Operational update for the period ended 29 February 2024.

54% increase in tin concentrate production to 1 474 tonnes.

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia, hereby provides an unaudited operational update for the 12 months ended 29 February 2024 (“FY2024”).

HIGHLIGHTS
Operations

• 60% year-on-year (“YoY”) increase in ore processed to 915 599 tonnes (FY2023: 573 818 tonnes).
• 54% YoY increase in tin concentrate production to 1 474 tonnes (FY2023: 960 tonnes).
• 51% YoY increase in contained tin production to 885 tonnes (FY2023: 587 tonnes).
• Plant availability increased to 91% in FY2024 (FY2023: 87%).
• Tin recovery increased to 72% in FY2024 (FY2023: 69%).
• Production of five tonnes of saleable tantalum concentrate.
• Production of 40 tonnes saleable lithium concentrate.

Financial

• Average C1 operating cash cost compared to management guidance of between USD 17 000 and USD 20 000 per tonne of contained tin:
  • FY2024 at USD 17 640 was within guidance.
  • 14% decrease in C1 costs quarter-on-quarter (“QoQ”).
• Average C2 operating cash cost compared to management guidance of between USD 20 000 and USD 25 000 per tonne of contained tin:
  • FY2024 at USD 20 173 was within guidance.
  • 12% decrease in C2 QoQ.
• All-in sustaining cost (“AISC”) compared to management guidance of between USD 25 000 and USD 30 000 per tonne of contained tin:
  • FY2024 at USD 26 223 was within guidance.
  • 13% decrease in AISC QoQ.
• The Company will provide updated guidance in the Q1FY2025 operational update.
• Unaudited cash balance on 29 February 2024 of GBP 17.5 million (USD 22.2 million).

Strategic Process

• Indicative, non-binding offers received for a partnership interest at the project level.
• Discussions with potential partners are progressing well.

Anthony Viljoen, Chief Executive Officer, commented:
“It pleases me that the strategic operational initiatives that we embarked on have been successful and yielded the further double-digit percentage increases in production tonnage at our operations that we are presenting today. Although the higher stripping resulted in an increase in the AISC during the year, the exposure of the orebody’s grade, diversity of minerals including lithium, and scale at depth according to our geological model, will start to become glaringly apparent placing the operations in a robust position to capitalise on the rebound in the commodities markets for all our products.”