for tin remain strong. Semiconductor sales reached record highs in 2024, with Q2 2025 sales up 20% year-on-year. China’s newly added solar PV capacity in H1 2025 doubled compared to the previous year, although recent data points to a slowdown in installations and exports. Global EV sales reached 9.1 million units in H1 2025, an increase of 28% year-on-year, driven by strong growth in China, Europe and the rest of the world, offsetting weaker performance in North America. Tin prices reflected these competing forces of robust demand and disrupted supply. After peaking above US$34,000 per tonne in October 2024, prices fell back to around US$29,000 - 30,000 by year-end. The temporary suspension of operations at Bisie pushed prices above US$38,000 per tonne in April 2025, before stabilising at US$30,000 following the restart. Since then, prices have trended upwards, closing the reporting period in the range of US$32,000 - 34,000 per tonne. UNLOCKING VALUE AT OUR TARONGA ASSET IN AUSTRALIA The period under review has been highly productive at Taronga as we pushed forward following the publication of the Definitive Feasibility Study (“DFS”) in May 2024. Work has focused on progressing environmental permitting, while confirming significant value enhancement opportunities. As a State Significant Development (SSD) in New South Wales (NSW), the formal permitting process began with the submission of the Scoping Report with a request to the New South Wales Planning Secretary for Environmental Assessment Requirements (“SEARs”) for the project. The Scoping Report outlined the key components of the Taronga project, including the layout, infrastructure placement, personnel requirements, and proposed transport routes. Relevant NSW Government departments and regulatory agencies use it to define the range of assessment requirements to be addressed in Taronga's Environmental Impact Statement ("EIS"). The SEARs notification informed what specialist studies were required for inclusion in the EIS to enable the development application to be assessed by the Department of Planning, Housing and Infrastructure (DPHI). To meet the statutory EIS assessment requirements, numerous studies, some covering multiple years of work, have now been completed by external experts. These include biodiversity, land & soil capability, material characterisation, impacts on air quality, noise, traffic, visibility, health, surface water, groundwater, greenhouse gases, Aboriginal Heritage, historic heritage, agriculture, social impacts and economic value to the Commonwealth, State and local region. In addition to the substantial studies undertaken around the mine site, additional studies were completed related to the anticipated disturbance footprint for the proposed mine camp near Glen Innes airport, and the proposed upgrades to Grampians Road, the main access road to the mine site. The EIS, which was finalised and submitted to the DPHI post-period end, is a comprehensive document that describes all the components of the Project and provides information on the key environmental issues addressed in the design and assessment of the Project. These are presented in a manner that addresses the specific requirements of the SEARs and the requirements of other consulted government agencies, the local communities, surrounding landowners and a range of specialist consultants’ assessments. Completion and submission of the EIS is a significant step forward for Taronga, and the anticipated receipt of developmental approval will enable the unlocking of significant value for the Company. Related to the EIS, a compensation agreement was executed in March 2025 with Crown Land NSW to account for impacts on Crown land and Crown roads within the Mine Site. Post-period end, in August 2025, an agreement was reached with the Glen Innes Severn Council (GISC) to place the mine camp on GISC-owned land adjacent to Glen Innes airport. This site is strategically located for transport and traffic management and has existing infrastructure. The support of GISC and the local community is critical for the project, and we look forward to continuing to work with them. CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED firsttin.com 9 STRATEGIC REPORT ![]() CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED Mineral testing and metallurgical work continued throughout the period under review, targeting improved recoveries above what was used in the previous DFS, which would improve the project’s economics. The results of additional crushing testwork have shown it is possible to obtain up to 89.5% of the contained tin into the minus 2.8mm fraction after coarse crushing. These results, which are consistent with earlier findings, confirm that the project does not require the higher capital and operating cost of ore-sorting equipment to pre- concentrate the tin. In August 2024, we announced higher recovery results from coarse gravity testwork on a higher-grade sample. In October 2024, a successful trial blast was completed, which reinforced the technical viability of the project. The drilling showed excellent penetration rates assisted by the vertical nature of the fracture sets, with 221.5m completed within 6 hours. Powder factors of 0.3, 0.5 and 0.8 were trialled based on 0.8 SG ANFO (Ammonium Nitrate Fuel Oil), with all showing excellent breakage to sizes less than 400mm. The results confirmed the powder factors used in the DFS, with the consultants suggesting the trial of a lower factor once mining has commenced, which could result in operational cost savings. Monitoring of the blast also confirmed acceptable vibration and noise, demonstrating our commitment to safety and minimal community impact. This data has been modelled and included as part of the EIS. The blasted rock also provided an opportunity to collect another bulk sample for our continuing metallurgical testwork programme, with samples more closely representing the actual run-of-mine blasted material. The DFS identified approximately 3.6Mt of Inferred resource located within the current pit designs, not currently included in the economic analysis. A review of the block model and geology shows that some of this Inferred mineralisation relates to a poorly defined lode structure located close to the northwestern pit walls in both the north and south pits. If this lode structure can be shown to be continuous and mineralised, it could add significant additional resources that may allow the northwestern walls to be pushed back and the pits deepened. As a result, in December 2024, we announced a 10,000m drilling programme to be undertaken in 2025 to convert the in-pit Inferred resource to Indicated and Measured status, which should translate to additional ore reserves and ultimately a longer life of mine. The drilling programme will also test several other potential lode structures, both within and external to the current pit design, that are also interpreted based on soil sampling and/or very broad spaced drill intercepts. These targets could also add additional resources, significantly increasing the project's mine life. As of 12 September 2025, a total 5,111m of RC drilling has been completed in 69 drill-holes as part of the resource drilling programme, for which assay results have been received for 19 holes, including: TMTARC044 23m @ 0.13% Sn from 30m including 12m @ 0.17% Sn from 36m TMTARC045 10m @ 0.06% Sn from 17m including 2m @ 0.14% Sn from 17m TMTARC047 17m @ 0.13% Sn from 43m including 5m @ 0.20% Sn from 43m TMTARC048 17m @ 0.13% Sn from 0m including 6m @ 0.16% Sn from 2m TMTARC046 8m @ 0.13% Sn from 24m TMTARC049 13m @ 0.19% Sn from 8m including 4m @ 0.35% Sn from 14m TMTARC050 14m @ 0.06% Sn from 32m TMTARC051 9m @ 0.13% Sn from 0m followed by 7m @ 0.14% Sn from 40m TMTARC053 62m @ 0.10% Sn from 6m including 12m @ 0.14% Sn from 35m TMTARC054 19m @ 0.12% Sn from 54m including 6m @ 0.18% Sn from 58m TMTARC055 71m @ 0.09% Sn from 0m including 9m @ 0.15% Sn from 11m TMTARC056 20m @ 0.12% Sn from 0m followed by 3m @ 0.32% Sn from 33m TMTARC058 13m @ 0.13% Sn from 0m including 8m @ 0.17% Sn from 0m TMTARC059 76m @ 0.08% Sn from 20m including 17m @ 0.11% Sn from 20m TMTARC060 25m @ 0.13% Sn from 54m including 10m @ 0.21% Sn from 61m TMTARC061 21m @ 0.07% Sn from 0m followed by 15m @ 0.11% Sn from 65m 10 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED These results are validating our interpretation that additional mineralisation exists within and adjacent to the current pit outlines. The grades and widths intercepted are consistent with existing quantified resources and are expected to result in additional resources being added within the current pit outlines, including converting current Inferred Resources to Indicated status. Outcropping along a ridge, with low pre-stripping and a life of mine strip ratio of 1:1, Taronga is already planned as a low-risk, low-cost mine. The broad zones of mineralisation intersected in the current programme are likely to result in conversion of areas of waste rock within the current pit outlines to ore. This will have the added effect of reducing the strip ratio. #### Taronga is a large-scale deposit with 138,000 tonnes of #### contained tin Exploration work at our nearby satellite deposits has confirmed our thesis that it lies at the centre of a broader tin district offering longer-term development potential. To further consolidate our exploration efforts in the district, we announced that we had been granted two new Exploration Licenses near Taronga. These licenses cover numerous historical hard rock and alluvial tin workings within and adjacent to the Mole Creek Leucogranite - the district's main source of tin mineralisation and bring the Company’s total area under tenure in the Emmaville district to ca. 752km 2 . While our immediate focus remains on bringing Taronga into production, we are also committed to building a robust exploration pipeline in this highly prospective region. The addition of these two tenements to our portfolio enhances our ability to identify and develop additional sources of tin in the district with the longer-term potential to build a hub and spoke system around the Taronga processing plant. To support the next phase of Taronga’s development, post-period end in August, we were pleased to bring on board Peter Miers as GM – Projects. Peter has significant experience leading project and commissioning teams in mining projects in Australia. The addition of Peter’s experience and knowledge will be important as we move through final permitting and towards the detailed engineering and execution phase. CRITICAL MINERALS AT TELLERHÄUSER AND GOTTESBERG, GERMANY Our German assets lie in the historic mining district of Saxony in the heartland of Europe’s high-tech manufacturing belt. As with Taronga, the location benefits from existing infrastructure that reduces risk and anticipated capital expenditure. During the period under review, activity in Germany has focused on progressing work for submission of the “Fast-track” Facultative Life of Mine Plan (LoMP) for Tellerhäuser, alongside further exploration in the Gottesberg and Auersberg licenses. Priorities for the LoMP relate to forested areas and water studies. A redesign of the product depot was finalised, which reduced the gradient of the ramp to 14%. The capacity of the depot was increased by approximately 100,000m³ with an increase of 1ha to the site surface footprint. Importantly, we remain below the 10ha threshold required for the “Fast- track” life of mine plan. A compensation agreement with landholders for impacted forest areas has been prepared ahead of the LoMP. Progress also continued on the water permitting. Post-period end, we received notification that the water treatment technology proposed for the Tellerhäuser mine, which largely corresponds to the existing water treatment technology used by Wismut GmbH meets requirements for natural radionuclides in the treated mine water. Focus is now on finalising the study for surface water to complete the LoMP submission. Following the successful and low-cost use of historic drilling data that enabled an increase to the Tellerhäuser Mineral Resource Estimate (“MRE”), the team commenced a similar review of historic drilling data pertaining to the Gottesberg and Auersberg deposits. The Gottesberg area was explored for uranium from the 1940s to 1980s, when a State- funded underground diamond drilling programme found tin mineralisation, but work was suspended in the 1990s. Further surface diamond drilling in 2011 confirmed tin mineralisation. The Auersberg license contains numerous historical tin workings, but limited exploration has been undertaken except for some drilling by Wismut at three targets. firsttin.com 11 STRATEGIC REPORT ![]() CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED The historic dataset has now been supplemented with results from the exploration mapping and sampling work conducted during the 2024 and 2025 field season, which included the collection and assay of 96 rock chip samples. The results indicate potential for significant tin-indium-gallium mineralisation within the Eibenstock granite at Gottesberg, Pollersberg and St Michaelis. This trend appears to extend to the Gabe Gottes area, forming a strike length of around 10km and representing a large exploration target. Several tin greisen vein structures were mapped and sampled across a distance of at least 3km, demonstrating sizeable systems in the district with grades ranging between 0.2% and 0.6% Sn, plus critical raw material by-products. Silver and bismuth were also located in several tin greisen systems via surface rock chip sampling. Potential for the district to host significant critical raw materials has been shown, and a re-evaluation of the Tellerhäuser and Gottesberg deposits suggests that they could both host significant indium and gallium credits. The indium potential at Tellerhäuser has already been shown, with a total of 708,000kg indium being identified as Indicated and Inferred Resources. The potential for additional tin deposits in our portfolio of exploration licenses in the tin triangle around the known Tellerhäuser and Gottesberg deposits, as well as the considerable potential for other critically important minerals, is especially relevant as Europe seeks to build security in its critical minerals supply chain. FINANCE REVIEW The Group reported a loss after tax of £1,554,175 (period ended 30 June 2024: £3,033,055) and a net asset value of £44,309,236 (period ended 30 June 2024: £37,884,956) for the period under review. At 30 June 2025 the Group had cash balances of £6,373,847 (30 June 2024: £1,345,629), with the Group having invested £2,732,752 (period ended 30 June 2024: £8,536,853) in the purchase of exploration and evaluation assets during the period. OUTLOOK The successful £10.12m equity raise completed during the period under review provided the funding to advance development and exploration activities across our Australian and German assets. Over the coming year, we will focus on: • Obtaining Developmental Approval for Taronga. • Optimisation and enhancement of the value of the previous Taronga DFS from: – Completing the metallurgical testing work to improve recoveries. – Completing the extension and infill drilling and resultant conversion of Inferred resources to increase the mine life. • Evaluating project financing options to advance Taronga through engineering design and into construction. • Progressing Mining Authority approval for Tellerhäuser. 12 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT Drilling blastholes for collection of bulk samples from Taronga North Adit ![]() Tin is fundamentally required for the energy transition and the digital transformation, yet the supply chain for this critical mineral continues to stagnate and experience disruption. This creates a significant opportunity for our two projects strategically located in the safe, compliant jurisdictions of Australia and Germany. The considerable progress over the last year brings us materially closer to Development Approval for both our projects. The drilling programme and metallurgical testwork are pointing to a significantly value enhanced and higher NPV Taronga project. With its sizeable resource base, geology and a mineralogy conducive to easy, cost-effective open-pit mining and processing, we can look forward to its development to meet the essential needs of tin consumers. I would like to thank all our shareholders and other stakeholders for your ongoing support as we pursue our strategic objective to become a reliable and sustainable global producer of fully traceable and verifiable tin. Significant progress has been made over the recent period, and we have entered the new reporting year with confidence. I look forward to updating you on further progress. Mr W A Scotting Chief Executive Officer 24 October 2025 CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED firsttin.com 13 STRATEGIC REPORT Drilling at Gottesberg ![]() PRINCIPAL ACTIVITIES The Company owns 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 Company’s aim is to become a global tin producer supplying fully traceable and verifiable tin units into global industries with high tin usage needs. BUSINESS REVIEW A review of the business is set out in the Chief Executive Officer’s report on pages 8 to 13. FINANCIAL REVIEW The Group reported a loss after tax of £1,554,175 (period ended 30 June 2024: £3,033,055) and a net asset value of £44,309,236 (period ended 30 June 2024: £37,884,956) for the period under review. At 30 June 2025 the Group had cash balances of £6,373,847 (period ended30 June 2024: £1,345,629), with the Group having invested £2,732,752 (period ended 30 June 2024: £8,536,853) in the purchase of exploration and evaluation assets during the period. ## STRATEGIC REPORT ### FOR THE YEAR ENDED 30 JUNE 2025 #### The Directors present their strategic report for First Tin Plc for the year ended #### 30 June 2025. PRINCIPAL RISKS AND UNCERTAINTIES The Directors consider the following to be the key risks and uncertainties applicable to the Group’s activities: DEPENDENCE ON THE TELLERHÄUSER AND TARONGA PROJECTS The only operations of the Company are the Tellerhäuser and Taronga projects. As a result, the success of the Company is highly dependent on the success of these two projects. The Taronga project aims to develop an open pit tin mine and processing facility to produce c.6,000 tonnes per year of tin concentrate. A Definitive Feasibility Study (DFS) has been published for the project which indicates an economic return based on a pre-production capital expenditure of AUD176m. The project is currently going through the permitting process, an Environmental Impact Study has been submitted to relevant authorities (post balance sheet date), with development approval anticipated during the first half of 2026. The Tellerhäuser project aims to develop an underground polymetallic tin mine and processing plant to produce c.5,500 tonnes per year of tin concentrate. The Company has published a Pre-feasibility/Options Study in respect of the project, and it is currently progressing through permitting in Germany. Whilst the Company is progressing both projects, it should be noted that while Taronga is further advanced in its development and Tellerhäuser is at a relatively early stage of development, both are capital intensive, and neither project is currently cash generative. Any adverse developments which affect either of the two projects (for example if development approval is delayed or not forthcoming for Taronga or if the conclusions of the Tellerhäuser Pre-feasibility/Options Study prove to be incorrect), or the Company’s rights to develop either project, is likely to adversely affect the Company’s business and financial condition. In particular, in the event that there are issues with one project which require unanticipated funds to be spent to remedy such issues, and/or management time to be expended in dealing with those issues, that may adversely affect the ability of the Company to proceed with its plans with the other project as forecast. This would likely have a material adverse impact on the Company’s results of operations, cash flows and financial condition. 