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Andrada Mining has made a remarkable turnaround, achieving a £2.5 million (approximately N$58 million) after-tax profit for the six months ending 31 August 2026, compared to a £3 million loss in the same period the previous year. This improvement was driven by increased tin prices and production at the Uis mine in Namibia, which resulted in an 80% revenue increase.
The AIM-listed company reported a revenue of £20.6 million, up from £11.4 million, with gross profit skyrocketing from £1.9 million to £8.3 million. These results, announced on 21 October, represent Andrada’s first interim group profit after tax and come ahead of a planned tin production expansion at Uis backed by a fully funded crushing and ore-sorting program.
- Revenue: £20.6 million (up from £11.4 million)
- Gross Profit: £8.3 million (up from £1.9 million)
- Operating Profit: £4.7 million (from a previous loss of £0.9 million)
Andrada’s effective tin price rose by 57% to US$52,131 per tonne, compared with US$33,154 from the previous year. Contained tin production increased by 13% to 576 tonnes, while tin concentrate production rose by 11% to 955 tonnes. The company improved processing rates and recovery efficiencies, processing 538,810 tonnes of ore with a plant rate increase from 143 to 153 tonnes per hour.
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- Tin Recovery: Improved from 71% to 73%
- Average Feed Grade: Increased from 0.137% to 0.149% tin
Andrada is implementing an expansion program aimed at increasing annual tin concentrate production by 50% to 70%, targeting 2,500 to 3,000 tonnes. This would equate to 1,500 to 1,900 tonnes of contained tin annually, compared to the 1,036 tonnes produced in the last financial year. The expansion is financed through funds from Bank Windhoek and the Development Bank of Namibia.
The new crushing circuit is being transported from China and India, while ore sorters are being prepared for shipment. This technology aims to remove lower-grade material before it reaches the concentrator, allowing the plant to process higher-grade feed without a significant increase in capacity, thereby improving efficiency and reducing costs.
While some operating costs increased with expansion preparations, direct C1 operating costs remained stable. The all-in sustaining costs rose due to additional waste stripping and higher fuel costs.
- All-in Sustaining Costs: Increased from US$24,808 to US$31,555 per tonne
- Direct C1 Operating Costs: US$17,842 per tonne
- Royalty Payments: Increased due to higher tin prices
Andrada’s cash position strengthened significantly, ending August with £15.6 million. The company generated £4.9 million from operations and invested £6.5 million in property and equipment. Equity financing and bank borrowings provided further support, with total borrowings rising to £23.8 million.
The company’s profit was bolstered by commodity hedging arrangements, yielding a net gain of £1.72 million. Despite this, Andrada would still have achieved an operating profit of approximately £3 million without the hedging gain.
Andrada is also making strides at Lithium Ridge, expanding the mineralized strike length from six to nine kilometers in partnership with SQM. The first-stage drilling identified lithium, tin, and tantalum mineralization, promising additional revenue streams.
At Brandberg West, Andrada is exploring tungsten, copper, and tin opportunities with BWCAM. Recent testwork demonstrated high recovery rates for tungsten and tin, with further exploration planned.
CEO Anthony Viljoen emphasized the company’s strengthened position and growth potential across its Namibian assets, focusing on realizing investments and strategic partnerships to enhance production and shareholder value. The second half of the financial year will concentrate on the Uis expansion and ongoing evaluations at Lithium Ridge and Brandberg West.
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