First Tin Plc (1SN) AI Stock Analysis

• Market Cap: £84.53M
• Dividend Yield: N/A
• Average Volume (3M): 348.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 18
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 541,868,300
• 10 Day Avg. Volume: 517,565
• 30 Day Avg. Volume: 348,376
• PEG Ratio: 3.03
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.48
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: 17.50p ▲(68.27% Upside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and substantial cash burn), partially offset by a debt-free TTM balance sheet with a sizeable equity cushion. Technicals are supportive but appear overextended, while valuation is difficult to justify given ongoing losses and no dividend data.

Positive Factors

Debt-free balance sheet with equity cushion

The TTM balance sheet reports no debt and a sizeable equity base (~102.7m equity vs ~111.2m assets). This materially reduces near‑term solvency risk, provides a capital buffer to fund project advancement, and lessens immediate refinancing pressure over several months.

Focused tin development pipeline in Europe

First Tin’s business model is explicitly oriented to advancing hard‑rock tin projects in Europe toward potential production. A focused development mandate concentrates management and technical resources, improving the chance of progressing permits, studies and resource definition over the medium term.

Lean operating structure (18 employees)

A small headcount aligns with an exploration/development company and keeps fixed overheads low. This lean structure helps limit non‑project cash burn, allowing a greater share of available capital to be directed to project work and extending runway during multi‑month development phases.

Negative Factors

No revenue and widening net losses

The company reports no revenue and a sharp deterioration in net losses (TTM ~10.1m vs ~1.1m in 2024), indicating no operating cash generation. Persistent pre‑revenue losses increase dependence on external funding and heighten dilution and execution risk over the coming months.

Heavy cash burn and negative free cash flow

Operating cash flow was negative in 2024 and TTM (TTM ~‑8.2m) while free cash flow was deeply negative (TTM ~‑33.6m). Sustained cash outflows imply reliance on new capital to progress projects, making funding availability and timing a principal structural constraint on advancement.

Negative returns and historical leverage volatility

Despite current equity strength, the company has negative returns on capital and a history of volatile leverage, including high debt relative to equity in 2021. That pattern signals the funding mix can change unpredictably, increasing refinancing and execution risk as projects scale.

First Tin Plc Business Overview & Revenue Model

Company Description

First Tin Plc operates as an exploration and development group focused on tin and associated metals in Germany and Australia. Its flagship assets include the Tellerhäuser Project in Saxony, Germany; and the Taronga Project in New South Wales, Australia. The company was incorporated in 2012 and is based in London, United Kingdom.

How the Company Makes Money

First Tin Plc Financial Statement Overview

Summary

Overall fundamentals are weak: no reported revenue across periods, persistent losses, and a material deterioration in TTM net loss (~10.1m vs ~1.1m in 2024). Cash flow is a major concern with negative operating cash flow (TTM ~-8.2m) and deeply negative free cash flow (TTM ~-33.6m). The main offset is a strong equity base and no reported debt in TTM, which reduces near-term balance-sheet risk.

Income Statement

Across both annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue and consistently negative operating results. Losses have widened materially in TTM (Trailing-Twelve-Months) (net loss of about 10.1m vs ~1.1m in 2024), indicating higher cost intensity and weakening profitability trajectory. A modest positive is that losses were smaller in 2024 than 2023, but the sharp deterioration in the most recent TTM (Trailing-Twelve-Months) outweighs that improvement.

Balance Sheet

The balance sheet shows a relatively strong equity base (about 102.7m equity vs ~111.2m assets in TTM (Trailing-Twelve-Months)) and currently reports no debt in TTM (Trailing-Twelve-Months), which reduces near-term financial risk. However, profitability is negative (return on equity is negative across periods), and leverage has been volatile historically (notably high debt relative to equity in 2021), suggesting funding structure can shift and the business is not yet generating returns on capital.

