Author: Fiona Craig

First Tin (LSE:1SN) reported interim results for the six months ended 31 December 2025, highlighting a stronger financial position following a £6.3 million equity raise. Cash balances increased to £9.03 million, while net assets rose to £50.27 million, and the company’s comprehensive loss narrowed to near breakeven. Management said the additional funding will support final permitting, engineering work and an enhanced Definitive Feasibility Study at its flagship Taronga project in Australia as the company advances toward the construction phase.

At Taronga, submission of the Environmental Impact Statement and a smooth public consultation period marked an important regulatory milestone. Ongoing infill and extension drilling is contributing to an updated Mineral Resource Estimate expected to extend the project’s mine life and strengthen project economics, with potential by-product credits emerging from silver and copper mineralisation. In Germany, a significant resource upgrade at the Gottesberg deposit has lifted total contained tin resources across the group to 367,600 tonnes, positioning First Tin as the largest holder of undeveloped tin resources within the OECD and enhancing its strategic relevance amid tightening global supply and rising tin prices.

The company is also advancing permitting activities at the Tellerhäuser project through a fast-tracked Life of Mine Plan while continuing technical optimisation of processing methods and mine design across its portfolio. Management noted that expanding resources in stable jurisdictions, improving project economics and favourable demand trends for critical metals are strengthening First Tin’s attractiveness to potential financiers and industrial customers seeking secure and responsible tin supply.

The company’s overall assessment remains constrained by weak financial performance, including the absence of revenue generation, ongoing losses and continued cash outflows. These factors are partly balanced by a debt-free balance sheet and a solid equity base. Technical indicators remain supportive but may appear stretched, while valuation remains difficult to assess given continuing losses and the lack of dividend visibility.

More about First Tin Plc

First Tin PLC is a tin development company focused on advancing low-capex projects in Australia and Germany, with the goal of becoming a reliable and ethical supplier of traceable tin sourced from low political-risk, conflict-free jurisdictions. Its portfolio includes the Taronga project in New South Wales alongside German assets such as Gottesberg and Tellerhäuser, targeting growing structural demand for tin driven by electrification and decarbonisation trends.

U.S. stock index futures pointed modestly higher on Tuesday, suggesting markets may attempt to recover after the sharp losses recorded in the previous trading session.

Investors may be tempted to step back into equities at lower valuations following Monday’s sell-off, which pushed the Dow to its weakest closing level in a month.

Still, any recovery could remain tentative as ongoing uncertainty surrounding trade tariffs continues to weigh on market sentiment.

Market participants may also avoid making aggressive bets ahead of quarterly earnings from artificial intelligence heavyweight Nvidia (NASDAQ:NVDA), due after Wednesday’s closing bell.

“Investors have plenty to worry about, and Nvidia’s results on Wednesday have the potential to make or break the market depending on what it says about AI,” said Dan Coatsworth, head of markets at AJ Bell.

He added, “The market has this year shown widespread concerns about all things linked to AI, from excessive spending to business models being disrupted, so Nvidia needs to retain its uber-bullish stance if it wants to avoid stirring the pot of worry for investors.”

After posting solid gains last week, equities retreated sharply on Monday, with all three major U.S. benchmarks ending the session significantly lower and the Dow recording its lowest close in roughly a month.

Although stocks rebounded somewhat from intraday lows, losses remained substantial. The Dow dropped 821.91 points, or 1.7%, to 48,804.06, the Nasdaq declined 258.80 points, or 1.1%, to 22,627.27, and the S&P 500 fell 71.76 points, or 1.0%, to 6,837.75.

The downturn followed renewed trade uncertainty after the U.S. Supreme Court last Friday invalidated most of President Donald Trump’s sweeping global tariff measures.

In a Truth Social post on Saturday, Trump said he would raise worldwide tariffs to the “fully allowed” and “legally tested” 15 percent level, up from the 10 percent rate announced shortly after the ruling.

“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again – GREATER THAN EVER BEFORE!!!” Trump said.

While a White House fact sheet acknowledged the president may impose tariffs for only 150 days without congressional approval, Trump later asserted that he would not need to seek authorization from Congress.

He also warned that any country attempting to “play games” would face a “much higher Tariff, and worse, than that which they just recently agreed to.”

