Aim- and OTCQB-listed critical raw materials producer Andrada Mining has reported an 83% year-on-year increase in revenue for the 2024 financial year ended February 29, on the back of increased tin metal volumes.

“We achieved over 50% annual volume increases in both tin concentrate and tin metal production. This was mainly due to the plant expansion implemented towards the end of the prior financial year. The expanded plant is now in stable production.

“Furthermore, we successfully produced our first consignment of tantalum at the end of the 2024 financial year,” Andrada chairperson Glen Parsons said on August 30.

The company’s revenue rose from £9.8-million in the previous financial year to £17.9-million in the year under review.

Correspondingly, Andrada swung to a gross profit of £1.7-million, compared with a £700 000 loss in the 2023 financial year.

The company successfully reduced its operating costs, with C1 operating costs having decreased by 11% to $17 870/t of contained tin, down from $19 762/t in the 2023 financial year.

Similarly, C2 operating costs fell by 9% to $20 796/t of contained tin, compared with $22 287/t in the previous financial year. The all-in sustaining cost was reported at $26 223/t of contained tin, which was within the company’s guidance, despite being an increase from the $24 939/t recorded in the 2022 financial year.

Andrada ended the financial year with cash and cash equivalents amounting to £14.5-million. As of August 27, the unaudited cash balance stood at £10.1-million.

The company recorded several operational highlights, including a 54% increase in annual tin concentrate tonnage to 1 474 t, up from 960 t in the 2023 financial year.

Additionally, its tin metal tonnage increased by 51% to 885 t, compared with 587 t in the prior year. The number of export shipments also saw a notable increase, rising to 56 shipments from 33 shipments in the previous financial year.

In terms of product development, Andrada produced a saleable petalite bulk sample with a lithium oxide content of 4.16% and a laboratory-scale spodumene concentrate containing 6.8% lithium oxide.

The company renewed its supply agreements with Thaisarco for tin concentrate and with Afrimet for tantalum concentrate.

Moreover, it built and commissioned a bulk sample processing facility and a tantalum circuit.

Following the end of the financial year, Andrada enhanced its Uis Tin Mining Company operating model by providing local partners, the Small Miners of Uis, with exposure to the company's future growth prospects through ownership of shares at the group level.

This change also aimed to streamline operational decision-making.

The company concluded a N$175-million funding agreement with Bank Windhoek and secured a tin price hedge instrument at $33 000/t.

“During the year, we forged new global and local funding partnerships with the Development Bank of Namibia, Bank Windhoek and Orion Resource Partners, while nurturing existing relationships. These . . . enabled us to achieve our objectives of expanded production and supply of tin concentrate, tantalum commercial production, and lithium pilot production,” Parsons said.

He added that, looking forward, the company aims to produce 1 650 t/y of contained tin.

“We are confident that the ring-fenced $12.5-million Orion tin royalty, combined with the continuous improvement programme launched during the year at Uis mine, will enable us to realise this objective,” Parsons said.