REG - Andrada Mining Ltd - Q2 Operational Update For Period Ended 31 Aug 2025

Andrada MiningAnnouncement

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RNS Number : 2439Z  Andrada Mining Limited  15 September 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 period ended 31 AUGUST 2025
Record Quarterly Tin Production Delivers Strong Year-on-Year Growth

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the critical minerals
producer with mining and exploration assets in Namibia, provides the following
operational performance update for the second quarter ended 31 August 2025
("Q2 FY2026" or the "Quarter").

Highlights

§ Tin concentrate produced: increased 17% Year-on-Year ("YoY") to 453 tonnes
(Q2 FY2025: 388 tonnes), marking record quarterly production.

§ Contained tin: increased 14% YoY to 273 tonnes (Q2 FY2025: 239 tonnes),
reflecting enhanced operational efficiency.

§ Tin recovery rate: improved to 73% in the Quarter (Q1 FY2026: 69%).

§ Realised average tin price: increased 4% YoY to USD 33 308 per tonne (Q2
FY2025: USD 31 937 per tonne) benefiting from strong global tin market
fundamentals.

§ Tantalum concentrate record breaking six-month production at 27 tonnes with
10 tonnes concentrate shipped during the Quarter.

§ Jig Plant: successfully completed on schedule and on budget - commissioning
commenced end-August 2025, positioning Andrada for further production
acceleration.

§ Lithium Ridge: Stage 1 exploration drilling with SQM Australia (Pty) Ltd
("SQM"), progressing well, advancing the Company's strategic minerals
diversification.

§ First-half ("H1 FY2026") performance: Tin concentrate production up 14% YoY
to 858 tonnes, contained tin increased 11% to 511 tonnes.

Anthony Viljoen, Chief Executive Officer, commented:

"This Quarter reflects another period of robust operational performance
underscoring Andrada's emergence as one of the pre-eminent producers in the
international tin market. Increased tin concentrate production was supported
by higher recoveries and improved plant utilisation, demonstrating the
resilience of our operations and the technical expertise of our team. The
higher concentrate tonnage also enabled us to continue benefitting from the
prevailing strong tin price environment.

The on-time, on-budget commissioning of the Jig Plant is another pivotal
milestone for Andrada. The plant is expected to boost recoveries, raise output
and lower unit costs, a combination that will drive further value creation for
shareholders as we scale up production.

Looking forward, we are well-positioned for continued growth in the second
half of the financial year. Our operational improvements provide a robust
foundation for increased production which alongside the progress at Lithium
Ridge, positions Andrada well to build a diversified, high-value portfolio of
critical minerals to benefit from long-term structural demand growth."

Operational performance
Tin Production

Ore processed during the Quarter increased 12% YoY to 272 838 tonnes (Q2
FY2025: 243 528 tonnes) and 7% Quarter - on - Quarter ("QoQ") (Q1 FY2026:
254 745 tonnes). First-half throughput was 527 583 tonnes, a 10% increase
YoY (H1 FY2025: 481 504 tonnes). Feed grade for the Quarter was steady YoY at
0.139% Sn (Q2 FY2025: 0.141% Sn) and improved 2% QoQ from 0.136%.

The Quarter processing rate increased 11% YoY to 144 tph (Q2 FY2025: 130 tph),
whilst plant utilisation improved to 96% (Q2 FY2025: 93%), reflecting
operational efficiency gains from the continuous improvement programme at the
Uis Mine. Tin recovery for the Quarter increased to 73% (Q1 FY2026: 69%), up
4% QoQ. The higher throughput combined with improved recoveries resulted in a
17% YoY and 12% QoQ increase in tin concentrate production to 453 tonnes.

Contained tin production increased 14% YoY to 273 tonnes (Q2 FY2025: 239
tonnes) and reached 511 tonnes for H1 FY2026, up 11% YoY (H1 FY2025: 462
tonnes). Tin concentrate production for the first half increased 14% to 858
tonnes (H1 FY2025: 752 tonnes) demonstrating the sustainability of the
Company's growth trajectory. While only eight shipments were finalised at
Quarter-end due to timing, ten additional shipments are expected to be
recognised in Q3 FY2026, underpinning strong sales momentum and revenue
visibility for the second half.

Table 1: Unaudited Uis Mine Tin Concentrate Production and Cost Figures
 Parameter                                    Unit   Q2 FY2025  H1 FY2025  Q1 FY2026  Q2 FY2026  H1 FY2026
 Feed grade                                   % Sn   0.139      0.140      0.136      0.139      0.137
 Plant processing rate                        tph    130        132        142        144        143
 Ore processed                                t      243 528    481 504    254 745    272 838    527 583

 Tin concentrate                              t      388        752        405        453        858
 Contained tin                                t      239        462        238        273        511
 Tin recovery*                                %      75         72         69         73         71
 Plant availability                           %      91         90         89         90         90
 Plant utilisation                            %      93         92         93         96         94
 C1 operating cost¹                           USD/t  19 927     19 400     18 901     20 090     19 606
 C2 operating cost² excluding Orion royalty   USD/t  20 481     20 887     21 189     22 277     21 732
 AISC³ excluding Orion royalty                USD/t  25 236     25 932     26 038     27 836     26 947
 Orion Royalty                                USD/t  1 638      1 611      3 174      2 953      3 054
 Tin price achieved                           USD/t  31 937     31 397     32 993     33 308     33 154
 Number of shipments                          #      12         28         16         8          24

* Tin recovery includes stockpiles.

