REG - Andrada Mining Ltd - Unaudited Interim Results 6 Months Ended 31/08/24
28/11/2024 07:00
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RNS Number : 9353N Andrada Mining Limited 28 November 2024
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")
Unaudited Interim Financial Results for the six months ended 31 August 2024
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a critical raw materials
producer with mining and exploration assets in Namibia, announces its
unaudited interim financial results for the six-months ended 31 August 2024
("H1 2025").
A full copy of the H1 2025 results can also be found on the Company's website
here: https://andradamining.com/investors/corporate-publications/
(https://andradamining.com/investors/corporate-publications/)
HIGHLIGHTS
Operational performance
§ Successful restructuring of Uis Tin Mining Company ("UTMC"), resulting in
100% ownership of Uis and Lithium Ridge.
§ Production of 25 tonnes of tantalum at a grade of approximately 11% with 15
tonnes sold to Afrimet by the end of the interim period.
§ Continuous Improvement Programme ("CI2") results in an increased recovery
rate of 72% (H1 2024: 65%)
§ 14% increase in plant utilisation to 92% (H1 2024: 81%).
§ Increase in contained tin metal to 462 tonnes (H1 2024: 454 tonnes).
Financial performance
§ 22% increase in revenue to £10.8 million (H1 2024: £8.9 million).
§ 70% increase in gross profit to £2.6 million (H1 2024: profit of £1.5
million).
§ 42% improvement in operating loss to £1.5 million (H1 2024: loss of £2.5
million).
§ 60% improvement in total comprehensive loss to £1.9 million (H1 2024: loss
of £4.9 million).
§ Average C1 operating cash cost per tonne of contained tin produced was
US$18 690 (within management guidance).
§ Average C2 operating cost per tonne of contained tin produced was US$22 671
(within management guidance).
§ All-in sustaining cost ("AISC") per tonne of contained tin produced was
US$27 730 (within management guidance).
§ Annual tin hedge agreement for 30% quarterly concentration production at
US$33 000 per tonne expires in May 2025 subject to renewal.
§ Conclusion of the Bank Windhoek Limited ("BWL") NAD175 million (c£7.5
million) funding agreement.
§ Unaudited available cash balance, including undrawn facility on 31 August
2024, of £6.1 million (US$7.2 million) excluding £2.1 million undrawn
facility.
POST-PERIOD
§ Earn-in agreement executed with Sociedad Química y Minera de Chile SA
through its subsidiary SQM Australia (Pty) Ltd ("SQM") for the development of
Lithium Ridge (ML133).
§ Brandberg West maiden exploration drill results indicated notable
intersections of high-grade mineralisation.
§ Released FY2024 Sustainability Report.
Chief Executive Officer's Statement
Overview
As the year has progressed, the Company has made significant progress. The
value-accretive restructuring of UTMC simplified Andrada's ownership and
operational structure in the underlying licences while empowering our local
partners through equity ownership participation at Group level. The
restructuring has also created opportunities for more rapid asset development
through project-specific financing solutions. We believe that our continued
investment in exploration, metallurgy and asset development has earned us the
social licence to operate and established strategic worldclass partnerships.
During the interim period, we secured debt funding arrangements with
established lenders, including Standard Bank of Namibia (tin hedge) and Bank
Windhoek, for the implementation of our exciting growth projects.
The Company ramped up tantalum concentrate production, producing 25 tonnes and
shipping 15 tonnes to our off-taker, AfriMet, by the end of the period.
Despite an unforeseen mechanical breakdown at the processing plant, which
marginally increased costs, our ongoing CI2 Programme has improved overall
recovery rates. We expect significant performance improvements in FY 2026 as
we begin to reap the benefits of various capital projects.
Our lithium pilot plant continues to provide critical information for
potential off-take agreements and for the integration of the lithium
production circuit into the current plant. Although much of the material
produced at the pilot plant has been sent to potential off-take partners for
testing, we also achieved the first commercial petalite sale during the
period, demonstrating the suitability of Uis's ore for the global technical
grade market. We are also advancing our metallurgical test work programme to
unlock the petalite production project.
Recent results from the maiden drilling programme at Brandberg West confirmed
significant mineralisation within the historical pit, and the extensions to
the north. The exceptionally high-grade veins have added tungsten and copper
to our portfolio of critical minerals. Ongoing drilling at Uis will enhance
our understanding of various pegmatites and enable us to increase the
resource. We plan to expand our mineralisation exploration programme across
the Erongo region to identify potential assets for future expansion. Our goal
is to position Andrada as a platform for production growth in critical raw
materials within Namibia.
In addition to these operational advances, we have improved our operational
safety culture and strengthened relationships with our communities. In H2
2025, we look forward to achieving key milestones regarding the SQM deal,
petalite development and tin expansion. We also look forward to providing
further material updates on the various ongoing initiatives.
Financial performance overview
Increased revenue and expansion
§ 22% increase in revenue to £10.8 million (H1 2024: £8.9 million).
§ Gross profit increased by 70% to £2.6 million (H1 2024: £1.5 million) and
operating loss improved by 42% to £1.5 million (H1 2024: £2.5 million).
§ The net loss increased to £3.2 million (H1 2024: £2.8 million) primarily
due to finance expenses. A significant portion of these expenses are related
to the interest on the convertible note obligation that was settled in shares
at the election of the supportive shareholders.
§ Administrative costs amounted to £4.1 million (H1 2024: £4 million)
included one-off expenses related to the successful completion of the UTMC
restructuring, the SQM agreement and the completion of the Bank Windhoek
funding. While these strategic corporate actions are essential for growth, we
constantly review and strive to minimise the related costs
§ Although the period saw high capital expenditure, these projects will begin
to yield benefits in the coming financial year and place the Company on a
strong platform for future growth.
The cash costs were within management guidance.
§ The C1 costs included higher maintenance costs that are expected to
normalise toward the lower end of guidance in the new year.
§ The C2 costs were higher due to the introduction of the royalty expense at
the beginning of the 2025 calendar year.
§ AISC, which includes capitalised waste stripping, is expected to reduce
over time as we move into zones with lower stripping ratios and increase our
volumes in line with the completion of the CI2 Programme and the tin expansion
project. The steady production of tantalum will continue to credit operational
cash costs and, additional metals produced will substantially reduce cash
costs.
Strengthening the financial position
To support ongoing capital expansion programs related to tin and lithium
development, the Company announced on 7 August 2024 the conclusion of the
NAD175 million (c£7.5 million) financing package from Bank Windhoek through
the subsidiary UTMC. The proceeds were primarily allocated to the retirement
of existing facilities, growth initiatives, and working capital. This
investment will not only benefit UTMC but also contribute to the overall
economic development of the country. Management believes that the
combination of the Bank Windhoek funding, income from tin and tantalum sales
as well as proceeds from the post-period agreement with SQM provides
sufficient liquidity to support all operational activities for the next 12
months. Furthermore, the Company is engaging with multiple strategic partners,
off-takers, development agencies and debt providers for funding required to
roll-out further capital projects that have been identified. The available
cash on 31 August 2024 was £6.1 million (US$7.2 million) excluding £2.1
million undrawn facilities.
Operational performance overview
Key tin production metrics
Description Unit H1 2025 H1 2024 H1 25 vs H1 24
Feed grade % Sn 0.140 0.156 -10%
Plant processing rate Tph 132 136 -3%
Ore processed T 481 504 446 621 8%
Tin concentrate T 752 758 -1%
Contained tin T 462 454 2%
Tin recovery % 72 65 11%
Plant availability % 90 92 -2%
Plant utilisation % 92 81 14%
Uis mine C1 operating cost¹ USD/t contained tin 18 690* 18 161 7%
Uis mine C2 operating cost² USD/t contained tin 22 671* 20 796 16%
Uis mine AISC³ USD/t contained tin 27 730* 24 662 15%
Tin price achieved USD/t contained tin 31 397 25 912 21%
All the numbers are unaudited
1 C1 operating cash costs refers to operating cash costs per unit of
production excluding selling expenses and sustaining capital expenditure
associated with Uis Mine.
2 C2 operating cash costs are equivalent to the C1 costs plus selling expenses
including logistics, smelting and royalties.
3 All-in sustaining cost (AISC) incorporates all costs are related to
sustaining production, capital expenditure associated with developing and
maintaining the Uis operation as well as pre-stripping waste mining costs.
*Figures updated to reflect tantalum credits.
The ore processed increased by 8% YoY to 481 504 tonnes with the ore mined
blended to improve ore utilisation and to maintain the grade in line with the
reserve statement. The feed grade will continue to be maintained within the
range of 0.135% to 0.145% tin. The plant processing rate was slightly lower at
132 tonnes per hour ("tph"), compared to 136 tph in H1 2024, mainly due to the
enhanced maintenance implemented on the crushing circuit resulting in a slight
decrease in the production of tin concentrate. The production of tantalum
concentrate had a positive impact on the tin grade through the simultaneous
removal of impurities resulting in the relatively higher contained tin
volume.
