First Tin PLC has released its interim results for the six months ended 30 June 2023. The company reported a loss before tax of £2.3 million, compared to a loss of £2.1 million in the same period last year. However, it ended the period with a robust cash position of over £7.9 million.
The company provided updates on its projects in Australia and Germany. In Australia, First Tin signed an agreement with BID Energy Partners to provide a feasibility study on renewable energy supply options for its Taronga project. The company also completed all confirmatory drilling and exploration work, discovering the Tin Beetle prospect and applying for a large exploration license covering the majority of the Tingha tin field. Additionally, First Tin published an updated Mineral Resource Estimate, which increased the size of the Taronga resource by over 240% to 133 million tonnes.
In Germany, the company continued to progress its Tellerhäuser project. The Saxonian Mining Authority confirmed eligibility to move straight to the construction and operational permitting process, reducing the overall permitting timeframe. First Tin submitted complete documentation for a mine permit application, with a decision expected prior to the end of Q3 2024. The company is also expanding the current Mineral Resource Estimate by utilizing historical drilling data.
Thomas Buenger, CEO of First Tin, commented on the progress made during the period and the company's commitment to becoming a reliable and responsible tin supplier. He highlighted the importance of tin in decarbonization and electrification efforts and the need for companies dedicated to meeting the demand for tin.
First Tin will be hosting a Zoom webinar for equity analysts and a live presentation for investors to provide further information on its projects.