Final Results

First Tin

Via SEC Newgate below

Bill Scotting - Chief Executive Officer

Tamesis Partners LLP (Financial Adviser and Joint Broker)

+44 (0) 20 3882 2868

Richard Greenfield / Mitchell Limb

Arlington Group Asset Management Limited (Joint Broker)

Simon Catt

+44 (0)20 7389 5016

Zeus Capital Limited (Joint Broker)

+44 (0)20 3829 5000

Harry Ansell / Dan Bristowe / Katy Mitchell

SEC Newgate (Financial Communications)

Elisabeth Cowell / George Esmond / Gwen Samuel

+44 (0) 20 3757 6882

[email protected]

Scenario

1. Max CF MI

2. Max CF MII

3. Max DCF MI

4. Max DCF MII

Ore Mined (Mt)

76.3

101.4

67.7

74.2

Waste Mined (Mt)

87.2

108.6

64.8

62.0

Strip Ratio

1.14

1.07

0.96

0.84

Grade Mined (% Sn)

0.11

0.10

0.11

0.11

Tin Mined (t)

83,930

102,414

75,824

80,136

Recovery (%)

56.6

56.3

57.0

57.0

Tin Sold (t)

47,516

57,673

43,203

45,639

Total Mine Life (yrs)

15.3

20.3

13.5

14.8

Scenario

Max CF MI

Max CF MII

Max DCF MI

Max DCF MII

Added Ore Mined (Mt)

28.8

53.9

20.2

26.7

Added Waste Mined (Mt)

54.4

75.8

32.0

29.2

Added Strip Ratio

1.89

1.41

1.58

1.09

Added Grade Mined (% Sn)

0.10

0.09

0.10

0.09

Added Tin Mined (t)

27,880

46,364

19,774

24,086

Recovery (%)

55.1

55.0

55.8

56.0

Added Tin Sold (t)

15,355

25,512

11,042

13,478

Added Mine Life (yrs)

5.8

10.8

4.0

5.3

Note

2026

2025

£

£

Administrative expenses

(1,572,144)

(1,704,191)

Operating loss

6

(1,572,144)

(1,704,191)

Finance income

8

109,128

154,523

Finance costs

9

(6,135)

(4,507)

Loss before tax

(1,469,151)

(1,554,175)

Income tax expense

10

-

-

Loss for the period

(1,469,151)

(1,554,175)

Other comprehensive profit/(loss)

Exchange differences on translation of foreign

operations

1,469,995

(1,375,719)

Other comprehensive profit/(loss) for the period

1,469,995

(1,375,719)

Total comprehensive profit/(loss) for the period

844

(2,929,894)

Total comprehensive profit/(loss) attributable to

the equity holders of the company

844

(2,929,894)

Basic loss - pence per share

11

(0.29)

(0.39)

Diluted loss - pence per share

11

(0.29)

(0.39)

Note

2026

2025

£

£

Non-current assets

Intangible assets

12

42,040,134

36,681,959

Property, plant and equipment

14

2,700,009

2,314,400

44,740,143

38,996,359

Current assets

Trade and other receivables

15

329,507

218,807

Cash and cash equivalents

6,128,371

6,373,847

6,457,878

6,592,654

Current liabilities

Trade and other payables

16

(912,698)

(1,279,777)

Net current assets

5,545,180

5,312,877

Total assets less current liabilities

50,285,323

44,309,236

Net assets

50,285,323

44,309,236

Capital and reserves

Called up share capital

19

541,868

451,868

Share premium account

19

33,444,130

27,558,887

Merger relief reserve

20

17,940,000

17,940,000

Warrant reserve

20

269,138

269,138

Retained earnings

20

(1,168,787)

300,364

Translation reserve

20

(741,026)

(2,211,021)

Shareholders’ funds

50,285,323

44,309,236

Merger

Share

Share

relief

Warrant

Retained

Translation

Total

capital

premium

reserve

reserve

earnings

reserve

equity

£

£

£

£

£

£

£

At 1 July 2025

451,868

27,558,887

17,940,000

269,138

300,364

(2,211,021)

44,309,236

Loss for the period

-

-

-

-

(1,469,151)

-

(1,469,151)

Other comprehensive profit for

the period

-

-

-

-

-

1,469,995

1,469,995

Total comprehensive profit

-

-

-

-

(1,469,151)

1,469,995

844

for the

period

Transactions with owners:

Issuance of shares (net of

 issuance costs)

90,000

5,885,243

-

-

-

-

5,975,243

Total transactions with

owners

90,000

5,885,243

-

-

-

-

5,975,243

At 30 June 2026

541,868

33,444,130

17,940,000

269,138

(1,168,787)

(741,026)

