30th May 2022 15:00
(Alliance News) - First Tin PLC on Monday said its loss widened in 2021, ahead of the tin project developers initial public offering in London.
First Tin's pretax loss doubled to GBP1.2 million last year from GBP682,289 in 2020, as administrative expenses rose to GBP1.3 million from GBP589,002. The company booked no revenue in either year, as its projects are still in development.
Back in April, First Tin raised GBP20 million in its IPO on the London Main Market.
The London-based miner said the money raised will be used to fund drilling and feasibility studies at its core Tellerhauser and Taronga assets in Germany and Australia, respectively.
Chief Executive Officer Thomas Buenger said: "We are delighted to present our maiden set of preliminary results following an exciting and busy period for the company which culminated post period end in our successful IPO, GBP20 million fundraising and the acquisition of the advanced Taronga tin asset in Australia."
Looking ahead, First Tin will continue to develop both its German and Australian tin assets, with the aim to create shareholder value while also delivering a sustainable answer to the ongoing supply shortage currently facing many industrial users of tin.
First Tin shares were down 1.6% at 19.05 pence each on Monday afternoon in London.
By Xindi Wei; [email protected]
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