REG - Andrada Mining Ltd - Q3 Operational Update For Period End 30 Nov 2025

Andrada MiningAnnouncement

17/12/2025 07:00

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RNS Number : 8449L  Andrada Mining Limited  17 December 2025

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")

Operational update for the QUARTER ended 30 November 2025

Robust operational platform enhancing future growth

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an emerging African critical
minerals miner with a portfolio of exploration, development and early-stage
production assets in Namibia provides the following operational performance
update for the third quarter ended 30 November 2025 ("Q3 FY2026" or the
"Quarter").

Highlights
Strategic

§ The Lithium Ridge JV with SQM: Encouragingly a third drill rig has been
deployed to complement the existing drilling program:

§ Drill result releases targeted for first half of 2026 calendar year.

§ Notable institutional investment: JLE Limited increased equity ownership to
7.7% from 5.0%.

Operational

§ Continuous Improvement programme ("CI2") continues to deliver improved
throughput and recovery performance:

§ Processing rate: increased by 12% Year-on-Year ("YoY") to 146 tonnes per
hour ("tph") (Q3 FY2025: 130tph) delivering stable and predictable plant
performance.

§ Tin recovery rate: stable at 73% compared to 74% in Q3 FY2025 exceeding the
Company's targeted 70% level for a third consecutive quarter.

§ Tin concentrate produced: increased by 14% YoY to 429 tonnes (Q3 FY2025:
376 tonnes) supported by higher throughput.

§ Contained tin produced: increased by 10% YoY to 255 tonnes (Q3 FY2025: 232
tonnes).

§ Jig plant phased commissioning progressing steadily.

Tin market

§ Strong market defined by 40% tin price increase Year-to-Date CY2025
("YTD").

§ Tin shipments: 25% increase to 15 shipments ensuring enhanced concentrate
production into a tightening global tin market.

Anthony Viljoen, Chief Executive Officer, commented:

"The Quarter reflected continued progress at Uis, with improved throughput,
consistent recoveries, and strong tin production all underpinned by a
favourable pricing environment. The benefits of our continuous improvement
programme and development initiatives are beginning to materialise, creating
visible momentum across the business. These initial results provide a positive
indication of the latent value within our operations that we aim to unlock as
we progress further in the new year, another demonstration to the phenomenal
geology we have at Uis. With tin prices exceeding US$40 000 per tonne in early
December, the commodity has emerged as one of 2025's top performers.

As the only tin producer listed on AIM, Andrada is uniquely positioned to
capitalise on this bull market. In parallel, our exploration and development
activities across the broader Erongo region in Namibia continue to validate
the Company's strategy to develop a hub for tin and associated critical
minerals, namely lithium, tantalum, copper and tungsten. Andrada is at the
forefront of critical mineral development in Africa, with existing production
providing the foundation for transformational growth through exploration and
development across our expanding portfolio within achievable defined
timeline."

Operations
Uis Mine production
Unaudited figures for the period ended 30 November 2025.
 PARAMETER                    UNIT    Q1 FY2026  Q2 FY2026  Q3 FY2026  Q3 FY2025
 TIN
 Feed grade                   % Sn    0.136      0.139      0.140      0.133
 Plant processing rate        tph     142        144        146        130
 Ore processed                tonnes  254 745    272 838    259 396    239 240

 Concentrate produced         tonnes  405        453        429        376
 Contained tin produced       tonnes  238        273        255        232
 Recovery                     %       69         73         73         74
 Plant availability           %       89         90         91         91
 Plant utilisation            %       93         96         90         93
 Number of shipments          #       16         12         15         14
 TANTALUM
 Concentrate produced         tonnes  12.0       15.0       7.7        15.7
 Contained tantalum produced  kg      1 385      1 583      789        1 710
 Concentrate grade            %       11.4       10.6       10.3       10.9
 Recovery                     %       5.3        5.2        3.7        5.7

Cost and pricing figures to be reported bi-annually as stated in the Interim
Financial results. (See announcement released 27 November 2025).

The Company delivered another quarter of solid year-on-year growth,
demonstrating the impact of the CI2 efficiency programme:

·    Ore processed increased by 8% YoY to 259 396 tonnes.

·    Tin concentrate production increased by 14% YoY to 429 tonnes, with
contained tin up 10% to 255 tonnes.

·    Recovery rates held steady at 73%, exceeding the 70% internal target
for the third consecutive quarter.

·    Tin shipments totalled 15 for the period, representing a 7% YoY and
25% QoQ increase, aligning with the Company's strategy to optimise sales
during a period of elevated pricing.

Quarterly tin production was marginally lower than Q2FY2026, reflecting
scheduled maintenance and CI2 implementation downtime on the tin crushing
circuit, both essential to support long-term throughput stability. Despite
this, the processing plant remains on track to achieve and sustain targeted
performance levels. The operational focus remains firmly on maximising value
through optimal product mix, guided by prevailing market conditions and
production flexibility. Management continues to assess production allocation
across tin and tantalum to ensure delivery against both commercial and
strategic priorities.

