Andrada Mining: Interim Results

29th November 2023 | Andrada Mining Limited

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the metals and mining company with a portfolio of technology metals mining and exploration assets in Namibia, announces its unaudited interim financial results for the six-months ended 31 August 2023 (“H1 2024”).



  • 87% increase in revenue to GBP8.7 million (H1 2023: GBP4.7 million).
  • 19% decrease in cost of sales per tonne of contained tin to GBP17 276 (H1 2023: GBP21 903).
  • > 100% increase in gross profit to GBP1.5 million (H1 2023: loss of GBP1 million).
  • 30% reduction in operating loss to GBP2.5 million (H1 2023: loss of GBP3.5 million).
  • 25% reduction in loss before tax to GBP2.8 million (H1 2023: loss of GBP3.7 million).
  • Average C1¹ operating cash cost per tonne of contained tin produced was USD18 161 (GBP14 324), which is within management guidance.
  • Average C2² operating cost per tonne of contained tin produced was USD20 796 (GBP16 403), which is within management guidance.
  • All-in sustaining cost (“AISC”) ³ per tonne of contained tin produced was USD24 662 (GBP19 452) which is below management guidance.
  • GBP7.7 million (c. USD10 million) raised through issuance of unsecured convertible loan notes.
  • Unaudited cash balance on 31 August 2023 was GBP6.7 million (USD8.5 million).


  • Successful plant expansion in 2023 resulted in significant improvements in the H1 2024 performance.
  • 67% increase in tin concentrate to 758 tonnes (H1 2023: 455 tonnes).
  • 58% increase in contained tin metal to 454 tonnes (H1 2023: 287 tonnes).
  • 37% increase in the plant processing rate to 136 tonnes per hour (tph) (H1 2023: 99 tph).
  • 10% increase in plant utilisation to 81% (H1 2023: 74%).
  • Improved safety performance to 0.8714 Lost Time Injury Frequency Rate (“LTIFR”) at the end of the period compared to 8.02 at the end of H1 2023.
  • Production of initial bulk saleable petalite concentrate at 85% purity and Li₂O grade of 4.16%.
  • Construction and commissioning of the lithium (bulk-sampling) pilot plant (“Pilot Plant”) completed.
    • Production of lithium concentrate from the Pilot Plant has commenced (see announcement dated 27 November 2023).
  • Construction and commissioning of the tantalum circuit (“the Circuit”) completed.
  • In-house test campaigns have commenced to determine how to produce a consistent saleable grade of lithium concentrate.
  • Drilling on Spodumene Hill licence area (ML 129) completed with all holes intersecting mineralised pegmatite
    • Inaugural drill results intersected high grade spodumene mineralisation with grades up to 2.32% lithium oxide (Li₂O).


  • Appointment of Barclays Bank PLC as a strategic advisor to the Company’s lithium development programme.
  • Completed the rebranding from Afritin Mining to Andrada Mining to reflect the Company’s expanding lithium, tin, and tantalum resources.
  • Upgraded the OTC listing from pink sheets to the QB tier to enhance access to the North American investor base.
  • Renewal of the Brandberg West exploration license (EPL 5445) for an additional 2 years from 1 August 2023.



  • Renewal of the Thailand Smelting and Refining Co. Limited (“Thaisarco”) tin off-take agreement for three years commencing December 2023.
  • Renewal of the AfriMet Resources AG (“AfriMet”) tantalum off-take agreement for 12 months commencing January 2024.
  • Completion and publication of the 2023 Sustainability Report highlighting the Company’s contribution of GBP33 million to the Namibian national economy since inception.


  • On 5 September 2023, the Company finalised the NAD100 million (c. GBP4.2 million OR USD5.3 million) Development Bank of Namibia (“DBN”) financing that is ring-fenced for the implementation of the Uis Mine Stage II Continuous Improvement Project (“CI2”).
  • Finalisation and receipt of USD25 million Financing Package from Orion Resource Partners (“Orion”). (See announcement dated 15 August 2023 and 16 November 2023).
  • Unaudited cash balance on 27 November 2023 at GBP23 million (USD29 million)


  • Reverse Circulation (“RC”) drilling programme undertaken on the Lithium Ridge licence area (ML133).
    • All holes intersected mineralised pegmatites with significant lithium mineralisation along a 6km strike length with spodumene and petalite identified as the primary lithium minerals.
  • Commencement of an exploration programme on Brandberg West licence area EPL 5445.
    • Historically a producer of tin and tungsten with strong indications of copper.

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