Andrada Mining Limited, a London-listed tin producer with critical minerals mining and exploration assets in Namibia, has returned to interim profitability after higher tin prices, increased production and stronger operating performance lifted revenue by 80% in the first half of its 2027 financial year.

The company reported a profit after tax of £2.52 million ($3.37 million) for the six months ended August 31, 2026, reversing a £3.01 million ($4.03 million) loss in the corresponding period a year earlier. Revenue rose to £20.58 million ($27.55 million) from £11.44 million ($15.31 million), while gross profit increased to £8.3 million ($11.11 million) from £1.88 million ($2.52 million).

Andrada Mining strengthens profitability and cash generation

Andrada Mining’s operating profit reached £4.73 million ($6.33 million), compared with an operating loss of approximately £940,582 ($1.26 million) in H1 FY2026. Its gross profit margin expanded to 40.3% from 16.4%, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to £4.5 million ($6.02 million) from £1.7 million ($2.28 million), excluding unrealised commodity swap gains and losses.

Earnings per share improved to 0.12 pence from a loss of 0.19 pence. Cash generated from operating activities climbed to £4.87 million ($6.52 million), exceeding the £4.7 million ($6.29 million) generated throughout the entire 2026 financial year. Cash and cash equivalents stood at £15.6 million ($20.88 million) on August 31, up from £8.92 million ($11.94 million) at the end of February. Chief Executive Officer Anthony Viljoen described the results as a significant turning point, with improved performance at the company’s Uis mine translating into stronger profitability and cash generation.

Higher tin prices support Uis expansion

The average realised tin price rose 57% year on year to $52,131 per tonne from $33,154, supporting higher revenue alongside increased output. At Uis, contained tin production increased 13% to 576 tonnes, while tin concentrate production rose 11% to 955 tonnes.

Feed grade improved to 0.149% tin, processing rates increased 7% to 153 tonnes per hour, and tin recovery rose to 73% from 71%.

In August, Andrada secured NAD98 million, equivalent to approximately £4.4 million ($5.89 million), from Bank Windhoek and the Development Bank of Namibia to fund upgrades at Uis, including a new crushing circuit and ore-sorting system.

The expansion targets annual concentrate production of 2,500 to 3,000 tonnes, equivalent to approximately 1,500 to 1,900 tonnes of contained tin. The company expects the upgrades to increase output and improve processing economics. Uis’s C1 operating cost rose modestly to $17,842 per tonne of contained tin from $17,468.

Lithium Ridge and Brandberg West broaden portfolio

Beyond tin, Andrada is advancing Lithium Ridge through its partnership with Chilean lithium producer SQM. The company completed 16,500 metres of drilling across 143 diamond holes, while surface sampling extended the mineralised ridge from six kilometres to nine kilometres.

A fifth batch of results, received after the reporting period, recorded lithium mineralisation grading up to 2.11% lithium oxide over approximately five metres. Tin and tantalum mineralisation could provide additional opportunities as the project advances.

At Brandberg West, a partnership with BWCAM Limited is advancing the company’s exposure to tungsten, copper and tin. Ore-sorting tests achieved up to 91% tungsten recovery and 94% tin recovery, while tungsten grade increased from 0.24% to 1.45%.

Stronger balance sheet supports growth

Andrada Mining’s total assets rose to £98.53 million ($131.9 million) as of August 31, 2026, from £88.23 million ($118.11 million) in February, while equity increased to £36.46 million ($48.81 million). Borrowings reached £23.77 million ($31.82 million).

The company raised approximately £8.15 million ($10.91 million) through equity issuance and received £6.74 million ($9.02 million) in bank borrowings during the period. Management forecasts indicate that additional funding will not be required over the next 12 months for planned capital and exploration projects, subject to underlying assumptions.

Following its September 30 annual general meeting, Gida Nakazibwe Sekandi became board chair, while Neil Gawthorpe and Lili Nupen-Staude joined as independent non-executive directors.

Andrada Mining enters the second half of FY2027 with improved earnings, stronger cash generation and a funded expansion programme, as it works to increase tin production and advance its critical minerals portfolio in Namibia.