First Tin Plc (1SN) AI Stock Analysis

• Market Cap: £90.76M
• Dividend Yield: N/A
• Average Volume (3M): 348.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.69
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 18
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• 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: 50 Neutral
• Price Target: 16.50p ▲(58.65% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weak financial performance driven by a pre-revenue model, widening losses, and accelerating cash burn, despite a relatively strong, low-leverage balance sheet. Technicals are a meaningful positive with the price above major moving averages and positive MACD, while valuation remains constrained by a negative P/E and no dividend support.

Positive Factors

Low Financial Leverage

A large equity base and virtually no debt materially reduce refinancing and insolvency risk for a development-stage miner. This durable strength provides capacity to fund exploration and staged project work, improving odds of reaching production without acute leverage pressure.

Clear Development-Focused Model

The company’s explicit focus on advancing hard-rock tin projects toward potential production creates a clear, stage-gated business model. That structural clarity supports disciplined capital deployment and value realization if resource economics are confirmed and permits/engineering progress follow plan.

Lean Operating Footprint

A small employee base implies a lean corporate structure that can limit fixed overhead and extend runway between funding rounds. For resource developers, low corporate payroll helps allocate more capital to direct project activity and preserves cash for drilling and engineering.

Negative Factors

Pre-Revenue with Widening Losses

Operating without revenue creates structural dependency on external funding; the steep deterioration in net income indicates rising project and corporate costs. Persistent losses mean value creation hinges entirely on successful resource development and future commercialization.

Accelerating Cash Burn

Deeply negative operating and free cash flow signal material ongoing cash consumption from development activities. Accelerating burn increases the probability of near-to-intermediate term fundraising, dilutive financing, or spending cuts, elevating execution and financing risk before revenue is achieved.

Deteriorating Asset Base & Weak ROE

Shrinking assets alongside negative returns on equity suggests the company is consuming capital without generating positive returns. This structural weakness pressures future funding needs and implies that current development spending has yet to translate into measurable asset value uplift.

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

Financials reflect a pre-revenue profile (revenue is 0) with sharply worsening losses in TTM (net income -11.6M) and accelerating cash burn (operating cash flow -11.9M; free cash flow -33.2M). The key offset is a comparatively supportive balance sheet with a large equity base (~92.8M) and minimal/no leverage (debt-to-equity 0.0), but overall funding and execution risk remains elevated until revenue and cash discipline improve.

Income Statement

Results reflect a pre-revenue profile (revenue is 0 across all periods), with persistent losses and a clear deterioration into TTM (Trailing-Twelve-Months): net income fell to -11.6M vs -1.1M in 2024 and -3.0M in 2023, while operating losses also widened. With no sales base, reported margins are not meaningful, and the investment case hinges on future commercialization rather than current operating performance.

Balance Sheet

The balance sheet is the main support: equity remains large (~92.8M in TTM) and the company shows minimal to no debt in TTM (debt-to-equity at 0.0), indicating low financial leverage. However, profitability is weak with negative returns on equity (TTM about -7.0%), and assets declined versus 2024 (93.9M vs 123.5M), suggesting either spending-down of the asset base or remeasurement impacts while losses continue.

Cash Flow

Cash generation is a key weakness: operating cash flow is materially negative in TTM (-11.9M) and free cash flow is deeply negative (-33.2M), with free cash flow growth also sharply negative. Cash burn has accelerated versus 2023 and 2024, implying elevated funding needs unless spending is reduced or revenue ramps; while free cash flow is larger in magnitude than net losses, that still signals heavy cash outflows tied to development/investment activity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Jan 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-71.91K	0.00	0.00	-443.00	-25.51K	-87.03K
EBITDA	-9.66M	-8.83M	-3.28M	-4.86M	-2.83M	-1.57M
Net Income	-11.64M	-1.07M	-2.96M	-1.22M	-2.91M	-1.60M
Balance Sheet
Total Assets	93.86M	123.46M	104.22M	102.11M	36.09M	18.18M
Cash, Cash Equivalents and Short-Term Investments	16.67M	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	1.06M	27.52M	14.13M	11.65M	15.38M	9.85M
Stockholders Equity	92.80M	95.94M	90.09M	90.46M	20.71M	8.33M
Cash Flow
Free Cash Flow	-33.21M	-33.76M	-33.67K	-13.91M	-7.07M	-2.91M
Operating Cash Flow	-11.89M	-4.46M	-2.98K	-3.61M	-3.09M	-1.26M
Investing Cash Flow	-31.50M	-24.94M	-30.73K	-10.32M	-3.99M	-1.65M
Financing Cash Flow	98.62M	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%
TUN	53 Neutral	£390.87M	-0.10	-210.78%	―	-100.00%	-121.52%
JLP	52 Neutral	£121.13M	-4.47	―	―	―	―
ZNWD	52 Neutral	£36.61M	-9.13	-7.78%	―	―	-19.57%
ALL	51 Neutral	£127.29M	―	-17.14%	―	―	54.72%
1SN	50 Neutral	£90.76M	-15.47	-10.01%	―	―	―
KOD	41 Neutral	£71.31M	-42.09	-21.41%	―	―	-133.33%

