CHAMWE KAIRA
Andrada Mining Limited, the technology metals mining company, increased its revenue by 34.4% to £30.1 million (N$658 million) for the financial year ended 28 February 2026, from £22.4 million (N$490 million) in the previous financial year.
The company reported total consolidated net assets of £88.2 million at the end of February 2026, up from £69.6 million a year earlier.
Despite the increase in revenue and net assets, Andrada recorded a total comprehensive loss of £8.29 million for the year, compared with a loss of £8.42 million in the 2025 financial year.
The company’s basic loss per share increased to 0.69 pence from 0.63 pence.
Andrada had 1.954 billion shares in issue on 28 February 2026, compared with 1.672 billion shares a year earlier.
The company is listed on the London Stock Exchange’s AIM market under the ticker ATM and on the OTCQB under ATMTF. It is also registered as an external company in Namibia and trades on the Namibian Stock Exchange under the share code ATM.
Andrada has a portfolio of mining and exploration assets with its operations focused on technology metals.
Its portfolio of assets combine the cash-generative flagship Uis tin operation with a district-scale growth pipeline across the Erongo region that offers exposure to five critical minerals, namely tin, tantalum, lithium, tungsten and copper.
The Uis Mine, the only producing tin asset listed on AIM, is the company’s cash flow engine, a multigenerational polymetallic orebody with a 135 Mt resource, contained tin production growing at approximately 17% compound annual rate over five years, and significant lithium upside supported by EIB funding.
Furthermore, the company has secured approximately US$91m of staged project funding through earn-in partnerships of up to US$42m including US$2m participation fee with SQM, one of the world’s largest lithium producers, at Lithium Ridge and for up to US$51m with BWCAM at Brandberg West.
During the financial year, Tungsten prices rose sharply after China introduced export controls on tungsten-related products in February 2025, tightening supply from the country that dominates global production.
The price increase reflected increasingly constrained supply outside China, tighter Chinese export controls and growing strategic demand. This market shift materially strengthens the case for Brandberg West, according to Andrada.
“The project gives Andrada exposure to a strategic metal with limited new supply outside China, supported by initial ore-sorting sample testwork that indicates the possibility to produce a materially upgraded commercial tungsten concentrate. In this environment, Brandberg West has become an increasingly important part of Andrada’s critical minerals strategy.”
Lithium pricing was at the bottom of its cycle during the first half of the financial year. Battery-grade lithium carbonate was at a low of approximately US$8 000 per tonne in June 2025 which was more than 80% below its 2022 peak pricing.
However, recovery occurred rapidly as demand from grid-scale energy storage surged through the second half of 2025 as supply tightened, the company said.
Copper prices were volatile but remained well supported by tighter supply and rising demand from power grids, electrification and AI-related data centres.
In the 2025 calendar year, US tariff uncertainty resulted in large volumes of copper being drawn into the United States, distorting global trade flows and contributing to tighter availability elsewhere.
Copper prices reflected this tighter backdrop, rising to record levels above US$13 000 per tonne in early January 2026 and briefly exceeding US$14 500 per tonne later that month. For Andrada, copper adds another important dimension to Brandberg West.
“While tungsten remains the primary strategic focus, the presence of copper in the polymetallic system strengthens the broader development case and gives the project additional exposure to long-term electrification demand.”
