Andrada Mining Reports Strong Q1 FY2025 Operational and Financial Results

Andrada Mining, an African technology metals mining company with assets in Namibia, has released its unaudited operational update for the quarter ended 31 May 2024 (Q1 FY2025).

Operational Highlights:

• The company saw a year-on-year increase in ore processed to 237,976 tonnes, up from 217,189 tonnes in Q1 FY2024.
• Tin concentrate production also rose year-on-year to 364 tonnes from 359 tonnes.
• Contained tin production increased to 223 tonnes from 216 tonnes in the previous year.
• Plant availability improved to 93%, compared to 91% in the same period last year.
• Tantalum concentrate production increased by 14% quarter-on-quarter to nine tonnes, with five tonnes shipped to AfriMet under the offtake agreement.
• The realised tin price rose significantly from USD 25,149 to USD 30,839 per tonne of contained tin.

Financial Highlights:

Despite facing new royalty charges from Orion and rising mining costs, management has maintained its cost guidance. The mine and plant performance are expected to remain stable throughout the financial year, bolstered by the implementation of pre-concentration circuits and Continuous Improvement 2 (CI2) initiatives. Enhanced plant performance following the expansion programme is expected to reduce operational costs.

• Quarterly average C1 costs are maintained between USD 17,000 and USD 20,000 per tonne of contained tin, with Q1 FY2025 recording USD 18,899.
• Quarterly average C2 costs are maintained between USD 20,000 and USD 25,000 per tonne of contained tin, with Q1 FY2025 recording USD 23,452.
• Quarterly average all-in sustaining costs (AISC) are maintained between USD 25,000 and USD 30,000 per tonne of contained tin, with Q1 FY2025 recording USD 28,774.
• The unaudited cash balance as of 31 May 2024 stood at GBP 11.9 million (USD 15.2 million).