Cash Flow

Cash generation is weak, with operating cash flow negative in both 2024 (~-4.5m) and TTM (Trailing-Twelve-Months) (~-8.2m), and free cash flow deeply negative (about -33.6m in TTM (Trailing-Twelve-Months)). Free cash flow has also been highly volatile with very large negative growth in 2024, pointing to heavy cash burn and/or investment outlays. A relative positive is that negative net income is partly explained by non-cash items, but cash outflows remain substantial and ongoing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	-443.00	-25.51K	-87.03K
EBITDA	-10.72M	-8.83M	-3.28M	-4.86M	-2.83M	-1.57M
Net Income	-11.88M	-1.07M	-2.96M	-1.22M	-2.91M	-1.60M
Balance Sheet
Total Assets	208.65M	123.46M	104.22M	102.11M	36.09M	18.18M
Cash, Cash Equivalents and Short-Term Investments	62.03M	12.46M	28.46M	58.21M	8.50M	1.36M
Total Debt	0.00	13.46M	642.00	642.00	4.87K	6.01M
Total Liabilities	15.93M	27.52M	14.13M	11.65M	15.38M	9.85M
Stockholders Equity	192.72M	95.94M	90.09M	90.46M	20.71M	8.33M
Cash Flow
Free Cash Flow	-36.20M	-33.76M	-33.67K	-13.91M	-7.07M	-2.91M
Operating Cash Flow	-9.71M	-4.46M	-2.98K	-3.61M	-3.09M	-1.26M
Investing Cash Flow	-33.51M	-24.94M	-30.73K	-10.32M	-3.99M	-1.65M
Financing Cash Flow	99.86M	12.04M	-35.00	61.66M	13.96M	1.97M

First Tin Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JLP	53 Neutral	£146.30M	―	―	―	―	―
KOD	52 Neutral	£96.33M	-9.50	-21.41%	―	―	-133.33%
ZNWD	52 Neutral	£38.78M	-13.00	-7.78%	―	―	-19.57%
ALL	48 Neutral	£96.59M	-26.88	-17.14%	―	―	54.72%
TUN	48 Neutral	£153.88M	-0.77	-210.78%	―	-100.00%	-121.52%
1SN	46 Neutral	£84.53M	-38.05	-10.01%	―	―	―

First Tin Plc Corporate Events

First Tin Reports Promising Drilling Results at Taronga Project

First Tin PLC has announced final assay results from its drilling program at the Taronga Tin Project in New South Wales, Australia. The results reveal the extension of tin mineralization, potential resource upgrades from inferred to measured and indicated categories, and confirmation of high-grade zones, including discoveries in previously undrilled areas. This is expected to support a resource update and improve project economics, solidifying the company’s position in advancing tin-focused mining initiatives.

First Tin Reports Promising Assay Results from Australian Tin Project

First Tin PLC announced the final assay results from its drilling programme at the Taronga Tin Project in New South Wales, Australia. The results indicate extended mineralisation and the potential for upgrading resources from Inferred to Measured and Indicated categories, promising longer mine life and reduced costs. Notably, high-grade zones were confirmed within, between, and beyond current pit outlines, including a new mineralised area north of the North Pit. An updated Mineral Resource Estimate is expected in early 2026, reflecting the promising economic and operational potential of the project.

Metals X Limited Increases Stake in First Tin PLC

First Tin PLC announced that Metals X Limited, associated with two of its Non-Executive Directors, has acquired 27,142,857 shares, representing a 29.95% stake in the company. This transaction highlights the confidence in First Tin’s strategic direction and its potential impact on the tin market, particularly as the company aims to supply tin in a market facing sustained deficits.

First Tin CEO Increases Stake Amid Strategic Tin Development

First Tin PLC announced that its CEO, William (Bill) Scotting, has purchased 428,571 shares at 7.0 pence per share, increasing his stake to 0.49% of the company’s issued share capital. This transaction underscores the CEO’s confidence in the company’s strategy to leverage its tin projects in Germany and Australia, which are positioned to meet the rising demand for tin driven by global clean energy and technological advancements.

First Tin PLC Sees Increased Investment from Arlington Group

First Tin PLC announced that Charles Cannon Brookes, Non-Executive Chairman, on behalf of Arlington Group Asset Management Limited, has purchased over 4.28 million shares in the company. This transaction increases Arlington Group’s stake to 10.46% of First Tin’s issued share capital. This move reflects confidence in First Tin’s strategic direction and its potential impact on the tin market, given the company’s focus on sustainable and conflict-free tin production in politically stable regions.

