Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) reported a 60% annual increase in ore processed and 54% growth in tin concentrate production, with costs coming in within guidance.
As well as tin, the Uis mine in Namibia produced five tonnes of saleable tantalum concentrate and 40 tonnes saleable lithium concentrate.
Cash stood at £17.5 million ($22.2 million) at the 29 February year-end.
Talks with potential partners about a partnership interest at the project level are “progressing well”, the company said, after receiving indicative, non-binding offers.
Following expansion of the Uis processing plant and a 91% increase in plant availability, 915,599 tonnes of ore were processed in the year, up from just under 574,000 a year earlier.
There were 1,474 tonnes of tin concentrate produced, up from 960 tonnes last time, with tin recovery increased to 72% from 69% and contained tin production increasing to 885 tonnes from 587 tonnes.
Average operating cash cost was US$17,640 per tonne of contained tin, within management guidance of US$17-20,000, while all-in sustaining cost (AISC) came in at US$26,223 versus guidance of US$25-30,000 per tonne.
The fourth quarter saw a 13% decrease in AISC compared to the third.
CEO Anthony Viljoen said: "It pleases me that the strategic operational initiatives that we embarked on have been successful and yielded the further double-digit percentage increases in production tonnage at our operations that we are presenting today.
“Although the higher stripping resulted in an increase in the AISC during the year, the exposure of the orebody's grade, diversity of minerals including lithium and scale at depth according to our geological model will start to become glaringly apparent, placing the operations in a robust position to capitalise on the rebound in the commodities markets for all our products."
The company said it will provide updated guidance in the first-quarter operational update.