Tin expansion
In March we launched the pre-concentrating project for the Uis mine to
increase the tin grade and output from the processing plant to 1 600 tpa
contained tin. The expansion entails improvements to the dry processing
section through the installation of a coarse crushing and XRT ore-sorting
pre-concentration circuit. We have received all the long-lead machinery for
the circuit, and we have completed the detailed engineering plant design.
Concurrent to the work on the pre-concentration project, we have extended our
tin expansion strategy to include toll treatment production of higher-grade
tin ore from emerging regional producers. The goal is to establish a tin
production hub at Uis to enhance our pipeline and to entrench Andrada as a
leading critical metals producer in Namibia.
The net effect of this multi-pronged approach will be an increase in tin metal
production, in a cost-effective manner in the shortest period to achieve
maximum benefit from the prevailing tin price. The pre-concentration project
will be implemented alongside a high-grade tolling programme to achieve an
optimal net increase in output. The initial phase of the tolling programme has
been the identification of high-grade tin mineralisation zones of up to 1.5%
from various mining operations within the Erongo region. The ongoing CI2
Programme complements the tin expansion by improving the efficiency of the
plant through the elimination of production bottlenecks. To date the CI2
Programme has resulted in an increase in the tin recovery rate to 72% (H1
2024: 65%).
Tantalum production
Key tantalum production metrics
Description Unit Q1 FY2025 Q2 FY2025
Tantalum concentrate tonnes 9 16
Contained tantalum kg 865 1 731
Tantalum concentrate grade % 10 11
Tantalum recovery % 3 6
Although still nominal, tantalum contributed 1% to the group revenue in the
interim results. We anticipate reaching the targeted quarterly volumes by the
end of the financial year. The incremental cost of producing tantalum
concentrate is low, resulting in more than 90% of the revenue being captured
in EBITDA.
Lithium development update
Lithium pilot plant
A one-off spot sale of five tonnes of petalite to a ceramic producer was
completed during the period under review marking a key milestone towards
realising our objective to be a critical metals producer. We believe the sale,
albeit small, was an endorsement of the commercial potential of petalite from
Uis. The exposure of the high-grade ore at Uis following the accelerated
push-back also increased the petalite bulk sample production which will be
used by potential off takers. Although we continue to explore opportunities to
sell concentrate produced, the pilot plant facility continues to be primarily
utilised for offtake bulk sampling campaigns. Importantly, these testing
campaigns coupled with the completion of the technical study will contribute
to the integration of the lithium circuit to the existing processing plant at
Uis.
Safety performance
At Andrada, we are committed to maintaining the highest safety standards
across our operations. The implementation of Take5, Visible Felt Leadership
and Elimination of Fatalities initiatives, coupled with the commitment from
our operational teams, has driven significant improvements in safety outcomes.
The LTIFR increased from 1.42⁴ in H1 2024 to 1.74 in the period under review
while the TRIFR increased from 7.84 in H1 2024 to 9.24⁵ in H1 2025.
Importantly, no fatalities were recorded during this period. The various
measures, including quarterly safety audits and comprehensive training
sessions, have been instrumental in strengthening our safety culture and
enhancing overall workplace safety.
⁴Restated LTI number for H1 2024: In August 2024, we conducted a
comprehensive review of our injury classification process and specific
incident classifications. We have updated our Lost Time Injury (LTI) numbers
with the previously reported figure of three (3) LTIs being revised to four
(4) LTIs. ⁵Restated TRIFR number for H1 2024: As part of our safety KPI
metric review, we have aligned our TRIFR calculation with ICMM reporting
standards. This change excludes restricted workdays and first-aid injuries.
Historic TRIFR data has been revised accordingly, resulting in a notable
improvement in our TRIFR from FY2023 to FY2024.
POST-PERIOD
SQM partnership on spodumene - rich Lithium Ridge
On 9 September 2024, we signed a three-stage earn-in agreement with SQM. We
were incredibly pleased to announce this partnership with a global leader in
the lithium industry, representing the first African lithium partnership that
SQM has entered into. This partnership further solidifies our belief in the
Lithium Ridge asset as a potential world-class resource, and further
establishes Andrada as a multi-asset, critical metals explorer and miner. We
believe this partnership highlights the potential value of our entire asset
portfolio. Furthermore, partnering with SQM provides the ideal partner to
unlock the full potential of Lithium Ridge, while allowing continuation of the
development of Uis through our existing financing relationships.
The SQM partnership aligns perfectly with our strategic objectives, enabling
us to develop Uis's neighbouring lithium asset, through accelerated the
exploration initiatives. The Agreement establish a long-term, value-creating
relationship that incentivises operational milestones and delivers sustained
returns for our shareholders. The introduction of a global lithium player will
also place Namibia at the forefront of the African lithium development
trajectory and unlock value for the mining industry.
The SQM agreement is subject to certain conditions precedent, including the
Namibian Competition Commission approval. I am pleased to confirm that we have
transferred the Environmental Compliance Certificate into the joint venture
vehicle as one of the two outstanding conditions precedent and await the
Namibian Competition Commission response to our application. Full details of
the joint venture arrangement and the associated earn-in process are detailed
in the Company's announcement of 9 September 2024. We are keen to start the
project as soon as the outstanding approval is received from the Namibian
Competition Commission. The Company will make further updates on progress.
Brandberg West maiden drilling results
The impressive drill results from our first drilling programme indicated
significant high grades across multiple drill holes, showing up to 10% tin,
3.5% tungsten and 2% copper (See announcement dated 12 September and 16
October 2024). The exploration programme comprised 20 oriented diamond drill
("DD") holes for a total of 2 975 metres drilled.
The drill programme was successful as high-grade intersections were found
within all the drill holes, covering the historical open pit area and virgin
extensions to the north of the pit. The success of this exploration programme
reinforces the Company's belief that the Erongo region of Namibia is
well-endowed with critical metals and has the potential to yield substantial
inventory. Furthermore, the results validate our approach of investigating
areas with historical mining activity to bolster our portfolio.
Publication of the 2024 Sustainability Report
On 20 November 2024, we released the 2024 Sustainability Report outlining
Andrada's sustainability framework and its focus on creating thriving,
resilient communities, while ensuring responsible operations through
best-practice environmental stewardship and robust governance. We are
particularly proud of the significant progress we have made in progressing our
ESG commitments this year, including a doubling of procurement expenditure
within Namibia to £21 million, and maintaining a 99% Namibian workforce.
Additionally, a total of £3.5 million was spent towards salaries, royalties
and social projects during the year under review within Namibia. This
underlines the dedication to creating value for our host nation and delivering
on the promise for an equitable partnership that drives economic growth in
Namibia. The Company maintains the highest standards of ethics and
transparency, aligning with international frameworks including IFC Performance
Standards, ICMM Principles, GRI and GISTM. This commitment to good governance
underpins Andrada's engagement with all stakeholders, from employees and local
communities to governments and investors. As we continue to expand our
operations, the commitment to responsible mining practices remains unwavering.
We look forward to building on these achievements in the year ahead, and to
ensuring that Andrada is well qualified to promote the energy transition
through its portfolio of critical raw materials.