14 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) DEPENDENCE ON THE RENEWAL OR CONTINUANCE IN FORCE OF MINERAL AND SURFACE ACCESS RIGHTS, PLANNING AND ENVIRONMENTAL PERMISSIONS AND OTHER APPROPRIATE LICENCES WHICH MAY BE REVOKED IF THEIR CONDITIONS ARE NOT COMPLIED WITH The Company’s operations at the Tellerhäuser and Taronga projects are dependent upon the grant, renewal or continuance in force of various mineral and surface access rights, planning and environmental permissions and other appropriate licences, permits, authorisations, regulatory approvals and consents and contractual agreements which may be valid only for a defined time period, may be subject to limitations and may provide for termination, revocation or withdrawal in certain circumstances. The Group holds a number of licences, the conditions relating to which are currently being complied with. Whilst the Board is confident that the Company will continue to fulfil the necessary conditions to maintain the good standing of these mining and exploration related licences in order to continue to be able to execute its business strategy, this cannot be guaranteed. If any member of the Group fails to fulfil the specific terms of any of its licences or if it operates its business in a manner that violates applicable law, governmental regulators may impose fines or suspend or terminate the right, concession, licence, permit or other authorisation, any of which could have a material adverse effect on the Group’s results of operations, cash flows and financial condition. Whilst the Company has diligently investigated title to all mineral claims and, to the best of its knowledge, title to all properties owned as at the date of this Document by Group companies are in good standing, this should not be construed as a guarantee of title. Although the Company is not aware that any such issues exist or have previously existed, the properties may be subject to undetected title defects. If a title defect does exist, it is possible that the Group could lose all or part of its interest in properties to which the title defect relates. THE COMPANY’S FINANCIAL POSITION AND REQUIREMENTS FOR FURTHER CAPITAL TO FULLY FUND PROJECTS The Company is loss-making and has no current source of revenue. Whilst the Company has a budget and sufficient working capital for its short- and near-term activities, the ability of the Company to fully fund the exploration and development of its Taronga and Tellerhäuser projects beyond such period will be dependent upon the Company successfully raising additional finance. However, it is currently anticipated that the Company will continue to be loss-making through and beyond a 15-month period. As noted above, the Taronga DFS estimates that the required pre-production capital expenditure for that project will be AUD176m and to bring the Tellerhäuser project to production is likely to also involve significant capital expenditure. Exploration, development and production activities are capital intensive and inherently uncertain in their outcome and it may also be the case that the capital expenditure required to bring the Taronga project to production materially exceeds the estimates set out in the DFS. The Company’s current and any future projects may involve unprofitable efforts, due either to unsuccessful drilling campaigns or from mines that are productive but do not produce sufficient net revenues to return a profit after development, operating and other costs. In addition, drilling hazards or environmental damage could significantly affect operating costs, and production from successful mines may be adversely affected by conditions including delays in obtaining governmental approvals or consents. Production delays and declines, whether or not as a result of the foregoing conditions, may result in lower revenue or cash flows from operating activities until such time, if at all, that the delay or decline is cured or arrested. In the event that such cash flows are reduced in the future, the Company may be forced to scale back, or delay, discretionary capital expenditure resulting in delays to, or the postponement of, the Company’s planned production and development activities which could have a material adverse effect on its business, results of operations, financial condition or prospects. firsttin.com 15 STRATEGIC REPORT ![]() STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) COMMODITY PRICES The underlying value of the Company’s assets and its potential future earnings and profitability and therefore long-term viability will depend, in large part, on the global market price of tin and the quality and marketability of such minerals extracted from the Company’s projects. Whilst tin prices reached historic highs in 2022, this is considered to have been caused by tin production failing to meet unprecedented demand during the economic recovery which followed 2020’s global recession and the increased consumption triggered by world-wide investments into the renewable energy and electromobility sectors. Later in 2022, the tin price fell back primarily due to geo-political uncertainty follow the commencement of the Russia-Ukrainian conflict. Since then, the tin price has trended steadily upwards and remains above historic averages. Whilst the Company takes a conservative view as to future prices, overproduction and/or a further or continued reduction in demand may depress prices below the Company’s current worst-case scenarios. In such circumstances the Company’s anticipated profitability may be adversely affected. Resource market prices are affected by numerous factors beyond the Company’s control, including inflation, global and regional consumption patterns, demand and supply, speculative activities, trading activities by market participants, international political and economic trends, currency exchange fluctuations, interest rates, production costs and increased production due to new and improved extraction and production methods. The aggregate effect of these factors on resource prices is impossible for the Company to predict. The Company monitors commodity prices in forecasting its cash flow requirements for the funding of its ongoing exploration and corporate activities and estimated development costs in bringing assets into production. The Company does not presently invest in commodity hedges to mitigate this risk. While the Company seeks to manage its capital and operating expenditures to maximise shareholder returns, ultimately the value of the Company’s projects and its financial performance may be highly dependent on commodity prices which are outside of the Company’s control. If commodity prices fall beyond the reasonable expectations of the Company, the ability of the Company to profitably extract commodities from its projects may be materially impacted, which will have a negative effect on the Company’s financial results. SUPPLY CHAIN ISSUES The Group’s inability to timely acquire strategic consumables, raw materials, drilling and processing equipment could have an adverse impact on its results of operations and financial condition. Periods of high demand for supplies can occur when availability of supplies is limited. This can cause costs to increase above normal inflation rates. Interruption to supplies or increase in costs could adversely affect the operating results and cash flows of the Group. Whilst the Group does not require any specialist or bespoke equipment and its supply risks are typical for a mining company with projects of the size, type and location of Taronga and Tellerhäuser, the Group's operations will require the purchase or hire of drilling rigs and operators, engineering design capacity and fabrication capacity for processing equipment. A decrease in the availability of these supplies or services, or inflationary effects may impact the pricing and/or cause delays to development. In such circumstances the Company’s financial results may be impacted. 16 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() MINERAL ESTIMATES MAY PROVE INACCURATE The Company has, and will in the future, publish information in respect of Measured, Indicated, and Inferred Resources for both Taronga and Tellerhäuser in accordance with the JORC 2012 Code and Guidelines. There are numerous uncertainties which the Company faces that are inherent in estimating quantities of reserves and any subsequent cash flows to be derived from such reserves, including many factors that are beyond the control of the Company. Estimation of Mineral Reserves and Mineral Resources (which cannot be measured in an exact manner) is a subjective process aimed at understanding the statistical probabilities of recovery. The interpretation and estimates of the amounts of Mineral Reserves and Mineral Resources, both as announced by the Company prior to the date of this Document and as may be announced in the future, are subjective and the results of drilling, testing and production subsequent to the date of any particular estimate may result in substantial revisions to the original interpretation and estimates. Moreover, different mining engineers may assess estimates of Mineral Reserves, Mineral Resources and cash flows differently based on the same available data. Actual production, revenues and expenditures with respect to Mineral Reserves and Mineral Resources will vary from estimates, and the variances may be material. Estimates of economically recoverable Mineral Reserves and any future net cash flows are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability, processing recovery rates, grade, royalty rates, assumed effects of regulation by governmental agencies and future operating costs, all of which may vary from actual results. All such estimates are, to some degree, speculative, and classifications of reserves are only attempts to define the degree of speculation involved. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues expected therefrom prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues and development and operating expenditures with respect to its reserves will vary from estimates thereof, and such variations could be material. If the actual Mineral Reserves or Mineral Resources of the Company are less than the current estimates or of lesser quality than expected, the Company may be unable to recover and produce the estimated levels or grade of its commodities and, as a result, the Company may not recover its initial outlay of capital expenditures and operating costs of any such operation and there may be a material adverse effect on the business, prospects, financial condition or results of operations of the Company. MINING AND MINERAL PROCESSING VOLUMES, RECOVERIES AND COSTS MAY PROVE INACCURATE Estimates of future net cash flows are based upon a number of variable operational factors and assumptions, including, but not limited to mining production rates, grade, mining strip ratio, processing rates and mineral recovery through processing, plant and equipment utilisation rates, concentrate grade and marketability, royalty rates, assumed effects of regulation by governmental agencies and future operating costs, all of which may vary from actual results. If the actual mining volumes, processing rates and recoveries of the Company are less than the current estimates or of lesser quality than expected, the Company may be unable to recover and produce the estimated levels or grade of its commodities and, as a result, the Company may not recover its initial outlay of capital expenditures and operating costs of any such operation and there may be a material adverse effect on the business, prospects, financial condition or results of operations of the Company STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) firsttin.com 17 STRATEGIC REPORT ![]() LITIGATION RISK Undertaking mineral exploration and mining activities carries with it a risk of being subject to third party litigation. This can take the form of litigation aimed at stopping activities brought by local or national environmental pressure groups and litigation brought by actual or potential competitors. In the event of the Company being threatened with litigation or being subject to a formal law suit, the Company may have to spend significant management time and costs in assessing or defending such claims which will adversely affect results of operations. Whilst both Germany and Australia have very well advanced legal systems, there remains the possibility that such actions could be made by a vexatious or frivolous litigant. There is also the possibility that a third party could bring a claim against a relevant licensing authority in order to seek a delay to, stopping of, or revocation of, a licence award to a group Company. For example, the Company is aware that, in Germany, a third party brought an objection against the Saxony State Mining authority in relation to the permit awarded to its German subsidiary, Saxore Bergbau GmbH, over the Rittersgrün field. The Saxony Mining authority has both rejected that third party’s objections and ordered the immediate enforcement of Saxore’s permit. The third party also tried to annul this immediate enforcement at the Courts but failed, and both the administrative court of Chemnitz and the Saxon Higher Administrative Court confirmed the immediate enforcement of the Rittersgrün permit. These Court decisions concerning the immediate enforcement are a strong sign that they regard the Rittersgrün permit as lawful and that the Courts will reject any action against the granting of the permit itself. The third party has raised a further appeal in respect of the Saxony Mining authority’s decision, but the Company believes that this appeal will be unsuccessful in light of the earlier decision of both Courts. Although Saxore would be able to apply for a new permit in such circumstances, such an event would delay development of the project and take up significant amounts of management time which could have a materially adverse effect on the Company’s results of operations and/or financial condition. INFRASTRUCTURE RISKS Mining, processing, development and exploration activities depend, to a significant degree, on adequate infrastructure. In developing its operations, the Company will need to construct and support the construction of infrastructure, including bulk civil works, water supplies, tailings storage facilities, power facilities and communications, in particular in relation to Taronga. Whilst the Company has budgeted for such line items, unexpected adverse weather, sabotage, government or other interference in the maintenance or provision of such infrastructure could result in increased costs which would materially adversely affect the Group’s operations, financial condition, and results of operations. Any such issues arising in respect of the supporting infrastructure or on the Group’s sites could materially adversely affect the Group’s results of operations or financial condition. Furthermore, any failure or unavailability of the Group’s operational infrastructure (for example, through equipment failure, lack of qualified employees) could materially adversely affect its activities. ENVIRONMENTAL LEGISLATION COMPLIANCE Environmental legislation is evolving in a manner that is expected to require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, will not adversely affect operations at the Company’s projects, in particular given environmental hazards may exist on the Company’s properties which are unknown to the Company. The Company’s current and future operations, including exploration and project development activities, are subject to environmental regulations promulgated by, in Germany, each of the Saxony state government, the German federal government, and the EU, and in Australia, the New South Wales state government and the Australian federal government. The cost of complying with current laws and regulations, particularly as the Company’s operations expand, and with new legislation brought in after the date of this Document, may have a material impact on management time and the Company’s cash reserves. STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) 18 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() THE GROUP IS SUBJECT TO FOREIGN EXCHANGE RISKS The functional currency of the Company is Pounds Sterling. However, it will incur operating costs in Euros and Australian Dollars and tin is priced in US Dollars. Therefore, fluctuations in exchange rates of the Pound against those currencies in which a Group Company generates revenue and/or incurs expenses may materially affect the Group’s translated results of operations. This may increase or decrease the results of operations and may adversely affect the Group’s financial condition as stated in Pounds Sterling. In addition, the Company may not be able to effectively hedge certain cash resources against risks associated with currency exchange rates and/or commodity prices. Any significant adverse fluctuations in currency rates could have a material adverse effect on the Company’s business, financial condition and results of operations. THE GROUP IS SUBJECT TO A NUMBER OF MINING INDUSTRY RISKS AND HAZARDS The Company’s operations are, and will continue to be, subject to all of the hazards and risks normally incidental to exploring, developing and exploiting natural resources. Some of these risks include, but are not limited to, environmental hazards, industrial accidents, industrial and labour disputes, litigation from third parties, unusual or unexpected geological formations or other geological or grade problems, unanticipated changes in metallurgical characteristics and mineral recovery, unanticipated ground or water conditions, cave-ins, flooding, rock bursts, periodic interruptions due to bad or hazardous weather conditions, unfavourable operating conditions, cost overruns, land claims and other unforeseen events. Should any of these risks and hazards adversely affect the Group’s mining operations or activities, it may cause an increase in the cost of operations to the point where it is no longer economically feasible to continue, it may require the Group to write down the carrying value of the Company’s projects, it may cause delays or a stoppage in mineral exploration, development or production, it may result in damage to or destruction of mineral properties or processing facilities, and may result in personal injury or death or legal liability, all of which may have a material adverse effect on the Group’s financial condition, results of operation, and future cash flows LABOUR DISRUPTIONS MAY CAUSE DELAYS AND AN INCREASE IN COSTS The potential for conflict with employees may occur at any one of the Group’s operations. Labour interruptions may be employed to advocate for labour, political or social goals. Labour interruptions have the potential to increase operational costs and decrease revenues by suspending the business activities or increasing the cost of labour or substitute labour, which may not be available. If such disruptions are material, they may adversely affect the Group’s results of operations, cash flows and financial condition. THE COMPANY’S OPERATIONS MAY BE AFFECTED BY NATURAL DISASTERS Natural disasters, including drought, floods, fire, extreme winter weather and the physical effects of climate change, all of which are outside the Group’s control, may adversely affect the Group’s operations. Operating difficulties, such as unexpected geological variations that could result in significant failure, could affect the costs and feasibility of its operations for indeterminate periods. Damage to or breakdown of a physical asset, including as a result of fire, flood, explosion or natural catastrophe, can result in a loss of assets and financial losses. Insurance (if capable of being obtained by the Group) may provide protection from some, but not all, of the costs that may arise from unforeseen events, but the occurrence of a significant adverse event not fully covered by insurance could have a material adverse effect on the Group’s business, results of operations, financial condition and prospects. STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) firsttin.com 19 STRATEGIC REPORT ![]() NOT ALL RISKS WHICH THE COMPANY FACES ARE INSURABLE The Company will maintain insurance cover with respect to its operations in accordance with international mining practice, including third party liability insurance up to specified limits. However, the Company will be unable to insure against all risks and may be exposed under certain circumstances to uninsurable hazards and risks which may result in financial liability, property damage, personal injury or other hazards or liability for the acts or omissions of sub-contractors, operators and joint venture partners. Although indemnities may in the future be provided by subcontractors, operators and joint venture partners, such indemnities may be difficult to enforce given the financial positions of those giving the indemnities or due to the jurisdiction in which the Company may seek to enforce the indemnities, potentially leaving the Company exposed to claims by third parties. There is also no guarantee that the Company will be able to maintain adequate insurance cover in the future at rates which are considered reasonable. Accordingly, the Company could incur substantial losses if an event which is not fully covered by insurance occurs, which would have a material adverse effect on the Group’s business, results of operations and financial condition. REPUTATION AND BRAND STRENGTH COULD BE ADVERSELY AFFECTED BY QUALITY RELATED ISSUES OR NEGATIVE PUBLICITY At its projects the Company intends to produce tin products of high quality that are verifiable. If a counterparty is unhappy with the quality of product received, or if any actions undertaken by the Company at its projects results in adverse publicity, for example operational failure or a breakdown in public relations between the Group and local stakeholders in each project, the intended reputation and/or brand strength of the Company will be adversely affected. This could result in potential customers and suppliers being unwilling to deal with the Company, which, if it occurred, would have an adverse effect on the Company’s results of operations. GEOGRAPHICAL FACTORS The Company operates across three countries, each of which has different laws, taxes and operating regulations. Although all three jurisdictions are first world stable economic environments, the Company’s business