AfriTin Mining Ltd (AIM:ATM, OTC:AFTTF) posted its first-ever annual profit as production soared from its Uis tin mine in Namibia.
Production over the year to end-February 2022 rose by 70% to 804 tonnes of tin concentrate.
Anthony Viljoen, chief executive, noted production at Uis exceeded nameplate capacity by 12%, which he said was a testament to its "operational excellence".
AfriTin also got a tailwind from buoyant tin prices with revenues up 178% to £13.6mln over the 12 months.
Underlying profits [EBITDA] swung to a plus £2.6mln from a deficit of £4.7mln, with a pre-tax profit of £400,000 compared to a loss of £6.2mln.
Viljoen said production is set for another jump ahead in the current 12 months.
“Following commissioning of the phase 1 expansion in September 2022, we should see tin production rates increase by up to 67% (up to 1,200 tonnes of concentrate per annum).“
AfriTin added that the market fundamentals for tin remain positive, giving Uis a relative competitive advantage in a supply-constrained environment.
Adding lithium and tantalum production revenue streams will further drive future value, he said, and transform AfriTin into a "multi-commodity-producing technology metals group".
Cash and equivalents at the year-end were £7.4mln.