Glossary of abbreviations
CY Calendar year
£ Great British Pound
N$ Namibian Dollar
US$ United States Dollar
ESG Environmental, Social, and Governance
GISTM Global Industry Standard on Tailings Management
GJ Gigajoules
GRI Global Reporting Initiative
ICMM International Council on Mining and Metals
IFC International Finance Corporation
ANDRADA MINING LIMITED
INTERIM REPORT AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
£ Notes 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 29 February 2024
(unaudited) (audited)
Continuing operations
Revenue 4 10 814 696 8 846 997 17 967 889
Cost of sales 5 (8 232 350) (7 325 039) (16 247 748)
Gross profit 2 582 346 1 521 958 1 720 141
Administrative expenses 6 (4 279 748) (4 031 304) (9 959 549)
Other income 251 050 20 583 97 415
Operating loss (1 446 352) (2 488 763) (8 141 993)
Finance income 7 321 326 22 354 955 940
Finance expenses 7 (2 074 347) (309 832) (1 684 506)
Loss before tax (3 199 373) (2 776 241) (8 870 559)
Income tax expense 8 - - -
Loss for the period (3 199 373) (2 776 241) (8 870 559)
Other comprehensive income/(loss)
Items that will or may be reclassified to profit or loss:
Exchange differences on translation of share-based payment reserve 168 (325) (410)
Exchange differences on translation of foreign operations 1 226 680 (2 207 455) (3 074 742)
Exchange differences on non-controlling interest (19 497) 13 410 24 785
Total comprehensive loss for the period (1 992 022) (4 970 611) (11 920 926)
Profit/(loss) for the period attributable to:
Owners of the parent (3 215 983) (2 755 819) (8 438 465)
Non-controlling interests 16 610 (20 422) (432 094)
(3 199 373) (2 776 241) (8 870 559)
Total comprehensive loss for the period attributable to:
Owners of the parent (1 989 135) (4 963 600) (11 513 617)
Non-controlling interests (2 887) (7 012) (407 309)
(1 992 022) (4 970 611) (11 920 926)
Loss per ordinary share
Basic and diluted loss per share (pence) 9 (0.21) (0.18) (0.54)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
£ Notes 6 months ended 6 months ended 12 months ended
31 August 2024 31 August 2023 29 February 2024
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Intangible assets 10 11 098 699 8 401 278 10 519 937
Property, plant and equipment 11 39 559 506 29 571 064 32 170 329
Total non-current assets 50 658 205 37 972 342 42 690 266
Current assets
Inventories 12 5 750 107 3 171 674 2 948 618
Trade and other receivables 13 4 405 471 2 896 972 6 050 465
Cash and cash equivalents 14 6 103 624 6 686 921 14 505 800
Total current assets 16 259 202 12 755 567 23 504 883
Total assets 66 917 407 50 727 909 66 195 149
Equity and liabilities
Equity
Share capital 21 61 642 969 56 944 408 59 247 558
Accumulated deficit (33 490 538) (21 089 934) (26 623 617)
Warrant reserve 482 199 338 903 482 199
Share-based payment reserve 1 933 989 994 087 1 831 764
Convertible loan note reserve 4 579 427 4 595 614 4 579 427
Foreign currency translation reserve (5 681 296) (6 040 689) (6 907 976)
Equity attributable to the owners of the parent 29 466 750 35 742 389 32 609 355
Non-controlling interests (13 824) (154 442) (554 739)
Total equity 29 452 926 35 587 947 32 054 616
Non-current liabilities
Environmental rehabilitation liability 18 1 270 629 912 550 1 152 121
Borrowings 15 16 220 417 4 328 373 9 888 216
Other financial liabilities 16 10 742 151 - 10 386 425
Lease liability 19 376 502 568 076 478 523
Deferred consideration 20 415 640 - -
Total non-current liabilities 29 025 339 5 808 999 21 905 285
Current liabilities
Trade and other payables 17 5 665 957 5 289 812 6 972 743
Borrowings 15 1 523 174 3 839 746 4 061 447
Other financial liabilities 16 1 009 294 - 966 519
Lease liability 19 240 717 201 405 234 539
Total current liabilities 8 439 142 9 330 963 12 235 248
Total equity and liabilities 66 917 407 50 727 909 66 195 149
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
£ Share capital Convertible loan note reserve Accumulated deficit Warrant reserve Share-based payment reserve Foreign currency translation reserve Total Non-controlling interests Total equity
Total equity at 31 August 2023 56 944 408 4 595 614 (21 089 934) 338 903 994 087 (6 040 689) 35 742 389 (154 442) 35 587 947
Loss for the period - - (5 682 646) - - - (5 682 646) (411 672) (6 094 318)
Other comprehensive income/(loss) - - - - (85) (867 287) (867 372) 11 376 (855 996)
Transactions with owners:
Issue of shares 2 036 500 - - - - - 2 036 500 - 2 036 500
Share issue costs (99 300) - - - - - (99 300) - (99 300)
Share-based payments - - - - 12 750 - 12 750 - 12 750
Issue of convertible loan notes - (288 754) - - - - (288 754) - (288 754)
Convertible loan note issue costs - 272 567 - - - - 272 567 - 272 567
Issue of warrants - - - 143 296 - - 143 296 - 143 296
Share options raised in the year - - - - 973 975 - 973 975 - 973 975
Share options exercised in the year 365 950 - 148 963 - (148 963) - 365 950 - 365 950
Total equity at 29 February 2024 59 247 558 4 579 427 (26 623 617) 482 199 1 831 764 (6 907 976) 32 609 355 (554 739) 32 054 616
Loss for the period - - (3 215 983) - - - (3 215 983) 16 610 (3 199 373)
Other comprehensive income/(loss) - - - - 168 1 226 680 1 226 848 (19 497) 1 207 351
Transactions with owners:
Issue of shares 2 395 411 - - - - - 2 395 411 - 2 395 411
Share-based payments - - - - 102 057 - 102 057 - 102 057
Acquisition of non-controlling interests - - (3 650 938) - - - (3 650 938) 543 802 (3 107 136)
(refer to Note 20)
Total equity at 31 August 2024 61 642 969 4 579 427 (33 490 538) 482 199 1 933 989 (5 681 296) 29 466 750 (13 824) 29 452 926
CONSOLIDATED STATEMENT OF CASH FLOWS
£ Notes 6 months ended 6 months ended 31 12 months ended
31 August 2024 (unaudited) August 2023 (unaudited) 29 February 2024 (audited)
Cash flows from operating activities
Profit / (Loss) before taxation (3 199 373) (2 776 241) (8 870 559)
Adjustments for:
Fair value adjustment to customer contract 4 (128 328) 40 866 (58 941)
Depreciation of property, plant and equipment 11 2 055 858 1 692 332 3 363 011
Amortisation of intangible assets 10 9 111 3 499 16 370
Share-based payments 82 421 5 250 710 523
Finance income 7 (321 326) (22 354) (955 939)
Finance expenses 7 2 074 347 309 832 1 684 506
Changes in working capital:
Decrease/(increase) in receivables 13 1 998 253 (530 322) (1 322 157)
(Increase) in inventory 12 (2 676 055) (706 531) (530 596)
(Decrease)/increase in payables 17 (1 559 571) 1 910 817 2 226 900
Net cash used in operating activities (1 664 663) (72 853) (3 736 882)
Cash flows from investing activities
Purchase of intangible assets 10 (1 510 337) (1 477 104) (3 348 698)
Purchase of property, plant and equipment 11 (8 232 385) (6 415 069) (11 782 638)
Finance income 7 321 326 22 354 211 974
Net cash used in investing activities (9 421 396) (7 869 819) (14 919 362)
Cash flows from financing activities
Finance expenses 7 (392 609) (209 479) (890 945)
Lease payments 19 (163 009) (193 149) (375 660)
Warrant reserve - - 143 296
Net proceeds from issue of shares 21 - - 2 303 150
Proceeds from issue of July convertible loan notes (equity) - 4 848 214 4 868 023
Proceeds from issue of July convertible loan notes (debt) - 2 446 977 2 446 977
Proceeds from issue of November convertible loan notes (debt) - - 5 359 794
Proceeds from issue of November convertible loan notes (derivative liability) - - 2 155 674
Proceeds from issue of November royalty debt - - 9 522 780
Proceeds from bank borrowings 15 6 727 515 369 238 2 127 221
Repayment of bank borrowings 15 (2 735 686) (425 792) (2 438 797)
Net cash generated from financing activities 3 436 211 6 836 009 25 221 513
Net (decrease)/increase in cash and cash equivalents (7 649 848) (1 106 663) 6 565 269
Cash and cash equivalents at the beginning of the period 14 505 800 8 205 705 8 205 705
Foreign exchange differences (752 328) (412 121) (265 174)
Cash and cash equivalents at the end of the period 6 103 624 6 686 921 14 505 800
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the period ended 31 August 2024
1. Corporate information and principal activities
Andrada Mining Limited ("Andrada") was incorporated and domiciled in Guernsey
on 1 September 2017 and admitted to the AIM market in London on 9 November
2017. The Company's registered office is at PO Box 282, Oak House, Hirzel
Street, St Peter Port, Guernsey GY1 3RH and it operates from Illovo Edge
Office Park, 2nd Floor, Building 3, Corner Harries and Fricker Road, Illovo,
Johannesburg, 2116, South Africa. This financial information is for the period
ended 31 August 2024 and comparative figures for the six-month period ended 31
August 2023 and for the year ended 29 February 2024 are shown.
As at 31 August 2024, the Andrada Group comprised:
Company Equity holding and voting rights Equity holding and voting rights Country of incorporation Nature of activities
At 31 August 2024 At 31 August 2023
Andrada Mining Limited N/A N/A Guernsey Ultimate holding company
Greenhills Resources Limited(1) 100% 100% Guernsey Holding company
Andrada Mining Pty Limited(1) 100% 100% South Africa Group support services
Tantalum Investment Pty Limited(1) 100% 100% Namibia Tin & tantalum exploration
Andrada Mining (Namibia) Pty Limited(2) 100% 100% Namibia Tin, tantalum & lithium operations
Uis Tin Mining Company Pty Limited(3) 100% 100% Namibia Tin, tantalum & lithium operations
Mokopane Tin Company Pty Limited(2) 100% 100% South Africa Holding company
Renetype Pty Limited(4) 74% 74% South Africa Tin & tantalum exploration
Jaxson 641 Pty Limited(4) 50% 50% South Africa Tin & tantalum exploration
Pamish Investments 71 Pty Limited(2) 100% 100% South Africa Holding company
Zaaiplaats Mining Pty Limited(5) 74% 74% South Africa Property owning
Uis Tin Mining Company Rwanda Limited(2) 100% 100% Rwanda Tin & tantalum exploration
Grace Simba Investments Pty Limited 100% N/A Namibia Tin, tantalum & lithium exploration
Grace Timon Investments Pty Limited 100% N/A Namibia Tin, tungsten & copper exploration
(1) Held directly by Andrada Mining Limited
(2) Held by Greenhills Resources Limited
(3) Held by Andrada Mining (Namibia) Pty Limited. Acquired 15% non-controlling
interest during the period.