and results of operations are affected by changes in both global economic conditions and the individual markets in which it operates. Terrorist acts, civil unrest and other similar disturbances, as well as natural catastrophes, can impact economic conditions and consumer confidence, degrade infrastructure, disrupt supply chains and otherwise result in business interruption. A variety of factors may adversely affect results of operations and financial conditions during periods of economic uncertainty or instability, social or labour unrest or political upheaval in the markets in which it operates. For example, operations and supply chains may be disrupted. Periods of economic upheaval may also expose the Company to greater counterparty risks, including with customers, suppliers and financial institutions, who may become insolvent or otherwise unable to perform their obligations. The Company may also experience greater fluctuations in foreign currency movements, increased commodity prices and increased transportation, trade and energy costs. Periods of economic and political upheaval may also lead to government actions, such as imposition of martial law, trade restrictions, foreign ownership restrictions, capital, price or currency controls, nationalisation or expropriation of property or other resources, or changes in legal and regulatory requirements, including those resulting in potentially adverse tax consequences. GOVERNMENTAL ACTIONS TO REDUCE CLIMATE CHANGE MAY DISRUPT OPERATIONS AND/OR REDUCE CONSUMER DEMAND FOR PRODUCTS Although the Company intends to operate its business to the highest possible standards, the wider mining sector has been targeted by climate change and environmental activists because of the pollution output generated by companies operating in the mining industry. This may lead to further governmental actions which affect all such companies, irrespective of their actual environmental performance and the minerals which they are extracting. Such legislation may involve additional taxes, operating restrictions and/or further legislation which requires significant spending by the Company to become and remain compliant. In such circumstances, the Company’s results of operations may be materially affected. STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) 20 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() THE COMPANY MAY BE UNABLE TO ATTRACT AND RETAIN QUALIFIED PERSONNEL, INCLUDING KEY SENIOR MANAGEMENT The Company invests in recruiting and training talented personnel and senior management. The Company’s business depends, in part, on the ability of executive officers and senior management to provide uninterrupted leadership and direction for its business, and, in particular, on the ability to recruit, train and maintain qualified personnel to drive the Group’s mining activities. This need is all the more acute in the context of a growing business. The market for talent is intensely competitive and may become increasingly more competitive. The Company’s ability to attract and retain key management and other personnel is dependent on a number of factors, including prevailing market conditions, attractiveness of competitors as potential employers, working conditions and culture and the ability to offer attractive compensation packages. If the Company cannot keep its key workers and/or cannot adequately replace any leaver, this may impact the ability of the Company to progress its planned mining activities. In such an event, the Company’s expected results of operations may be adversely affected. 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 18 to the Consolidated Financial Statements. STRATEGIC REPORT CONTINUED PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) FUTURE DEVELOPMENTS The Group actively monitors the appropriate laws and regulations in each of its jurisdictions. At present there are no major changes foreseen in this regard that will have a material effect on the development of the Group’s assets. Consideration is given to various risk factors (set out above) which may have a bearing on the Group’s progress and all of these factors are subject to change. S172 STATEMENT 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 section 172 of the UK Companies Act 2006 which is summarised as follows: ‘A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and, in doing so have regard (amongst other matters) to: • the likely consequences of any decisions in the long-term; • 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; and • the need to act fairly as between members of the company.’ SHAREHOLDERS 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 other publications, as well as presentations and investor talks. EMPLOYEES Our current and future success is underpinned by our ability to engage, motivate and adapt our workforce. Creating the right environment for employees where their various strengths are recognised and their contributions are valued, helps to ensure that we can deliver our shared objectives. During the period, firsttin.com 21 STRATEGIC REPORT ![]() internal communications and reporting lines remained a focus and employees were kept informed of all the workstreams across the Company and helped to raise key issues with directors and executive. CUSTOMERS First Tin is in the process of developing its assets. However, understanding our future customers and even their customers and what matters to them is of paramount importance to the Company. A comprehensive knowledge of the tin market, product 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. COMMUNITIES AND ENVIRONMENT First Tin is committed to utilising industry best practices and achieving the highest standards of environmental management and safety. The Company also seeks and maintains positive relationships with its local communities and endeavours to continuously assess and monitor environmental impact, promote internally and apply industry best practices for environmental management and safety. TELLERHÄUSER SOCIAL The Life of Mine Plan (LOMP) was submitted to the Mines Authority on 25 May 2023. The Mines Authority provided the plan to 21 public stakeholders for official statements. Saxore is currently revising the LOMP to incorporate reasonable additional requirements of the stakeholders. Saxore has voluntarily published the plan to the public on the company’s website, to provide specific information for those who are not entitled to participate directly in the permitting process. Although a social impact assessment is not required by law, Saxore is preparing an E(S)IA, as this can positively impact the perception of the Project. German legislation describes the required content of the E(S)IA report and includes details of investigations and evaluations to determine environmental impact, resources used and expected residues, emissions and waste. STRATEGIC REPORT CONTINUED S172 STATEMENT (CONTINUED) GENDER DIVERSITY The breakdown by gender of the number of people employed by the Group at the date of signing is as follows: DIRECTORS Total number of directors 5 Male (5) Female (0) MANAGEMENT Total number at management level 4 Male (4) Female (0) EMPLOYEES Total number of employees 15 Male (12) Female (3) 22 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() Mining has a complex relationship with society, but Saxore assume that it has also various positive socio- economic effects that can be expected with the start of ore mining. No permitting, environmental or social fatal flaws or red flags have been identified from the desk-top review of environmental and social data provided. This includes the landscape conversation plan, biotope mapping, species protection report and species mapping, radiation protection concept, noise, dust, blasting and subsidence assessment as well as the report following the EU water framework directive. However, as the project is still in relatively early stages of development, there may arise areas where more work is required to bring the project up to international guidelines and best practice compliance. The citizens of the community have been informed about the project plan in a townhall meeting, in which questions about truck traffic, the effects on deep wells and possible radiation pollution were discussed. Due to the early stage of the project, it was agreed to provide more details in future such events. A citizens' initiative was founded to organize the dialogue. Saxore undertook a logistics study to consider alternative routes for the expected truck traffic. The completed study’s findings were discussed with the citizens’ initiative. Further community events discussed potential impacts on water and radiation. Saxore also attended local field visits and presented the project more broadly to the community participants. The potential benefits to communities affected by future mining were also discussed publicly at an information event held at the local mining academy. Several positive socio-economic impacts are expected with the start of mining at Tellerhäuser. Besides employees working directly for the project, a similar number of jobs are expected to be indirectly created in the region. It is Saxore’s intention to educate its employees and grow its talents in collaboration with regional training institutes. The development of expertise in various sectors such as geology, mining, processing technology and environmental protection is expected. The development of the project could result in an improvement in the local infrastructure, for example, road construction, development of the railway station and/or network expansion is possible. A community and stakeholder public relations programme for the construction, operational and closure phases will be established. Saxore engages with the local population to alleviate any possible fears and to build trust. In a social management plan, we will use diverse formats to guarantee an open and transparent communication and relationship with local government, businesses and residents. The instruments and tools we plan to use include: • Public information events (for example citizens' meetings, local council meetings) • Field visits together with responsible authorities (for example with the mining authority or water authority) • Building a website and constantly update it, • Local print media, social media platforms and press releases STRATEGIC REPORT CONTINUED S172 STATEMENT (CONTINUED) firsttin.com 23 STRATEGIC REPORT STRATEGIC REPORT CONTINUED S172 STATEMENT (CONTINUED) ENVIRONMENTAL A preliminary Environmental Impact Assessment (EIA) has been conducted at Tellerhäuser to identify potential negative environmental impacts associated with the Project. This determined that no applicable thresholds have been exceeded according to EIA law and a “Fast-Track” Facultative LOMP permitting process was enabled as there is no requirement to prepare a full EIA. The decision was gazetted by the Mines Authority on 17 March 2023. A biotope and flora mapping over an area of 33 ha was finalised in 2019 and updated in 2024. No strictly protected flora species have been identified within the affected project area. A protected moss species is inside the mapped area but outside the planned land use. In the mapped area 7 protected biotopes have been detected. Only two protected biotopes (0.06 ha) are directly affected by land use. For these areas mitigation and compensation measures are necessary, which are described in the landscape preservation plan that has been finalised. A linear, strictly protected biotope (creek with riparian vegetation) is crossing the project area but is not affected by the project. A buffer zone of ten metres to the biotope is observed. Several species groups have been surveyed in specific studies between 2019 and 2024. These include avifauna, amphibian/reptile fauna, lepidoptera, mammals and macrozoobenthos. The monitoring was finalised in 2024. As strictly protected species (according to habitat directive, CD 92/43/EEC), the hazel dormouse (only evidence of nest-building, no individuals) and five bat species have been detected in the project area. Measures for animals protected by the habitat directive are described in a special species protection statement, which has been finalised but not yet published. Further species with “threatened” status have been identified. These will be managed by compensation and preventive measures close to the project area as described in the landscape preservation plan which has been finalised but not yet published. The clearing of wood in the project area will be compensated by reforestation of open land areas in Saxony. Saxore has already identified sufficient compensation areas for submitting the Facultative LOMP. No special protected areas, Fauna-Flora-Habitat (FFH), special areas of conservation, nature protection or landscape protection areas, for example, are affected by the project. The same applies to drinking water and ground water protection areas. As the project area is within a flood source area, Saxore must apply for a permit for construction of the surface infrastructure in this area. Between 2019 and 2023 a surface water survey was carried out twice a year as a baseline study for local water quantity and quality. A ground water flow model was finalised in 2023 to simulate the impact of mine dewatering on the environment. The groundwater modelling found no impact on the surface water system, and hence to nature protection areas is expected. No water from the natural local water system will be used for the mine. To obtain permission to discharge mine water into the local catchment area a list of 64 substances/ parameters has been prepared and assessed by Saxore, and agreed by the water authority according to the German Surface Water Directive and the EU Water Framework Directive. As a result, five substances (arsenic, iron, manganese, radium, uranium) must be treated in a water treatment plant before being discharged to avoid causing pollution. The remaining sludge will be backfilled underground and immobilised. The final agreement with the water authority on the discharge parameters has been settled in 2025. The local geological background causes an elevated radiological concentration compared to the German average. For this reason, radon expansion modelling was carried out in the area of the planned portal in the Kunnersbach valley and the ventilation shafts as these may represent pathways to the surface for radon. The modelling has shown that the annual additional radon dose to the population from any emissions from the mine is insignificant in these areas. The project area is within an archeologically relevant region (mining history). All excavation work in the topsoil will be monitored by a state archaeological team during future construction work. This may impact construction work. Dust, noise and vibration studies have been done and no impact on the local inhabitants is expected due to the distance of the mine site from populated areas. No red flags have been identified to date. 24 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT STRATEGIC REPORT CONTINUED S172 STATEMENT (CONTINUED) TARONGA SOCIAL Stakeholder consultation is ongoing. Community meetings were held with near neighbours and the broader community including meetings to present outcomes of the recent environmental impact studies. Newsletters have been distributed and a number of local events were attended or sponsored during the period. TMPL donated an artwork sculpture “Roobot” to the town of Emmaville and this was officially opened by the mayor of the Glen Innes Severn Council on 30th August 2025. All interactions to date have been generally positive with strong support from most of the local community and First Nations people, and interest in employment opportunities. Issues raised by nearby landholders relate to potential noise, dust and vibrations, and we are working towards alleviating these issues and ensuring compliance with all regulations. The local council is very supportive of the project. ENVIRONMENTAL The scoping study and request for SEARs (planning secretary’s environmental assessment requirements) was lodged on 5th August 2024 and SEARs were received on 4th September 2024. The SEARs requirements have been addressed as part of the Environmental Impact Statement (EIS). All specialist consultant studies have been completed and results incorporated into the Environmental Impact Statement. Studies completed are: • Biodiversity Development Assessment (GeoLINK) • Air Quality Impact Assessment (Northstar) • Noise Assessment (Muller Acoustic) • Blast Impact Assessment (Terrock) • Surface Water Assessment (ATC Williams) • Groundwater Impact Assessment (Hydrogeologist.Com) • Independent Peer Review of the Numerical Groundwater Modelling (Manewell Groundwater) • Traffic Impact Assessment (The Transport Planning Partnership) • Human Health Risk Assessment (Environmental Risk Sciences) • Resilience and Hazards SEPP Screening & Preliminary Hazard Analysis (Sherpa) • Greenhouse Gas Assessment & Climate Change Adaptation Plan (Northstar Air Quality) • Visual Impact Assessment (RW Corkery & Co) • Aboriginal and Historical Cultural Heritage Assessment (Landskape Heritage Management) • Social Impact Assessment (Key Insights) • Economic Assessment (Gillespie Economics) • Land and Soil Capability Assessment (Landloch) • Agricultural Impact Statement (Landloch) • Geochemistry Characterisation and Assessment (RGS Environmental Consultants) The Environmental Impact Statement was completed in September 2025 and includes the following chapters: • Executive Summary • Introduction • Strategic Context • Project Description • Statutory Context • Engagement • Assessment and Management of Key Environmental Issues • Evaluation of the Project • References • Glossary The study concludes that predicted residual environmental impacts remain acceptable and that ongoing management, monitoring and reporting will ensure that compliance is maintained. CLIMATE CONSIDERATIONS First Tin has a policy of minimising its greenhouse gas emissions and to this end, has decided to have a behind the meter power supply consisting of a 10MW solar farm supported by an 8MW gas powered generator and a single 2MW diesel generator for emergency back-up only. To take full advantage of solar power, it has been decided that primary and secondary crushing (the single largest power draw at the mine-site) will only be conducted during daylight hours. This has the added benefit of minimising noise during the night. These initiatives are estimated to result in a saving of around 14,780t CO 2 per year compared with using Grid power. firsttin.com 25 STRATEGIC REPORT ![]() STRATEGIC REPORT CONTINUED S172 STATEMENT (CONTINUED) A full analysis of greenhouse gas emissions has been completed as part of the EIS as noted above. OFFSET AREAS First Tin currently owns approximately 25km 2 of Freehold land around the project area. Studies are currently underway on the areas not required for mine infrastructure to assess their environmental significance and value as offset areas. It is likely that much of this area has a high environmental value as much of it has not been affected by previous mining or farming activities. It is proposed to set aside much of this area in perpetuity as an environmental conservation area. PERMITTING A Mining Lease application (MLA 642) has been applied for over the mineralisation and all required site infrastructure. This triggered the “Right to Negotiate” process with Native Title holders. No Native Title was registered within the required time frame and the Right to Negotiate process is now considered to be complete as per notification from the Mining, Exploration and Geoscience division of the Department of Regional NSW. A compensation agreement has been reached with Crown Lands department over a block of Crown Land that covers part of the South Pit area. There is a Native Title Land Claim over this block and TMPL is currently in negotiation with the claimants regarding transferring the Crown Land agreement to them should their claim be successful. GOVERNMENT AND REGULATORS Maintaining respectful and collaborative relationships with our regulatory authorities is vital to the success of our business. We believe that the strength of these relationships will allow us to make a sustainable and beneficial contribution to the regions in which we operate. The Company has held preliminary meetings with Department of Regional NSW, including the Mining, Exploration and Geoscience division and Resources Regulator, to outline the status of exploration and preliminary mine planning and will hold further meetings with the Department as part of the Mine Development Panel process. A draft Scoping Report was issued on 24 July 2024 with representatives of the Biodiversity, Conservation and Science Division (BCS) of the NSW Department of Climate Change, Energy, the Environment and Water. No further matters were raised and as noted above, the Scoping Report and request for SEARs was formally lodged on 5 August 2024. We have been in 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 followed all required protocols to date and intend to continue to do so. Following formal lodgement of the EIS there will be meetings with the NSW Department of Planning, Housing and Infrastructure (DPHI) and NSW Department of Primary Industries and Regional Development (DPIRD).. BUSINESS CONDUCT As explained in more detail in the Corporate Governance section on pages 32 to 35, values and culture are an integral part of our strategy and the 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 in such a manner so as to act fairly as between the Company’s shareholders. This report was approved by the Board on 24 October 2025 and signed on its behalf by: W A Scotting Chief Executive Officer 26 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() firsttin.com 27 STRATEGIC REPORT From left to right: Rob Kidd (TMPL GM Operations), Mayor Margot Davis (Glen Innes Severn Council), Jessica Cass (TMPL Community Relations Officer), Tony Truelove (TMPL COO), Mick Brown (Creator of Roobot) On Saturday 30 August 2025, a sculpture named Roobot was unveiled by Mayor Margot Davis in the RSL Park at Emmaville. Roobot is a sculpture created by artist Mick Brown as a tribute to the animals who perished in the 2019 bushfires. Taronga Mines purchased the sculpture as a gift to the Emmaville community. ![]() ## ENVIRONMENTAL, SOCIAL AND ## GOVERNANCE ("ESG") ### FOR THE YEAR ENDED 30 JUNE 2025 #### OUR VISION #### A conflict-free source of tin through sustainable, professional, responsible, #### and regulated mining. INTEGRITY • Do what is right; • Do what we say we will do; and • Be inclusive. RESPECT • For the environment • For our employees (including their health, safety and wellbeing) • For the local communities in which we operate PERFORMANCE • For delivering outcomes to progress the green and technological revolutions • For enhancing the community • For a return to our shareholders GLOBAL RESPONSIBILITY • Assisting in the transition to a “greener future” • Managing our impacts at every stage of development and production #### OUR PRIORITIES 1 SAFETY 2 MINIMISING OUR CO 2 FOOTPRINT 3 MINIMISING OUR ENVIRONMENTAL FOOTPRINT 4 ETHICAL AND RESPECTFUL 5 RECRUITMENT AND MATERIALS 6 POSITIVE LEGACY A core value; we aim for a fatality and injury free workplace. From an early stage of our mine project; utilising renewable energy supply and electrification options for future mine equipment wherever possible. Through identification and implementation of “leave-no-trace solutions” wherever possible. Behaviour that is built on a transparent relationship with local communities and their culture and laws. Source and hire locally wherever possible. Prepare to leave a positive legacy for the local environment. 