Meanwhile, the European Commission called for “full clarity” regarding Washington’s next steps following the court decision.

In a statement, the Commission said the current situation was “not conducive” to delivering “fair, balanced, and mutually beneficial” transatlantic trade and investment relations outlined in the EU-U.S. Joint Statement of August 2025.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the U.S. to honour its commitments set out in the Joint Statement – just as the EU stands by its commitments.”

Market sentiment was further pressured by a steep decline in IBM Corp. (NYSE:IBM), whose shares plunged 13.2%.

The technology company came under pressure after Anthropic’s Claude introduced COBOL capabilities, targeting a programming language widely used in enterprise data processing — a key area of IBM’s business.

Financial stocks were among the worst performers, with the KBW Bank Index tumbling 4.4% and the NYSE Arca Securities Broker/Dealer Index falling 3.4%.

Software companies also faced heavy selling pressure, reflected by a 3.9% drop in the Dow Jones U.S. Software Index.

Airline, computer hardware, and networking shares also declined notably, while gold-related stocks moved higher, supported by a strong rise in the price of the precious metal.

Oil prices moved higher on Tuesday, approaching levels last seen nearly seven months ago as traders monitored rising geopolitical risks ahead of another round of nuclear negotiations between the United States and Iran.

Brent crude futures added 48 cents, or 0.7%, to $71.97 per barrel by 0658 GMT, while U.S. West Texas Intermediate crude gained 45 cents, also 0.7%, to $66.76 per barrel.

Brent is currently trading at its strongest level since July 31, while WTI has reached its highest level since August 1.

“At this stage, geopolitics is clearly doing most of the heavy lifting for oil prices, with the current firmness largely driven by anticipation rather than actual supply loss,” said Phillip Nova senior market analyst Priyanka Sachdeva.

“The risk of possible military escalation in the Middle East is gaining traction, and thus, traders appear to hedge against worst-case scenarios.”

A third round of nuclear talks between Iran and the United States is scheduled to take place in Geneva on Thursday, Oman’s Foreign Minister Badr Albusaidi confirmed on Sunday.

Washington continues to press Tehran to abandon its nuclear ambitions, while Iran has firmly rejected the demand and insists it is not pursuing nuclear weapons.

Amid mounting concerns over a potential military confrontation, the U.S. State Department has begun withdrawing non-essential staff and family members from the American embassy in Beirut, according to a senior official on Monday.

U.S. President Donald Trump warned in a social media post that it would be a “very bad day” for Iran if negotiations fail to produce an agreement.

“In the near-term, geopolitical factors related to the U.S.-Iran conflict are likely to be the primary driver for oil prices,” said OANDA senior market analyst Kelvin Wong.

“For now, WTI crude oil is evolving in a short-term bullish dynamic, holding above its 20-day moving average, acting as a key short-term support at $63.90/barrel.”

Trade developments also remained a key focus. Trump cautioned countries on Monday against backing away from recently negotiated trade agreements after the Supreme Court struck down his emergency tariffs, warning that significantly higher duties could be imposed under alternative trade legislation.

“U.S. President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes,” UOB Bank analysts said in a client note.

Trump said on Saturday that a temporary tariff on imports into the United States from all countries would be increased to 15% from 10%, the maximum level permitted under existing law.

Gold prices edged lower on Tuesday, pulling back from a three-week high and ending a four-session winning streak as investors took profits while the U.S. dollar strengthened amid renewed uncertainty surrounding American trade tariffs.

At 04:30 ET (09:30 GMT), spot gold declined 1.1% to $5,170.51 per ounce after earlier reaching its strongest level since late January. U.S. gold futures also moved lower, falling 0.7% to $5,190.44 per ounce.

The precious metal had surged 2.5% in the previous session as concerns over U.S. trade policy resurfaced. Silver followed a similar pattern, retreating nearly 2% to $86.55 per ounce on Tuesday after posting gains across the prior four sessions.

Firmer dollar pressures bullion prices

The U.S. Dollar Index rose 0.1% on Tuesday, recovering after a roughly 0.5% decline earlier and ending Monday broadly unchanged. A stronger dollar typically weighs on gold demand by increasing the metal’s cost for buyers using other currencies.

Last week, the U.S. Supreme Court invalidated President Donald Trump’s earlier sweeping tariff measures, prompting the administration to quickly introduce new duties of up to 15%, reviving concerns about escalating global trade tensions.

