Aim-listed critical raw materials producer Andrada Mining reported a 15% year-on-year increase in contained tin production to 232 t for the third quarter of the 2025 financial year, ended November 30.

The company processed 239 240 t of ore during the quarter, up 5% from the 228 234 t processed in the third quarter of the 2024 financial year. Improvements in plant performance were key contributors to this growth, with a tin recovery rate increasing by 12% year-on-year to 74% and plant use rising to 93%, up from 86% in the same period the year before.

The company also achieved a 26% year-on-year increase in the realised tin price, which averaged $31 266/t during the quarter.

Tantalum production remained stable, with about 16 t of saleable concentrate produced at a grade of 10.9% tantalum pentoxide (Ta₂O₅).

FINANCIAL OVERVIEW

Operating costs during the third quarter slightly exceeded guidance, with the average C1 cash cost reaching $22 008/t of contained tin and the all-in sustaining cost (AISC) at $30 779/t.

This was owing to increased processing and maintenance expenses as part of engineering improvements at the Uis mine, in Namibia. Despite this, year-to-date costs for the nine months ended November 30 remained within guidance, with C1 costs at $19 727/t and AISC at $28 575/t.

Andrada’s available cash, as of November 30, stood at £2.6-million, or $3.3-million, reflecting one-off value-added tax (VAT) payments for imported equipment and ongoing expansion projects.

The company anticipates a refund for most of the VAT paid and expects a $1.5-million payment from SQM Lithium upon regulatory approval of the Lithium Ridge agreement.

Andrada CEO Anthony Viljoen, meanwhile, highlighted the company’s achievements in operational efficiency and production growth, noting that the continuous improvement programme has been pivotal in delivering these results.

“We remain strategically focused on improving operational efficiencies, expanding tin concentrate production, and reducing operational costs,” Viljoen stated.

He also expressed optimism about global tin and lithium markets, which appear poised for further price increases due to constrained supply.