28 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() • Design, build and operate a state of the art, environmentally sensitive and conflict-free tin mining operation; • Establish a contractual arrangement with the legitimate First Nations land claimants for the land plot that partially overlaps where the northern and southern pit mineralisation are; • Support locals through two dedicated internship positions that will offer training opportunities for mining industry relevant positions, on a rotating basis; • Inclusive employment policies that encourage diversity and gender balance; • Investigate the options to share water supply from our purchased water allocation rights with the local community, subject to the outcome of the water bores and exploration results; • Investigate the options to supersize the intended solar power generation plant in order to achieve a low, or even CO 2 -free, energy footprint; and • Plan a tree planting initiative based on the recommendations of local experts and Glen Innes Severn Council. #### OUR PRIORITIES 1 SAFETY 2 MINIMISING OUR CO 2 FOOTPRINT 3 MINIMISING OUR ENVIRONMENTAL FOOTPRINT 4 ETHICAL AND RESPECTFUL 5 RECRUITMENT AND MATERIALS 6 POSITIVE LEGACY A core value; we aim for a fatality and injury free workplace. From an early stage of our mine project; utilising renewable energy supply and electrification options for future mine equipment wherever possible. Through identification and implementation of “leave-no-trace solutions” wherever possible. Behaviour that is built on a transparent relationship with local communities and their culture and laws. Source and hire locally wherever possible. Prepare to leave a positive legacy for the local environment. TARGETS TARONGA: WE COMMIT TO: TARGETS TELLERHÄUSER: WE COMMIT TO: • Design, build and operate a state of the art, environmentally sensitive and conflict-free tin mining operation with a “leave-no-trace”, mine waste-free, surface footprint wherever possible; • Develop a policy for a professional training/ apprenticeship program to support locals to qualify as potential future employees; • Investigate the options to supply the future Tellerhäuser mine with renewable energy in order to achieve a low, or even CO 2 -free, energy footprint. Identify the potential use for the geothermal heat that we can extract out of the to- be-pumped and treated ground water; • Support the technology development for low CO 2 , or CO 2 -free, tin smelting and refining options as co-financier of a study at the local university; and • Integrate electrical driven equipment as one option into our DFS. ESG CONTINUED firsttin.com 29 STRATEGIC REPORT ## TASK FORCE ON CLIMATE-RELATED ## FINANCIAL DISCLOSURES ### FOR THE YEAR ENDED 30 JUNE 2025 First Tin is committed to extracting resources responsibly and sustainability is at the core of the Group’s development programme and aspirations for future operations. GOVERNANCE ARRANGEMENTS IN RELATION TO ASSESSING AND MANAGING CLIMATE- RELATED RISKS AND OPPORTUNITIES The Audit and Risk Committee is responsible for reviewing and monitoring the suitability and 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 reviewed the risk management framework during the period. The Board is responsible for ensuring that environmental and climate related issues are incorporated into all aspects of the Group’s development as well as assessing the Group’s internal controls to demonstrate and record conformity with the Group’s stated environmental goals which can be reviewed in the ESG Report on pages 28 to 29. PROCESSES FOR IDENTIFYING, ASSESSING AND MANAGING CLIMATE-RELATED RISKS ARE INTEGRATED INTO THE ENTITY’S OVERALL RISK MANAGEMENT PROCESS Given the relatively 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 procedures in place to identify risks and implement further risk management procedures as its assets are developed. Currently the Group operates from two corporate offices, with no operational tin production activity. As such Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions are not produced and climate-related risks are minimal. Future risks are actively assessed as part of the feasibility studies of both Projects. The Company expects to further develop the risk management framework during the course of 2026, with implementation occurring during the course of late 2026 and 2027, at which point it is anticipated the Taronga asset will enter the early stages of commissioning and production. PRINCIPAL CLIMATE-RELATED RISKS AND OPPORTUNITIES ARISING IN CONNECTION WITH THE ENTITY’S OPERATIONS At this relatively early stage of the development of the Group’s assets the Directors have elected to not make a detailed disclosure in this regard as specific climate-related risks and opportunities will be defined further into the development programme. However, during the period the Group has paid particular attention to the potential climate-related issues concerning water, soil, biodiversity, waste, and clean air. The Group has conducted detailed analysis around the use of renewable energy for the Taronga project, culminating in the proposal to install a solar energy facility, which is estimated will generate 53% of the site’s power requirements and save around 14,700 tonnes of CO 2 . The Definitive Feasibility Study published for Taronga in May 2024 details the current environmental legislation that the Group will need adhere to in the context of climate-related risks and opportunities, however the Directors remain cognisant of the ever-changing regulatory landscape. An Environmental Impact Statement (EIS) has been prepared for the regulatory approval process for the Taronga project. As such, the Group expects to further formalise its views in this regard during the course of 2026 and 2027 with implementation occurring during the course of 2027. TIME PERIODS BY REFERENCE TO WHICH THOSE RISKS AND OPPORTUNITIES ARE ASSESSED The Group’s risk management framework is reviewed at least twice annually which the Board feels is appropriate at this stage of the development programme. However, the framework is fluid and might be analysed, adapted and expanded more frequently as First Tin moves towards being a sustainable tin producer. As noted in the ESG Report (pages 28 to 29) the Group will identify and implement ‘leave no trace’ solutions wherever possible, including potentially utilising renewable energy supply, screenings, and electrification options for future mine equipment. Pursuant to the completion of the Environmental Impact Statement for Taronga, which was submitted during 30 FIRST TIN l ANNUAL REPORT 2025 STRATEGIC REPORT ![]() Q3 2025, the Company expects to formalise the risk management framework in this regard, with implementation occurring during the course of 2027. 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 assets the Directors have elected to not make a detailed disclosure in this regard as the impact of climate related risks and opportunities will be defined further into the development programme. The Group is developing stringent environmental controls 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. As noted above, the Group has conducted detailed analysis around the use of renewable energy for the Taronga project, culminating in the proposal to install a solar energy facility, which is estimated will generate 53% of the site’s power requirements and save around 14,700 tonnes of CO 2 . ANALYSIS OF THE RESILIENCE OF THE ENTITY’S BUSINESS MODEL AND STRATEGY, TAKING INTO CONSIDERATION DIFFERENT 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 confident in its ability to progress both assets in Australia and Germany in a sustainable fashion. The global clean energy and technological revolutions are driving significant future demand for tin, creating an exciting opportunity for First Tin and its ability to deliver a sustainable answer to the anticipated global tin supply shortage. The decision to invest in solar energy for Taronga is expected to provide economic and supply benefits in an uncertain future energy supply environment, as well a reduction in the project’s CO 2 emissions. TARGETS USED BY THE GROUP TO MANAGE CLIMATE-RELATED RISKS AND TO REALISE CLIMATE-RELATED OPPORTUNITIES AND OF PERFORMANCE AGAINST THOSE TARGETS 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 specific targets will be defined further into the development programme. As noted in the ESG Report (pages 28 to 29) the Group will identify and implement ‘leave no trace’ solutions wherever possible and endeavour to minimise First Tin’s CO 2 footprint from an early stage, as evidenced by the selection of solar as part of the Taronga energy supply mix. The Company expects to formalise its views in this regard during the course of 2026 with formal implementation occurring during the course of 2027. 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 ON WHICH THOSE KPIS ARE BASED 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 specific risks and opportunities will be defined closer to the transition from development to production. The Company expects to formalise its views in this regard during the course of 2026 and implement such KPI’s during the course of 2027 as Taronga is expected to move into commissioning and production. TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED firsttin.com 31 STRATEGIC REPORT ## CORPORATE GOVERNANCE STATEMENT ### FOR THE YEAR ENDED 30 JUNE 2025 The Company is managed under the direction and supervision of the Board of Directors. Among other things, the Board sets the vision and strategy for the Company in order to effectively implement the Company’s business model which is to become a global tin producer supplying fully traceable and verifiable tin units into global industries with high tin requirements. Good corporate governance creates shareholder value by improving performance while reducing or mitigating risks that the Company faces as we seek to create sustainable growth over the medium to long- term. It is my role as Chairman to lead the Board effectively and to oversee the adoption, delivery and communication of the Company’s corporate governance model. The Listing Rules require all companies admitted to the Standard Segment of the FCA’s Official List to adopt and comply with a recognised corporate governance code. In this regard, the Board has adopted the Quoted Companies Alliance Corporate Governance Code (the “Code”). It was decided that the Code was more appropriate for the Company’s size and stage of development than the more prescriptive Financial Reporting Council’s UK Corporate Governance Code. The narrative that follows sets out in broad terms how we comply with the Code at this point in time and we will provide annual updates to the report going forward. PRINCIPLE 1: ESTABLISH A PURPOSE, STRATEGY AND BUSINESS MODEL WHICH PROMOTE THE LONG-TERM VALUE FOR SHAREHOLDERS In the short to medium term First Tin plans to establish sustainable tin mining and processing from its two flagship assets, the Taronga Project in New South Wales, Australia and the Tellerhäuser project in Saxony, Germany. By developing these advanced hard rock tin projects in the Tier 1 jurisdictions of Australia and Germany, First Tin will support the global energy transition and digital transformation by supplying critically needed compliant and verifiable tin into the electric vehicle, renewable energy and semi-conductor supply chains. By virtue of its expanding exploration portfolio and resource base, First Tin is also developing a range of options for longer term growth in tin supply and shareholder value. PRINCIPLE 2: PROMOTE A CORPORATE CULTURE THAT IS BASED ON ETHICAL VALUES AND BEHAVIOURS The Board believes that the promotion of a corporate culture based on sound ethical values and behaviours is essential to maximise shareholder value. With regard to the structure and size of the Company, the Board is confident the ethical values are being adhered to through multiple ways. Many employees are members of professional bodies and/or are educated to a very high academic level. Having a relevant professional degree and being a member in good standing of the professional body aligns with the culture the Company cultivates to obtain its objectives. The Company will only meet its objectives if all its employees are ethical, fair and transparent in their dealings with our stakeholders. PRINCIPLE 3: SEEK TO UNDERSTAND AND MEET SHAREHOLDER NEEDS AND EXPECTATIONS The Company is committed to listening and communicating openly with its shareholders to ensure that its strategy, business model and performance are clearly understood. Understanding what analysts and investors think about us, and in turn, helping these audiences understand our business, is a key part of driving our business forward and we actively seek dialogue with the market. We do so via retail and institutional investor roadshows, attending and presenting at investor conferences, meeting with independent investment analysts and financial journalists and our regular reporting. The Directors actively seek to build a relationship with institutional shareholders. The Chief Executive Officer (“CEO”) and other Directors will make presentations to institutional shareholders and analysts from time-to-time in part to listen to their feedback and have a direct conversation on any areas of concern. The Board as a whole is kept informed of the views and concerns of major shareholders by briefings from the CEO. Any significant investment reports from analysts will be circulated to the Board. The Non-Executive Chairman is also available to meet with major shareholders if required to discuss issues of importance to them. The Annual General Meeting (“AGM”) is one forum for dialogue with shareholders and the Board. The Notice of Meeting is sent to shareholders at least 21 clear days before the AGM. The Chair of the Board and all Committee Chairs, together with all other 32 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE STATEMENT CONTINUED Directors, will routinely attend the AGM and are available to answer questions raised by shareholders. For each vote, the number of proxy votes received for, against and withheld is announced at the meeting. The results of the AGM will subsequently be published on the Company’s website. PRINCIPLE 4: TAKE INTO ACCOUNT WIDER STAKEHOLDER AND SOCIAL RESPONSIBILITIES AND THEIR IMPLICATIONS FOR LONG-TERM SUCCESS Engaging with all our stakeholders strengthens our relationships and helps us make better business decisions to deliver on our commitments. The Board is regularly updated on wider stakeholder engagement to stay abreast of stakeholder insights into the issues that matter most to them and our business, and to enable the Board to understand and consider these issues in decision-making. Some examples of stakeholders aside from our shareholders are the nearby communities to our projects, our potential future customers and our suppliers. The Board therefore closely monitors and reviews the results of the Company’s engagement with those groups to ensure alignment of interests. PRINCIPLE 5: EMBED EFFECTIVE RISK MANAGEMENT, INTERNAL CONTROLS AND ASSURANCE ACTIVITIES, CONSIDERING BOTH OPPORTUNITIES AND THREATS, THROUGHOUT THE ORGANISATION FINANCIAL CONTROLS The Company’s Audit and Risk Committee comprises Ross Ainger (Chairman) and Bill Scotting. The Audit and Risk Committee meets as often as required and at least twice a year. The Audit and Risk Committee’s main functions include reviewing the effectiveness of internal control systems and risk assessment, overseeing the Company’s relationship with the external auditors, including making recommendations to the Board in relation to the appointment and remuneration of the Company’s auditors and monitoring and reviewing annually their independence, objectivity, effectiveness and qualifications. The Audit and Risk Committee also monitors the integrity of the financial statements of the Company and Group, including its annual and interim reports and any other formal announcement relating to financial performance. The Audit and Risk Committee considers the nature, scope and results of the auditors’ work and reviews, and can develop and implements policies on the supply of non-audit services that are provided by the external auditors where appropriate. The Audit and Risk Committee focuses particularly on compliance with legal requirements, accounting standards and the relevant Listing Rules and ensuring that an effective system of internal financial and non-financial controls is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board. The identity of the Chairman of the Audit and Risk Committee is reviewed on an annual basis and the membership of the Audit and Risk Committee, and its terms of reference are kept under review. The Audit and Risk Committee Chairman is considered to be an independent Non- Executive Director and no member has links with the Company’s external auditors. STANDARDS AND POLICIES The Board is committed to maintaining appropriate standards for all the Group’s business activities and ensuring that these standards are set out in written policies where appropriate. The Board acknowledges that the Group’s international operations may give rise to possible claims of bribery and corruption. In consideration of the UK Bribery Act the Board reviews the perceived risks to the Group arising from bribery and corruption to identify aspects of the business which may be improved to mitigate such risk. The Board has adopted a zero-tolerance policy toward bribery and has reiterated its commitment to carry out business fairly, honestly and openly. The Company has a share Dealing Code, in conformity with the requirements of the Listing Rules for Companies and the Market Abuse Regime (MAR) and ensures compliance by the Board and senior staff with the terms of the code. In summary, the code stipulates that those covered by it should: not deal in any securities of the Company unless prior written notice of such proposed dealings has been given to the Board and written clearance received from the Board; not purchase or sell any securities of the Company in the 30 days immediately preceding the announcement of the Company’s half-yearly or annual results; not use another person, company or organisation to act as an agent, or nominee, partner, conduit or in another capacity, to deal in any securities on their behalf where that third person would breach obligations under this paragraph; and immediately inform the Board of any dealings in the Company’s shares. firsttin.com 33 CORPORATE GOVERNANCE CORPORATE GOVERNANCE STATEMENT CONTINUED All material contracts are required to be reviewed and signed by a Director of the Company and reviewed by our external counsel. The Company has a social media policy. The objective of the policy is to minimise the risks to the Company through use of social media. The policy deals with the use of all forms