(4) Held by Mokopane Tin Company Pty Limited
(5) Held by Pamish Investments 71 Pty Limited
This financial information is presented in Pound Sterling (£) because that is
the currency in which the Group has raised funding on the AIM market in the
United Kingdom. Furthermore, Pound Sterling (£) is the functional currency of
the ultimate holding company, Andrada Mining Limited. The Group's key
subsidiaries, Andrada Namibia and Uis Tin Mining Company Pty Limited ("UTMC"),
use the Namibian Dollar ("NAD") as their functional currency. The period-end
spot rate used to translate all Namibian Dollar balances was £1 = NAD23.42
and the average rate for the period was £1 = NAD23.51.
2. MATERIAL ACCOUNTING POLICIES
a. Basis of accounting
The consolidated interim financial information has been prepared in accordance
with UK-adopted international accounting standards. The consolidated interim
financial information also complies with the AIM Rules for Companies, NSX
Listing Requirements, OTCQB Listing Requirements and the Companies (Guernsey)
Law, 2008 and shows a true and fair view.
The material accounting policies applied in preparing these consolidated
financial statements are set out below. These policies have been consistently
applied throughout the period. The consolidated financial statements have been
prepared under the historical cost convention except as where stated.
The interim financial information for the six months to 31 August 2024 is
unaudited and does not constitute statutory financial information. The
statutory accounts for the year ended 29 February 2024 are available on the
Company's website.
b. Going concern
The Group closely monitors and manages its liquidity risk and day-to-day
working capital requirements. Cash forecasts are regularly produced,
considering the global logistical challenges around sales, to ensure that
there is sufficient cash within the Group to meet its obligations. The Group
runs sensitivities for different scenarios, including but not limited to
changes in commodity prices and exchange rates. The Group also routinely
monitors the covenants associated with the borrowing facilities and
proactively engages with Bank Windhoek, the lender, where there is any risk.
The Group met the covenant requirements for the 31 August 2024 measurement
period and, based on the latest forecasts, the Group will be able to meet its
covenant obligations for the testing period to February 2025. For the purpose
of assessing going concern, the Directors have prepared forecasts to November
2026.
The main estimates considered as part of the Directors' going concern
assessment are production profiles, tin, lithium and tantalum prices, exchange
rates and committed capital. The production profile is based on the Group's
current achieved production post the completion of the expansion project, as
well as the additional production on the successful completion of the
continuous improvement capital project and ore sorter projects. In addition,
the Group successfully raised £7.1m through the funding of Bank Windhoek,
secured a partnership with SQM for the Lithium Ridge project, and maintains
the possibility of future funding through a strategic partner. This further
supports the liquidity requirements of the Group and its ability to meet its
obligations in the ordinary course of business. The Group also retains the
ability to flex its ongoing exploration and metallurgical capital expenditures
in line with cash availability as well as macro-economic circumstances.
Based on the forecasts, additional funding will be required within the next 12
months for the purpose of envisaged capital and exploration projects without a
strategic partner. As the Group is also entering a new market with reference
to lithium sales, which are close to near-term production, the cash flow
forecast has assumed the successful completion of the lithium pilot plant in
order to deliver the business strategy. Further funding would be required for
additional exploration and capital projects as well as studies related to the
feasibility of the future growth phases. The Group believes it has several
options available to it, including but not limited to use of the overdraft
facility, restructuring of the debt, additional debt or equity, cost reduction
strategies as well as potential off-take arrangements. The Directors are
already at an advanced stage of securing additional funding for the next 12
months. However, this is yet to be finalised as at the date of approval of the
financial statements. Thus, the Group is reliant on additional funding, which
is not guaranteed. This indicates the existence of a material uncertainty
which may cast significant doubt on the Group's ability to continue as a going
concern and, therefore, the Group may be unable to realise its assets and
discharge its liabilities in the ordinary course of business.
As a result of their review, and despite the aforementioned material
uncertainty, the Directors have confidence in the Group's forecasts and that
additional funding will be forthcoming. Accordingly, the Directors continue to
adopt the going concern basis in preparing the consolidated financial
statements. The financial statements do not include any adjustments that would
result if the Group were unable to continue as a going concern.
c. Basis of consolidation
i. Subsidiaries
Subsidiaries are all entities (including structured entities) over which the
Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control
ceases. Inter-company transactions, balances and unrealised gains/losses on
transactions between Group companies are eliminated. When necessary, amounts
reported by subsidiaries have been adjusted to conform with the Group's
accounting policies.
A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction. Any excess or deficit of
consideration paid over the carrying amount of the non-controlling interests
is recognised in equity of the parent in transactions where the
non-controlling interests are acquired or sold without loss of control. The
Group has elected to recognise this effect in retained earnings.
ii. Non-controlling interests
Non-controlling interests in subsidiaries are identified separately from the
Group's equity therein. Those interests of non-controlling shareholders that
present ownership interests entitling their holders to a proportionate share
of the net assets upon liquidation are initially measured at fair value.
Subsequent to acquisition, the carrying amount of non-controlling interests is
the amount of those interests at initial recognition plus the non-controlling
interests' share of subsequent changes in equity. Total comprehensive income
is attributed to non-controlling interests even if this results in the non-
controlling interests having a deficit balance.
d. Critical accounting estimates and judgements
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are relevant. Actual results may differ from
these estimates. Information about significant areas of estimation uncertainty
considered by management in preparing the interim financial information is
provided below.
Estimates and judgements are continually evaluated. Revisions to accounting
estimates are recognised in the period in which the estimates are revised if
the revision affects only that period, or in the period of revision and in
future periods if the revision affects both current and future periods.
i. Going concern and liquidity
Significant estimates were required in forecasting cash flows used in the
assessment of going concern, including tin, tantalum and lithium prices,
levels of production, operating costs, and capital expenditure requirements.
For further details, refer to the going concern considerations laid out
earlier in Note 2(b).
ii. Decommissioning and rehabilitation obligations
Estimating the future costs of environmental and rehabilitation obligations is
complex and requires management to make estimates and judgements, as most of
the obligations will be fulfilled in the future and contracts and laws are
often not clear regarding what is required. The resulting provisions (see Note
18) are further influenced by changing technologies and by political,
environmental, safety, business, and statutory considerations.
The Group's rehabilitation provision is based on the net present value of
management's best estimates of future rehabilitation costs. Judgement is
required in establishing the disturbance and associated rehabilitation costs
at period end, timing of costs, discount rates, and inflation. In forming
estimates of the cost of rehabilitation which are risk-adjusted, the Group
assessed the Environmental Management Plan and reports provided by internal
and external experts. Actual costs incurred in future periods could differ
materially from the estimates, and changes to environmental laws and
regulations, life of mine estimates, inflation rates, and discount rates could
affect the carrying amount of the provision.
In determining the amount attributable to the rehabilitation liability,
management used a risk-free discount rate of 12.31% (August 2023: 13% and
February 2024: 12.31%), an inflation rate of 4.8% (August 2023: 5.3% and
February 2024: 4.8%) and an estimated mining period of 12.1 years (August
2023: 12.9 years and February 2024: 12.6 years), being the Phase 1 expansion
life of mine. The rates used are in line with the Namibian market rates. The
decrease in the mining period is as a result of the increased mining volumes
post the Phase 1 Expansion. The carrying amount of the rehabilitation
obligations for the Group at 31 August 2024 was £1 270 629 (August 2023:
£912 550 and February 2024: £1 152 121).
iii. Impairment indicator assessment for exploration and
evaluation assets
Determining whether an exploration and evaluation asset is impaired requires
an assessment of whether there are any indicators of impairment, including
specific impairment indicators prescribed in IFRS 6 "Exploration for and
Evaluation of Mineral Resources". If there is any indication of potential
impairment, an impairment test is required based on value in use of the asset.
The valuation of intangible exploration assets is dependent upon the discovery
of economically recoverable deposits which, in turn, is dependent on future
tin prices, future capital expenditures, environmental and regulatory
restrictions, and the successful renewal of licences.
The Directors have concluded that there are no indications of impairment in
respect of the carrying value of Namibian intangible assets at 31 August 2024
based on planned future development of the Namibian projects and current and
forecast tin prices. Exploration and evaluation assets are disclosed fully in
Note 10.
iv. Impairment assessment for property, plant and equipment
Management has reviewed the Uis Tin Mine for indicators of impairment and has
considered, among other factors, the operations to date at the Uis Tin Mine,
forecast commodity prices, production profile, inflation rate, post-tax real
discount rate and market capitalisation of the Group. Management identified
the reduction in the tin price as an indicator of impairment. In undertaking
the impairment review, management has also reviewed the underlying life of
mine ("LoM") valuation model for Uis. The LoM valuation model is on a fair
value less cost to develop basis and includes assessments of different
scenarios associated with capital improvements and expansion opportunities.
The impairment testing performed by management did not result in an
impairment.