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

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

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

 

Tin Expansion: Jig Plant Commissioning

Construction of the Jig Plant was completed during the Quarter on time and on
budget, with commissioning initiated at the end of August 2025. (See
announcement dated 21 August 2025). The facility is expected to enhance
overall recoveries and tin concentrate output. This marks a significant
milestone in the Company's strategy to optimise plant efficiency and increase
metal output with a corresponding reduction in unit mining costs. The CI2
programme continued to deliver good results during the Quarter with the filter
press completion and commissioning scheduled for the end of the third quarter,
further enhancing our operational efficiency and production capabilities.

Tantalum Contribution

Tantalum concentrate production was 15 tonnes in Q2 FY2026, broadly in line
with the prior period (Q2 FY2025: 16 tonnes). H1 FY2026 output rose 12% YoY to
27 tonnes (H1 FY2025: 24 tonnes), equivalent to approximately 3 tonnes of
contained tantalum. Approximately, 10 tonnes of concentrate were shipped to
customers during the Quarter. Tantalum provides valuable diversification and
premium pricing opportunities.

Table 2 : Unaudited Uis Mine Tantalum Production Figures
 PARAMETER             UNIT    Q2 FY2025  H1 FY2025  Q1 FY2026  Q2 FY2026  H1 FY2026
 Tantalum concentrate  tonnes  16         24         12         15         27
 Contained tantalum    kg      1 728      2 595      1 385      1 583      2 968
 Tantalum grade        %       10.8       10.5       11.4       10.6       11.0
 Tantalum recovery     %       5.5        4.5        5.3        5.2        5.2

Lithium Growth Strategy

Andrada, together with world-class lithium producer SQM, has commenced
comprehensive exploration drilling, geological mapping and sampling programmes
at the spodumene-dominant Lithium Ridge mining licence. Exploration is
progressing well and is expected to provide valuable insights into the scale
and continuity of spodumene-bearing pegmatites across the licence area. (See
announcement dated 3 September 2025). The collaboration with SQM provides
access to world-class expertise and technology while maintaining our
operational focus.

Engagements with prospective lithium offtakers remain active, with constructive commercial discussions ongoing. Whilst lithium market prices remain subdued short-term, long-term fundamentals remain exceptionally strong driven by electric vehicle adoption and energy storage requirements.
Financial performance

The realised tin price averaged USD 33 308 per tonne for the Quarter, a 4%
increase YoY (Q2 FY2025: USD 31 937 per tonne), and USD 33 154 per tonne for
H1 FY2026, up 6% from the prior period (H1 FY2025: USD 31 397 per tonne).
Pricing strength was supported by reduced global inventories and resilient
industrial demand.

Unit costs increased modestly during the period but remained within target
parameters. Excluding the Orion royalty, underlying costs more accurately
reflect the operational cost base. For H1 FY2026, C1 costs were USD 19 606 per
tonne (H1 FY2025: USD 19 400 per tonne), C2 costs were USD 21 732 per tonne
(H1 FY2025: USD 20 887 per tonne), and the AISC was USD 26 947 per tonne (H1
FY2025: USD 25 932 per tonne). The increases reflected mining cost inflation
in line with broader sector trends. The Orion royalty charge was introduced in
Q4 FY2024 at a fixed rate of 5.13% until Q4 FY2025 after which a variable
royalty rate based on contained tin tonnage produced commenced in Q1 FY2026.

The Company is implementing cost-reduction initiatives across the Group to
strengthen margins and enhance cash flow resilience. Additional efficiencies
and lower unit costs are expected as production volumes from the newly
commissioned Jig Plant ramp up and stabilise at steady state.

OUTLOOK

Andrada is poised for continued growth and value creation:

§ Production Acceleration: The Jig Plant commissioning provides a clear
pathway to increased tin concentrate production and improved recovery rates.

§ Market: Strong tin fundamentals supported by supply constraints and
industrial demand growth.

§ Operational Excellence: Enhanced recovery rates and plant utilisation
provide competitive advantages.

§ Cost Optimisation: Higher production volumes expected to drive unit cost
reductions.

§ Diversification Strategy: Lithium Ridge development with SQM, creates
exposure to high-growth battery metals market.

The Company remains focused on sustainable growth, operational excellence, and
to creating long-term value for all stakeholders through its diversified
critical minerals portfolio.

 CONTACTS                                     +27 (11) 268 6555
 Andrada Mining Limited

Anthony Viljoen, CEO

 Sakhile Ndlovu, Head of Investor Relations
 NOMINATED ADVISOR & BROKER
 Zeus Capital                                  +44 (0) 20 2382 9500

Katy Mitchell

 Andrew de Andrade

 Harry Ansell
 CORPORATE BROKER & ADVISOR
 H&P Advisory Limited                         +44 (0) 20 7907 8500

Andrew Chubb

 Jay Ashfield

 Matt Hasson
 Berenberg

Jennifer Lee

                                              +44 (0) 20 3753 3040
 FINANCIAL PUBLIC RELATIONS
 Tavistock

Emily Moss

                                            +44 (0) 207 920 3150
 Josephine Clerkin

                                              andrada@tavistock.co.uk

About Andrada Mining Limited

Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed
technology metals mining company with a vision to create a portfolio of
globally significant, conflict-free, production and exploration assets. The
Company's flagship asset is the Uis Mine in Namibia, formerly the world's
largest hard-rock open cast tin mine and currently being re-developed as a
major tin-tantalum-lithium producer. The Company has set a mineral resource
target of 200 Mt to be delineated within the next few years. The existing
mine, together with its substantial mineral resource potential, allows the
Company to consider economies of scale.  Andrada is managed by a board of
directors with broad industry knowledge and a management team with extensive
commercial and technical skills. Furthermore, the Company is committed to the
sustainable development of its operations and the growth of its business. This
is demonstrated by the way the leadership team places significant emphasis on
creating value for the wider community, investors, and other key stakeholders.
Andrada has established an environmental, social and governance system that
has been implemented at all levels of the Company and aligns with
international standards.

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