of social media, all social networking sites, internet postings, the Company’s website, non-regulatory news feeds and blogs. It applies to use of social media for business purposes as well as personal use that may affect the Company in any way. The policy covers all employees, officers, consultants, contractors, interns, casual workers and agency workers. PRINCIPLE 6: MAINTAIN THE BOARD AS A WELL-FUNCTIONING, BALANCED TEAM LED BY THE CHAIR The Board comprises the Non-Executive Chairman, one Executive Director and three Non-Executive Directors. The Board is satisfied that it has a suitable balance between governance on the one hand, and knowledge of the Company on the other, to enable it to discharge its duties and responsibilities effectively. All Directors are encouraged to use their independent judgement and to challenge all matters, whether strategic or operational. The Chairman holds update meetings with each Director to ensure they are performing as they are required. During the financial year to 30 June 2026, at least four Board meetings will take place (six Board meetings were held during the year to 30 June 2025). Key Board activities in the coming year will include: the review of the progress of the environmental work and permitting; review and approval of drilling programmes at Taronga to convert inferred resources to indicated, measured; review and approval of site preparation at Taronga; review and development of the long-term strategy of the Group; review and approval of the annual plan and budget; assessing any potential acquisition candidates and received take- over offers, as the case might be; the continued open dialogue with the investment community; to consider our financial and non-financial policies; to discuss the Company’s capital structure and financial strategy, including capital investments, funding and shareholder returns; to discuss internal governance processes; to review the Company’s risk management system and profile; and to review feedback from shareholders post full and half year results. The Company has effective procedures in place to monitor and deal with conflicts of interest. The Board is aware of the other commitments and interests of its Directors, and changes to these commitments and interests must be reported to and, where appropriate, agreed with the rest of the Board. PRINCIPLE 7: MAINTAIN APPROPRIATE GOVERNANCE STRUCTURES AND ENSURE THAT INDIVIDUALLY AND COLLECTIVELY THE DIRECTORS HAVE THE NECESSARY UP-TO-DATE EXPERIENCE, SKILLS AND CAPABILITIES The Board is satisfied that, between the Directors, it has an effective and appropriate balance of skills and experience, including in the areas of mining, mineral processing, commodity markets, ESG, corporate finance and capital markets. All Directors receive regular and timely information on the Company’s operational and financial performance. Relevant information is circulated to the Directors in advance of meetings. The Board makes decisions regarding the appointment and removal of Directors and there is a formal, rigorous and transparent procedure for appointments. The Company’s Articles of Association require that: any Director who has held office at the time of the three previous AGMs and who did not retire at either of them must retire from office and may offer him or herself for re-election by the shareholders; and that any new Directors appointed during the year must stand for election at the AGM immediately following their appointment. All Directors are able to take independent professional advice in the furtherance of their duties, if necessary, at the Company’s expense. In addition, the Directors have direct access to the advice and services of the Company Secretary and Legal Counsel. The Board meets at least four times each year in accordance with its scheduled meeting calendar. The Board sets direction for the Company through a formal schedule of matters reserved for its decision. Prior to the start of each financial year, a schedule of dates for that year’s four Board meetings is compiled to align as far as reasonably practicable with the Company’s financial calendar while also ensuring an appropriate spread of meetings across the financial year. This may be supplemented by additional meetings as and when required. During the financial year to 30 June 2026, the Board will meet for at least four scheduled meetings. 34 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE STATEMENT CONTINUED The Board receive appropriate and timely information prior to each meeting; a formal agenda is produced for each meeting, and Board and committee papers are expected to be distributed well before meetings take place. Any Director may challenge Company proposals and decisions are taken democratically after discussion. Any Director who feels that any concern remains unresolved after discussion may ask for that concern to be noted in the minutes of the meeting, which are then circulated to all Directors. Any specific actions arising from such meetings are agreed by the Board or relevant committee and then followed up by the Company’s management. The Board is responsible for the long-term success of the Company. There is a formal schedule of matters reserved to the Board. It is responsible for overall Group strategy; approval of major investments; approval of the annual and interim results; annual budgets; dividend policy; and Board structure. It monitors the exposure to key business risks and reviews the annual budgets and their performance in relation to those budgets. There is a clear division of responsibility at the head of the Company. The Chairman is responsible for running the business of the Board and for ensuring appropriate strategic focus and direction. The CEO is responsible for proposing the strategic focus to the Board, implementing it once it has been approved and overseeing the management of the Company through the executive team. The Board is supported by the Audit and Risk Committee. The Committee has access to such resources, information and advice as it deems necessary, at the cost of the Company, to enable the committee to discharge its duties. PRINCIPLE 8: EVALUATE BOARD PERFORMANCE BASED ON CLEAR AND RELEVANT OBJECTIVES, SEEKING CONTINUOUS IMPROVEMENT The Company is constantly assessing the individual contributions of each of the members of the Board and executive team to ensure that: their contribution is relevant and effective, that they are committed and where relevant, they have maintained their independence. Over the next 12 months we intend to continue to review the performance of the team as a unit to ensure that the members of the Board collectively function in an efficient and productive manner. PRINCIPLE 9: ESTABLISH A REMUNERATION POLICY WHICH IS SUPPORTIVE OF LONG- TERM VALUE CREATION AND THE COMPANY'S PURPOSE, STRATEGY AND CULTURE The Company recognises that a well-designed remuneration policy is critical to attracting, retaining, and motivating high-calibre talent while ensuring alignment with the Company’s long-term strategic goals, purpose, and culture. The Company’s aim is to attract, retain and incentivise the Executive Director, senior management and employees in a manner consistent with the goals of good corporate governance. The Board will continue to consider a number of factors including the basic salary, benefits and incentives available to the Executive Director, senior management and employees of comparable companies and for new senior recruits based on executive search specialist advice. The Company’s remuneration packages awarded to the Executive Director and senior management are intended to be competitive. A formal performance related remuneration incentive programme is being developed and implemented as the Company moves towards project execution and production and will aim to align employees’ with shareholders’ interests. PRINCIPLE 10: COMMUNICATE HOW THE COMPANY IS GOVERNED AND IS PERFORMING BY MAINTAINING A DIALOGUE WITH SHAREHOLDERS AND OTHER KEY STAKEHOLDERS The Company communicates with shareholders through the Annual Report and Accounts, full- year and half-year announcements, the AGM, RNS announcements, EGM’s as required, and one-to- one meetings with large existing or potential new shareholders. A range of corporate information (including all Company announcements and presentations) is also available to shareholders, investors and the public on the Company’s corporate website, www.firsttin.com. The Board receives regular updates on the views of shareholders through briefings and reports from the CEO and the Company’s brokers. The Company communicates with institutional investors frequently through briefings with management. In addition, analysts’ notes and brokers’ briefings are reviewed to achieve a wide understanding of investors’ views. The Company will also communicate to individual investors and private client brokers, investor roadshows and presentations at investor conferences. firsttin.com 35 CORPORATE GOVERNANCE ![]() During the Period there were two members of the Audit and Risk Committee. Ross Ainger chaired the Committee and the other member was Bill Scotting. Ross Ainger is a Non-Executive Director and deemed to be independent by the Board. It is intended that the Audit and Risk Committee meets at least twice a year and the Committee is responsible for ensuring that the Company’s financial performance is properly monitored and reported and for providing oversight of the Company’s risk management and system of internal controls. The chair reports to the Board after each Committee and will attend each Annual General Meeting of the Company. In the period between 1 July 2024 and 30 June 2025 the Committee met four times, with all members in attendance. The Audit and Risk committee plays a vital role at First Tin by ensuring that the Company has effective and appropriate risk management and internal control systems, backed up by comprehensive financial, governance and reporting functions. The chair ensures that the Audit and Risk Committee provides the appropriate guidance, governance and oversight to management in order to identify and manage risks, helping to facilitate the effective delivery of the Projects in Germany and Australia. DUTIES OF THE AUDIT AND RISK COMMITTEE INTERNAL CONTROL AND RISK ASSESSMENT The Committee assists the Board in discharging its duty to ensure that the financial statements presented by the Company to its shareholders conform with all legal and regulatory requirements and that the Company and its subsidiaries’ financial reporting and internal control policies and procedures for the identification, assessment and reporting of risks are adequate, by keeping such matters under review and making appropriate recommendations to the Board. RISK IDENTIFICATION AND ASSESSMENT The Committee advises the Board on the Company’s risk strategy, risk policies and current risk exposures; overseas the implementation and maintenance of the overall risk management framework and systems; reviews the Company’s risk assessment processes and capability to identify and manage new risks; and reviews the effectiveness of the Company’s IT systems and procedures. EXTERNAL AUDIT The Committee considers and makes recommendations to the Board regarding the appointment and reappointment of the Company’s external auditor, as well as any questions relating to their resignation or removal. The Committee oversees the relationship with the external auditor, including, but not limited to, the approval of their remuneration and terms of engagement, whether in relation to audit or non-audit services, and annually assesses the auditor’s independence, objectivity, qualifications, expertise, resources and effectiveness. The Audit and Risk Committee meets the external auditor at least twice a year and reviews the findings of the audit. FINANCIAL STATEMENTS The Committee monitors the integrity of the financial statements of the Company, including the annual and interim reports, preliminary results announcements and any other formal announcement relating to its financial performance. It reviews any significant financial reporting issues and judgments, and challenges, where necessary, and the Company’s financial statements before submission to the Board. The Committee keeps under review the consistent application of accounting policies and practices on a year-to-year basis, and across the Company. ## AUDIT AND RISK COMMITTEE REPORT ### FOR THE YEAR ENDED 30 JUNE 2025 36 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() MEETINGS The Committee met during August 2024, October 2024, March 2025 and May 2025. and focused on the following topics. DURING THE PERIOD, THE COMMITTEE: • met with the external auditor and discussed their audit report and audit plan for the financial period to 30 June 2025; • approved the publication of the annual and half-year financial results for the period to 30 June 2024 and 31 December 2024 respectively; • as part of the annual report preparation made a going concern assessment of the Company and discussed future 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 • assessed the independence of the auditor and approved their fees for audit-related services. WHISTLEBLOWINGS The Company has a whistleblowing policy in place which sets out the formal process by which an employee of the Group may, in confidence, raise concerns about possible improprieties in financial reporting or other matters. ANTI-BRIBERY The Company has an anti-bribery and anti-corruption policy which sets out its zero-tolerance position and provides information and guidance to employees on how to recognize and deal with bribery and corruption issues. EXTERNAL AUDITOR The Committee considered the independence and effectiveness of the external auditor. The Annual Report 2025 is the fourth year Crowe U.K. LLP has been auditing and Leo Makin has been the audit partner for the same period. AUDIT AND RISK COMMITTEE REPORT CONTINUED firsttin.com 37 CORPORATE GOVERNANCE ![]() ## BOARD OF DIRECTORS ### AS AT 30 JUNE 2025 W A (BILL) SCOTTING CHIEF EXECUTIVE OFFICER Bill is an internationally experienced CEO, Director, senior executive, and consultant with over 35 years’ experience in globally leading companies, primarily related to metals and mining. Previous roles include Head of Corporate Development at copper producer, Aurubis; CEO of zinc producer, Nyrstar; CEO of ArcelorMittal’s Mining division; Head of Strategy and Head of Performance Enhancement at ArcelorMittal; Metallurgist at BHP; Consultant at McKinsey & Company and CRU International. Bill has an MBA (with Distinction) from Warwick Business School in the UK, and a B.Sc. (Metallurgy) from the University of Newcastle in NSW, Australia, where he was awarded the Australasian Institute of Metals Prize for Metallurgy. He was a member of the World Economic Forum Global Advisory Council for Mining & Metals from 2010-2012. CHARLES CANNON BROOKES NON-EXECUTIVE CHAIRMAN Charles is an Executive Director and Chief Investment officer of Duke Capital Limited and is focused on deal origination, due diligence, execution and monitoring as well as UK plc responsibilities. He has over 20 years investment experience and has advised and sat on the boards of several different funds, trusts and other publicly traded investment companies. Prior to Duke, he owned and was the CIO of Arlington Group Asset Management Limited which acted as the UK based, FCA regulated investment management company to the Arlington Special Situations Fund. Earlier in his career Charles worked at Jupiter Asset Management, ABN Amro and Barclays de Zoete Wedd. First Tin is committed to attaining the highest level of corporate governance to ensure the future sustainability of the organisation and to create long term value for its shareholders. To achieve this, we promote a culture that rewards performance, integrity and respect. Global tin specialists have more than 150 years’ of combined experience in tin exploration, development, mining, processing, and commercialisation. 38 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() BOARD OF DIRECTORS CONTINUED BRETT SMITH NON-EXECUTIVE DIRECTOR Brett has served on the board of private mining and exploration companies and has over 33 years international experience in the engineering, construction and mineral processing businesses. He is Executive Director and Deputy Chairman of Hong Kong listed company APAC Resources Limited, Executive Director of MetalsX Limited and Hong Kong listed company Dragon Mining Limited and a Non-executive Director of ASX listed companies Prodigy Gold NLTanami Gold NL and Elementos Limited. PETER GUNZBURG NON-EXECUTIVE DIRECTOR Peter has over 20 years’ experience acting as a public company director, stockbroker and investor. He has previously been a director of BARD1 Life Sciences Limited, Resolute Ltd, Australian Stock Exchange Ltd, Eyres Reed Ltd, CIBC World Markets Australia Ltd and Fleetwood Corporation Ltd. He is currently Chairman of MetalsX Limited. ROSS AINGER INDEPENDENT NON- EXECUTIVE DIRECTOR Ross has worked as in independent corporate consultant since January 2020, advising public, private and FCA Authorised and Regulated firms on a variety of different mandates. He previously worked at Arlington Group Asset Management, a commodities focused investment management, corporate finance, and advisory business; Merrill Lynch Investment Managers; Deutsche Bank and Reuters. firsttin.com 39 CORPORATE GOVERNANCE ![]() ## DIRECTORS' REMUNERATION REPORT ### FOR THE YEAR ENDED 30 JUNE 2025 The Company’s policy is to maintain levels of remuneration sufficient to attract, motivate and retain senior executives of the highest calibre who can deliver growth in shareholder value. The Executive Director’s remuneration currently consists of a basic salary. A performance-related incentive plan is currently being developed. The Company seeks to strike an appropriate balance between fixed and performance-related rewards, reinforcing a clear link between pay and performance. The performance targets for staff, senior executives and the Executive Director continue to be aligned to the key drivers of the business strategy, thereby creating a strong alignment of interest between staff, Executive Director and shareholders. The Board 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 4 December 2025. POLICY TABLE Purpose and link to strategy Criteria Performance conditions and cost REMUNERATION ELEMENT: BASE SALARY To provide fixed remuneration to: • help recruit and retain key individuals; and • reflect the individual’s experience, role, rank and contribution within the Company. The Board takes into account a number of factors when setting salaries, including: • the scope and complexity of the role; • the skills and experience of the individual; • salary levels for similar roles within the industry; • pay elsewhere in the Company. Salaries are reviewed, but not necessarily increased, annually. The current base salaries of the Directors can be found in the Directors’ Remuneration section. The Board retains discretion to make higher increases in certain circumstances, for example, following an increase in the scope and/or responsibility of the role or the development of the individual in the role or by benchmarking. REMUNERATION ELEMENT: OTHER BENEFITS To provide a basic benefits package, in order to help recruit and retain key individuals. The Company may provide the Executive Director and management as well as employees with accident insurance, pension insurance and similar benefits in line with legal requirements in the jurisdiction of employment of the respective employee. The expense of providing the benefit. REMUNERATION ELEMENT: ANNUAL BONUS To incentivise and reward the achievement of annual financial, operational and individual objectives which are key to the delivery of the Company’s short-term strategy. At present no annual bonus is paid to the Executive Director. The Board will review this during the financial year to 30 June 2026. None. 40 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() Purpose and link to strategy Criteria Performance conditions and cost REMUNERATION ELEMENT: SHARE OPTION PLAN • To incentivise and reward the creation of long-term shareholder value. • To align the interests of the eligible employees with those of shareholders. • To help recruit and retain key individuals. Under the terms of the share option plan (the “Share Option Plan”), the Remuneration and Nominations Committee may issue options over shares up to 10% of the issued share capital of the Company from time to time. The Executive Director, employees and certain consultants are eligible for awards. None DIRECTORS’ REMUNERATION (AUDITED) The table below sets out the Directors’ remuneration and fees: Basic fees Performance related bonus Share based payments Total 2025 £ £ £ £ Mr W. A. Scotting 179,167 – – 179,167 Mr C. Cannon Brookes 35,000 – – 35,000 Mr R. G. J. Ainger 45,000 – – 45,000 Mr B. R. Smith 23,315 – – 23,315 Mr P. L. Gunzburg 23,315 – – 23,315 Mr I Hofmaier 15,000 – – 15,000 Ms C Apthorpe 13,333 – – 13,333 334,130 – – 334,130 2024 £ £ £ £ Mr W. A. Scotting 75,000 – – 75,000 Mr C. Cannon Brookes 52,500 – – 52,500 Mr R. G. J. Ainger 36,964 – – 36,964 Mr T Buenger 282,809 – – 282,809 Mr S I Cornelius 30,000 – – 30,000 Mr I Hofmaier 67,500 – – 67,500 Ms C Apthorpe 60,000 – – 60,000 Mr N Mather 40,385 – – 