Aim- and OTCQB-listed tin producer Andrada Mining's ongoing continuous improvement programme has resulted in processing rates reaching 141 t/h, the highest level in the past five quarters, CEO Anthony Viljoen announced on March 31 in an operational update for the fourth quarter and 12 months ended February 28.

During the fourth quarter, Andrada Mining processed 244 314 t of material, up from the 238 022 t processed in the fourth quarter of the 2024 financial year.

The company also recorded a 5.4% increase in processed tonnes to 965 058 t for the full-year, compared with the 915 599 t processed in the prior year.

Tin concentrate production for the fourth quarter stood at 379 t, slightly above the 371 t produced in the same period of the previous financial year. Full-year production increased by 2.2% to 1 507 t, compared with 1 474 t in the 2024 financial year.

Contained tin production in the fourth quarter was 228 t, compared with 231 t in the same quarter of the 2024 financial year. However, yearly contained tin production increased by 5.1% to 932 t, up from 885 t in the 2024 financial year.

Plant use in the fourth quarter improved to 91%, up from 89% in the prior comparable quarter, while full-year plant use improved to 89%, compared with 84% in the prior year.

Tin recovery for the fourth quarter was recorded at 70%, compared with 72% in the same quarter of the prior year. Tin recovery for the full-year improved to 72%, compared with 69% in the 2024 financial year.

The realised tin price in the fourth quarter was $30 243/t, marking a year-on-year increase from the $26 125/t price in the fourth quarter of the prior year.

For the full-year, the realised tin price increased by 21.4% to $31 081/t from $25 593/t in the 2024 financial year.

The company completed 17 shipments in the fourth quarter, up from 14 shipments in the same period of the previous year. The total number of shipments for the 2025 financial year increased by 11.3% to 59, compared with 53 a year before.

Tantalum concentrate production grew significantly to 10.2 t in the fourth quarter of the 2025 financial year, compared with 5.1 t in the same quarter of the prior year. For the full-year, tantalum concentrate production surged by more than 100% to 50.6 t, up from 6.5 t in the 2024 financial year.

Strategically, the company secured unconditional approval from the Namibia Competition Commission (NCC) for the SQM Australia three-stage earn-in agreement for the development of Lithium Ridge. Following this approval, the company received the remaining $1.5-million balance of the SQM participation fee in March.

Additionally, Andrada secured $2.5-million in funding to procure a 100 t/h jig plant, which will enable the modular expansion of tin production from the proximal pegmatites. As of the end of February, about 12% of construction had been completed.

Financially, the company's C1 costs for the 2025 financial year stood at $21 023/t of contained tin, compared with guidance of between $17 000/t and $20 000/t.

C2 costs for the period were recorded at $24 756/t of contained tin, within the guidance range of $20 000/t to $25 000/t.

The all-in sustaining cost for the 2025 financial year was $29 755/t of contained tin, compared with guidance of between $25 000/t and $30 000/t.

The unaudited cash and cash equivalents balance as of February 28, 2025, stood at $4.9-million, excluding the $1.5-million from SQM received post-period.

"We have delivered on significant objectives this quarter, including securing approval for the SQM earn-in agreement. We continue to demonstrate steady and sustainable growth across our tin operations, achieving higher tin concentrate tonnage and increased shipments this quarter.”

“I am pleased to note that following receipt of the NCC approval, we are making solid progress with SQM in forming a board and joint development committee for the Lithium Ridge project. Both teams are focused on ensuring efficient progress.

“The advancement of this lithium project is a key component of our long-term strategy to become a producer of multiple critical minerals. It is highly encouraging to witness the synergies that this partnership is bringing at such an early stage," Viljoen said.