Annual Report and Audited Financial Statements for the year ended 29 February 2024
& Notice of Annual General Meeting
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African critical raw materials producer with a portfolio of mining and exploration assets in Namibia, is pleased to announce the release of its audited financial results for the 2024 financial year ended 29 February 2024 (“FY2024”).

Financial highlights

• Revenue increased by 83% to £17.9 m (FY 2023: £9.8 m) due to increased tin metal volumes.
• Gross profit increased by over 100% to £1.7m (FY 2023: loss £0.7m).
• C1¹ operating costs decreased by 11% to US$17 870 per tonne of contained tin (FY 2023: US$19 762).
• C2² operating costs decreased by 9% to US$20 796 per tonne of contained tin (FY 2023: US$22 287).
• All-in sustaining cost³ at US$26 223 per tonne of contained tin (FY 2022: US$24 939) was within guidance.
• Cash and cash equivalents at year end at £14.5m.
• Unaudited cash balance at 27 August 2024 was £10.1m.

Highlights

• Annual tin concentrate tonnage increased 54% to 1 474 tonnes (FY2023: 960 tonnes).
• Annual tin metal tonnage increased 51% to 885 tonnes (FY2023: 587 tonnes).
• Exports increased to 56 shipments compared to 33 shipments in FY 2023.
• Produced saleable petalite bulk sample at 4.16% lithium oxide (“Li₂O”).
• Produced laboratory- scale spodumene concentrate at 6.8% Li₂O.
• Renewal of the Thaisarco supply agreement for tin concentrate.
• Renewal of the Afrimet supply agreement for tantalum concentrate.
• Constructed and commissioned the bulk sample processing facility and tantalum circuit.

Post-period highlights

• Enhanced the UTMC operating model by providing local partners, the Small Miners of Uis, exposure to Andrada’s future growth prospects through owning shares at group level whilst streamlining operational decision making.
• Conclusion of the NAD175 million Bank Windhoek funding.
• Concluded a tin price hedge instrument at USD 33 000 per tonne

C1¹ refers to operating cash cost per unit of production, excluding selling expenses and sustaining capital expenditure associated with Uis Mine

C2² refers to operating cash cost (C1) plus selling expenses including logistics, smelting and royalties

All-in sustaining cost (AISC³) incorporates all costs related to sustaining production, capital expenditure associated with developing and maintaining the Uis operation, and pre-stripping waste mining costs

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