40,385 645,158 – – 645,158 PENSION ARRANGEMENTS (AUDITED) There were no pensions or other similar arrangements in place with any of the Directors during the periods ended 30 June 2025 or 30 June 2024. DIRECTORS' REMUNERATION REPORT CONTINUED POLICY TABLE CONTINUED firsttin.com 41 CORPORATE GOVERNANCE ![]() PAYMENTS TO PAST DIRECTORS (AUDITED) No payments were made to past directors in the periods ended 30 June 2025 or 30 June 2024. DIRECTORS’ INTERESTS (AUDITED) The Directors held the following interest in the share capital of the Company either directly or beneficially as at 30 June 2025: Ordinary shares 2025 Percentage of issued shares No. % Arlington Group Asset Management Ltd 1 52,366,675 11.59 W A Scotting 2,250,000 0.50 1 Mr C. Cannon Brookes is a beneficial owner of Arlington Group Asset Management Ltd The Directors have no interest in share options either directly or beneficially. PERFORMANCE GRAPH (UNAUDITED) The Company’s shares were admitted to trading on the main market of the London Stock Exchange on 8 April 2022. The chart below shows the performance of the Company’s shares against the FTSE all share index. -80% -90% -100% -70% -60% -50% -40% -30% -20% -10% 20% 0% May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 May 24 First Tin FTSE Actuaries All Share Index 10% DIRECTORS' REMUNERATION REPORT CONTINUED DIRECTORS’ REMUNERATION (AUDITED) CONTINUED 42 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() PERCENTAGE CHANGE IN DIRECTORS’ REMUNERATION There was no change in basic salary for the Directors in place during the current and prior periods other than a 33% increase with respect to the salary of W A Scotting. Accordingly, no table has been presented. RELATIVE IMPORTANCE OF THE SPEND ON PAY (UNAUDITED) The table below shows the Group’s expenditure on employee pay compared to distributions to shareholders: 2025 2024 No. No. Distribution to shareholders – – Total employee pay 1,239,230 2,340,045 This report was approved by the Board on 24 October 2025 and signed on its behalf by: C Cannon Brookes Non-Executive Chairman DIRECTORS' REMUNERATION REPORT CONTINUED DIRECTORS’ REMUNERATION (AUDITED) CONTINUED firsttin.com 43 CORPORATE GOVERNANCE Examining drill cores from Tellerhäuser Deeps ![]() ## DIRECTORS' REPORT ### FOR THE YEAR ENDED 30 JUNE 2025 PRINCIPAL ACTIVITIES The Company owns 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 Company’s aim is to become a global tin producer supplying fully traceable and verifiable tin units into global industries with high tin usage needs. RESULTS AND DIVIDENDS No ordinary dividends were paid during the period. The directors do not recommend payment of a final dividend. DIRECTORS The Directors who served throughout the year and up to the date of signing of the annual report were as follows: W. A. Scotting C. Cannon Brookes R. G. J. Ainger B. R. Smith (appointed 11 July 2024) P. L. Gunzburg (appointed 11 July 2024) C. J. Apthorpe (resigned 30 September 2024) I. Hofmaier (resigned 30 September 2024) N. Mather (resigned 11 July 2024) DIRECTORS’ REMUNERATION The Directors’ remuneration is detailed in the Directors’ Remuneration Report on pages 40 to 43. DIRECTORS’ AND OFFICERS’ INDEMNITY INSURANCE The Group has Directors’ and Officers’ liability insurance in place which provides cover against liabilities arising against them in that capacity. SUBSTANTIAL SHAREHOLDERS The Company has been notified of the following interests of 3 per cent. or more in its issued share capital as at 24 October 2025: Ordinary shares Percentage holding No. % Metals X Limited 135,166,667 29.91 Baker Steel Capital Managers LLP 54,616,675 12.09 Arlington Group Asset Management Ltd 52,366,675 11.59 Sparta AG 24,166,667 5.35 Konwave AG 13,666,666 3.02 SHARE CAPITAL The Company’s shares as at 30 June 2025 comprised 451,868,306 Ordinary shares of £0.001 each. 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. STREAMLINED ENERGY AND CARBON REPORTING The Streamlined Energy and Carbon Reporting (“SECR”) Regulations require quoted companies and large unquoted companies that have consumed more than 40,000 kilowatt-hours (kWh) of energy in the reporting period to include energy and carbon information within their Directors’ Report. The Group do not currently exceed this threshold and are therefore exempt from the SECR reporting requirements in this Annual Report. The directors present their report and the consolidated financial statements for the year ended 30 June 2025. 44 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() GOING CONCERN The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration and evaluation period and this, in turn, depends on the availability of external funding. At 30 June 2025, the Group had cash balances of £6.37 million following two rounds of fundraising during the year under review. The Directors have prepared a cash flow forecast to 31 December 2026 which indicates that additional funding will be required in Spring 2026 in order for the Group to continue to settle its liabilities as they fall due. This represents a material uncertainty that may cast significant doubt about the Group’s and the Company’s ability to continue as a going concern. However, based upon the success of previous fundraising, the Directors are confident that sufficient funds will be raised to enable the Group to continue as a going concern. 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. DIRECTORS' REPORT CONTINUED Outcropping at Taronga firsttin.com 45 CORPORATE GOVERNANCE ![]() DIRECTORS’ RESPONSIBILITIES STATEMENT The Directors are responsible for preparing the annual report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare the Group and the Company financial statements for each financial year. Under that law the directors have elected to prepare the Group financial statements in accordance with UK adopted International Accounting Standards and elected to prepare the Company financial statements under United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards including FRS 101 Reduced Disclose Framework) and applicable law. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed, subject to any material departures disclosure and explained in the financial statements; • prepare the Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and the Company and to prevent and detect fraud and other irregularities. DIRECTORS' REPORT CONTINUED Emmaville’s historic Mining Museum 46 FIRST TIN l ANNUAL REPORT 2025 CORPORATE GOVERNANCE ![]() DIRECTORS' REPORT CONTINUED Historic tin workings near Emmaville WEBSITE PUBLICATION The Directors, who were in office at the date of approval of this report, confirm that, so far as they are aware, there is no relevant audit information of which the Company’s auditor is unaware and that they have taken all reasonable steps to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. The Directors are responsible for preparing the financial statements in accordance with the Disclosure and Transparency Rules (“DTR”) of the United Kingdom’s Financial Conduct Authority and with International Financial Reporting Standards as adopted by the United Kingdom. The Directors confirm to the best of their knowledge that: • the financial statements have been prepared in accordance with the relevant financial reporting framework and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the Company; and • the Strategic Report and Directors’ Report include a fair review of the development and performance of the business and the financial position of the Group and the Company, together with a description of the principal risks and uncertainties that it faces; and • the annual report and financial statements, taken as a whole, are fair, balanced, and understandable and provide the information necessary for shareholders to assess the Group’s position, performance, business model and strategy. ANNUAL GENERAL MEETING The Company’s Annual General Meeting will be held on 4 December 2025 at 12.00pm at 1st Floor, 47/48 Piccadilly, London, W1J 0DT. On behalf of the Board on 24 October 2025. C Cannon Brookes Director firsttin.com 47 CORPORATE GOVERNANCE ## INDEPENDENT AUDITORS' REPORT ### TO THE SHAREHOLDERS OF FIRST TIN PLC OPINION We have audited the financial statements of First Tin PLC (the “Parent Company”) and its subsidiaries (the “Group”) for the year ended 30 June 2025, which comprise: • the consolidated statement of comprehensive income; • the consolidated and Company statements of financial position; • the consolidated statements of cash flows for the year then ended; • the consolidated and Company statements of changes in equity; and • the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and UK-adopted International Accounting Standards (UK IAS). The financial reporting framework that has been applied in the preparation of the Parent Company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice). In our opinion: • the financial statements give a true and fair view of the state of the Group’s and of the Parent Company's affairs as at 30 June 2025 and of the Group’s loss for the year then ended; • the Group financial statements have been properly prepared in accordance with UK International Accounting Standards; • the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. MATERIAL UNCERTAINTY RELATING TO GOING CONCERN We draw attention to note 3.2 in the financial statements, which indicates that the Group needs to raise additional capital to fully develop its business plan. As stated in note 3.2, these events or conditions, along with other matters as set forth in Note 3.2, indicate that a material uncertainty exists that may cast significant doubt on the Group and the Parent Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group’s and Parent Company’s ability to continue to adopt the going concern basis of accounting included the following. • We confirmed our understanding of the Group’s going concern assessment process. We have obtained and reviewed the Board’s paper setting out the going concern assessment and examined supporting financial projections; • We assessed the appropriateness of the approach, assumptions and arithmetic accuracy of the model used by management when performing their going concern assessment; • We discussed with management the quantum and timing of the future fundraise, including consideration of the Group’s historical fundraising activities; 48 FIRST TIN l ANNUAL REPORT 2025 INDEPENDENT AUDITORS' REPORT • We reviewed and considered potential downside scenarios and the resultant impact on available funds, to assess the reasonableness of economic assumptions on the Group’s liquidity requirements; and • We assessed the adequacy of the disclosures made in the financial statements. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OVERVIEW OF OUR AUDIT APPROACH MATERIALITY In planning and performing our audit we applied the concept of materiality. An item is considered material if it could reasonably be expected to change the economic decisions of a user of the financial statements. We used the concept of materiality to both focus our testing and to evaluate the impact of misstatements identified. Based on our professional judgement, we determined overall materiality for the Group financial statements as a whole to be £340,000 (Period ended 30 June 2024: £300,000), based on 0.75% percent of Group total assets. We consider an asset-based measure to be appropriate because of the stage of development of the assets. Materiality for the Parent Company financial statements as a whole was set at £220,000 (Period ended 30 June 2024: £100,000) based on 0.4% of the Company’s total assets at the year end. We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit of the financial statements. Performance materiality is set based on the audit materiality as adjusted for the judgements made as to the entity risk and our evaluation of the specific risk of each audit area having regard to the internal control environment. Performance materiality was set at 70% of materiality for the financial statements as a whole, which equate to £238,000 (Period ended 30 June 2024: £210,000) for the group and £154,000 (Period ended 30 June 2024: £70,000) for the Parent Company. Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party transactions and directors’ remuneration. We agreed with the Audit and Risk Committee to report to it all identified errors in excess of £11,000 (Period ended 30 June 2024: £9,000). Errors below that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative grounds. OVERVIEW OF THE SCOPE OF OUR AUDIT Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the Group’s system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have represented a risk of material misstatement. We identified two significant components, being the principal operating subsidiaries, Saxore Bergbau GmbH (“Saxore”) and Taronga Mines Pty Limited. Our group audit strategy focused on the Parent Company and both of the significant components, which were subject to a full scope audit. The audit of Saxore was principally performed in Germany by a local Crowe member firm under the direction and supervision of the Group audit team. We reviewed the work of the local audit team remotely and communicated with the team and local management on a regular basis. The audit of the Company and Taronga Mines Pty Limited was conducted from the UK. All Group companies were within the scope of our audit testing. KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material 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. In addition to the matter described in the material uncertainty related to going concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. This is not a complete list of all risks identified by our audit. INDEPENDENT AUDITORS' REPORT CONTINUED firsttin.com 49 INDEPENDENT AUDITORS' REPORT ![]() Key audit matter How the scope of our audit addressed the key audit matter VALUATION OF INTANGIBLE ASSETS The carrying value of intangible assets comprise of the exploration and evaluation (E&E) assets. At the reporting date the carrying value of the Group’s E&E assets were £36.68 million (2024: £34.97 million), as detailed in note 13 to the consolidated financial statements. There is a risk that costs may be capitalised which do not meet the criteria set out within IFRS 6. There may also be indicators of impairment to the carrying value of exploration and evaluation assets. As part of our risk assessment, we determined the carrying value of these asset as a core component of the Group’s valuation and impairment assessment requires the use of judgment and estimates which are likely give rise to significant risk. We confirmed and assessed the existence and the design effectiveness of controls around the approval of capitalised expenditure and management’s impairment assessment for exploration and evaluation assets. For a sample of capitalised costs, we validated the costs incurred were correctly measured and appropriately allocated to the mining projects. We reviewed management’s assessment which concluded that there are no facts or circumstances that suggest that there are any indicators of impairment of the asset or that the recoverable amount is less than the carrying value. In considering this assessment under IFRS 6, we reviewed the following sources of evidence: • The right to explore the area and the validity of the exploration licence; • board minutes, budgets and other operational plans setting out the Group’s current plans for the continued commercial appraisal of the mining development assets; • current and forward metal prices; and • current plans and intentions for the asset with management. Based on the above audit procedures, we consider the accounting treatment and the related valuations of the intangible assets to be reasonable and in line with our expectations. We also reviewed the related disclosures in the notes to the financial statements for compliance with accounting standards and consistency with the results of our work, with no matters arising. INDEPENDENT AUDITORS' REPORT CONTINUED 50 FIRST TIN l ANNUAL REPORT 2025 INDEPENDENT AUDITORS' REPORT ![]() Key audit matter How the scope of our audit addressed the key audit matter CARRYING VALUE OF INVESTMENTS AND INTERCOMPANY RECEIVABLES – PARENT COMPANY The carrying value of investments in subsidiaries in the financial statements of the Parent Company was £19.19 million (2024: £19.19 million) and long-term receivable from subsidiaries was £33.69 million (2024: £26.92 million), are detailed in note 6 and note 7 to the Parent Company financial statements. Management considered the recoverability of the investments as at year end to determine whether there were any indicators for impairment. Impairment assessments require significant judgement and there is a risk that the valuation of these assets may be misstated, potentially resulting in an inappropriate impairment charge. We obtained and assessed the management’s impairment assessment of investments in subsidiaries and long-term receivables. These balances are closely linked to the underlying E&E assets held by the Group, which form the core of the Group’s valuation. We challenged Management as to why the carrying value of these balances is greater than the Company’s market capitalisation, which is an indication of impairment. Our procedures included: • Obtained and reviewed management’s impairment assessment, which was based on the recoverable amount of the Group’s E&E asset, which is determined by the economic net present value (NPV) model; • Verified the accuracy of key assumptions, including prevailing and forecast metal prices, production timelines, and the discount rate. We benchmarked these assumptions against external market data and industry norms; • Tested the model for arithmetic accuracy to ensure the calculations were correctly applied and consistent with the underlying assumptions; • Performed sensitivity analysis on the economic NPV model by varying long term forecast metal prices and discount rates, to evaluate the robustness of the recoverable amount; Based on the work performed, we concurred with management’s assessment that no impairment was required and considered the associated disclosures to be appropriate. Our audit procedures in relation to these matters were designed in the context of our audit opinion as a whole. They were not designed to enable us to express an opinion on these matters individually and we express no such opinion. INDEPENDENT AUDITORS' REPORT CONTINUED firsttin.com 51 INDEPENDENT AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT CONTINUED OTHER INFORMATION The directors are responsible for the other information contained within the annual report. 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 express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other 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. OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion based on the work undertaken in the course of our audit • the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is 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 have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • 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 in agreement with the accounting records and returns; or • certain disclosures of directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS As explained more fully in the directors’ responsibilities statement set out on page 46, 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 are responsible for assessing the Group’s and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS 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 influence the economic decisions of users taken on the basis of these financial statements. 52 FIRST TIN l ANNUAL REPORT 2025 INDEPENDENT AUDITORS' REPORT ![]() INDEPENDENT AUDITORS' REPORT CONTINUED Irregularities, including fraud, are instances of non- compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that 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, the Disclosure and Transparency Rules (DTR), relevant local mining licence compliance requirement and Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to management 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 some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant 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 We were appointed by Board on 31 March 2022 to audit the financial statements for the year ending 31 December 2022. Our total uninterrupted period of engagement is 4 years covering the periods ended 31 December 2021 to 30 June 2025. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Parent Company and we remain independent of the Group and the Parent Company in conducting our audit. No other non-audit services were provided to the Group or the Parent Company. Our audit opinion is consistent with the additional report to the audit and risk 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 required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Leo Malkin Senior Statutory Auditor for and on behalf of Crowe U.K. LLP Statutory Auditor London 24 October 2025 firsttin.com 53 INDEPENDENT AUDITORS' REPORT ![]() ## CONSOLIDATED STATEMENT OF ## COMPREHENSIVE INCOME ### FOR THE YEAR ENDED 30 JUNE 2025 Notes Year ended 30 June 2025 Year ended 30 June 2024 £ £ Administrative expenses (1,704,191) (3,163,266) Operating loss 6 (1,704,191) (3,163,266) Finance income 8 154,523 130,236 Finance costs 9 (4,507) (25) Loss before tax (1,554,175) (3,033,055) Income tax expense 10 – – Loss for the period (1,554,175) (3,033,055) Other comprehensive loss: Exchange differences on translation of foreign operations (1,375,719) (865,875) Other comprehensive loss for the period (1,375,719) (865,875) Total comprehensive loss for the period (2,929,894) (3,898,930) Total comprehensive loss attributable to the equity holders of the company (2,929,894) (3,898,930) Basic loss – pence per share 11 (0.39) (1.14) Diluted loss – pence per share 11 (0.39) (1.14) The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements. 