REG - Andrada Mining Ltd - Business Update For Period Ended 28 February 2026
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RNS Number : 2454Y Andrada Mining Limited 26 March 2026
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information will be in the public domain.
Andrada Mining LimiteD
("Andrada" or the "Company")
BUSINESS update for the PERIOD ended 28 FEBRUARY 2026
Break-out quarter delivers record production performance, positive cashflow & funded growth pipeline
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a
portfolio of critical minerals, mining and exploration assets in Namibia, is
pleased to provide the following unaudited performance update for the quarter
("Q4 FY2026" or the "Quarter") and full year ended 28 February 2026
("FY2026"). The Quarter concludes a transformational year in which the Company
established strategic partnerships that fully fund the accelerated development
of its broader portfolio of critical minerals.
Highlights
DIVERSIFIED ASSET PORTFOLIO
The Company has concluded several initiatives in the last Quarter that anchor
long-term development and position the company for a strong growth trajectory
over the coming financial year.
Brandberg West
§ Tungsten: incorporated into Andrada's critical mineral portfolio at a time
of exponential unit price increase.
§ Value-accretive partnership: ACAM LP to fund the development of Brandberg
West, accelerating the pathway to supplying the tungsten, tin and copper
markets.
§ High-grade mineral intersections: historical drilling conducted by Andrada
at Brandberg West, which confirmed grades of up to 3.53% tungsten, 10.55% tin,
and 1.95% copper.
§ USD51 million phased investment: first USD10 million received and initial
workstreams commenced.
Lithium Ridge
§ Potential tier-1 lithium discovery: accelerated development in partnership
with the globally recognised lithium producer, SQM. Early validation of
large-scale mineralisation.
§ Inaugural drilling: has confirmed high-grade lithium mineralisation, as
spodumene, up to 3.02% Li₂O, alongside substantive tin and tantalum
mineralisation.
Uis Mine
Strategic developments
§ Non-dilutive funding for the Uis lithium integration studies: Uis Tin
Mining Company (Proprietary) Limited ("UTMC") Andrada's wholly owned
subsidiary, has entered into a Cooperation Agreement with the European
Investment Bank, providing up to EUR2 million (£1.74 million) in funding to
accelerate a feasibility study for the lithium integration project at Uis.
§ Strengthened tin offtake: during a period of elevated tin prices, UTMC has
enhanced its existing tin offtake agreement with Thaisarco, an international
leading integrated tin smelter.
Operational Update
§ Full year performance for the 12 months ended 28 February 2026 reflects
continued improvements in plant stability and throughput, with incremental
gains compounding over the year:
§ Ore processed: increased 8% to 1.04 million tonnes (FY2025: 0.97 million
tonnes).
§ Processing rate: increased by 7% to 146 tonnes per hour ("tph") (FY2025:
136 tph).
§ Tin concentrate produced: increased by 15% to 1 740 tonnes (FY2025: 1 507
tonnes).
§ Contained tin produced: increased by 11% to 1 036 tonnes (FY2025: 932
tonnes).
§ Quarterly performance improved year-on-year ("YoY"), reflecting continued
improvements in plant stability and throughput during a period of elevated tin
prices:
§ Ore processed: increased by 5% to 255 320 tonnes (Q4 FY2025: 244 314
tonnes).
§ Processing rate: increased by 9% to 153 tph (Q4 FY2025: 141 tph).
§ Tin concentrate produced: increased by 20% to 453 tonnes (Q4 FY2025: 379
tonnes).
§ Contained tin produced: increased by 19% to 271 tonnes (Q4 FY2025: 228
tonnes).
Anthony Viljoen, Chief Executive Officer, commented:
"The fourth quarter has been a defining quarter for Andrada. We are delivering
on our long-term strategy of consolidating highly prospective historic mining
assets, attracting world class partners to accelerate their development, at a
time of record commodity prices and immense strategic significance for our
critical minerals portfolio.
The conclusion of the Brandberg West partnership with ACAM provides exposure
to a high grade, tungsten mine with associated tin and copper credits. This
comes at a time of record high prices for tungsten and a strong support for
these sustained price levels. The geological work undertaken this Quarter at
Lithium Ridge, building on the initial drilling results, indicates that
Lithium Ridge could emerge as a significant lithium discovery. The accelerated
drilling programme in partnership with SQM, will allow for rapid realisation
of the inherent potential in this deposit.