The forecasts require estimates regarding forecast tin, tantalum and lithium
prices, ore resources, production, operating and capital costs. Under the base
case forecast scenario, management used a forecast tin price of $26 000,
tantalum price of $150 000, lithium price of $2 960 dropping to $1 051 in FY
2027, a post-tax real discount rate of 8.7%, an inflation rate of 5.5%, and a
life of mine of 30 years. The forecast indicates sufficient headroom as at 31
August 2024.
The complex judgement in determining the recoverable amount of mining assets
requires an estimation of the future tin price. The estimation of future tin
price is subject to uncertainty considering the volatility of the market.
Management has therefore compared the forecast tin price with the economic
consensus estimates. Furthermore, a sensitivity analysis was performed by
lowering the forecast tin prices by 5%, which also indicated sufficient
headroom as at 31 August 2024.
As an additional test, management performed certain sensitivity calculations.
These included raising the discount rate to 9.7% post-tax real rate, lowering
plant recovery by 5% and increasing operating costs by 5%. In each of these
circumstances, the forecast indicated sufficient headroom as at 31 August
2024.
v. Depreciation
Judgement is applied in making assumptions about the depreciation charge for
mining assets when using the unit-of-production method in estimating the ore
tonnes held in reserves. The relevant reserves are those included in the
current approved LoM plan, which relates to the Phase 1 expansion. Judgement
is also applied when assessing the estimated useful life of individual assets
and residual values. The assumptions are reviewed at least annually by
management, and the judgement is based on consideration of the LoM plan as
well as the nature of the assets. The reserve assumptions included in the LoM
plan are evaluated by management.
vi. Capitalisation and depreciation of waste stripping
The Group has elected to capitalise the costs of waste stripping activities as
these are necessary to allow improved access to the ore and, therefore, will
result in future economic benefits. The costs of drilling, blasting, and load
and haul of waste material are capitalised until such time that the underlying
ore is used in production. These costs are then expensed on a proportional
basis. The capitalised costs are included in the mining asset in property,
plant and equipment and are expensed back into the statement of comprehensive
income as depreciation. Capitalisation of waste stripping requires the Group
to make judgements and estimates in determining the amounts to be capitalised.
These judgements and estimates include, among others, the expected life of
mine stripping ratio for each separate open pit, the determination of what
defines separate pits, and the expected volumes to be extracted from each
component of a pit for which the stripping asset is depreciated.
vii. Determination of ore reserves
The estimation of ore reserves primarily impacts the depreciation charge of
evaluated mining assets, which are depreciated based on the quantity of ore
reserves. Reserve volumes are also used in calculating whether an impairment
charge should be recorded where an impairment indicator exists.
The Group estimates its ore reserves and mineral resources based on
information compiled by appropriately qualified persons relating to geological
and technical data on the size, depth, shape, and grade of the ore body and
related to suitable production techniques and recovery rates. The estimate of
recoverable reserves is based on factors such as tin prices, future capital
requirements and production costs, along with geological assumptions and
judgements made in estimating the size and grade of the ore body. There are
numerous uncertainties inherent in estimating ore reserves and mineral
resources. Consequently, assumptions that are valid at the time of estimation
may change significantly if or when new information becomes available.
viii. Valuation of inventories
Judgement is applied in making assumptions about the value of inventories and
inventory stockpiles, including tin prices, plant recoveries and processing
costs, to determine the extent to which the Group values inventory and
inventory stockpiles. The Group uses forecast tin prices to determine the net
realisable value of the run of mine ("ROM") stockpile and the tin concentrate
inventory on hand at period end. Inventory stockpiles are measured using
actual mining and processing costs.
ix. Determining the fair value of royalty debt
The measurement of the royalty obligation factors in numerous key inputs, and
management makes use of a technical expert. These inputs include the forecast
of the tin production and price over a period of 30 years, the risk-free rate
and the credit spread. The tin price forecast was based on estimates provided
by the Group as of 31 August 2024. The risk-free rate was based on the United
States Constant Maturity Treasury rates commensurate with the terms as of the
valuation date, as reported on the Federal Reserve website. The Group used a
credit spread of 10.58% computed by backsolving the convertible notes to par
and further adjusted down 3.5% to account for the lower risk factor as a
result of the ongoing operations at Uis Tin Mining Company. The operating
subsidiary attracts a lower risk factor due to it being closely aligned to the
underlying tin mining operation and its performance since commissioned,
relative to the holding company, which is implicitly subordinated. The royalty
obligation is measured at fair value through profit and loss.
x. Fair value estimation on the consideration paid during the acquisition of
mining rights
As part of the accounting for the acquisition of the non-controlling interest
in UTMC, part of the consideration was settled using the ML 129 licence. Due
to the nature of the assets, certain exploration activities were undertaken,
but the information gathered was insufficient to delineate a Mineral Resource
as defined by the JORC 2012 (Joint Ore Reserves Committee) Mineral Reporting
Code, or any other broadly accepted mineral reporting standard. When the fair
value of assets recorded in the statement of financial position cannot be
measured based on quoted prices in active markets, their fair value is
measured using valuation techniques including the discounted cash flow ("DCF")
model.
The inputs to these models are taken from observable markets where possible,
but where this is not feasible, a degree of judgement is required in
establishing fair values. As a result, management estimated the fair value to
be equivalent to the exploration costs, which served as the base amount for
the transaction.
3. Adoption of new and revised standards
The following amendments, standards and interpretations were adopted by the
Group from 1 March 2023:
· Amendments to IAS 12 - International Tax Reform - Pillar Two
Model Rules
· Lease Liability in a Sale and Leaseback - Amendments to IFRS 16
Leases
· Classification of Liabilities as Current or Non-Current and
Non-current Liabilities with Covenants - Amendments to IAS 1 Presentation of
Financial Statements
· Amendments to IAS 7 - Statement of Cash Flows and IFRS 7
Financial Instruments: Disclosures - Supplier Finance Arrangements
· Amendments to IAS 12 Income Taxes - Deferred Tax related to
Assets and Liabilities arising from a Single Transaction
· Amendments to IAS 1 - Presentation of Financial Statements and
IFRS Practice Statement 2 Making Judgements - Disclosure of Accounting
Policies
These amended standards and interpretations have not had a
significant impact on the consolidated financial statements.
Accounting standards and interpretations not applied
The following standards, interpretations and amendments are effective for the
period beginning 1 March 2024:
· Lack of Exchangeability - Amendments to IAS 21 - The Effects of
Changes in Foreign Exchange Rates
· Amendments to the Classification and Measurement of Financial
Instruments - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures
· Annual improvements to IFRS 1 (First-time Adoption of
International Financial Reporting Standards), IFRS 7 (Financial Instruments:
Disclosures and its accompanying guidance on implementing IFRS 7), IFRS 9
(Financial Instruments), IFRS 10 (Consolidated Financial Statements) and IAS 7
(Statement of Cash Flows).
· Amendments to IAS 1 - Classification of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants.
The updated standards, interpretations and amendments may have a significant
impact on the consolidated financial statements in the future as the Group
holds financial instruments recognised under IFRS 9 and IFRS 7.
4. Revenue
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Revenue from the sale of tin 10 616 981 8 863 854 17 863 275
Revenue from the sale of tantalum 64 021 - -
Revenue from the sale of lithium 3 147 - -
Revenue from the sale of sand 2 219 24 009 45 673
Total revenue from customers 10 686 368 8 887 863 17 908 948
Other revenue - change in fair value of 128 328 (40 866) 58 941
customer contract
Total revenue 10 814 696 8 846 997 17 967 889
5. Cost of sales
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Costs of production 6 767 762 6 340 380 14 178 153
Smelter charges 707 024 643 468 1 328 387
Logistics costs 88 599 79 401 154 932
Government royalties 356 069 261 790 484 976
Orion royalties 312 896 - 101 300
8 232 350 7 325 039 16 247 748
6. Administrative expenses
The loss for the period has been arrived at after charging:
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Staff costs 2 062 219 1 216 022 4 261 360
Depreciation of property, plant and equipment 259 565 209 960 452 769
Professional fees 936 654 1 089 805 1 972 100
Travelling expenses 278 456 153 875 459 919
Uis administration expenses 913 461 484 264 1 259 206
Auditor's remuneration - 5 350 240 000
Foreign exchange (gains)/losses (718 347) 305 870 260 061
IT costs 278 443 199 685 356 396
Listing costs 243 064 305 870 530 677
Other costs 26 233 60 603 167 061
4 279 748 4 031 304 9 959 549
Other costs mainly consist of corporate overheads necessary to run the South
African head office.
7. Finance INCOME AND EXPENSES
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Finance expenses
Interest on lease liability 39 899 50 506 98 923
Interest on environmental rehabilitation liability 73 363 13 851 118 694
Interest on bank facility 249 387 150 915 275 807
Interest on convertible loan notes 761 628 19 809 488 383
Transaction cost on royalty debt - - 456 062
Fair value loss on royalty debt 806 849 - 87 561
Interest on warrants - 16 187 -
Other interest expenses 143 221 58 564 159 076
2 074 347 309 832 1 684 506
Finance income
Fair value gain on embedded derivative - - 743 965
Interest income on bank balances 321 326 22 354 211 975
321 326 22 354 955 940
8. Taxation
The tax expense represents the sum of the tax currently payable and
deferred tax.
