Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) told investors, in Thursday’s interim results statement, that it has made significant progress in the field and through a value-accretive restructuring.
Results for the six months ended 31 August showed a 22% increase in revenue to £10.80 million, whilst gross profit improved 70% to £2.6 million and its operating losses narrowed by 42% to £1.5 million.
Besides the restructuring of the UTMC (Uis Tin Mining Company) vehicle, which Andrada said created opportunities for more rapid asset development, the company improved mining volumes in the period.
Andrada highlighted operational milestones including the production of 462 tonnes of contained tin and 25 tonnes of tantalum concentrate.
Meanwhile, the ‘Continuous Improvement Programme’ elevated recovery rates to 72% while plant utilisation also improved to 92%, up from 81% in the same period last year.
In the statement, Andrada noted: “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.
“We expect significant performance improvements in FY 2026 as we begin to reap the benefits of various capital projects.
???? Andrada Mining H1 2025 YoY highlights:⁰✅ Revenue: +22% (£10.8M)⁰✅ Gross Profit: +70% (£2.6M)
✅ Increase in contained tin to 462 tonnes
⁰⁰Growth fueled by strategy! ????⁰???? Link: https://t.co/OjEEnBtIeL
⁰#MiningExcellence #Sustainability #Namibia pic.twitter.com/0nRvUShrfM
— Andrada Mining (@Andrada_Mining) November 28, 2024
“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.”
Elsewhere, efforts to expand project areas also saw progress, with the maiden drilling at Brandberg West confirming significant mineralisation within the site’s historical pit as well as extensions to the north.
It also noted that finding “exceptionally high-grade” veins added tungsten and copper to Andrada’s portfolio of critical minerals.
“Ongoing drilling at Uis will enhance our understanding of various pegmatites and enable us to increase the resource,” Andrada highlighted.
“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.”
The small-cap miner ended August holding £6.1 million of cash and equivalents.