First Tin (1SN): Possible offer

What is happening

First Tin: Possible offer – approach. ['approach']

In short

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.

Announced

9 Oct 2026 · offer

Latest

9 Oct 2026 · approach

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

Bidder

Metals X Limited, existing shareholder with two appointees on the First Tin board

Board view

Board, excluding MLX appointees, and advisers are carefully considering the Proposal; shareholders advised to take no action

Status

Unsolicited, non-binding proposal received 8 October 2026; offer period commenced; no certainty of an offer

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

Certainty

No certainty that an offer will be made, nor as to its terms

Consideration

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

What comes next

firm offer or walk away (Rule 2.6) (6 Nov 2026).

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