54 FIRST TIN l ANNUAL REPORT 2025 FINANCIAL STATEMENTS ![]() ## CONSOLIDATED STATEMENT OF ## FINANCIAL POSITION ### FOR THE YEAR ENDED 30 JUNE 2025 Notes Year ended 30 June 2025 Year ended 30 June 2024 £ £ Non-current assets Intangible assets 13 36,681,959 34,968,675 Property, plant and equipment 15 2,314,400 2,433,830 38,996,359 37,402,505 Current assets Trade and other receivables 16 218,807 290,000 Cash and cash equivalents 6,373,847 1,345,629 6,592,654 1,635,629 Current liabilities Trade and other payables 17 (1,279,777) (1,153,178) Net current assets 5,312,877 482,451 Total assets less current liabilities 44,309,236 37,884,956 Net assets 44,309,236 37,884,956 Capital and reserves Called up share capital 20 451,868 265,535 Share premium account 20 27,558,887 18,391,046 Merger relief reserve 21 17,940,000 17,940,000 Warrant reserve 21 269,138 269,138 Retained earnings 21 300,364 1,854,539 Translation reserve 21 (2,211,021) (835,302) Shareholders’ funds 44,309,236 37,884,956 The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements. The financial statements were approved and authorised for issue by the Board on 24 October 2025 and were signed on its behalf by: C Cannon Brookes Director Company number 07931518 firsttin.com 55 FINANCIAL STATEMENTS ![]() ## CONSOLIDATED STATEMENT OF ## CHANGES IN EQUITY ### FOR THE YEAR ENDED 30 JUNE 2025 Share capital Share premium Merger relief reserve Warrant reserve Retained earnings Translation reserve Total 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 – – – – (1,554,175) – (1,554,175) Other comprehensive income for the period – – – – – (1,375,719) (1,375,719) Total comprehensive loss for the period – – – – (1,554,175) (1,375,719) (2,929,894) Transactions with owners: Issuance of shares (net of issuance costs) 186,333 9,167,841 – – – – 9,354,174 Total transactions with owners 186,333 9,167,841 – – – – 9,354,174 At 30 June 2025 451,868 27,558,887 17,940,000 269,138 300,364 (2,211,021) 44,309,236 Share capital Share premium Merger relief reserve Warrant reserve Retained earnings Translation reserve Total equity £ £ £ £ £ £ £ At 1 January 2023 265,535 18,391,046 17,940,000 269,138 4,887,594 30,573 41,783,886 Loss for the year – – – – (3,033,055) – (3,033,055) Other comprehensive income for the year – – – – – (865,875) (865,875) Total comprehensive loss for the period – – – – (3,033,055) (865,875) (3,898,930) At 30 June 2024 265,535 18,391,046 17,940,000 269,138 1,854,539 (835,302) 37,884,956 The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements. 56 FIRST TIN l ANNUAL REPORT 2025 FINANCIAL STATEMENTS ![]() ## CONSOLIDATED STATEMENT OF ## CASH FLOWS ### FOR THE YEAR ENDED 30 JUNE 2025 Year ended 30 June 2025 Year ended 30 June 2024 £ £ Cash flows from operating activities Operating loss (1,704,191) (3,163,266) Adjustments to reconcile loss before tax to net cash flows: Depreciation of tangible assets 49,747 74,211 Loss on disposal of tangible assets – 18,009 Decrease in trade and other receivables 71,193 518,711 Increase/(decrease) in trade and other payables 126,599 (652,120) Cash used in operations (1,456,652) (3,204,455) Interest paid (4,507) (25) Net cash flows used in operating activities (1,461,159) (1,369,038) Cash flows from investing activities Purchase of intangible fixed assets (2,732,752) (8,536,853) Receipt of government grants – 256,965 Purchase of property, plant and equipment (156,696) (1,035,613) Interest received 154,523 130,236 Net cash flows in investing activities (2,734,925) (9,185,265) Cash flows from financing activities Proceeds from issue of shares 10,120,000 – Share issuance costs (765,826) – Net cash flows from financing activities 9,354,174 – Net increase/(decrease) in cash 5,158,090 (12,389,745) Cash and cash equivalents at beginning of period 1,345,629 13,823,173 Exchange loss on cash and cash equivalents (129,872) (87,799) Cash at the end of period 6,373,847 1,345,629 The Notes on pages 58 to 72 form an integral part of these Consolidated Financial Statements. firsttin.com 57 FINANCIAL STATEMENTS ![]() ### NOTES TO THE CONSOLIDATED ### FINANCIAL STATEMENTS ### FOR THE YEAR ENDED 30 JUNE 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, England, W1J 0DT. The financial statements comprise of financial information of the Company and its subsidiary (the “Group”). The principal activities of the Company and the Group and the nature of their operations are disclosed elsewhere in these financial statements. 2 PRESENTATION OF FINANCIAL STATEMENTS The financial statements are presented in pounds sterling, as this is the currency of the UK listed parent company. 3 MATERIAL ACCOUNTING POLICY INFORMATION 3.1 Basis of preparation These financial statements have been prepared on the going concern basis in accordance with UK adopted International Accounting Standards (UK IAS) and the requirements of the Companies Act 2006. The financial statements have been prepared on a historical cost basis. The current year financial information is for the year ended 30 June 2025 and comparative financial information is for the 18 month period ended 30 June 2024. 3.2 Going concern The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/ or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration and evaluation period and this, in turn, depends on the availability of external funding. At 30 June 2025, the Group had cash balances of £6.37 million following two rounds of fundraising during the year under review. The Directors have prepared a cash flow forecast to 31 December 2026 which indicates that additional funding will be required in Spring 2026 in order for the Group to continue to settle its liabilities as they fall due. This represents a material uncertainty that may cast significant doubt about the Group’s and the Company’s ability to continue as a going concern. However, based upon the success of previous fundraising, the Directors are confident that sufficient funds will be raised to enable the Group to continue as a going concern. 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. 3.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The results of subsidiaries acquired or disposed of are included in the consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. 3.4 Intangible assets other than goodwill Exploration and evaluation assets The Group capitalises costs which directly relate to exploration and evaluation activities in areas for which it has obtained appropriate legal rights and there is a high degree of confidence in the feasibility of the project. Capitalised exploration and evaluation costs include acquisition of rights to explore, topographical, geological, geochemical and geophysical studies, exploration drilling, sampling and activities in relation to the evaluation of the technical feasibility and commercial viability of extracting a mineral resource. General and administrative costs directly associated with such activities are also capitalised. Government grants relating to exploration and evaluation expenditure are recognised as a deduction from the asset carrying amounts once there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. Exploration and evaluation costs are carried at cost less any impairment and are not amortised prior to the conclusion of the appraisal activities. If the appraisal activities establish the existence of commercial reserves and the decision is made to develop the site, then the carrying value of the associated exploration and evaluation assets is tested for impairment and subsequently reclassified as development and production assets. If commercial reserves have not been found, or exploration and evaluation activities have been abandoned, then the associated exploration and evaluation assets are fully impaired. Impairment charges and exploration costs incurred prior to obtaining legal rights are expensed in the profit and loss as incurred. 58 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ![]() 3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED 3.5 Property, plant and equipment Items of property, plant and equipment that do not form part of the exploration and evaluation assets are carried as cost less accumulated depreciation and are depreciated on a straight-line basis over the following expected useful economic lives: Land and buildings Land is not depreciated Motor vehicles 3 years Fixtures and fittings 3 - 15 years 3.6 Impairment of non-financial assets At each reporting date, the Directors assess whether there is any indication that a Group’s asset, other than deferred tax assets, may be impaired. Where an indicator of impairment exists, the Directors make an estimate of the recoverable amount. An impairment loss is recognised in profit and loss whenever the carrying amount of the asset or cash generating unit exceeds its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and “value-in-use”. In assessing “value-in-use”, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time-value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss, unless the relevant asset is carried at a revalued amount greater than cost, in which case the reversal of the impairment loss is treated as a revaluation increase. 3.7 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision- maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors.. 3.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 3.9 Financial assets Financial assets are recognised in the Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are initially measured at fair value plus transaction costs. Loans and receivables Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method less loss allowance. Loans and other receivables that have fixed or determinable payments and are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost using the effective interest method less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit loss associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. firsttin.com 59 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 3.10 Financial liabilities Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities. Other financial liabilities Other financial liabilities, including trade and other payables, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Group’s obligations are discharged, cancelled, or they expire. 3.11 Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. 3.12 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 3.13 Foreign exchange Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in pound sterling, which is the Group’s functional and presentation currency. Transactions and balances Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in profit or loss for the period. Group companies For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for each period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transaction are used. All resulting exchange differences are recognised in “other comprehensive income” and accumulated in equity. 3.14 Leases The Directors assess whether a Group’s contract is, or contains, a lease at inception of the contract. Payments associated with short-term leases or leases of low value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease-term of 12 months or less without a purchase option. 3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED 60 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 3.15 Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 12 to these financial statements. The fair value determined at the grant date of the equity- settled share-based payments is expensed on a straight- line basis over the vesting period, based on the Directors’ estimate of the number of equity instruments that will eventually vest. At each reporting date, the Directors revises their estimate of the number of equity instruments expected to vest as a result of the effect of non-market- based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. 3.16 New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for the reporting period commencing 1 January 2024: • Classification of Liabilities as Current or Non- current and Non-current liabilities with covenants – Amendments to IAS 1 • Lease Liability in Sale and Leaseback – Amendments to IFRS 16 • Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7 The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. 3.17 New standards and interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 30 June 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the Group’s financial statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Details of the Group’s significant accounting judgements used in the preparation of these financial statements include: Recoverability of intangible exploration and evaluation assets Where a project is sufficiently advanced, the recoverability of intangible exploration and evaluation assets is assessed by comparing the carrying value to internal and operator estimates of the net present value of projects. Intangible exploration assets are inherently judgemental to value. The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be written-off to the profit and loss as exploration costs unless commercial reserves are established, or the determination process is completed and there are no indications of impairment. 3 MATERIAL ACCOUNTING POLICY INFORMATION CONTINUED firsttin.com 61 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 5 SEGMENTAL ANALYSIS In the opinion of the Board of Directors the Group has one operating segment, being the exploitation of mineral rights. The Group also analyses and measures its performance into geographic regions, specifically Germany and Australia. Non-current assets by region are summarised below: | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Germany | 9,265,621 | 8,847,849 | | Australia | 29,730,738 | 28,554,656 | | | 38,996,359 | 37,402,505 | 6 OPERATING LOSS The operating loss for the year is stated after charging the following: | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Depreciation | 49,747 | 74,211 | | Expenses relating to short-term leases | 9,439 | 144,411 | | Auditor’s remuneration: | | | | Fees payable to the Company’s auditor for the audit of the Company | | | | and consolidated financial statements | 75,000 | 96,000 | | Total auditor's remuneration | 75,000 | 96,000 | 62 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 7 STAFF COSTS AND DIRECTORS’ REMUNERATION | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Wages and salaries | 1,081,434 | 2,060,861 | | Social security costs | 98,979 | 202,185 | | Pension costs | 58,817 | 76,999 | | | 1,239,230 | 2,340,045 | | Amount capitalised as intangible asset | (858,560) | (1,597,588) | | Total staff cost recognised in the profit and loss | 380,670 | 742,457 | The average number of staff employed by the Group, including Directors, is detailed below: | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | No. | No. | | Management and administration | 9 | 11 | | Geology and environment | 15 | 7 | | Average number of staff employed by the Group | 24 | 18 | Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41. The Directors are regarded as the key management personnel. 8 FINANCE INCOME | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Bank interest receivable | 154,523 | 130,236 | firsttin.com 63 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 9 FINANCE COSTS | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Bank charges and other finance costs | 4,507 | 25 | 10 INCOME TAX EXPENSE | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | | £ | £ | | Current tax | – | – | | Deferred tax | – | – | | | – | – | | Loss before taxation on continued operations | (1,554,175) | (3,033,055) | | Loss on before taxation multiplied by standard rate of | | | | UK corporation tax of 25% (2024 – 24%) | (388,543) | (727,933) | | Difference in overseas tax rate | (153,027) | (256,301) | | Expenses not deductible for tax | (232,615) | (170,217) | | Utilisation of losses brought forward | (70,485) | (82,213) | | Effect of tax losses not recognised as deferred tax assets | 844,670 | 1,236,664 | | Total tax charge for the year | – | – | The Group has tax losses carried forward of approximately £17.5 million (2024: £16.6 million). The unutilised tax losses have not been recognised as a deferred tax asset due to uncertainty over the timing of future profits and gains. An increase in the UK corporation tax rate from 19% to 25% came into effect for the financial year beginning 1 April 2023. 64 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 11 LOSS PER ORDINARY SHARE | | | | | --- | --- | --- | | | Year ended | | | | 30 June | | | | 2025 | | | | | Year ended | | | | 30 June | | | | 2024 | | Loss for the period attributable to the ordinary equity holders of the Company (£) | (1,554,175) | (3,033,055) | | Basic loss per Ordinary share | | | | Weighted average number of Ordinary Shares in issue | 395,494,790 | 265,534,972 | | Basic loss per Ordinary share (pence) | (0.39) | (1.14) | | Diluted loss per Ordinary share | | | | Weighted average number of Ordinary Shares in issue | 395,494,790 | 265,534,972 | | Diluted loss per Ordinary share (pence) | (0.39) | (1.14) | For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive warrants, options and convertible loans over ordinary shares. Potential ordinary shares resulting from the exercise of warrants, options and the conversion of convertible loans have an anti-dilutive effect due to the Group being in a loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share. 12 SHARE-BASED PAYMENTS Share options and warrants The Group adopted the First Tin Option Plan (“FT Option Plan”), effective from 8 April 2022. In addition to the FT Option Plan the Group as certain outstanding warrants and options issued under previous schemes. The options issued under previous schemes expired during the period ended 30 June 2024. The options issued under the FT Option Plan vested on admission to the London Stock Exchange and are exercisable for periods between 2 and 3 years from issue. | | | | | | | --- | --- | --- | --- | --- | | | No. of options | | | | | | 2025 | | | | | | | No. of options | | | | | | 2024 | | | | | | | No. of warrants | | | | | | 2025 | | | | | | | No. of warrants | | | | | | 2024 | | | £ | £ | £ | £ | | Outstanding at beginning of period | 8,500,000 | 10,060,000 | – | 5,668,000 | | Granted during the period | – | – | – | – | | Expired during the period | (8,500,000) | (10,060,000) | – | (5,668,000) | | Outstanding at the end of the period | – | – | – | – | | Exercisable at the end of the period | – | – | – | – | | Weighted average exercise price (pence) | – | – | – | – | Fair value of options granted No options were granted during the year ended 30 June 2025 or the period ended 30 June 2024. Fair value of warrants granted No warrants were granted during the year ended 30 June 2025 or the period ended 30 June 2024. firsttin.com 65 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 13 INTANGIBLE ASSETS | | | | --- | --- | | | Exploration and | | | evaluation assets | | | £ | | Cost | | | At 1 January 2023 | 27,367,552 | | Additions | 8,536,853 | | Government grants | (256,965) | | Currency translation | (678,765) | | As at 30 June 2024 | 34,968,675 | | Additions | 2,732,752 | | Currency translation | (1,019,468) | | As at 30 June 2025 | 36,681,959 | 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 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. 