Tantalum concentrate output at Andrada Mining’s Uis operation in Namibia surged more than sevenfold in FY2025, rising to 50.6 tonnes from just 6.5 tonnes a year earlier.
The jump underscores the mine’s growing role as a diversified supplier of technology metals, with tin and lithium alongside tantalum forming the backbone of its portfolio.
For global markets, the increase is notable: tantalum is a critical mineral used in capacitors for mobile phones, electric vehicles, and aerospace systems. Supply is dominated by central Africa, often from small-scale or conflict-linked sources, making Namibia’s industrial-scale production both rare and strategically valuable.
Tin shipments rose to 59 from 53, signalling improved throughput just as Andrada completed construction of a modular jig plant, commissioned in August 2025.
The new plant is expected to open a pathway for near-term doubling of contained tin output.
Alongside a contracted supply of high-grade feed and a tin price swap, the commissioning sets FY2026 up for stronger cash generation.
Operationally, Andrada processed 965,058 tonnes of ore in the year to 28 February 2025, representing a 5.4% year-on-year increase, and produced 921 tonnes of contained tin. Plant utilisation climbed to 89% while tin recoveries improved to 72% from 69% in FY2024.
Financially, revenue was £23.8 million (approximately N$566 million), gross profit was £3.0 million (approximately N$71 million), and EBITDA was £0.5 million (approximately N$12 million).
The group reported an operating loss of £3.9 million (approximately N$93 million) and a net loss of £9.8 million (approximately N$233 million), reflecting higher finance costs, including royalty revaluation and interest.
To bolster liquidity, Andrada secured a N$175 million multi-facility package from Bank Windhoek, which included a six-year N$100 million term loan with a 12-month capital holiday, working capital and VAT facilities, and a N$10 million guarantee from NamPower. Shareholders also invested US$2.5 million to fund 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 ramp-up, Andrada entered a 12-month fixed-for-floating tin price swap with Bank Windhoek, locking 240 tonnes at US$34,400 per tonne from June 2025 to May 2026.
The jig plant is designed to process proximal pegmatites, stockpiles, and regional high-grade ore. An agreement with Goantagab allows Andrada to draw up to 240,000 tonnes annually of roughly 1.5% Sn feed, improving grade availability and utilisation.
The company reported unit costs of US$20,735/t (C1), US$24,472/t (C2), and US$29,429/t (AISC), with ramp-up and debottlenecking expected to further reduce 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, which the Namibia Competition Commission unconditionally cleared in February 2025, provides up to US$40 million of staged investment for a 50/50 joint venture, with fieldwork commencing in May 2025.
Exploration also advanced at Brandberg West, with drilling intercepting high-grade tin, tungsten, and copper, while updated resources at Uis confirmed more than 610,000 tonnes of contained lithium oxide.
In April 2025, drilling of proximal pegmatites further confirmed widespread tin, lithium, and tantalum mineralisation, reinforcing Uis’s position as a polymetallic hub.
On the balance sheet, total assets stood at £69.6 million (approximately N$1.66 billion) against liabilities of £45.9 million (approximately N$1.09 billion), including borrowings of £21.7 million (approximately N$516 million) and other financial liabilities of £13.9 million (approximately N$331 million). Capital expenditure for the year was £15.1 million (about N$359 million), with year-end cash at £2.7 million (about N$64 million).
Near-term priorities include ramping up the jig plant, advancing Lithium Ridge alongside SQM, drilling campaigns at Brandberg West and Uis, and tightening cost and supply-chain management to strengthen the balance sheet.
