CHAMWE KAIRA
Andrada Mining Limited has reported an interim profit after tax of £2.5 million (N$54.8 million) for the six months ended 31 August 2026, compared with a loss of £3 million (N$65 million) in the corresponding period last year, as higher tin prices and increased production boosted its financial performance.
The Namibia-focused critical minerals company increased revenue by 80% to £20.6 million, from £11.44 million a year earlier, while gross profit more than quadrupled to £8.3 million from £1.88 million.
The company’s gross profit margin improved to 40.3%, compared with 16.4% in the first half of the previous financial year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) reached £4.5 million during the period.
Andrada attributed the improved performance to stronger operational results at its Uis tin mine, supported by higher realised tin prices and increased production.
Contained tin production rose 13% to 576 tonnes from 511 tonnes, while tin concentrate production increased 11% to 955 tonnes from 858 tonnes.
The average realised tin price increased 57% to US$52 131 per tonne, compared with US$33 154 per tonne in the same period last year.
Operating costs increased 28% to £12.27 million from £9.57 million. However, the company maintained its C1 operating costs at US$17 842 per tonne.
Cash and cash equivalents increased to £15.6 million at the end of August, compared with £8.9 million at 28 February 2026. The company reported that cash generated from operations reached £4.9 million during the period.
Chief executive officer Anthony Viljoen said the operational performance at Uis had translated into improved profitability and cash generation.
He said the company had achieved its first interim group profit after tax while generating more cash from operations than it had during the whole of the previous financial year.
Andrada is progressing with a funded expansion programme at Uis aimed at increasing tin production through the installation of an ore-sorting circuit.
The company said implementation remained on schedule, with the new crushing circuit en route to the mine and the ore sorters being prepared for installation.
The ore-sorting circuit is expected to increase annual tin concentrate production by approximately 50% to 70%, to between 2 500 and 3 000 tonnes.
This would be equivalent to approximately 1 500 to 1 900 tonnes of contained tin annually.
The expansion is intended to increase production capacity as the company seeks to capitalise on stronger operating performance.
Beyond tin, Andrada is advancing exploration and development opportunities at Lithium Ridge and Brandberg West.
At Lithium Ridge, surface sampling expanded the identified mineralised ridge strike by 50%, from six kilometres to nine kilometres. The work also identified additional mineralisedpegmatites beyond the main trend.
The company said tin and tantalum mineralisation continued to be recorded at the project, potentially providing additional mineral value alongside lithium.
In a subsequent update published after the reporting period, Andrada reported lithium mineralisation of up to 2.11% lithium oxide over approximately five metres in its fifth batch of drill holes.
At Brandberg West, the Namibian Competition Commission approved the earn-in agreement between Andrada Investments Mauritius, a subsidiary of Andrada Mining, and BWCAM Limited without conditions in August 2026.
The project is being evaluated as a potential source of tungsten, copper and tin.
Ore-sorting tests on historical material achieved a mass reduction of approximately 90%, with metal recoveries of up to 91% for tungsten and 94% for tin.
The tungsten grade increased from 0.24% in the feed material to 1.45% in the sorted concentrate.
Following the reporting period, Gida Nakazibwe Sekandi became board chair, while Neil Gawthorpe and Lili Alexandra Nupen-Staude were elected as independent non-executive directors at the company’s annual general meeting.
Glen Parsons and Professor Laurence Robb retired from the board but will continue providing transitional and technical support, respectively.
Viljoen said the company would focus on converting its funded investment programme and strategic partnerships into increased production and measurable progress across its three assets.
He said the company entered the second half of the financial year in a stronger position, with improved earnings and cash-generation capacity.
Andrada is listed on the AIM market in London under the ticker ATM and trades on the OTCQB market in the United States under ATMTF.