At Uis, the Company delivered record operational performance and positive free
cash flows providing a solid foundation for growth and the scaling of
production over the coming year. Tin concentrate production increased by 20%
year-on-year, reflecting continued operational improvements and supporting
cash flow generation across the Group. The extension of our long-standing
partnership with our tin off taker, Thaisarco, as well as the injection of
capital from the European Investment Bank's technical assistance facility for
the integration of the lithium processing circuit, further adds value as we
scale production at Uis.
Commodity prices remained supportive during the period, with tin and tungsten
doubling and trebling in prices year-on-year, respectively. We are pleased
that Andrada enters FY2027 with institutional backing from world-class
partners, and de-risked growth pipeline. We have built the operational track
record and institutional partnerships necessary to deliver sustained value
creation."
Brandberg West Overview
The Company concluded a USD51 million investment and funding partnership with
ACAM LP, through its affiliate BWCAM Limited ("BWCAM"), and completed the
associated conditions precedent during the Quarter. Historical drilling
results recorded continuation of significant high-grade intersections at
Brandberg West with reported grades as high as 10.55% for tin, 3.53% for
tungsten and 1.95% for copper, demonstrating untapped value at this asset.
(See announcements dated 12 September 2024 & 16 October 2024).
The initial USD10 million (£7.3 million) investment from BWCAM was received
during the Quarter to initiate investigations on tailings recovery potential,
feasibility study preparation and pit optimisation. The joint project team,
representing Andrada and BWCAM, has finalised the workplan and execution of
initial stage workstreams has commenced. (See announcements dated 21 January
2026 & 4 February 2026).
¹ Source: Pulse Intelligence through Hannam& Partners Resources Daily
Report: 27 February 2026.
Lithium Ridge overview
Initial drilling results at Lithium Ridge, undertaken as part of Stage 1 of the earn-in agreement with Sociedad Química y Minera de Chile S.A. through its subsidiary SQM Australia (Pty) Ltd ("SQM"), confirmed high-grade lithium mineralisation of up to 3.02% Li₂O, alongside tin and tantalum mineralisation. (See announcement dated 9 February 2026). The presence of meaningful tin and tantalum grades alongside the lithium mineralisation emphasises the polymetallic nature of the asset and its capacity to deliver by-product credits that could enhance future project economics. These results reinforce Lithium Ridge's potential to evolve into a large-scale, long-life asset. (See announcement dated 26 January 2026).
uis overview
Uis Mine production
Unaudited figures for the period ended 28 February 2026.
PARAMETER UNIT Q1 FY2026 Q2 FY2026 Q3 FY2026 Q4 FY2026 Q4 FY2026 FY2025
FY2025
TIN PRODUCTION
Feed grade % Sn 0.136 0.139 0.140 0.146 0.134 0.139 0.137
Plant processing rate tph 142 144 146 153 141 146 136
Ore processed tonnes 254 745 272 838 259 396 255 320 244 314 1 042 299 965 058
Concentrate produced tonnes 405 453 429 453 379 1 740 1 507
Contained tin produced tonnes 238 273 255 271 228 1 036 932
Recovery rate % 69 73 73 73 70 72 72
Plant availability % 89 90 91 87 88 90 92
Plant utilisation % 93 96 90 90 91 94 89
Number of shipments* # 16 12 15 13 17 56 59
*Figures are estimates and final reconciliation may vary due to the timing of
the shipments. Cost and pricing figures are reported bi-annually in the
Interim and Annual Financial Results. (See announcement dated 27 November
2025).
Fourth Quarter Operational Performance (Q4 FY2026)
Solid performance during the Quarter compared to the prior corresponding
period was driven by improvements across throughput, feed grade and recovery.
Ore processed increased by 5% to 255 320 tonnes (Q4 FY2025: 244 314 tonnes),
while feed grade improved by 9% to 0.146% tin (Q4 FY2025: 0.134% tin). In
addition, the processing rate increased by 9% to 153 tph (Q4 FY2025: 141 tph),
and tin recovery improved to 73% (Q4 FY2025: 70%), reflecting the cumulative
impact of ongoing optimisation initiatives. These combined improvements
resulted in a 20% increase in tin concentrate production to 453 tonnes (Q4
FY2025: 379 tonnes) and a 19% increase in contained tin production to 271
tonnes (Q4 FY2025: 228 tonnes).