Trump warned on Monday that countries that “play games” with U.S. trade agreements would face higher tariffs, signalling the potential for further action despite ongoing legal challenges.

Geopolitical developments also remained in focus. The United States and Iran are expected to hold a third round of nuclear negotiations in Geneva on Thursday, while military tensions and regional pressures continue to linger.

UBS reiterates bullish view, targets $6,200 per ounce

Despite Tuesday’s pullback, UBS maintained a constructive outlook for gold, projecting prices could rise to $6,200 per ounce in the months ahead, arguing that the fundamental drivers supporting the rally remain intact.

From a geopolitical standpoint, the bank expects elevated uncertainty to persist. Increased U.S. military activity in the Middle East and a tightening timeline for a nuclear agreement with Iran raise the likelihood of further market volatility. UBS noted that although geopolitical shocks often have short-lived impacts on broader markets, they frequently trigger sharp volatility spikes — conditions that typically increase demand for hedging assets such as gold.

Macroeconomic trends are also viewed as supportive. UBS expects the Federal Reserve to continue easing monetary policy, forecasting two 25-basis-point rate cuts by the end of September. A softer U.S. dollar and declining real yields would further strengthen gold’s appeal, particularly if inflation continues to moderate and the Fed adopts a more dovish stance later this year.

Bitcoin (COIN:BTCUSD) declined again on Tuesday, extending its recent downturn and leaving the cryptocurrency trading roughly 50% below its record high reached in October, as uncertainty surrounding U.S. trade policy continued to weigh on investor risk appetite.

The wider cryptocurrency market also remained under pressure, with both institutional and retail participants trimming positions. Escalating geopolitical tensions tied to Iran, combined with a technology-led selloff on Wall Street driven by artificial intelligence concerns, further dampened sentiment across digital assets.

Bitcoin fell close to 4% to $63,131.3 at 01:13 ET (06:13 GMT), after earlier slipping to an intraday low of $62,758.2.

Bitcoin retreats sharply from record levels amid tariff worries

Following the latest decline, Bitcoin is now trading about 50% below its early-October peak of $126,272.

The world’s largest cryptocurrency has struggled to regain momentum since then, as tighter U.S. regulatory developments and continued accumulation by major corporate holder Strategy have failed to stabilise market confidence.

Strategy announced on Monday that it had purchased an additional 592 Bitcoin. The company is currently facing sizeable unrealised losses, with Bitcoin trading below its average acquisition price of $76,020.

Blockchain data from CryptoQuant and Coinglass indicated that large holders — commonly referred to as “whales” — have continued transferring significant quantities of Bitcoin to exchanges, signalling potential further selling activity.

At the same time, buying interest appears limited. Glassnode data showed institutional investors recorded a fifth consecutive week of outflows from spot Bitcoin exchange-traded funds as of Monday, highlighting ongoing institutional selling pressure.

Trade policy uncertainty adds pressure as new tariffs begin

Bitcoin’s latest weakness has largely been attributed to uncertainty surrounding U.S. trade policy after the Supreme Court struck down much of President Donald Trump’s tariff framework.

Trump responded by proposing universal tariffs of 15% under an alternative legal structure, although the measures initially took effect at a 10% rate starting at midnight Tuesday.

The president now faces increased legal scrutiny over future tariff actions but has shown little sign of retreating from his trade agenda. He also warned that countries attempting to renegotiate recently agreed trade deals with the United States could face higher tariffs, cautioning partners not to “play games.”

Although cryptocurrencies are not directly impacted by trade measures, they tend to move in line with broader shifts in market sentiment given their speculative nature. The uncertainty surrounding U.S. tariffs has therefore contributed to rising risk aversion across global markets.

Crypto market today: altcoins remain under pressure

Most alternative cryptocurrencies followed Bitcoin lower on Tuesday, with the sector showing limited signs of recovery after weeks of declines.

Ether, the second-largest cryptocurrency by market value, fell 2.8% to $1,826.75, remaining close to levels last seen in early February.

XRP and BNB dropped 2.6% and 1.4%, respectively, while Cardano and Solana declined 3.3% and 2.8%.

Among meme tokens, Dogecoin slid 3.6%, while $TRUMP edged down 0.9%.