Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) said it made good operational progress at the Uis tin mine in Namibia in its fiscal year's third quarter to end November.
Tin concentrate production rose 139% to 346 tonnes (t) compared to 145t a year ago, while there was a 132% year-on-year increase in contained tin metal output to 202t.
Compared to the same period a year earlier, cash operating costs fell 39% to US$18,917 a tonne reflecting the higher throughput, while the achieved tin price rose 9% to US$24,749/t.
Quarter on quarter, tin concentrate production was down 13%, costs were down 3% and the tin price fell 2%.
Anthony Viljoen, chief executive, said the operational performance improved from a year ago due to the lower comparative base.
“We aim to further enhance cost efficiencies by increasing tin production through the CI2 project.”
An exploration programme has also started at Brandberg West, said Viljoen, with the potential to expand the portfolio to include tungsten and copper.
"To further strengthen our investor outreach, we have appointed Berenberg and WHI as joint corporate brokers.
“Together with our current corporate brokers, Hannam & Partners, these appointments give us extensive reach into the UK and European capital markets."
Cash at the end of 30 November 2023 was £21 million (US$26 million).