First Tin PLC on Friday said its loss in the first half of 2023 narrowed, as it makes ‘strides’ towards its 2026 production target.

First Tin is a London-based tin development company, focused on advanced, low-capital expenditure projects in Germany and Australia.

In the first six months of 2023, pretax loss narrowed to £1.4 million from £2.1 million a year earlier. First Tin’s operating loss narrowed to £1.5 million from £2.1 million.

First Tin said that despite ‘persistent’ macroeconomic challenges such as the ongoing war in Ukraine, increasing geopolitical tensions and volatility of global stock exchanges, it has completed key workstreams at both of its flagship tin projects in Australia and Germany.

Chief Executive Thomas Buenger said: ‘First Tin has made strong progress during the period, executing key workstreams and adding significant value at both its flagship tin assets in Australia and Germany. The management team has focused on advancing both assets through their definitive feasibility studies, while extension development and exploration drill programmes have produced excellent results.’

Looking ahead, First Tin said the work undertaken during the period has ‘significantly progressed’ the development of its core assets.

It added that it is making ‘strides’ towards its target of 2026 production, with the expected release of a definitive feasibility study at its Taronga asset in Australia in the first quarter of next year.

Shares in First Tin were up 2.1% to 6.95 pence each in London on Friday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.