Tin shipments rose to 59 from 53 in FY2025, signalling steadier throughput at Andrada Mining’s Uis operation in Namibia just as the company brings new capacity online. Construction of a modular jig plant was completed on time and on budget, with commissioning commencing in August 2025 to establish a pathway for a near-term doubling of contained tin output.
Alongside contracted high-grade feed and a tin price swap, the commissioning sets up FY2026 for stronger cash generation.
Andrada processed 965,058 tonnes of ore in the year to 28 February 2025, up 5.4% year-over-year, for 921 tonnes of contained tin.
Plant utilisation rose to 89% and tin recovery improved to 72% from 69% in FY2024.
Tantalum concentrate output increased to 50.6 tonnes from 6.5 tonnes, and the company recorded zero lost-time injuries.
Financially, revenue was £23.8 million (about N$566 million), gross profit £3.0 million (about N$71 million) and EBITDA £0.5 million (about N$12 million).
The group reported an operating loss of £3.9 million (about N$93 million) and a net loss of £9.8 million (about N$233 million), reflecting higher finance costs, including royalty revaluation and interest.
During the year, Andrada secured a N$175 million multi-facility package from Bank Windhoek, comprising a six-year N$100 million term loan with a 12-month capital holiday, working capital and VAT refund facilities, and a N$10 million NamPower guarantee.
Shareholder funding of US$2.5 million supported the acquisition of the jig plant.
After year-end, the company raised £4.5 million (about N$107 million) from Talent10 at a premium and £0.5 million (about N$12 million) via a placing.
To stabilise cash flows during the ramp-up, Andrada entered a 12-month fixed-for-floating tin price swap with Bank Windhoek at US$34,400 per tonne for 240 tonnes, effective from June 2025 to May 2026.
The new jig plant is designed to treat proximal pegmatites, existing stockpiles and regional high-grade ore.
Under an agreement with Goantagab, Andrada can receive up to 240,000 tonnes per annum of roughly 1.5% Sn feed, improving grade availability and utilisation alongside the primary concentrator.
The company reports unit costs of US$20,735/t (C1), US$24,472/t (C2), and US$29,429/t (AISC) for contained tin, with the ramp-up and debottlenecking expected to lower unit costs.
Strategically, Andrada consolidated licence ownership across Uis and Lithium Ridge through the UTMC restructuring, issuing equity to Namibian partners at the listed-company level.
The Lithium Ridge earn-in with SQM—unconditionally cleared by the Namibia Competition Commission in February 2025—provides for up to US$40 million of staged investment toward a potential 50/50 joint venture, with field activities under the joint development company commencing in May 2025.
Exploration also advanced at Brandberg West, where drilling returned high-grade tin, tungsten, and copper intersections, and at Uis, where an updated resource outlined more than 610,000 tonnes of contained lithium oxide.
Additionally, April 2025 drilling of proximal pegmatites confirmed widespread tin, lithium, and tantalum mineralisation.
On the balance sheet, total assets were £69.6 million (about N$1.66 billion) against total liabilities of £45.9 million (about N$1.09 billion), including borrowings of £21.7 million (about N$516 million), other financial liabilities of £13.9 million (about N$331 million), capital expenditure of £15.1 million (about N$359 million) and year-end cash of £2.7 million (about N$64 million).
Near-term priorities are the jig-plant ramp-up, continued work at Lithium Ridge with SQM, additional drilling at Brandberg West and Uis, disciplined cost control and supply-chain efficiency, and balance-sheet strengthening.
