Final Audited Results

27 October 2025

First Tin PLC

("First Tin" or "the Company")

Final Audited Results for the year ended 30 June 2025

First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its final audited results for the year ended 30 June 2025.

Highlights

· Successfully raised £10.12m during the period, ensuring a strong financial position to support developmental priorities

· Ended the period with a cash position of £6.37m (30 June 2024: £1.34m) and a net asset value of £44.31m (30 June 2024: £37.88m)

· Posted a comprehensive loss for the period of £2.93m) (30 June 2024: £3.90m)

Unlocking value at the Taronga Project, Australia:

· Submitted the Environmental Impact Statement (EIS) in September 2025, a significant step forward for Taronga, and the anticipated receipt of developmental approval will enable the unlocking of significant value for the Company.

· Completed a comprehensive suite of specialist studies, including biodiversity, water, air quality, noise, traffic, and heritage, to meet regulatory requirements and support the EIS.

· Related to the EIS, the Company finalised a compensation agreement in March 2025 with Crown Land NSW and secured an agreement with Glen Innes Severn Council for the mine camp location, strengthening local partnerships.

· Early assay results from the infill and extension drilling programme are confirming the potential to convert inferred resources to Indicated and Measured status, potentially enabling an extended mine life.

· Ongoing metallurgical testwork confirm opportunities to improve tin recoveries beyond those assumed in the Definitive Feasibility Study (DFS), supporting stronger project economics.

· Taronga is a large-scale deposit with 138,000 tonnes of contained tin. Granted two new exploration licences near Taronga, expanding the Company's footprint in the Emmaville tin district to approximately 752km².

· Appointment of Peter Miers as General Manager - Projects to support the next phase of project development.

Advancing Tellerhäuser, Gottesberg & Auersberg, Germany:

· Progressed the "fast-track" Life of Mine Plan (LoMP) submission for Tellerhäuser, including water management studies and forest compensation agreements.

· Exploration at Gottesberg and Auersberg highlighted significant tin-indium-gallium mineral systems, with rock chip sampling indicating grades between 0.2% and 0.6% Sn, plus critical by-products.

· Review of historic drilling data and new fieldwork supports the district's potential as a strategic supplier of critical raw materials for Europe.

First Tin CEO, Bill Scotting, commented: "The past year has been a period of significant progress for First Tin. The successful £10.12m equity raise in late 2024, enabled us to make substantial progress at our core assets in both Australia and Germany, bringing us materially closer to Development Approval for both our projects.

"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. 

"As we look ahead, our priority is to transform our advanced projects into operating mines and to deliver sustainable value for all stakeholders. With strong market fundamentals for tin, a robust pipeline, and an experienced team, I am confident that First Tin is building strong foundations to become a reliable and sustainable global producer of fully traceable and verifiable tin."

Investor Presentation Reminder

Bill Scotting, CEO and Tony Truelove, Technical Director, will provide a live presentation relating to the results via the Investor Meet Company platform today at 10:30am GMT.

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

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Notes to Editors

First Tin PLC is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia, which have been de-risked significantly, with extensive work undertaken to date.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe and North America have very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

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 milestones that 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 test work 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.

In Germany, we have made further headway at Tellerhäuser, progressing the fast-track Life of Mine Plan submission and advancing water management studies. 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.

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 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.

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.

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 test work 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 test work 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 test work 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 12th 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

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. 752km2.

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.

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:

o  Completing the metallurgical testing work to improve recoveries.

o  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.

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 test work 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.

W A (Bill) Scotting

Chief Executive Officer

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

The Notes form an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

The Notes form an integral part of these Consolidated Financial Statements.

The financial statements were approved and authorised for issue by the Board on 24th October 2025 and were signed on its behalf by:

C Cannon Brookes

Director

Company number: 07931518

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

The Notes form an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2024

The Notes form an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2025

The Notes form an integral part of these Consolidated Financial Statements.