KEY POINTS
- Andrada’s revenue rose 34% to £30.1-million, while operating cash flow turned positive at £4.7-million.
- Tin production increased as exploration confirmed lithium, tin and tantalum potential across its Namibian assets.
- The company is strengthening its board and securing partnerships to accelerate its transition into a diversified critical minerals producer.
Andrada Mining has reported a stronger financial and operational performance for the year ended February 28, 2026, as the Namibia-focused company accelerates its transition from a single-asset tin producer into a diversified critical minerals business.
The London-listed mining company said the year marked an important phase in its strategy to build a district-scale portfolio centred on tin, lithium and tantalum, with its operations and exploration projects in Namibia providing the foundation for future growth.
Chief executive officer Anthony Viljoen said the company had deliberately assembled and consolidated a portfolio of historically significant mineral assets in one of Namibia’s most prospective mining regions.
He said Andrada was now benefiting from improved geological knowledge, advances in processing technology and growing global demand for minerals considered strategically important to the energy transition and other industrial applications.
Andrada’s operational performance strengthened during the financial year, with ore processed increasing by 8% year-on-year to 1.04-million tonnes.
Tin concentrate production rose 15% to 1 740 t, while contained tin production increased 13% to 1 036 t. Tin recovery remained stable at 72%, demonstrating that the higher production volumes were achieved without a deterioration in recovery performance.
Tin shipments also increased by 7% during the period.
The stronger production performance was reflected in the company’s financial results. Revenue increased by 34% to £30.1-million, compared with the previous financial year.
Gross profit rose sharply to £7.7-million from £3-million, while the operating loss narrowed to £2.6-million from £3.9-million.
Andrada also reported a significant improvement in earnings before interest, taxes, depreciation and amortisation, which increased to £3.3-million from just £500 000 in the preceding year.
Operating cash flow improved by £8.7-million to £4.7-million.
The company highlighted the shift as particularly significant because it moved from consuming cash to generating cash during the year, strengthening its financial position as it prepares to develop its wider critical minerals portfolio.
The Uis operation remains central to Andrada’s strategy and continues to provide the company’s principal source of tin production.
The company strengthened its relationship with long-term offtaker Thailand Smelting & Refining Company, commonly known as Thaisarco, through an agreement granting the company exclusivity over all concentrate produced from the Uis operations.
As part of the arrangement, Thaisarco provided an unsecured $3-million exclusivity payment to Andrada’s wholly owned Uis Tin Mining Company. The payment is repayable at the subsidiary’s discretion, subject to agreed terms.
The agreement provides Andrada with greater certainty around the marketing of its tin concentrate while also providing additional funding support for its operations and development plans.
Beyond tin, Andrada is increasingly positioning itself to benefit from the growing strategic importance of lithium and other critical minerals.
Exploration drilling at the Lithium Ridge project, undertaken in partnership with Sociedad Química y Minera de Chile through its SQM Australia subsidiary, confirmed high-grade lithium mineralisation during the initial exploration programme.
The work also identified significant tin and tantalum mineralisation, strengthening Andrada’s view of the broader mineral potential of its Namibian portfolio.
The results are important because they demonstrate that the company’s assets have the potential to support multiple commodities rather than remaining dependent on tin alone.
Andrada is also advancing the Brandberg West project through a staged earn-in partnership with BWCAM, a subsidiary of natural resource partnership ACAM.
The partnership is focused initially on assessing the potential for recovering minerals from historical tailings while also supporting continued exploration of the wider project.
European backing for Uis lithium expansion
Andrada has also secured cooperation with the European Investment Bank to advance its Uis lithium expansion project.
Under the agreement, the bank will provide up to €2-million in non-dilutive technical assistance to support work aimed at progressing the project towards bankable feasibility.
The support is significant because moving a major mining project towards bankable feasibility requires extensive technical, environmental and economic assessment before large-scale development decisions can be made.
The assistance therefore provides Andrada with technical resources while avoiding additional equity dilution.
The company also took steps to improve its financial position during the year.
Andrada converted $3.1-million of debt and raised £5-million in new funding, including a £4.5-million strategic equity subscription from Talent10 Resources, which acted as the anchor investor.
The additional capital provides the company with greater flexibility as it advances its exploration, development and feasibility programmes across its Namibian portfolio.
Combined with the move into positive operating cash flow, the funding activity marks an important step in Andrada’s efforts to transition towards a more financially sustainable growth model.
Alongside its operational and financial progress, Andrada is restructuring its board to support the company’s next stage of development.
Neil Gawthorpe and Lili Alexandra Nupen-Staude have been appointed as independent nonexecutive directors with immediate effect, subject to shareholder approval at the company’s 2026 annual general meeting.
Their experience spans mining operations, project development, strategic transactions, governance, regulatory affairs and stakeholder engagement.
The company said these skills would strengthen its ability to execute its strategy as it develops its growing portfolio of critical minerals assets.
At the same time, independent nonexecutive chairperson Glen Parsons and independent nonexecutive director Laurence Robb are due to retire on September 30 after about nine years of service. Parsons will remain with the company as a consultant to assist with the transition.
Gida Nakazibwe Sekandi is set to become Andrada’s new chairperson following the conclusion of the AGM. She joined the board in May 2023 and has contributed to governance, remuneration and environmental, social and governance oversight. She has also chaired the remuneration and nominations committee since March.
Andrada’s latest results underscore the company’s broader transformation.
While Uis continues to provide a producing tin asset and an important source of cash flow, the company is using exploration, partnerships and technical development to build exposure to lithium, tantalum and other critical minerals.
The strategy reflects the changing importance of Namibia’s mineral resources as global demand rises for materials required for batteries, advanced technologies, electrification and energy-transition infrastructure.
With production increasing, financial losses narrowing, cash flow turning positive and several development partnerships in place, Andrada enters its next phase with a broader portfolio and a stronger financial and operational platform.
The company now faces the challenge of converting its exploration successes and development opportunities into commercially viable projects while maintaining the production growth achieved at Uis.
