Andrada Mining Ltd (AIM: ATM, OTC: AFTTF) reported an almost 90% increase in annual revenues as tin production from its Uis mine in Namibia ramped up.
For the year ending February 2024, annual tin concentrate production rose 54% to 1,474 tonnes, while tin metal production grew 51% to 885 tonnes.
Cash costs decreased by 11% to US$20,796 per tonne, with all-in costs at US$26,223 per tonne (previously US$24,939), which the company stated was within its guidance range.
The company recorded a loss of £8.9 million for the year, compared to £8.1 million previously, and held a cash balance of £10.1 million as of 27 August 2024.
Financial highlights
· Revenue increased by 83% to £17.9 m (FY 2023: £9.8 m) due to increased tin metal volumes.
· Gross profit increased by over 100% to £1.7m (FY 2023: loss £0.7m).
· C1¹ operating costs decreased by 11% to US$17 870 per tonne of contained tin (FY 2023: US$19 762).
· C2² operating costs decreased by 9% to US$20 796 per tonne of contained tin (FY 2023: US$22 287).
· All-in sustaining cost³ at US$26 223 per tonne of contained tin (FY 2022: US$24 939) was within guidance.
· Cash and cash equivalents at year end at £14.5m.
· Unaudited cash balance at 27 August 2024 was £10.1m.
Highlights
· Annual tin concentrate tonnage increased 54% to 1 474 tonnes (FY2023: 960 tonnes).
· Annual tin metal tonnage increased 51% to 885 tonnes (FY2023: 587 tonnes).
· Exports increased to 56 shipments compared to 33 shipments in FY 2023.
· Produced saleable petalite bulk sample at 4.16% lithium oxide (“Li₂O”).
· Produced laboratory- scale spodumene concentrate at 6.8% Li₂O.
· Renewal of the Thaisarco supply agreement for tin concentrate.
· Renewal of the Afrimet supply agreement for tantalum concentrate.
· Constructed and commissioned the bulk sample processing facility and tantalum circuit.
Securing a strategic partner for its lithium operations remains a priority as the company continues to expand its tin processing activities.
Key milestones for the coming years include constructing the pre-concentration circuit, completing the CI2 Programme, conducting feasibility studies, and implementing the lithium integration circuit.
Exploration efforts are also planned this year at Uis, Lithium Ridge, and Brandberg West.