14 INVESTMENTS The table below sets out the Company’s subsidiaries. The subsidiaries have share capital consisting solely of ordinary shares and the proportion of ownership interests held equals the voting rights. The registered office address is also their principal place of business: | | | | | | --- | --- | --- | --- | | Name of company | Place of operation | Principal activity | Shareholding | | Saxore Bergbau GmbH (“Saxore”) | | | | | (incorporated in Germany) | | | | | | Platz der Oktoberopfer | | | | | 1A 09599 Freiberg, Germany | | | | | | Mineral exploration | 100% | | Taronga Mines Pty Ltd | | | | | (incorporated in Australia) | | | | | | 2 Glen Innes Road, Emmaville, | | | | | NSW 2371, Australia | | | | | | Mineral exploration | 100% | | First Tin Australia Pty Ltd | | | | | (incorporated in Australia) | | | | | | 2 Glen Innes Road, Emmaville, | | | | | NSW 2371, Australia | | | | | | Dormant | 100% | 66 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 15 PROPERTY, PLANT AND EQUIPMENT | | | | | | | --- | --- | --- | --- | --- | | | Land & | | | | | | buildings | | | | | | | Motor | | | | | | vehicles | | | | | | | Fixtures and | | | | | | fittings | Total | | | £ | £ | £ | £ | | Cost | | | | | | At 1 January 2023 | 1,359,980 | 151,044 | 150,222 | 1,661,246 | | Additions | 847,609 | 18,801 | 169,203 | 1,035,613 | | Disposals | – | (30,755) | (7,967) | (38,722) | | Currency translation | (92,238) | (7,844) | (2,860) | (102,942) | | At 30 June 2024 | 2,115,351 | 131,246 | 308,598 | 2,555,195 | | Additions | – | – | 156,696 | 156,696 | | Disposals | – | – | – | – | | Currency translation | (194,612) | (8,929) | (25,200) | (228,741) | | At 30 June 2025 | 1,920,739 | 122,317 | 440,094 | 2,483,150 | | Depreciation | | | | | | At 1 January 2023 | – | 28,061 | 43,437 | 71,498 | | Charge for the period | – | 18,813 | 55,398 | 74,211 | | Disposals | – | (15,277) | (5,436) | (20,713) | | Currency translation | – | (991) | (2,640) | (3,631) | | At 30 June 2024 | – | 30,606 | 90,759 | 121,365 | | Charge for period | – | 11,173 | 38,574 | 49,747 | | Disposal | – | – | – | – | | Currency translation | – | (1,113) | (1,249) | (2,362) | | At 30 June 2025 | – | 40,666 | 128,084 | 168,750 | | Net book value | | | | | | At 30 June 2024 | 2,115,351 | 100,640 | 217,839 | 2,433,830 | | At 30 June 2025 | 1,920,739 | 81,651 | 312,010 | 2,314,400 | 16 TRADE AND OTHER RECEIVABLES | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Prepayments and other receivables | 130,299 | 259,210 | | Recoverable value added taxes | 88,508 | 30,790 | | | 218,807 | 290,000 | firsttin.com 67 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 17 TRADE AND OTHER PAYABLES | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Trade payables | 788,770 | 691,493 | | Lease liabilities | 66,426 | – | | Accruals | 292,212 | 404,016 | | Other payables | 132,369 | 57,669 | | | 1,279,777 | 1,153,178 | 18 FINANCIAL INSTRUMENTS The principal financial instruments used by the Group from which financial instrument risk arises are as follows: Financial assets | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Measured at amortised cost | | | | Cash and cash equivalents | 6,373,847 | 1,345,629 | | Trade and other receivables | 83,014 | 177,007 | | | 6,456,861 | 1,522,636 | Financial liabilities | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Liabilities measured at amortised cost | | | | Trade and other payables | 1,279,777 | 1,153,178 | All financial assets and liabilities are due within one year. The main risks arising from the Group's activities are market risk, credit risk and liquidity risk. Market risk Market risk is the risk that the fair value of future cash flows will fluctuate because of changes in market price. This risk is primarily comprised of interest risk and foreign currency risk. 68 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() Foreign currency risk management As highlighted earlier in these financial statements, the presentation currency of the Group is pound sterling. The Group has foreign currency denominated assets and liabilities. Exposures to exchange rate fluctuations therefore arise. The Group pays for invoices denominated in a foreign currency in the same currency as the invoice therefore suffers from a level of foreign currency risk. The Group does not enter into any derivative financial instruments to manage its exposure to foreign currency risk. The carrying amount of the Group's foreign currency denominated monetary assets and monetary liabilities as at 30 June 2025 is as follows: | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Australian Dollars | | | | Cash balances | 3,072,824 | 189,351 | | Euro | | | | Cash balances | 423,438 | 446,286 | As at 30 June 2024, if all foreign currencies in which the Group transacts, had strengthened or weakened by 10% against pound sterling with all other variables held constant, post-tax loss for the year would have increased/(decreased) by: | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Strengthened by 10% increase in post-tax loss | 317,839 | 57,786 | | Weakened by 10% decrease in post-tax loss | (388,469) | (70,625) | The rate of 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonable possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. A positive number above indicates an increase in loss (increase in profit) or other equity where the pound sterling strengthens by 10% against the relevant currency. For a 10% weakening of the pound sterling against the relevant currency, there would be an equal and opposite impact on the profit or loss and other equity. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group's cash balances and other receivables. The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group considers the banks and financial institutions have low credit risks. Therefore, the Group is of the view that the loss allowance is immaterial and hence no provision is required. The concentration of the Group’s credit risk is considered by counterparty, geography and currency. The Group does not have any significant concentrations of credit risk at the reporting date related to external third parties. As at 30 June 2025, the Group held no collateral as security against any financial asset. No financial assets were past their due date and there were no problems with the credit quality of any financial assets in the period. As a result, there has been no impairment of financial assets during the period. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral obtained. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. Management considers the above measures to be sufficient to control the credit risk exposure. The Group recognises a loss allowance for expected credit losses in debt instruments at each reporting date. As at 30 June 2025 and 30 June 2024, no impairment was recognised. 18 FINANCIAL INSTRUMENTS CONTINUED firsttin.com 69 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() Liquidity risk Liquidity risk is the risk that an entity may not be able to generate sufficient cash resources to settle its obligations as they fall due. The Directors monitor cash flow requirements regularly and adopt a prudent liquidity risk management approach to ensure sufficient cash is available for operational expenses. The following tables detail the Group’s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Due within 1 month | | | | Trade and other payables | 1,279,777 | 1,153,178 | Fair values The Directors consider that the carrying amount of loans and receivables and other financial liabilities approximates to their fair value because of the short-term nature of such assets the effect of discounting is negligible. Capital management For the purposes of capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Directors’ capital management is to ensure that the Group will be able to continue as a going concern while sustaining the future development of the business. 19 RELATED PARTY TRANSACTIONS Directors’ remuneration and fees Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41. 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 £550,875 from Arlington in respect of fund-raising commissions and expenses, financial advisory and director’s fees (2024: £127,500 in respect of financial advisory fees and director’s fees). At 30 June 2025, £nil was outstanding (2024: £42,500). 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 £55,000 from RFA in respect of company secretarial services and consultancy fees. The fees were paid in full during the period. 18 FINANCIAL INSTRUMENTS CONTINUED 70 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 20 SHARE CAPITAL AND SHARE PREMIUM | | | | | --- | --- | --- | | | 30 June | | | | 2025 | | | | | 30 June | | | | 2024 | | | £ | £ | | Allotted, called up and fully paid share capital | | | | 451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each | 451,868 | 265,535 | Movements in ordinary shares | | | | | | | --- | --- | --- | --- | --- | | | No. of shares | Share capital | Share premium | Total | | | | £ | £ | £ | | Opening balance at July 2024 | 265,534,972 | 265,535 | 18,391,046 | 18,656,581 | | Shares issued during year | 186,333,334 | 186,333 | 9,933,667 | 10,120,000 | | | 451,868,306 | 451,868 | 28,324,713 | 28,776,581 | | Less: issuance costs settled in cash | – | – | (765,826) | (765,826) | | Balance at 30 June 2024 | 451,868,306 | 451,868 | 27,558,887 | 28,010,755 | 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.. On 1 August 2024 the Company issued 53,000,000 Ordinary shares of £0.001 each at a value of 4 pence per share. Total costs of £202,770 were incurred and were offset against share premium. On 20 November 2024 the Company issued a further 133,333,334 Ordinary shares of £0.001 each at a value of 6 pence per share. Total costs of £563,056 were incurred and were offset against share premium. 21 RESERVES The warrant reserve is used to hold the fair value of warrants issued but not yet exercised. The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under Section 612, Companies Act 2006. The retained earnings reserve contains the accumulated losses of the Group. The translation reserve is used to hold the accumulated gains and losses on translation of overseas subsidiaries. firsttin.com 71 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() 22 NET FUND RECONCILIATION The table below sets out an analysis of net funds and the movements in net funds for each of the periods presented: | | | | | --- | --- | --- | | | 2025 | 2024 | | | £ | £ | | Cash and cash equivalents | 6,373,847 | 1,345,629 | | Net funds | 6,373,847 | 1,345,629 | | | | | --- | --- | | | Cash and cash | | | equivalents | | | £ | | Net funds | | | At 1 January 2023 | 13,823,173 | | Cash flows | (12,389,745) | | Currency translation | (87,799) | | At 30 June 2024 | 1,345,629 | | Cash flows | 5,158,090 | | Currency translation | (129,872) | | At 30 June 2025 | 6,373,847 | 23 ULTIMATE CONTROLLING PARTY In the opinion of the Directors, there is no controlling party. 72 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED ![]() firsttin.com 73 Prior to finalisation of the EIS, TMPL held various Community Engagement Townhalls and near-neighbour meetings to describe all the components of the Project, share the impact assessment outcomes from the many expert studies completed and show how these were addressed in the design of the Project. COMMUNITY ENGAGEMENTS ![]() Notes Year ended 30 June 2025 Year ended 30 June 2024 £ £ Assets Non-current assets Investment in subsidiaries 6 19,192,381 19,192,381 Long-term receivables 7 33,687,172 26,915,042 52,879,553 46,107,423 Current assets Trade and other receivables 8 34,924 43,609 Cash and cash equivalents 3,929,125 1,087,803 3,964,049 1,131,412 Liabilities Current liabilities Trade and other payables 9 (134,435) (165,441) Net current assets 3,829,614 965,971 Total assets less current liabilities 56,709,167 47,073,394 Net assets 56,709,167 47,073,394 Equity Called up share capital 11 451,868 265,535 Share premium account 11 27,558,887 18,391,046 Merger relief reserve 12 17,940,000 17,940,000 Warrant reserve 12 269,138 269,138 Retained earnings 12 10,489,274 10,207,675 Total equity 56,709,167 47,073,394 The notes on pages 76 to 80 form an integral part of these Company Financial Statements. The Company made a profit in the period of £281,599 (2024: profit of £341,866). The financial statements were approved by the Board of directors and authorised for issue on 24 October 2025 and are signed on its behalf by: C Cannon Brookes Director Company number 07931518 ## COMPANY STATEMENT OF ## FINANCIAL POSITION ### FOR THE YEAR ENDED 30 JUNE 2025 74 FIRST TIN l ANNUAL REPORT 2025 FINANCIAL STATEMENTS ![]() ## COMPANY STATEMENT OF ## CHANGES IN EQUITY ### FOR THE YEAR ENDED 30 JUNE 2025 Share capital Share premium account Merger relief reserve Warrant reserve Retained earnings Total equity £ £ £ £ £ £ At 1 July 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394 Profit for the period – – – – 281,599 281,599 Total comprehensive income for the period – – – – 281,599 281,599 Transactions with owners: Issuance of shares, net of costs 186,333 9,167,841 – – – 9,354,174 Total transactions with owners 186,333 9,167,841 – – – 9,354,174 At 30 June 2025 451,868 27,558,887 17,940,000 269,138 10,489,274 56,709,167 Share capital Share premium account Shares to be issued Warrant reserve Retained earnings Total equity £ £ £ £ £ £ At 1 January 2023 265,535 18,391,046 17,940,000 269,138 9,865,809 46,731,528 Profit for the period – – – – 341,866 341,866 Total comprehensive loss for the period – – – – 341,866 341,866 At 30 June 2024 265,535 18,391,046 17,940,000 269,138 10,207,675 47,073,394 The notes on pages 76 to 80 form an integral part of these Company Financial Statements. firsttin.com 75 FINANCIAL STATEMENTS ![]() 1 GENERAL INFORMATION First Tin Plc is a public company limited by shares incorporated in England and Wales. The registered office is First Floor, 47/48 Piccadilly, London, England, W1J 0DT. 2 BASIS OF PREPARATION These financial statements have been prepared in accordance with Financial Reporting Standard 101 “Reduced Disclosure Framework” and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 “Reduced Disclosure Framework”: • The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; • The requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; • The requirements of paragraph 33(c) of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations; • The requirements of IFRS 7 Financial Instruments: Disclosures; • The requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; • The requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: • Paragraph 79(a)(iv) of IAS 1; • Paragraph 73(e) of IAS 16 Property, Plant and Equipment; • Paragraph 118(e) of IAS 38 Intangible Assets; • The requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements; • The requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; • The requirements of IAS 7 Statement of Cash Flows; • The requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; • The requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; • The requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a Group; • The requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets; 3 MATERIAL ACCOUNTING POLICY INFORMATION 3.1 Investment in subsidiaries Investments in subsidiaries are stated at cost less accumulated impairment. 3.2 Impairment At each reporting date, the Company assesses whether there is any indication that an asset, other than inventories and deferred tax assets, may be impaired. Where an indicator of impairment exists, the Company makes an estimate of the recoverable amount. An impairment loss is recognised in profit or loss whenever the carrying amount of the asset or cash generating unit exceeds its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount greater than cost, in which case the reversal of the impairment loss is treated as a revaluation increase. 3.3 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 76 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE COMPANY FINANCIAL STATEMENTS ## NOTES TO THE COMPANY STATEMENTS ### FOR THE YEAR ENDED 30 JUNE 2024 ![]() 3.4 Financial assets Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI), which are measured at fair value. Loans and receivables Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. Loans and other receivables that have fixed or determinable payments and are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impairment of financial assets The Company assesses on a forward-looking basis the expected credit loss associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. 3.5 Financial liabilities Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities. Other financial liabilities Other financial liabilities, including trade and other payables, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire. 3.6 Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. 3.7 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 3 SIGNIFICANT ACCOUNTING POLICIES CONTINUED firsttin.com 77 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED ![]() The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 3.8 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in profit or loss for the period. 3.9 Critical accounting estimates and judgements Details of the Company’s significant accounting judgements and critical accounting estimates are set out in these financial statements and include: Carrying value of investments in subsidiary undertakings and long-term receivables At each reporting date, investments in and loans made to subsidiaries are reviewed to determine whether there is any indication that those assets are impaired. If there is an indication of possible impairment, the recoverable amount of the asset is estimated and compared with its carrying amount. Any resulting impairment loss is recognised immediately in profit or loss. The Directors have reviewed the carrying value of these assets at 30 June 2025 and, whilst there has been a fall in the Company’s market capitalisation during the period, the estimated valuations of the underlying mining assets remain substantially in excess of the carrying value of the investments in and loans to subsidiary undertakings. Accordingly, the Directors consider that no impairment of these assets is required. 3 SIGNIFICANT ACCOUNTING POLICIES CONTINUED 4 PROFIT FOR THE FINANCIAL PERIOD The Company has taken advantage of section 408 of the Companies Act 2006 and, consequently, a Profit and Loss Account for the Company alone has not been presented. 78 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED ![]() 5 STAFF COSTS AND DIRECTORS’ REMUNERATION Year ended 30 June 2025 Year ended 30 June 2024 £ £ Wages and salaries 252,500 282,983 Social security costs 26,029 19,380 Total staff cost recognised in the profit and loss 278,529 302,363 The average number of staff employed by the Company, including Directors, is detailed below: Year ended 30 June 2025 Year ended 30 June 2024 No. No. Management and administration 3 4 Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41. 6 INVESTMENT IN SUBSIDIARIES £ At 30 June 2025 and 30 June 2024 19,192,381 There is no comparable amount, because it was the same last year. 7 LONG-TERM RECEIVABLES Loan to Taronga Loan to Saxore Total £ £ £ Cost At 1 July 2024 12,466,317 14,448,725 26,915,042 Additions 6,204,360 1,792,407 7,996,767 Currency translation (1,414,554) 189,917 (1,224,637) At 30 June 2025 17,256,123 16,431,049 33,687,172 8 TRADE AND OTHER RECEIVABLES 30 June 2025 30 June 2024 £ £ VAT recoverable 6,297 4,068 Prepayments 28,627 39,541 34,924 43,609 firsttin.com 79 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED ![]() 9 TRADE AND OTHER PAYABLES 30 June 2025 30 June 2024 £ £ Trade payables – Other payables 7,309 18,200 Accruals 127,126 147,241 134,435 165,441 10 RELATED PARTY TRANSACTIONS Directors’ remuneration and fees Directors’ remuneration and fees are disclosed in the Directors’ Remuneration Report on page 41. Other fees and transactions Other fees and transactions with the Company are disclosed in Note 19 to the consolidated financial statements. The Company was owed £16,431,049 (2024: £14,448,725) by Saxore, a wholly owned subsidiary incorporated in Germany. In the year to 30 June 2025 a net of £738,264 (2024: £2,752,185) was advanced by the Company to Saxore, and interest of £1,054,143 (2024: £1,487,924) was accrued in respect of the loan. The loan carries interest at 4% over the European Central Bank rate per annum. In addition, the Company was owed £17,256,123 (2024: £12,466,317) by Taronga, a wholly owned subsidiary incorporated in Australia. In the period to 30 June 2025 a net of £4,944,221 (2024: £6,873,600) was advanced by the Company to Taronga, and interest of £1,260,139 (2024: £1,202,874) was accrued in respect of the loan. The loan carries interest at 4% over the Bank of England base rate per annum. 11 SHARE CAPITAL 30 June 2025 30 June 2024 £ £ Allotted, called up and fully paid 451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each 451,868 265,535 Movement of the share capital is disclosed on Note 20 to the consolidated financial statements. 30 June 2025 30 June 2024 £ £ Share premium account 27,558,887 18,391,046 12 RESERVES The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under Section 612, Companies Act 2006. The warrant reserve is used to hold the fair value of warrants issued but not yet exercised. The retained earnings reserve contains the accumulated losses of the Company. 80 FIRST TIN l ANNUAL REPORT 2025 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED ![]() ## COMPANY ## INFORMATION DIRECTORS C. Cannon Brookes W. A. Scotting R. G. J. Ainger B. R. Smith P. L. Gunzburg SECRETARY R. G. J. Ainger COMPANY NUMBER 07931518 REGISTERED OFFICE First Floor 47/48 Piccadilly London W1J 0DT AUDITOR Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW BANK SG Kleinwort Hambros Bank Limited 8 St James’s Square London SW1Y 4JU FINANCIAL ADVISOR/JOINT BROKER Arlington Group Asset Management Limited 47/48 Piccadilly London W1J 0DT FINANCIAL PUBLIC RELATIONS SEC Newgate UK Limited 14 Greville Street London EC1N 8SB JOINT BROKER Zeus Capital Limited 125 Old Broad Street London, EC2N 1AR REGISTRAR Share Registrars Limited 3 The Millenium Centre Crosby Way Farnham GU9 7XX SOLICITOR Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD firsttin.com 81 ADDITIONAL INFORMATION ![]() FIRST TIN First Floor 47/48 Piccadilly London W1J 0DT firsttin.com CBP032817 This report is printed on paper certified in accordance with the FSC® (Forest Stewardship Council®). 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