50,285,323

Merger

Share

Share

relief

Warrant

Retained

Translation

Total

capital

premium

reserve

reserve

earnings

reserve

equity

£

£

£

£

£

£

£

At 1 July 2024

265,535

18,391,046

17,940,000

269,138

1,854,539

(835,302)

37,884,956

Loss for the period

-

-

-

-

(1,554,175)

(

-

(1,554,175)

Other comprehensive loss 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

2026

2025

£

 £

Cash flows from operating activities

Operating loss

(1,572,144)

(1,704,191)

Adjustments to reconcile loss before tax to net cash flows:

Depreciation of tangible assets

83,501

49,747

Loss on disposal of tangible assets

7,981

-

(Increase)/decrease in trade and other receivables

(110,700)

71,193

Increase in trade and other payables

169,380

126,599

Cash used in operations

(1,421,982)

(1,456,652)

Interest paid

(6,135)

(4,507)

Net cash flows used in operating activities

(1,428,117)

(1,461,159)

Cash flows from investing activities

Purchase of intangible fixed assets

(4,642,224)

(2,732,752)

Purchase of property, plant and equipment

(260,457)

(156,696)

Interest received

109,128

154,523

Net cash flows used in investing activities

(4,793,553)

(2,734,925)

Cash flows from financing activities

Proceeds from issue of shares

6,300,000

10,120,000

Share issuance costs

(324,757)

(765,826)

Net cash flows generated

from financing activities

5,975,243

9,354,174

Net (decrease)/increase in cash

(246,427)

5,158,090

Cash and cash equivalents at beginning of period

6,373,847

1,345,629

Exchange loss on cash and cash equivalents

951

(129,872)

Cash at the end of period

6,128,371

6,373,847

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 functional 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.

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 2026, the Group had cash balances of £6.13 million following the fund raise of £6.3m (before expenses) in December 2025. The Directors have prepared a cash flow forecast for the 12 months from the date of signing of these financial statements, which indicates that additional funding will be required in Spring 2027 to meet the Group’s working capital requirements. Based on 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.

Notwithstanding the Directors’ current expectations that the required funding will be obtained, the Group’s dependence on uncertain future financing gives rise to a material uncertainty that may cast doubt on the Group’s and Company’s ability to continue as a going concern.

Should the Group and Company be unable to continue trading as a going concern, and hence be unable to settle their liabilities as they fall due, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, and to provide for further liabilities that may arise. 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.

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.

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that their carrying amount may exceed their recoverable amounts, in accordance with IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’.

Where an indicator of impairment exists, the exploration and evaluation asset is tested for impairment in accordance with IAS 36 ‘Impairment of Assets’. For other non-financial assets, 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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

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.

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.

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; from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit; or at the initial recognition of the asset or liability it does not give rise to equal taxable and deductible temporary differences.

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 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.

3.15

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 July 2025:

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.

3.16

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 2026 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, with the exception of the following:

 IFRS 18 Presentation and Disclosure in Financial Statements (effective for periods beginning on or after 1 January 2027)

IFRS 18 will not impact the recognition or measurement of items in the financial statements but there will be significant new disclosures required. Management is currently assessing the detailed implications of applying the new standard on the Group’s financial statements.

4.

Critical accounting estimates and judgements

The preparation of the Group’s financial statements under UK IAS 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.

Classification of exploration and evaluation assets

Consideration has been given to whether the exploration and evaluation asset held in respect of Taronga of £17,730,127 should be reclassified to property plant and equipment in accordance with IFRS 6. As the commercial financing for the project has yet to be obtained management judged that commercial feasibility was not demonstrable at the year end and hence the asset remained an exploration and evaluation asset.

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:

2026

2025

£

£

Germany

9,342,065

9,265,621

Australia

35,398,078

29,730,738

44,740,143

38,996,359

6.

Operating loss

The operating loss for the period is stated after charging the following:

2026

2025

£

£

At 1 January 2021

Additions

Currency translation

At 31 December 2021

Depreciation

83,501

49,747

Expenses relating to short-term leases

76,030

9,439

Auditor’s remuneration:

Fees payable to the Company’s auditor for

the audit of the Company and consolidated

financial statements

78,500

75,000

Total auditor’s remuneration

78,500

75,000

7.

Staff costs and Director’s renumeration

2026

2025

£

£

At 1 January 2021

Additions

Currency translation

At 31 December 2021

Wages and salaries

1,371,782

1,081,434

Social security costs

105,629

98,979

Pension costs

86,905

58,817

1,564,316

1,239,230

Amount capitalised as intangible asset

(1,194,548)

(858,560)

Total staff cost recognised in the profit

 and loss

369,768

380,670

The average number of staff employed by the Group, including Directors, is detailed below:

2026

2025

No.

No.

At 1 January 2021

Additions

Currency translation

At 31 December 2021

Management and administration

9

9

Geology and environment

13

15

Average number of staff employed

by the Group

22

24