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Factors affecting tax for the period - The tax assessed for the period at the
Guernsey corporation tax charge rate of 0%, as explained below
Loss before taxation (3 199 373) (2 776 241) (8 870 559)
Profit/(loss) before taxation multiplied by the Guernsey corporation tax - - -
charge rate of 0%
Effects of:
Differences in tax rates (overseas jurisdictions) (2 668 734) (548 888) (2 125 662)
Tax losses carried forward 2 668 734 548 888 2 125 662
Movement in deferred tax - -
Tax for the period - - -
Accumulated losses in the subsidiary undertakings for which there is an
unrecognised deferred tax asset are £16 421 555 (August 2023: £9 379 913
and February 2024: £13 903 618)
9. Loss per share from continuing operations
The calculation of a basic loss per share of 0.21 pence (August 2023: loss per
share of 0.18 pence and February 2024: loss per share of 0.56 pence) is
calculated using the total loss for the period attributable to the owners of
the Company of £3 215 983 (August 2023: loss of £2 755 819 and February
2024: loss of £8 438 465) and the weighted average number of shares in issue
during the period of 1 591 793 522 (August 2023: 1 538 528 155 and February
2024: 1 551 422 631). Due to the loss for the period, the diluted loss per
share is the same as the basic loss per share. The number of potentially
dilutive ordinary shares in respect of share options, warrants and shares to
be issued as at 31 August 2024 is 165 830 346 (August 2023: 76 309 563 and
February 2024: 165 625 801). These potentially dilutive ordinary shares may
have a dilutive effect on future earnings per share.
10. Intangible assets
£ Exploration and evaluation assets Computer software Total
Cost
As at 31 August 2023 8 335 011 107 158 8 442 169
Additions for the period - other expenditure 2 265 785 33 864 2 299 649
Exchange differences (166 104) (2 481) (168 585)
As at 29 February 2024 10 434 692 138 541 10 573 233
Additions for the period - other expenditure 1 514 449 - 1 514 449
Disposal of ML 129 (1 233 322) - (1 233 322)
Exchange differences 303 465 3 319 306 784
As at 31 August 2024 11 019 284 141 860 11 161 144
Accumulated depreciation
As at 31 August 2023 - 40 892 40 892
Charge for the period - 12 871 12 871
Exchange differences - (465) (465)
As at 29 February 2024 - 53 298 53 298
Charge for the period - 9 111 9 111
Exchange differences - 36 36
As at 31 August 2024 - 62 445 62 445
Net book value
As at 31 August 2024 11 019 284 79 415 11 098 699
As at 29 February 2024 10 434 692 85 245 10 519 937
As at 31 August 2023 8 335 011 66 267 8 401 278
The additions to the evaluation and exploration asset during the period mainly
consist of expenses capitalised as part of the Phase 2 exploration drilling
project, the metallurgical test work programme, environmental studies, and
region exploration projects.
11. Property, plant and equipment
£ Land Mining asset under construction Mining asset Mining asset - stripping Decommissioning asset Right-of-use asset Computer equipment Furniture Vehicles Mobile equipment (crane) Buildings Exploration & evaluation assets Total
Cost
As at 31 August 2023 10 486 4 430 008 23 079 704 4 223 054 864 604 1 468 964 330 455 301 521 389 473 406 727 241 249 - 35 746 245
Additions for the period - 299 2 395 627 2 402 562 161 029 70 001 31 326 72 180 (940) - - - 5 132 084
Disposals for the period - - - - - (278 342) - - - - - - (278 342)
Transfer between categories of assets - (4 539 480) 655 489 - - - - - - - - 3 883 991 -
Foreign exchange differences (201) 835 262 (1 229 086) (143 163) (21 975) (12 460) (6 635) (7 497) (6 496) (7 766) (4 607) (131 864) (736 488)
As at 29 February 2024 10 285 726 089 24 901 734 6 482 453 1 003 658 1 248 163 355 146 366 204 382 037 398 961 236 642 3 752 127 39 863 499
Additions for the period - 4 192 209 1 834 375 1 423 280 - - 345 497 27 669 - - 424 878 - 8 247 908
Disposals for the period - - - - - - - - - - - - -
Transfer between categories of assets - - - - - - - - - - - - -
Foreign exchange differences 400 27 605 904 164 258 459 39 072 50 614 15 174 14 345 14 872 15 531 10 903 146 069 1 497 208
As at 31 August 2024 10 685 4 945 903 27 640 273 8 164 192 1 042 730 1 298 777 715 817 408 218 396 909 414 492 672 423 3 898 196 49 608 615
Accumulated depreciation
As at 31 August - - 3 219 285 1 807 581 52 872 631 985 178 530 118 936 106 043 50 158 9 790 - 6 175 180
2023
Charge for the period - - 925 360 654 830 32 791 (78 157) 39 027 40 187 30 530 15 965 10 144 - 1 670 677
Exchange differences - - (77 852) (50 539) (1 780) (10 251) (4 358) (3 341) (2 743) (1 316) (508) - (152 688)
As at 29 February 2024 - - 4 066 793 2 411 872 83 883 543 577 213 199 155 782 133 830 64 807 19 426 - 7 693 169
Charge for the period - - 881 002 821 613 32 640 138 529 86 427 29 238 30 850 17 226 10 932 7 400 2 055 857
Exchange differences - - 149 161 97 162 3 395 26 787 8 658 6 167 5 333 2 591 800 29 300 083
As at 31 August 2024 - - 5 096 956 3 330 647 119 918 708 893 308 284 191 187 170 013 84 624 31 158 7 429 10 049 109
Net book value
As at 31 August 2024 10 685 4 945 903 22 543 317 4 833 545 922 812 589 884 407 533 217 031 226 896 329 868 641 265 3 890 767 39 559 506
As at 29 February 2024 10 285 726 089 20 834 941 4 070 581 919 775 704 586 141 947 210 422 248 207 334 154 217 216 3 752 127 32 170 329
As at 31 August 2023 10 486 4 430 008 19 860 419 2 415 473 811 732 836 979 151 925 182 585 283 429 356 569 231 458 - 29 571 064
Additions to the mining asset under construction include capitalised costs and
equipment purchased as part of the ore sorting circuit. Additions to the
mining asset include capitalised costs and equipment purchased as part of the
Uis Phase 1 Continuous Improvement project.
12. Inventories
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2023 (audited)
Run-of-mine stockpile 2 117 401 1 669 176 1 119 710
Tin concentrate on hand 2 345 151 723 747 954 059
Consumables 1 287 555 778 752 874 849
5 750 107 3 171 674 2 948 618
13. Trade and other receivables
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024 (audited)
Trade receivables 163 384 305 410 192 829
Trade receivables at fair value through profit 582 081 432 220 485 235
or loss
Other receivables 706 157 951 525 3 519 565
VAT receivables 2 953 849 1 207 817 1 852 836
4 405 471 2 896 972 6 050 465
14. Cash and cash equivalents
£ 6 months ended 31 August 2024 (unaudited) 6 months ended 12 months ended
31 August 2023 (unaudited) 29 February 2024 (audited)
Cash on hand and in bank 6 103 624 6 686 921 14 505 800
15. Borrowings
£ 6 months ended 31 August 2024 (unaudited) 6 months ended 12 months ended
31 August 2023 29 February 2024 (audited)
(unaudited)
Standard Bank term loan facility - 3 387 437 2 559 845
Standard Bank VAT facility - 313 186 307 206
Standard Bank vehicle asset financing 461 960 528 064 517 982
Standard Bank working capital facility - 1 472 644 -
Development Bank of Namibia term loan facility 4 803 752 - 2 269 475
Bank Windhoek term loan facility 4 297 469 - -
Bank Windhoek short-term loan facility 319 165 - -
Convertible loan note debt component 7 861 245 2 466 788 8 295 155
17 743 591 8 168 119 13 949 663
The following is the split between the current and the non-current portion of
the liability:
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024
(audited)
Non-current liability 1 523 174 3 839 746 4 061 447
Current liability 16 220 417 4 328 373 9 888 216
17 743 591 8 168 119 13 949 663
During 2022, a vehicle asset financing facility to the value of N$15 000 000
(c. £640 500) was provided by Standard Bank Namibia. Interest accrues on this
facility at the Namibian prime rate less 1%.
On 21 July 2023, the Group issued 77 unsecured convertible loan notes of £100
000 each to new and existing investors. The notes have a term of 3 years, bear
interest at a rate of 12% per annum and can be redeemed at the option of the
Group or converted into ordinary shares at a fixed price of 9.45 by mutual
agreement between the Group and the note holders. As per IAS 32 and IFRS 9,
the fair value of the proceeds of the notes consisted of a liability and an
equity component. Refer to the Statement of Changes in Equity for the equity
portion of this instrument.
