Statement regarding a possible offer

This is an announcement of a possible offer under Rule 2.4 of the City Code on Takeovers and Mergers (the "Code") and is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code. there can be no certainty that an offer will be made, nor as to the terms of any such offer.

Statement regarding a possible offer for First Tin PLC (“First Tin”)

Metals X Limited (“Metals X”) notes the recent announcement by First Tin and confirms that Metals X submitted a preliminary, non-binding indicative cash offer to acquire the entire issued and to be issued share capital of First Tin not already owned by Metals X.

There can be no certainty that an offer will be made, nor as to the terms of any such offer.

In accordance with Rule 2.6(a) of the Code, Metals X must, by not later than 5.00 p.m. on 6 November 2026, being 28 days after today’s date, either announce a firm intention to make an offer for First Tin in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.

Metals X reserves the right to introduce other forms of consideration and/or to vary the composition of the consideration.

Rule 2.4 information

Prior to this announcement it has not been practicable for Metals X to make enquiries of all persons acting in concert with it to determine whether any dealings in First Tin shares by such persons give rise to a requirement under Rule 6 or Rule 11 of the Code for Metals X, if it were to make an offer, to offer any minimum level, or particular form, of consideration. Any such details shall be announced as soon as practicable and in any event by no later than the deadline for Metals X’s respective Opening Position Disclosure.