London-listed and Namibia-focused Andrada Mining’s financial year to February 28 represented an important step in the company’s evolution from a single-asset tin producer into a diversified, district-scale critical minerals company, CEO Anthony Viljoen says in a statement detailing the company’s financial results for the period, which saw increases across the board.

“The strategy has been deliberate. Andrada has assembled a portfolio of historically significant mining assets across one of Namibia’s most prospective mineral districts and systematically worked to understand, consolidate and derisk them.

“These assets were not unknown. Uis, Lithium Ridge and Brandberg West all have histories extending back decades. What has changed is the geological understanding, processing technology, commodity environment and, increasingly, the strategic importance of the minerals they contain,” he explains.

Ore processed in the period increased by 8% year-on-year to 1.04-million tonnes, tin concentrate increased by 15% to 1 740 t and contained tin produced increased by 13% to 1 036 t.

Tin recovery was maintained at 72%, while tin shipments increased by 7% to 63.

Revenue increased by 34% to £30.1-million and the gross profit increased to £7.7-million from £3-million in the prior financial year.

The operating loss narrowed to £2.6-million from a loss of £3.9-million in the prior year.

Earnings before interest, taxes, depreciation and amortisation increased to £3.3-million from £500 000 in the prior year.

Operating cash flow increased by £8.7-million to £4.7-million.

Importantly, Andrada moved from cash consumption to cash generation, the company points out.

Andrada’s long-term tin offtaker Thailand Smelting & Refining Co (Thaisarco) strengthened its supply agreement with the company’s wholly-owned subsidiary Uis Tin Mining Company (UTMC) by securing exclusivity over all the concentrate produced from the Uis operations.

Thaisarco also provided an unsecured $3-million exclusivity payment to be repaid at UTMC’s discretion subject to the agreed repayment terms.

Lithium Ridge exploration drilling with Sociedad Química y Minera de Chile through its subsidiary SQM Australia confirmed high-grade lithium mineralisation alongside substantial tin and tantalum mineralisation during its initial work programme.

Andrada also secured a staged earn-in partnership with natural resource partnership ACAM subsidiary BWCAM to develop Brandberg West.

The partnership is primarily to advance the assessment of tailings recovery potential and to fund ongoing exploration.

Andrada secured a cooperation agreement with the European Investment Bank for the latter to provide non-dilutive technical assistance of up to €2-million to advance the Uis lithium expansion project towards bankable feasibility.

Andrada converted $3.1-million of debt. The company also successfully raised £5-million, including a strategic equity subscription of £4.5-million, from Talent10 Resources as the anchor investor.

BOARD CHANGES

Andrada has also strengthened its board expertise to support its next phase of growth.

This includes the appointment of Neil Gawthorpe and Lili Alexandra Nupen-Staude as independent nonexecutive directors with immediate effect, subject to shareholder approval at the company’s 2026 AGM.

Moreover, independent nonexecutive board chairperson Glen Parsons and independent nonexecutive director Laurence Robb have retired with effect from September 30, following about nine years of service in the company.

Parsons will remain as a consultant to support the orderly transition of the new board.

Following Andrada’s  board succession plan, Gida Nakazibwe Sekandi will assume the role of chairperson, with effect from the conclusion of the AGM.

“Neil and Lili bring skills and extensive experience that will further strengthen the board and support the execution of Andrada’s strategic objectives. Their combined expertise spans mining operations, project development, strategic transactions, governance, regulatory matters and stakeholder engagement, all of which will be valuable as Andrada continues to advance its portfolio of critical minerals assets,” Parsons highlights.

“I am also delighted that Gida Nakazibwe Sekandi will succeed me as chair. Since joining the board in May 2023, she has made a significant contribution to its work, including its governance, remuneration and environmental, social and governance oversight,” he adds.

From March, Sekandi has served as the chair of the remuneration and nominations committee.