On 5 September 2023, the Development Bank of Namibia ("DBN") served notice
confirming that all conditions had been fulfilled or waived and that financial
close had occurred. Accordingly, the Group received the 1st drawdown of N$50m
(c. £2 135 000) in September 2023 and the 2nd drawdown of the same amount in
March 2024, totalling an amount of N$100m (c. £4 270 000). These Funds are
being used to expedite the implementation of the Uis Mine Stage II Continuous
Improvement Programme.
On 22 November 2023, a US$25 000 000 (c. £19 005 000) funding packing was
concluded with Orion Resource Partners. This includes US$2 500 000 (c. £1 900
500) equity, a US$10 000 000 (c. £7 600 000) convertible loan note and a
US$12.5m (c. £9 500 000) unsecured tin royalty. The equity and loan note will
be used to accelerate Andrada's overall strategy of achieving commercial
production of its lithium, tin and tantalum revenue streams. The royalty funds
will be used for the sole purpose of increasing Andrada's tin production as it
ramps up its capital programmes over the next 2 years.
On 6 August 2024, Uis Tin Mining Company agreed a N$100 000 000 (c.
£4 270 000) term loan with Bank Windhoek. The loan will have a term of 6
years and will incur interest at the Namibian prime rate plus 1%. Bank
Windhoek will provide short-term loan facilities of up to N$15 000 000
(c. £630 000) for use as cash flow against future VAT payments. It is
intended that the short-term loan will be provided for 12 months and will
incur interest at the Namibian prime rate. The short-term loan will be repaid
to the bank upon receipt of refunds from the Namibia Revenue Agency. In
addition to the lending facilities, Bank Windhoek will provide Andrada Mining
(Namibia) with a N$10 000 000 (c. £427 000) guarantee to the Namibia
Power Corporation in relation to a deposit against the right to a supply of
electrical power. This guarantee will incur a small fee payable at six-month
intervals.
As a result of the new facilities offered by Bank Windhoek, the Group settled
the balance of the term loan and the VAT facility owed to Standard Bank
Namibia.
16. OTHER FINANCIAL LIABILITIES
£ 6 months ended 31 August 2024 (unaudited) 6 months ended 12 months ended
31 August 2023 (unaudited) 29 February 2024 (audited)
Held at fair value through profit and loss
Derivative liability 1 411 709 - 1 411 709
Royalty debt 10 339 736 - 9 941 235
11 751 445 - 11 352 944
The following is the split between the current and the non-current portion of
the liability:
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024
(audited)
Non-current liability 1 009 294 - 966 519
Current liability 10 742 151 - 10 386 425
11 751 445 - 11 352 944
On 22 November 2023, the Group entered into an agreement with Orion Resource
Partners (royalty holder) whereby the holder purchased a gross revenue royalty
for US$12 500 000 (c. £9 502 625) from the Group. In exchange for the
gross revenue royalty, the Group is required to make quarterly royalty
payments to the holder based on the tin mined and sold by the Group. At
initial recognition, the royalty transaction was measured at fair value of
US$12 560 000 (c. £9 548 238). In determining the fair value, management
used a credit spread rate of 10.58% and a risk-free rate of 5.54%. As at 31
August 2024, the fair value of the royalty debt was US$13 651 000.
The transaction also included the issue of one hundred (100) unsecured
convertible loan notes of $100 000 each. The loan notes are redeemable in 4
years from the issue date. Written consent from the note holders is required
in the event that the loan notes are redeemed prior to the maturity date. The
interest accrues quarterly at 12% per annum. The noteholders may, at any time
before the redemption date, convert the loan notes into Andrada ordinary
shares in tranches of a minimum of US$100 000 at a conversion price of 9.45
pence per share. As at 31 August 2024, the derivative liability was measured
to £1 411 709. In determining the fair value of the derivative, management
used a credit spread of 16.12%.
17. Trade and other payables
£ 6 months ended 31 August 2024 (unaudited) 6 months ended 12 months ended
31 August 2023 (unaudited) 29 February 2023 (audited)
Trade payables 3 673 937 2 652 507 2 518 885
Other payables 747 212 518 574 1 875 733
Accruals 1 244 808 2 118 731 2 578 125
5 665 957 5 289 812 6 972 743
18. Environmental rehabilitation liability
£
Balance at 31 August 2023 912 550
Increase in provision 161 029
Interest expense 104 843
Foreign exchange differences (26 301)
Balance at 29 February 2024 1 152 121
Increase in provision -
Interest expense 73 363
Foreign exchange differences 45 145
Balance at 31 August 2024 1 270 629
Provision for future environmental rehabilitation and decommissioning costs
are made on a progressive basis. Estimates are based on costs that are
regularly reviewed and adjusted appropriately for new circumstances. The
environmental rehabilitation liability is based on disturbances and the
required rehabilitation as at 31 August 2024.
The rehabilitation provision represents the present value of decommissioning
costs relating to the dismantling and sale of mechanical equipment and steel
structures related to the Phase 1 Plant, the Tantalum Circuit, the Bulk Sample
Processing Facility and the demolishing of civil platforms and reshaping of
earthworks. A provision for this requires estimates and assumptions to be made
around the relevant regulatory framework, the magnitude of the possible
disturbance and the timing, extent and costs of the required closure and
rehabilitation activities. In calculating the appropriate provision, cost
estimates of the future potential cash outflows based on current studies of
the expected rehabilitation activities and timing thereof are prepared. These
forecasts are then discounted to their present value using a risk-free rate
specific to the liability. In determining the amount attributable to the
rehabilitation liability, management used a discount rate of 12.31%, an
inflation rate of 4.8% and an estimated mining period of 12.1 years. Actual
rehabilitation and decommissioning costs will ultimately depend upon future
market prices for the necessary rehabilitation works and the timing of when
the mine ceases operation.
19. Lease liability
The Group assessed all rental agreements and concluded that the following
rentals fall within the scope of IFRS 16 "Leases" and, therefore, a lease
liability has been raised:
£ Office building Workshop Housing Mobile units Vehicles Total
Balance at 31 August 2023 428 701 7 706 201 090 937 131 047 769 481
Additions - 45 029 47 430 - - 92 459
Interest expense 25 287 1 214 15 452 - 6 462 48 415
Lease payments (78 215) (23 299) (57 010) (867) (23 119) (182 510)
Foreign exchange differences (7 074) (1 169) (4 362) (70) (2 108) (14 783)
Balance at 29 February 2024 368 699 29 481 202 600 - 112 282 713 062
Additions - - - - - -
Interest expense 23 029 863 10 385 - 5 621 39 898
Lease payments (61 263) (23 551) (54 824) - (23 371) (163 009)
Foreign exchange differences 14 201 1 057 7 710 - 4 300 27 268
Balance at 31 August 2024 344 666 7 850 165 871 - 98 832 617 219
The following is the split between the current and the non-current portion of
the liability:
£ 6 months ended 6 months ended 12 months ended
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024
(audited)
Non-current liability 376 502 568 076 478 523
Current liability 240 717 201 405 234 539
617 219 769 481 713 062
20. DEFERRED CONSIDERATION
On 2 August 2024, the Group acquired an additional 15% interest in the voting
shares of its subsidiary, Uis Tin Mining Company, from the Small Miners of Uis
("SMU") and Sinco Investments Five (Pty) Ltd ("Sinco"). This increased the
Group's ownership interest from 85% to 100%. The carrying value of the net
assets of UTMC on the date of the transaction was £3.86m.
The consideration for the acquisition is made up as follows:
· The issue of Ordinary Shares in Andrada Mining Ltd
- 13 651 560 Ordinary Shares issued to SMU
- 31 148 782 Ordinary Shares issued to Sinco
· 240 monthly cash payments of N$75 000 to be paid by Andrada
Namibia to SMU, resulting in a present value of the deferred consideration of
£415 640
· Transfer of Andrada Namibia's 85% interest in ML 129 to SMU
£
Issue of Ordinary Shares to SMU 443 676
Issue of Ordinary Shares to Sinco 1 012 335
Present value of cash component of deferred consideration 415 640
Fair value of ML 129 1 233 322
Deemed consideration paid for the acquisition 3 104 973
Add carrying value of additional 15% interest in UTMC 545 965
Difference recognised in retained earnings 3 650 938
21. Share capital
Number of ordinary shares of no par value issued and fully paid Share capital
£
Balance at 31 August 2023 1 538 955 533 56 944 408
Exercising of employee share options - 29 Sept 3 473 684 117 237
Exercising of employee share options - 3 Oct 7 315 786 248 713
Shares issued to Orion - 22 Nov 30 505 755 2 036 500
Share issue costs (99 300)
Balance at 29 February 2024 1 580 250 758 59 247 558
Shares issued in lieu of interest July CLN - 2 Aug 28 436 506 939 400
Shares issued to SMU - 2 Aug 13 651 560 443 676
Shares issued to Sinco - 2 Aug 31 148 782 1 012 335
Balance at 31 August 2024 1 653 487 606 61 642 969
Authorised: 1 658 895 987 ordinary shares of no par value
Allotted, issued, and fully paid: 1 653 487 606 ordinary shares of no par
value
22. Warrant reserve
The following warrants were granted during the period ended 29 February 2024:
Date of grant 21 July 2023 22 November 2023
Number granted 15 400 000 16 043 638
Contractual life 2 years 2 years
Estimated fair value per warrant (£) 1.874 0.700
The estimated fair values were calculated by applying the Black Scholes
pricing model. The model inputs were:
Date of grant 21 July 2023 22 November 2023
Share price at grant date (pence) 7.7 5.5
Exercise price (pence) 9.45 9.45
Expected life 2 years 2 years
Expected volatility 49.5% 49.5%
Expected dividends Nil Nil
Risk-free interest rate 4.60% 4.70%
The warrants in issue during the period are as follows:
Outstanding at 31 August 2023 18 013 334
Exercisable at 31 August 2023 18 013 334
Granted during the period 16 043 638
Expired during the period -
Exercised during the period -
Outstanding at 29 February 2024 34 056 972
Exercisable at 29 February 2024 34 056 972
Granted during the period -
Expired during the period -
Exercised during the period -
Outstanding at 31 August 2024 34 056 972
Exercisable at 31 August 2024 34 056 972
On 21 July 2023, 15 400 000 warrants were issued as part of the convertible
loan note transaction. Each note holder received 2 warrants for every £1
subscribed for. Each warrant enables the holder to subscribe for one ordinary
share at a subscription price of 9.45p. The warrants are exercisable at any
time from the date of issue for a period of two years.
