AfriTin Mining Ltd (AIM:ATM, FRA:9IA) recorded a significant increase in revenue in the year to end February as the company developed its flagship Uis tin mine in Namibia.
Revenue surged to £5.0mln, from around £69,000 the previous year, as AfriTin transitioned from a developing company into a producer.
Production jumped to 473 tonnes (2020:32t) of tin concentrate, equating to 311.7t of contained tin metal.
"Given the backdrop of COVID-19 and the difficulties that the pandemic presented, the AfriTin team managed to reach significant milestones in the pursuit of first notable revenues and development of our flagship Uis tin mine,” said chief executive Anthony Viljoen.
“The announcement of first notable revenues is a monumental first step and a precursor of what is to ensue as expansion plans are implemented. The robust balance sheet forms the basis from which AfriTin will grow and underpins our ambition of becoming a significant multi-commodity tech metals producer out of Africa.”
However, the AIM-listed company saw its full-year losses widen to £5.8mln, from £1.8mln, mainly due to an impairment charge of £3.07mln related to its decision to relinquish its South African exploration licences.
Administrative expenses also increased to £2.5mln, from £1.85mln as the Uis mine transformed from a developing to a producing operation.
Since November 2020, Uis has continued to grow total monthly output and has exceeded the planned production of 60 tonnes of tin concentrate per month.
The company plans to increase production to 120 tonnes of concentrate per month by expanding the throughput of the Phase 1 pilot plant and introducing tantalum and lithium by-product revenue streams.