Preliminary Unaudited Results

First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its unaudited preliminary results for the 18 months ended 30 June 2024.

This follows the change to the Company's accounting reference date and financial year end from 31 December to 30 June, announced earlier this year.

Highlights

• In Australia, Taronga's excellent potential to be developed into a low capex, low risk, and high margin tin mine, with attractive economics, confirmed through the Definitive Feasibility Study
• Taronga's Mineral Resource Estimate ("MRE") increased by over 240% to 138,300 tonnes of contained tin
• The Taronga deposit has been confirmed to be highly scalable, with multiple opportunities to create significant value upside identified through:

o Conversion of inferred resources to enable deeper, wider pits

o Potential parallel zones immediately NW of the current pits

o Extensions to the NE and SW of the current pits (mineralisation not closed off)

o Between the two pits where recent drilling has returned previously unknown mineralisation

o Potential parallel zones to the SE of the current pits

o Improvements to the expected processing recoveries

• The Company has also been successful in confirming the thesis that the Taronga deposit is part of a larger tin district which could hold potential for a hub and spoke approach
• In Germany, delivered a 35% increase in the Tellerhäuser MRE to 138,600t tin from the 2019 estimate of 102,900t tin and infrastructure requirements successfully progressed
• Loss before tax of £3.9 million (31 December 2022: £3.2m)
• Post-period end, Metals X Limited became a 23% shareholder of First Tin, which is a strong endorsement from Australia's largest tin producer

First Tin CEO, Bill Scotting commented:

"We are delighted with the significant value we have added to our portfolio during the period, which has been further validated by Australia's largest tin producer, acquiring a +20% stake in First Tin immediately post-period end. Our portfolio holds tremendous potential, especially at Taronga in Australia, which we believe is on track to become the world's next major tin mine. With several opportunities identified to scale the project, we are confident that we can significantly enhance the strong economic case we've already demonstrated.

"Tin has been designated a critical mineral in numerous jurisdictions, but with primary tin supply stagnating and major producers facing challenges, including diminishing reserves and operational disruptions, a supply deficit looms. This means that our assets, which are located in developed countries with strong oversight of environmental standards, are of even more strategic importance. With this in mind, we remain highly optimistic about the tin market and believe our portfolio is well-positioned for continued success."

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2024

Adjustments to reconcile loss before tax to net cash flows:

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 consolidated financial information comprises 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 information. Statutory information The financial information included in this unaudited preliminary announcement does not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2022 have been delivered to Companies House and received an unqualified auditors' report with a material uncertainty in respect of going concern. The statutory financial statements for the 18 month period ended 30 June 2024 will be finalised on the basis of the financial information presented by the directors in this unaudited preliminary announcement and will be delivered to Companies House following the Company's Annual General Meeting. The audit report for the 18 month period ended 30 June 2024 has yet to be signed. The announcement of the preliminary unaudited results was approved on behalf of the board of directors on 28 October 2024.

• Presentation of financial information

The financial information is presented in pounds sterling, as this is the currency of the UK listed parent company.

These financial information has 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 information has been prepared on a historical cost basis.

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 2024, the Group had cash balances of £1.3 million. On 10 July 2024 the Company raised £2.1 million (before expenses) by way of a placing of 53 million new ordinary shares at a price of 4 pence per share. The Directors have prepared financial projections and plans for a period of at least 12 months from the date of approval of these consolidated financial information. It is anticipated that additional capital will need to be raised within the next 12 months in order to continue to fund the Group's activities at their planned levels and any such capital raise via the issuance of new ordinary shares in First Tin plc, will be subject to shareholder approval. This represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. If the Group was unable to raise additional capital, the cash balance pursuant to the placing announced on 10 July 2024 would be insufficient to fund the Group's activities at their current level for a period of at least 12 months from the date of approval of these consolidated financial information. However, the Directors have a reasonable expectation that this uncertainty can be managed to a successful outcome, and based on that assessment, the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these consolidated financial information has been prepared on the going concern basis. The consolidated financial information does 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.

The consolidated financial information incorporates the financial information 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.

• Critical accounting estimates and judgements

The preparation of the Group's financial information 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 consolidated financial information 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.

At 1 January 2021 Additions Currency translation At 31 December 2021

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

At 1 January 2021 Additions Currency translation At 31 December 2021

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.

• 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.

Share options outstanding at the end of the period have the following expiry dates and exercise prices:

Warrants outstanding at the end of the period have the following expiry dates and exercise prices:

Fair value of options granted

The assessed fair value at the grant date of options granted during the year ended 31 December 2022 was £0.08 per option. No options were granted during the period ended 30 June 2024. The fair value at grant date is determined using the Black-Scholes model, which takes into account the following inputs:

The volatility is calculated based upon the volatilities of peer group companies since there is insufficient historic data available for the Group.

Fair value of warrants granted During the year ended 31 December 2022 the Group issued 2,500,000 warrants at an exercise price of 33 pence, exercisable over a period of two years from the date of grant. The fair value was calculated at £173,766. The fair value was determined using the Black-Scholes model, with the following inputs: market value at grant date of 30 pence, expected term of 2 years, volatility of 46% and risk free rate of 1.4%. No warrants were issued during the period ended 30 June 2024.

Expenses arising from share-based payment transactions

Total expenses arising from share-based payment transactions recognised during the period were as follows:

Exploration

and

evaluation

assets

£

Cost At 1 January 2021 Additions Currency translation At 31 December 2021

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 2024, 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.

Directors' remuneration and fees The table below sets out the Directors' remuneration and fees: Performance Share related based Basic fees bonus payments Total £ £ £ £ 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 - - 40,385 645,159 - - 645,159 Performance Share related based Basic fees bonus payments Total £ £ £ £ 2022 Mr T Buenger 268,519 109,748 374,347 752,614 Mr S I Cornelius 32,769 - - 32,769 Mr I Hofmaier 32,769 - - 32,769 Ms C Apthorpe 29,128 - - 29,128 Mr C Cannon Brookes 29,250 - - 29,250 Mr N Mather 7,500 - - 7,500 399,935 109,748 374,347 884,030

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 £127,500 from Arlington in respect of financial advisory and director's fees (2022: £876,004 in respect of fund-raising commissions and expenses, financial advisory fees and director's fees). At 30 June 2024, £42,500 was outstanding (2022: £nil). 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 £52,000 from RFA in respect of company secretarial services. The fees were paid in full during the period.

In the opinion of the Directors, there is no controlling party .