Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) said this year’s focus will be to expedite lithium development at its Uis mine in Namibia on top of the growing tin production.
A 70% increase in production capacity enabled Uis to increase tin concentrate output by 34% to 960 tonnes for the financial year to June 2023.
In a statement alongside its annual results Anthony Viljoen, chief executive, said: "In 2023 we achieved, and in certain instances surpassed, our operational milestones such as the successful expansion of the Uis Mine processing plant resulting in cost efficiencies.
"In June 2023 we completed the lithium pilot plant construction thereby establishing Andrada as an emerging, potential lithium producer," he added.
Revenue for the year to the end of June was £9.8 million ( £13.6 million), affected by lower tin prices, with pre-tax losses for the year £8.9 million even though cash costs decreased US$19,762 per tonne of contained tin (2022: US$21,839) due to higher tonnage.
Cash balances on 23 August 2023 were £8.6 million.