First Tin
1SN · Main Market · Basic Resources · mcap £73m · 13.4p 2 open situations →
Open · 2
Offer for the company
Follows from Metals X Limited towards control – 29.91% (from 23.07%), closed 20 Nov 2025
First Tin received an unsolicited, indicative proposal from Metals X, announced 9 October 2026, for a possible cash offer at 15p per share. On 9 October 2026 Metals X confirmed it submitted a preliminary, non-binding indicative cash offer for the shares it does not already own. There is no certainty of an offer. Metals X must announce a firm offer or walk away by 6 November 2026.
- Offer
- Preliminary, non-binding indicative cash offer for all First Tin shares not already owned by Metals X; 15p per share per First Tin's earlier announcement 9 Oct 2026 ↗
- Bidder
- Metals X Limited, existing shareholder with two appointees on the First Tin board 9 Oct 2026 ↗
- Board view
- Board, excluding MLX appointees, and advisers are carefully considering the Proposal; shareholders advised to take no action 9 Oct 2026 ↗
- Status
- Unsolicited, non-binding proposal received 8 October 2026; offer period commenced; no certainty of an offer 9 Oct 2026 ↗
- Timetable
- Rule 2.7 firm offer or no-intention statement due by 5.00 p.m. on 6 November 2026; extendable only with Panel consent 9 Oct 2026 ↗
- Certainty
- No certainty that an offer will be made, nor as to its terms 9 Oct 2026 ↗
Next: firm offer or walk away (Rule 2.6) · 6 Nov 2026
- 9 Oct 2026 approach
- 9 Oct 2026 offer
Taronga permitting and development approval
The Response to Submissions was lodged with DPHI on 1 June 2026 after only four objections, so there is no IPC referral. The DFS update repeats that permitting is in final approval stages. Phase 1 sits within the existing pit limits in the permit application. Phase 2 will need later permitting. No approval date is given.
- Next milestone
- Agency consultation on the RTS, coordinated by DPHI, then departmental assessment and draft approval conditions
- Approval pathway
- Standard departmental route; no IPC referral after four objections
- Regulator
- Department of Planning, Housing and Infrastructure (DPHI)
- Timetable
- Development Approval date not stated
- Phase 1 scope
- Contained entirely within existing pit limits in current permitting envelope
- Phase 2
- Requires permitting in later years; described as low-risk continuation of mining
Next: Development Approval from DPHI after RTS assessment
- 17 Aug 2026 Updated DFS completed
- 1 Jun 2026 RTS lodged with DPHI; awaiting assessment
- 30 Apr 2026 Updated MRE delivered; DFS update pending
- 25 Feb 2026 Updated MRE underway ahead of DFS update
Closed · 2
Company filings. Not investment advice.