The Company prioritised tin production over tantalum recovery in response to
prevailing elevated tin prices, with the objective of maximising near-term
revenue while maintaining operational flexibility. Tin prices reached
approximately USD55 000 per tonne¹ towards the end of the financial year,
which, together with increased production and continued cost optimisation, is
expected to support positive cash flow generation.
Full-Year Operational Review (FY2026)
The strong quarterly performance translated into higher annual production,
with ore processed increasing to 1 042 299t (FY2025: 965 058t). The full year
performance improved across key operational parameters:
§ Processing rate increased by 7% to 146 tph (FY2025: 136 tph).
§ Tin concentrate production increased by 15% to 1 740 tonnes (FY2025:
1 507 tonnes).
§ Contained tin production increased by 11% to 1 036 tonnes (FY2025: 932
tonnes), supported by higher ore throughput and improved recovery.
§ Recovery rate remained stable at 72%, exceeding the Company's internal
target of 70%.
Commissioning of the jig processing plant has been completed and is being
currently utilised as a pre-concentrator to the primary tin processing plant.
Full operational functionality will be realised when there is a resolution on
the ore supply agreement.
European Investment Bank Partnership
UTMC entered into a Cooperation Agreement with the European Investment Bank to support the feasibility study for the Uis lithium integration project. Under the agreement, UTMC has access to up to EUR2 million, non-dilutive funding for technical and project development assistance. The work programme is focused on advancing the project towards bankable feasibility. (See announcement dated 10 February 2026).
Thaisarco Tin Offtake Agreement
UTMC has enhanced its existing tin offtake agreement with Thailand Smelting
& Refining Co. Ltd ("Thaisarco") to include an exclusive tin supply
arrangement. As part of the revised terms, Thaisarco advanced an unsecured
USD3 million prepayment. The amount is non-interest-bearing and is repayable
against future deliveries at the discretion of UTMC. The revised structure
provides additional flexibility within the Company's working capital cycle
while reinforcing the long-standing commercial relationship. (See announcement
dated 24 February 2026).
Conclusion
Over the 12 months ended 28 February 2026, the Company has materially
strengthened its operational and strategic position. Improvements in
consistency and plant performance have translated into higher annual tin
production, while partnerships secured across the portfolio have provided
funding to advance exploration assets and support the integration of lithium
into the Uis operation. In parallel, these developments have broadened the
Company's growth profile and improved its funding position. The next phase
will focus on maintaining operational stability while rapidly advancing
scalable projects to allow for additional production capacity and advancing
the fully funded growth and development projects.
CONTACTS +27 (11) 268 6555
Andrada Mining Limited
Anthony Viljoen, CEO
Sakhile Ndlovu, Head of Investor Relations
NOMINATED ADVISOR & BROKER
Zeus Capital +44 (0) 20 2382 9500
Katy Mitchell
Andrew de Andrade
Harry Ansell
CORPORATE BROKER & ADVISOR
H&P Advisory Limited +44 (0) 20 7907 8500
Andrew Chubb
Jay Ashfield
Matt Hasson
Berenberg
Jennifer Lee
+44 (0) 20 3753 3040
FINANCIAL PUBLIC RELATIONS
Tavistock
Emily Moss
+44 (0) 207 920 3150
Josephine Clerkin
andrada@tavistock.co.uk
About Andrada Mining Limited
Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed
technology metals mining company with a vision to create a portfolio of
globally significant, conflict-free, production and exploration assets. The
Company's flagship asset is the Uis Mine in Namibia, formerly the world's
largest hard-rock open cast tin mine and currently being re-developed as a
major tin-tantalum-lithium producer. The Company has set a mineral resource
target of 200 Mt to be delineated within the next few years. The existing
mine, together with its substantial mineral resource potential, allows the
Company to consider economies of scale. Andrada is managed by a board of
directors with broad industry knowledge and a management team with extensive
commercial and technical skills. Furthermore, the Company is committed to the
sustainable development of its operations and the growth of its business. This
is demonstrated by the way the leadership team places significant emphasis on
creating value for the wider community, investors, and other key stakeholders.
Andrada has established an environmental, social and governance system that
has been implemented at all levels of the Company and aligns with
international standards
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