Tin and lithium miner Andrada Mining has announced increased production in tin in the quarter ending 31 May 2025.

Other operational highlights during the period include:

• 7% increase Year – on – Year (“YoY”) in ore processed in Q1 FY2026 to 254 745 tonnes (Q1 FY2025: 237 976 tonnes)
• 11% increase in tin concentrate produced YoY in Q1 FY2026 to 405 tonnes (Q1 FY2025: 364 tonnes)
• 2% increase in contained tin produced YoY in Q1 FY2026 to 238 (Q1 FY2025: 233 tonnes)
• 3% increase in plant utilisation YoY in Q1 FY2026 to 93% (Q1 FY2025: 90%)
• 6% increase in plant processing rate YoY in Q1 FY2026 to 142 tonnes per hour (Q1 FY2025: 134)
• $32 993 realised tin price per tonne in Q1 FY2026 (Q1 FY2025: USD30 839)
• 12.1 tonnes saleable tantalum concentrate produced in Q1 FY2026 (Q1 FY2025: 8.6 tonnes)

Strategic highlights:

• The crushing circuit for the additional jig plant (see announcement dated 12 February 2025) has been delivered to Uis and production is targeted for the second half of 2025 calendar year
• The Joint Development Committee (“JDC”), has approved the Lithium Ridge Stage 1 workplan and budget for exploration activities, which commenced in May 2025

Financial highlights

• Q1 FY2026 C1¹ costs at USD 18 901 per tonne of contained tin
  • Decreased by 11% Quarter-on-Quarter (“QoQ”) compared to Q4 FY2025
• Q1 FY2026 C2² costs at USD 24 139 per tonne of contained tin
  • Decreased by 3% QoQ compared to Q4 FY2025
• Q1 FY2026 all-in sustaining cost³ (“AISC”) at USD 28 999 per tonne of contained tin
  • Decreased by 2% QoQ compared to Q4 FY2025
• Average tin price per tonne increased by 9% QoQ and 7% YoY to USD 32 993

¹C1 refers to the operating cash cost per tonne of contained tin excluding selling expenses and sustaining capital expenditure.

²C2 refers to C1 plus selling expenses such as logistics, smelting, royalties and tantalum credits.

³All-in sustaining cost (AISC) incorporates all costs and expenses related to sustaining production per tonne of contained tin; mining, processing, engineering, overheads, stockpile movements, selling and tantalum credits.

Anthony Viljoen, Chief Executive Officer, commented:
“Andrada continues to demonstrate strong operational momentum and strategic progress across all areas of the business, reinforcing our role as a key enabler in the development of Namibia’s critical minerals sector.

During the Quarter, we were delighted to see solid performance improvements at our Uis operation supported by enhancements from our Continuous Improvement 2 programme, including upgrades to the DMS circuit. These modifications drove an increase in processing rates and tin production, highlighting the growing efficiency and reliability of our operations. Production of our increasingly valuable byproduct tantalum improved notably, reinforcing our multi-mineral offering. Operational cost performance improved overall, driven by ongoing pro-active cost-reduction initiatives that are expected to enhance cashflows over the course of the year. This includes the completion of a group-wide corporate restructuring, which is expected to further rationalise the cost base and strengthen overall profitability.

Construction of the new jig plant is advancing well, with the front-end crushing circuit delivered to Uis and fabrication of key components underway. As we look ahead, Andrada remains focused on operational excellence, disciplined capital deployment, and the strategic development of our diversified critical minerals portfolio.”

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