UIS MINE Development projects
Jig processing plant

Commissioning of the new jig plant progressed steadily during the quarter. A
phased commissioning approach is being implemented to support progressive
operational throughput during ramp-up, while initial start-up issues, relating
to fines build-up and shaking table configuration are being addressed in
collaboration with the equipment manufacturers. Until third-party ore becomes
available, the Jig plant will use Uis ore to maintain operations and optimise
performance.

Goantagab ore supply

Andrada remains strongly encouraged by the long-term potential of the
Goantagab high-grade ore supply and is optimistic that the parties will reach
an outcome that enables implementation of the existing supply agreement. In
parallel, the Company remains committed to building a pipeline of
value-accretive third-party ore partnerships to complement its production
strategy and unlock additional regional growth opportunities.

LITHIUM DEVELOPMENT
Uis

The Company continues to advance discussions with potential offtake partners
for its petalite product, in both the technical and industrial markets.
Metallurgical testwork is ongoing, alongside a comprehensive evaluation of
potential production pathways. Findings from this study are expected to be
released during the second half of calendar year 2026 ("CY2026") and will
inform Andrada's broader lithium integration strategy.

Lithium Ridge
Drilling activity at Lithium Ridge has accelerated in partnership with SQM, with a third rig deployed to fast-track the exploration programme. Initial assay results are expected during the first half of CY2026. This programme is targeting spodumene-bearing pegmatites across the licence area and forms part of Andrada's strategy to establish a second lithium asset alongside Uis.
Commodities marketS OVERVIEW
Tin¹

Prices have surged by approximately 40% YTD, breaching US$40 000 per tonne in
December 2025, are expected to remain strong amid global shortages. Andrada's
established Uis production and extensive tin resources position it to benefit
from this structurally favourable market.

Tantalum²

Demand is forecast to grow up to 7.0% CAGR through 2030, creating a tightening
market. Tantalum production at Uis enhances project economics, while
mineralisation at Lithium Ridge supports future scale and value.

Lithium³

Global demand is forecast to rise from 1.3Mt (2022) to 5.2Mt LCE by 2040.
Andrada is positioned to supply both technical-grade petalite from Uis and
battery-grade spodumene from Lithium Ridge.

Copper⁴

A supply shortfall of up to 6Mt is expected by 2035. Drilling at Brandberg
West confirmed copper grades up to 2%, with prices up approximately 30% YTD to
US$11 600/t, highlighting Andrada's diversification potential. (See
announcements dated 12 Sep & 16 Oct 2024.)

Tungsten⁵

The tungsten market has grown to US$6.12 billion in 2025 (CAGR 8.1%), driven
by price increases and Chinese export restrictions (c.80% of supply). The
market is projected to reach US$8.7 billion by 2029. The notable
mineralisation intersections of tungsten grades at 2% recorded from the
exploration drilling programme at Brandberg West, position the Company
favourably to capture value from this potential upside. (See announcement
released on 12 September 2024 & 16 October 2024).

¹ https://www.internationaltin.org/tin2030-a-vision-for-tin/
(https://www.internationaltin.org/tin2030-a-vision-for-tin/)

  Investment
(https://afritinmining-my.sharepoint.com/personal/sakhile_ndlovu_andradamining_com/Documents/Documents/ANNOUNCEMENTS/RNS%20DRAFTS/CY%202025/December/Investment)
Case for Tin - Investing in Tin Seminar 2024 by Tom Langston - International
Tin Association

  https://www.lme.com/en/metals/non-ferrous/lme-tin#Summary
(https://www.lme.com/en/metals/non-ferrous/lme-tin#Summary)

² https://www.nextmsc.com/report/tantalum-market
(https://www.nextmsc.com/report/tantalum-market)

³ International Lithium Association (Project Blue): Lithium 2040 - The element shaping our future - May 2025.

⁴ Shanghai Metal Market: https://www.metal.com/en/markets/2
(https://www.metal.com/en/markets/2)

⁵ Researchandmarkets - Tungsten Global Market Report 2025:
https://www.metal.com/en/markets/2 (https://www.metal.com/en/markets/2)

OUTLOOK

Looking ahead, the Company is focused on consolidating this year's operational
progress while delivering several near-term strategic milestones. Key growth
priorities for the next quarter include:

§ Completion of Jig plant commissioning to unlock additional tin recovery and
processing flexibility.

§ Continued plant optimisation at Uis to drive operational efficiency.

§ Progression of ore-sorter optimisation studies to enhance feed
pre-concentration.

§ Advancement of the lithium integration framework, supporting future
petalite production.

§ Ongoing geological mapping at Brandberg West, targeting copper and tungsten
systems.

§ Evaluation and execution of third-party ore supply agreements to expand
feedstock options.

Management remains confident that the operational platform established at Uis
together with strong market fundamentals, strategic partnerships, and a
diversified critical minerals portfolio, positions the Company to deliver
sustained value and long-term growth across multiple commodities within a
defined achievable timeline.

 

                                              +27 (11) 268 6555
 CONTACTS
 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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