Aim- and OTCQB-listed Andrada Mining announced an 83% year-on-year revenue increase for the 2024 financial year, ending February 29, driven by significant growth in tin metal volumes.
The company’s revenue rose from £9.8 million to £17.9 million, supported by a 50% increase in tin concentrate and metal production following the expansion of its plant.
Chairperson Glen Parsons highlighted the successful production of the company’s first tantalum consignment at the end of the fiscal year. The company also swung to a gross profit of £1.7 million, reversing a £700,000 loss in the previous year.
Operational costs were reduced, with C1 operating costs down by 11% to $17,870 per ton of contained tin, and C2 operating costs down by 9% to $20,796 per ton. The all-in sustaining cost increased slightly to $26,223 per ton, but remained within company guidance.
Andrada’s operational achievements included a 54% increase in tin concentrate production and a 51% rise in tin metal tonnage. The company also saw export shipments grow from 33 to 56.
In product development, Andrada produced a saleable petalite bulk sample and a laboratory-scale spodumene concentrate with high lithium oxide content.
The company renewed supply agreements for tin and tantalum concentrates and built new facilities to support its operations.
Post-financial year, Andrada enhanced its Uis Tin Mining Company model by involving local partners and secured significant funding agreements, including a N$175 million deal with Bank Windhoek and a tin price hedge at $33,000 per ton.
The company aims to produce 1,650 tons of contained tin annually, supported by ongoing improvements at the Uis mine and a $12.5 million Orion tin royalty.
