AUSTIN, Texas, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Summer Moon Capital ("SMC"), a shareholder representing 5,400,000 shares, in First Tin PLC (LSE: 1SN) ("First Tin"), today announced that it opposes the indicative cash proposal of 15 pence per share from Metals X Limited (ASX: MLX) ("Metals X") and does not intend to support an offer at that price.
SMC believes it is opportunistic and materially undervalues First Tin.
Timing of the Proposal
Metals X made its proposal as First Tin's Taronga tin project in New South Wales entered the final stage of development approval, with every other permitting step complete. Seven weeks earlier, an updated feasibility study increased Taronga's base-case post-tax net present value (NPV) from A$98 million to A$246 million.
Metals X is First Tin's largest shareholder, with 29.95% of the shares and two nominees on the board. The 30% premium is measured against an 11.5p share price that does not reflect the expected approval.
Taronga Alone Is Worth More Than the Offer
On First Tin's own conservative assumptions, Taronga alone is worth more than the proposal.
At a tin price of US$40,000 per tonne, very below the spot price, Taronga's post-tax NPV is approximately £128 million, or 23.6p per share.
At the spot price of US$55,675 per tonne, it is approximately £302 million, or 55.7p per share.
German Projects Not Reflected
First Tin's German projects, Tellerhäuser and Gottesberg in Saxony, hold 61% of its contained tin. Zeus Capital, one of First Tin's joint brokers, values them at £121.7 million, or 22.5p per share, before risk adjustments. Because the proposal does not cover Taronga alone, it ascribes no value to the German projects.
Zeus Capital's fair value for First Tin is 33.8p per share after risk adjustments and corporate costs, more than twice the proposed price.
| Measure | Pence per share | Multiple of offer |
| Metals X proposal | 15.0 | 1.0x |
| German projects, Zeus Capital, unrisked | 22.5 | 1.5x |
| Taronga, post-tax NPV at US$40,000/t | 23.6 | 1.6x |
| Zeus Capital fair value, whole Company | 33.8 | 2.3x |
| Taronga, post-tax NPV at spot | 55.7 | 3.7x |
SMC's Position
SMC opposes the proposal at the current price, does not intend to support or accept an offer at 15p per share, and calls on First Tin's independent directors to reject it. Any offer would need to be substantially improved to receive SMC's support. SMC reserves the right to support an offer at a materially higher price.
Sara Konstantine of Summer Moon Capital said:
"Metals X has made this approach just before Taronga's development approval, at a price that does not even cover Taronga, let alone the German projects that hold most of First Tin's tin. Shareholders have funded First Tin through feasibility and permitting and should not hand that value to the largest shareholder at 15 pence. We will not support this proposal unless it is substantially improved."
Under the UK Takeover Code, Metals X must announce a firm offer, or that it will not make one, by 5:00 p.m. London time on November 6, 2026.
SMC's full analysis is available at www.firsttinshareholders.com.
About Summer Moon Capital
Summer Moon Capital is an investment firm based in Austin, Texas, and a shareholder in First Tin PLC.
Important Information
SMC is a shareholder in First Tin. This announcement reflects SMC's opinions and is not an offer, solicitation or recommendation to buy, sell or hold any security, or investment advice. NPV figures are project-level values before corporate costs and financing, and depend on assumptions for tin prices, exchange rates and discount rates. Sources for all figures are available at First Tin Shareholders.
Media Contact Summer Moon Capital - Sara Konstantine contact@firsttinshareholders.com
