Stock

First Tin

1SN.L
Other Precious Metals · Basic Materials
Price
13.80 GBp
+2.30 (+20.00%)
Market Cap
£74.8M
Exchange
London Stock Exchange
Winston Score
–
Winston looking sleepy
No score yet — nothing to grade.
This is a pre-revenue company — it has no sales yet, just exploration or development costs. There’s no operating business to grade on profitability, margins or cash flow, so the Winston Score stays blank until it starts booking revenue.

Share count rising — dilution

+48.9% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 265.5M (2021) → 395.5M (2024)

§Winston Score History

The full picture

First Tin Plc is a mining development company focused on producing tin, a metal used in electronics, soldering, and electric vehicle batteries. The company is developing two main projects: the Taronga tin deposit in Australia and the Tellerhäuser project in Germany. It does not yet produce tin commercially, making it a pre-revenue exploration and development stage company.

First Tin currently generates no meaningful revenue, which explains its zero margins and negative returns on capital. It raises money through share issuances to fund drilling, engineering studies, and permitting work at its two projects. The company's geographic focus on Australia and Germany is notable because Germany sits inside the European Union, where there is growing political pressure to secure domestic supplies of critical minerals like tin. The key growth driver is successfully advancing its projects to production, but the main risk is that doing so requires significant additional funding, and tin prices are volatile and outside the company's control.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

£0/ year

Research and development spending

Insider Activity

52.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~17 months

£10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
N/A
—
Data not available
Profit after running costs
Operating Margin
N/A
—
Data not available
Return on the money invested
ROCE
-15.4%
Weak — -15.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
N/A
—
Data not available
Profit growth
EPS YoY
-323.3%
Earnings shrinking (-323.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
—
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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