On 22 November 2023, 16 043 638 warrants were issued as part of the Orion
financing transaction. Orion received 2 warrants for every £1 subscribed for.
Each warrant enables the holder to subscribe for one ordinary share at a
subscription price of 9.45p. The warrants are exercisable at any time from the
date of issue for a period of two years.
23. Share-based payment reserve
Director share options
The following Director share options were granted during the period ended 29
February 2024:
Date of grant 1 May 2023 1 May 2023 1 May 2023
Number granted 2 342 908 2 342 908 2 342 908
Vesting period 3 years 3 years 3 years
Contractual life 10 years 10 years 10 years
Estimated fair value per option (pence) 1.7290 1.4820 1.2800
The estimated fair values were calculated by applying the Black Scholes
pricing model. The model inputs were:
Date of grant 1 May 2023 1 May 2023 1 May 2023
Share price at grant date (pence) 5.12 5.12 5.12
Exercise price (pence) 7.00 8.00 9.00
Date of first exercise 1 May 2026 1 May 2026 1 May 2026
Expiry date 1 May 2033 1 May 2033 1 May 2033
Expected volatility 53% 53% 53%
Expected dividends Nil Nil Nil
Risk-free interest rate 3.93% 3.93% 3.93%
The Director share options in issue during the period are as follows:
Outstanding at 31 August 2023 41 450 000
Exercisable at 31 August 2023 23 850 000
Granted during the period 7 028 724
Forfeited during the period -
Exercised during the period -
Expired during the period -
Outstanding at 29 February 2024 48 478 724
Exercisable at 29 February 2024 33 650 000
Granted during the period -
Forfeited during the period -
Exercised during the period -
Expired during the period -
Outstanding at 31 August 2024 48 478 724
Exercisable at 31 August 2024 33 650 000
The Director share options outstanding at the year end have an average
exercise price of £0.069, with a weighted average remaining contractual life
of 2.33 years.
The Director must remain as a Director of the Company for the share options to
vest. In the event that a Director ceases to be a Director during the vesting
period, the Board reserves the right to determine whether the share options
will be terminated or not. There are no market-based vesting conditions on the
share options.
Employee share options
The following employee share options were granted during the period ended 29
February 2024:
Date of grant 1 May 2023 1 May 2023 1 May 2023
Number granted 9 419 227 9 419 227 9 419 227
Vesting period 3 years 3 years 3 years
Contractual life 10 years 10 years 10 years
Estimated fair value per option (pence) 1.7290 1.4820 1.2800
The estimated fair values were calculated by applying the Black Scholes
pricing model. The model inputs were:
1 May 2023 1 May 2023 1 May 2023
Share price at grant date (pence) 5.12 5.12 5.12
Exercise price (pence) 7.00 8.00 9.00
Date of first exercise 1 May 2026 1 May 2026 1 May 2026
Expiry date 1 May 2033 1 May 2033 1 May 2033
Expected volatility 53% 53% 53%
Expected dividends Nil Nil Nil
Risk-free interest rate 3.93% 3.93% 3.93%
The employee share options in issue during the period are as follows:
Outstanding at 31 August 2023 32 171 229
Exercisable at 31 August 2023 27 371 229
Granted during the period 62 167 681
Forfeited during the period -
Exercised during the period (10 789 470)
Expired during the period -
Outstanding at 29 February 2024 83 549 440
Exercisable at 29 February 2024 35 936 753
Granted during the period -
Forfeited during the period -
Exercised during the period -
Expired during the period -
Outstanding at 31 August 2024 83 549 440
Exercisable at 31 August 2024 35 936 753
The employee share options outstanding at the year end have an average
exercise price of £0.081, with a weighted average remaining contractual life
of 4.15 years. The employee must remain in employment with the Company for the
share options to vest. There are no market-based vesting conditions on the
share options.
24. Events after balance sheet date
Partnership with SQM to develop Namibia lithium asset
On 9 September 2024, the Group entered into a three-stage earn-in agreement to
partner with Sociedad Química y Minera de Chile SA, through its subsidiary
SQM Australia (Pty) Ltd ("SQM"), in developing the Lithium Ridge asset (ML
133). A new wholly owned subsidiary of Uis Tin Mining Company ("UTMC"), Grace
Simba Investments (Pty) Ltd ("GSI"), now holds the Lithium Ridge mining
licence. The agreement brings both the financial and technical capabilities
required to explore and develop Lithium Ridge. SQM can also earn into GSI by
solely funding both the exploration and, in the future, a Definitive
Feasibility Study ("DFS") at Lithium Ridge.
The key considerations and milestones in the agreement are:
· SQM agrees to pay Andrada a US$500 000 participation fee on
signing and a further US$1.5m upon satisfaction of the conditions precedent
(as detailed below)
· SQM has an option to invest US$20m over three-and-a-half years,
in different stages, to earn a 40% ownership of GSI
· Subsequent funding of the DFS will enable SQM to attain up to 50%
ownership in GSI
A one-off success fee will be payable by SQM should the Group complete a JORC
(2012) compliant Mineral Resources Estimation exceeding 40 million tonnes
during the third earn-in period. The fee will be calculated based on the
percentage of lithium oxide content in the resource. The Group and SQM will
create a joint development committee ("JDC") to oversee the development of
GSI. The JDC will be constituted with an equal representation of members from
SQM and Andrada management. The Group will manage and operate the project
during the earn-in period.
The agreement is subject to approval by the Namibian Competition Commission.
25. reserves within equity
a. Share capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
b. Convertible loan note reserve
The convertible loan note reserve represents proceeds on issue of convertible
loan notes relating to equity component plus accrued interest on the
convertible loan notes.
c. Warrant reserve
The warrant reserve represents the cumulative charge to date in respect of
unexercised share warrants at the balance sheet date.
d. Share-based payment reserve
The share-based payment reserve represents the cumulative charge to date in
respect of unexercised share options at the balance sheet date as well as
fees/salaries owed to Directors/employees to be settled through the issuing of
shares.
e. Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange
differences arising from the translation of entities with a functional
currency other than Pound Sterling.
f. Retained earnings/accumulated deficit
The retained earnings/accumulated deficit represents the cumulative profit and
loss net of distribution to owners.
CONTACTS +27 (11) 268 6555
Andrada Mining
Anthony Viljoen, CEO
Sakhile Ndlovu, Investor Relations
NOMINATED ADVISOR & BROKER
Zeus Capital Limited +44 (0) 20 2382 9500
Katy Mitchell
Harry Ansell
Andrew de Andrade
CORPORATE BROKER & ADVISOR
H&P Advisory Limited +44 (0) 20 7907 8500
Andrew Chubb
Jay Ashfield
Matt Hasson
Berenberg +44 (0) 20 3753 3040
Jennifer Lee
Natasha Ninkov
FINANCIAL PUBLIC RELATIONS
Tavistock (United Kingdom) +44 (0) 207 920 3150
Emily Moss
andrada@tavistock.co.uk (mailto:andrada@tavistock.co.uk)
Josephine Clerkin
About Andrada Mining Limited
Andrada Mining Limited is listed on the London Stock Exchange (AIM), New York
(OTCQB) and Namibia Stock Exchange with mining assets in Namibia, a top-tier
investment jurisdiction in Africa. Andrada strives to produce critical raw
materials from a large resource portfolio to contribute to a more sustainable
future, improved living conditions and the upliftment of communities adjacent
to its operations. Leveraging its strong foundation in Namibia, Andrada is on
a strategic path to becoming a leading African producer of critical metals
including lithium, tin, tungsten, tantalum and copper. These metals are
important enablers of the green energy transition, being essential for
components of electric vehicles, solar panels and wind turbines.
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