Andrada’s Mining Limited has more than doubled its gross profit to £7.7 million (about N$170 million) for the financial year ended 28 February 2026, as higher tin prices and increased production boosted its financial performance.
Revenue rose 34% to £30.1 million (about N$662 million), compared with restated revenue of £22.4 million (about N$492 million) in the previous financial year.
Gross profit increased from £3 million (N$66 million).
The company also reduced its operating loss to £2.6 million (N$57 million), from £3.9 million (N$85 million) a year earlier.
In its financial statements, chief executive Anthony Viljoen attributes the improved performance partly to stronger tin prices, which reached a record US$53 462 (about N$877 000) per tonne in January 2026 as demand strengthened.
Tin remained the company’s main source of income, contributing £28.8 million (about N$630 million) to revenue.
Tantalum contributed £700 000 (about N$15 million), while lithium made an immaterial contribution.
Revenue also included a £600 000 (about N$13 million) fair-value movement on customer contract receivables under an offtake agreement.
Andrada’s operational performance also improved at its flagship Uis mine in Namibia.
Ore processed increased by 8% to approximately 1.04 million tonnes, while tin concentrate production rose 15% to 1 740 tonnes.
Contained tin production increased by 13% to 1 036 tonnes.
“Tin recovery was maintained at 72%, while shipments increased by 7% to 63 during the year,” Viljoen says.
He attributes the gains to the company’s continuous improvement programme, targeted maintenance and efforts to strengthen the operational capacity of the Uis team.
The improved performance was also reflected in earnings before interest, taxes, depreciation and amortisation, which rose to £3.3 million (about N$72 million), from £500 000 (N$11 million) in the previous financial year.
Andrada is seeking to increase the value it extracts from Uis by recovering more than one mineral from the same operation, rather than developing separate mines and infrastructure for each commodity.
“Tin remains the principal revenue generator, while tantalum provides an established secondary product and lithium represents the next significant opportunity,” Viljoen says.
He says the company’s long-term strategy was to use shared mining, processing and infrastructure to recover multiple valuable minerals from the same mineral deposit.
During the year, Andrada commissioned a 100-tonne-per-hour jig plant, which is being used to separate and concentrate ore before further processing. The company has also secured funding to develop an ore-sorting circuit, which is expected to improve the quality of ore entering the processing plant and increase operating efficiency.
Viljoen says the company’s priorities remained increasing production, improving recovery rates and reducing costs.
“The objective remains straightforward: Increase production, reduce unit costs and extract more value from every tonne mined,” he says.
– email: matthew@namibian.com.na
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