AIM-listed Andrada Mining, the African critical minerals producer with a portfolio of mining and exploration assets in Namibia, recently released its audited financial results for the 2025 financial year ended 28 February 2025 (FY2025).
FY2025 Highlights
Operational
- Ore processed: 965 058 tonnes, up 5.4% (FY2024: 915 599 tonnes)
- Contained tin: 921 tonnes, up 4.1% (FY2024: 885 tonnes)
- Tin recovery: 72%, up from 69% in FY2024
- Plant utilisation: 89%, up from 84% in FY2024
- Tin shipments: 59, up 11% (FY2024: 53)
- Tantalum concentrate: 6 tonnes, sevenfold increase (FY2024: 6.5 tonnes)
- Zero lost-time injuries during the year
Financial
- Revenue: £23.8m, up 33% (FY2024: £18.0m)
- Gross profit: £3.0m, up 72% (FY2024: £1.7m)
- Operating loss reduced 52% to £3.9m (FY2024: £8.1m)
- EBITDA improved to £0.5m (FY2024: £4.8m loss)
- Average realised tin price: US$31 081/t, up 21% (FY2024: US$25 593/t)
- Financing secured:
- N$175m (£7.5m) multi-facility package from Bank Windhoek
- US$2.5m shareholder funding for new jig plant at Uis
Strategic
- SQM earn-in agreement: up to US$40m staged investment into Lithium Ridge
- UTMC restructuring : consolidated licence ownership and strengthened empowerment credentials
- Exploration success:
- Brandberg West: high-grade tin, tungsten, and copper intersections
- Uis: lithium oxide resource increased to >610 000 tonnes
- Post-period milestones:
- Jig plant construction completed on time and within budget; commissioning commenced August 2025
- £4.5m equity subscription at a premium by Talent10, a respected African mining investor
- High-grade tin ore supply agreement signed with Goantagab (up to 240 000 tonnes per annum at ~1.5% Sn)
Glen Parsons, Chairman of Andrada, said:
“FY2025 was a year of delivery and strategic progress. We advanced Andrada’s growth trajectory through the transformational partnership with SQM, the consolidation of our licence base, and continued operational improvements at Uis. We also strengthened our governance framework and sustainability credentials, achieving a zero lost-time injury rate and improving our ICMM alignment score to 54%. With supportive financing, high-quality partnerships, and a clear growth strategy, Andrada is well positioned to create long-term value for all stakeholders.”
Anthony Viljoen, CEO of Andrada, said:
“We are proud to have delivered record revenues, higher tin recoveries, and a sevenfold increase in tantalum output, while advancing Lithium Ridge with SQM and expanding our resource base. Post year-end, the commissioning of the jig plant, the investment by Talent10, and the Goantagab ore supply agreement provide immediate growth levers at a time of buoyant tin prices. We enter FY2026 with momentum, a clear plan, and the right partnerships to transform Andrada into a leading African supplier of critical minerals for the energy transition.”
Outlook
- Ramp-up of jig plant production to double contained tin output
- Continued exploration and development at Lithium Ridge with SQM
- Resource expansion drilling at Brandberg West and Uis
- Focused cost discipline and balance sheet strengthening
With a diversified portfolio of tin, tantalum, and lithium, Andrada remains strongly positioned to capitalise on the global demand for critical raw materials.
