Andrada reports higher production, stronger revenue, reduced operating loss
Aim- and OTCQB-listed Andrada Mining has reported improved operational and financial performance for the six months ended August 31, with higher production, increased revenue and a reduced operating loss for the first half of its 2026 financial year.
The company said the results reflected the benefits of sustained capital investment and processing improvements across its asset base.
Andrada processed 527 583 t of ore during the period, up 10% compared with the 481 504 t of ore processed in the first half of the 2025 financial year. Tin concentrate production rose by 14% year-on-year to 858 t, while tantalum concentrate output increased by 12% to 27 t/y.
Revenue increased by 12% to £12.2-million. The company recorded an operating loss of £900 000, an improvement from the £1.5-million loss reported for the first half of the 2025 financial year.
Andrada said the average tin price for the period was $33 154/t, which was 6% higher than the $31 397/t recorded a year earlier. The group added that administrative expenses fell 26% to £3.7-million from £5-million following a corporate restructure.
The company said engineering investment over the past year had created a platform for accelerated expansion across its projects.
Andrada reported that the Uis mine development portfolio, in Namibia, is intended to expand existing tin and tantalum output while adding a new lithium concentrate product from the same run-of-mine ore. The company said the objective of the programme was to increase production volumes and lower overall unit costs, which it expects will support group cash flows and margins.
The company said the Uis mine ore sorter project was expected to increase tin and tantalum concentrate production by about 60% through installation of a preconcentration circuit at the front end of the existing plant.
Implementation had been delayed by restructuring and capital reprioritisation, and the project underwent a reengineering process that reduced outstanding capital by more than 20%. Long-lead items have been procured and stored on site, with fabrication planned for the first half of the 2026 calendar year and commissioning scheduled for the second half of 2026.
The Uis lithium expansion is aimed at producing a high-purity lithium concentrate through a beneficiation circuit integrated with the existing plant. A technoeconomic assessment confirmed the technical and financial potential of the project, which Andrada intended to advance towards the definitive feasibility study phase.
Management said it was engaging potential offtake and development partners to accelerate implementation.
Exploration at Uis during the period targeted 13 pegmatites located within 3 km of the existing processing plant as part of a broader programme covering 44 diamond and 177 reverse circulation drill holes. Initial results released in April included high-grade intersections of 1.13% tin, 1.76% lithium oxide and 281 parts per million tantalum.
The company said the results support its strategy to expand the resource base toward 200-million tonnes.
The company also provided an update on partnerships linked to the jig plant, which was built in collaboration with Birca Mining. Construction was completed in August, but commissioning has been affected by material flow issues that remain under review.
Andrada said a separate ore supply and profit-sharing agreement with Goantagab Mining, signed in June, has been delayed following a court judgment halting major mining activity on the Goantagab claims. The company said it would continue to engage with all affected parties and plans to supply the jig plant with ore from Uis in the absence of third-party feed.
At Lithium Ridge, Andrada has partnered with SQM Australia. Following approval from the Namibian Competition Commission, a fully funded mineral exploration programme began in August, consisting of a 14 000 m diamond drilling campaign of about 120 holes to test depth extensions and continuity of identified mineralisation across the wider licence area.
“Following a period of engineering investment and corporate restructuring, we are now transitioning from capacity build-up into a scaling phase. Our growth potential far surpasses our current operational footprint. The results for the period demonstrate meaningful improvements in cost performance, cash discipline, and operating leverage, which collectively support the delivery of our growth strategy.
“The combination of developmental and operational assets featuring a suite of critical minerals including tin, tantalum, lithium, tungsten and copper, located in an investment-friendly jurisdiction, position the group as a strategic source of future supply,” Andrada CEO Anthony Viljoen said.