First Tin Plc Corporate Events

First Tin strengthens finances and resource base as Taronga and German tin projects advance

First Tin reported interim results for the six months to 31 December 2025 showing a strengthened balance sheet after a £6.3 million equity raise, with cash rising to £9.03 million and net assets to £50.27 million, while narrowing its comprehensive loss to almost breakeven. The company said this funding will underpin final permitting, engineering and an enhanced Definitive Feasibility Study at its flagship Taronga project in Australia, as it prepares to move from development towards construction.

At Taronga, the submission of an Environmental Impact Statement and a smooth public exhibition process have cleared a key regulatory hurdle, while infill and extension drilling is feeding into an updated Mineral Resource Estimate expected to extend mine life and improve economics, including emerging by‑product potential in silver and copper. In Germany, a major upgrade at the Gottesberg deposit has increased total group contained tin resources to 367,600 tonnes, positioning First Tin as the largest holder of undeveloped tin resources in the OECD and reinforcing its strategic importance amid tight global tin markets and rising prices.

The group is also progressing permitting at its Tellerhäuser project through a fast‑track Life of Mine Plan and continues technical work to refine processing and mine design across its portfolio. Management highlighted that the combination of growing resources in safe jurisdictions, improved project economics and sector tailwinds in critical metals demand enhances First Tin’s appeal to financiers and industrial tin consumers seeking secure, compliant supply.

The most recent analyst rating on (GB:1SN) stock is a Hold with a £15.50 price target. To see the full list of analyst forecasts on First Tin Plc stock, see the GB:1SN Stock Forecast page.

First Tin to Present at Yellowstone Advisory Private Investor Event

First Tin PLC will showcase its strategy and projects as CEO Bill Scotting presents at the Yellowstone Advisory Private Investor evening in London on 25 February 2026. The event offers the company direct engagement with private investors as it advances its German and Australian tin assets toward production.

The appearance underscores First Tin’s efforts to raise its profile among retail investors and communicate its role in addressing forecast tin supply deficits. With tin seen as critical to decarbonisation and electrification, the company is positioning its future mines as secure, sustainable sources for Western markets.

The most recent analyst rating on (GB:1SN) stock is a Hold with a £15.50 price target. To see the full list of analyst forecasts on First Tin Plc stock, see the GB:1SN Stock Forecast page.

First Tin to Release HY25 Interim Results and Host Investor Presentation

First Tin PLC, a tin development company with projects in Germany and Australia, is focused on supplying ethically sourced tin from conflict-free, low political risk jurisdictions. The company targets best-in-class environmental standards as it advances two de-risked mines to support growing tin demand driven by global clean energy and electrification trends.

The company announced that interim results for the six months to 31 December 2025 will be released on 25 February 2026, accompanied by a live online investor presentation. The event, hosted on the Investor Meet Company platform and open to existing and prospective shareholders, underlines First Tin’s efforts to increase transparency and engagement with investors as it progresses its development strategy.

The most recent analyst rating on (GB:1SN) stock is a Hold with a £15.50 price target. To see the full list of analyst forecasts on First Tin Plc stock, see the GB:1SN Stock Forecast page.

First Tin Uncovers Silver and Copper Upside at Taronga Tin Project

First Tin Plc has identified significant silver and copper mineralisation at its 100%-owned Taronga Tin Project in New South Wales, with recent drilling revealing both moderate-grade by-product metals associated with existing tin zones and discrete high-grade silver veins similar to the nearby Webbs deposit. Metallurgical testwork shows silver and copper are upgraded into sulphide flotation residues, which are to be stored separately to preserve future retreatment options, while an updated mineral resource estimate incorporating silver and copper within the tin resource envelope is expected in early March and could enhance project economics via by-product credits amid stronger silver and copper prices.

The company reports sulphide residues averaging 137g/t silver and 1.74% copper from relatively low head grades, implying meaningful concentration potential that may deliver additional revenue streams beyond tin if economically viable processing routes are confirmed. Management stresses that Taronga remains primarily a tin project but sees growing upside from these co-products, positioning First Tin to benefit from multi-metal exposure and potentially improving the value proposition for investors and other stakeholders as the revised resource statement is finalised.

The most recent analyst rating on (GB:1SN) stock is a Hold with a £15.50 price target. To see the full list of analyst forecasts on First Tin Plc stock, see the GB:1SN Stock Forecast page.

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.