First Tin PLC Expands Market Presence with New Share Admission

First Tin PLC has successfully placed and subscribed 90 million new ordinary shares, which have been admitted to the London Stock Exchange’s Main Market. This move increases the company’s total voting rights to 541,868,306, potentially enhancing its market position and providing shareholders with a clear framework for interest notifications.

First Tin PLC Successfully Passes Resolutions to Advance Tin Projects

First Tin PLC announced that all resolutions were passed at their General Meeting, facilitating their recent fundraising efforts. This development supports the company’s strategic goals of advancing tin projects in Germany and Australia, potentially strengthening their position in the tin market amid rising demand and supply shortages.

First Tin PLC Successfully Passes All Resolutions at AGM

First Tin PLC announced that all resolutions at its Annual General Meeting were passed, including the approval of reports, reappointment of auditors, and renewal of directors’ authorities. This outcome supports the company’s strategic goals of advancing its tin projects in Germany and Australia, which are crucial for addressing the global tin supply deficit and supporting clean energy initiatives.

First Tin PLC Secures £6.3 Million for Strategic Tin Projects

First Tin PLC announced a successful equity fundraising of £6.3 million, which will be used primarily for the Taronga project in Australia and to support activities in Germany. This funding will accelerate critical early works, infrastructure upgrades, and the completion of the updated Definitive Feasibility Study at Taronga, while also progressing permitting and exploration in Germany. The move positions First Tin to capitalize on the rising demand for tin, driven by its essential role in the global energy transition and digital technologies, amid ongoing supply constraints.

First Tin PLC Secures £6.3 Million for Tin Project Advancements

First Tin PLC has announced a conditional equity fundraising of £6.3 million to advance its tin projects in Germany and Australia. The funds will primarily support the Taronga project in Australia, including infrastructure upgrades and the completion of a Definitive Feasibility Study. This fundraising marks a significant milestone in First Tin’s strategy to develop low-capex tin projects, positioning the company to deliver sustainable value amid rising demand and supply constraints in the tin market.

First Tin PLC Advances Taronga Tin Project with Successful EIS Conclusion

First Tin PLC has successfully concluded the public exhibition period for the Environmental Impact Statement of its Taronga Tin Project in New South Wales, Australia, receiving only four objections. This low level of opposition allows the project to proceed through the standard approval process, reducing permitting timeframes and costs, and marks a significant de-risking milestone for the company’s operations.

First Tin PLC Advances Taronga Tin Project with Successful EIS Conclusion

First Tin PLC announced the successful conclusion of the Environmental Impact Statement (EIS) exhibition period for its Taronga Tin Project in New South Wales, Australia. With only four objections received, the project will proceed through the standard approval process, reducing permitting timeframes and costs. This outcome highlights strong community support and represents a significant milestone in de-risking the development of Australia’s next tin mine, positioning First Tin favorably in the industry.

First Tin Secures Potential EXIM Financing for Taronga Project

First Tin PLC has received a non-binding Letter of Interest from the Export-Import Bank of the United States, indicating potential financing of up to US$120 million for its Taronga Tin Project in Australia. This support highlights the strategic importance of the project, which could strengthen U.S. supply chain resilience in critical minerals, as the U.S. currently lacks domestic tin production. The Taronga project, with its significant reserve base and advanced development stage, is poised to become a major supplier of tin concentrate to Western economies, aligning with EXIM’s goals under the China and Transformational Exports Program.

First Tin Completes Drilling at Taronga Project, Eyes Expansion

First Tin PLC announced the completion of its drilling program at the Taronga tin project in New South Wales, Australia, which aims to convert inferred resources to measured and indicated status. The drilling results indicate potential for wider and deeper pits, a longer mine life, and improved project economics. With tin prices rising and a tightening global supply, the Taronga project positions First Tin as a leading undeveloped tin asset, with plans to update its resource and reserve estimates and publish an optimized DFS by mid-2026.