HIGHLIGHTS
Operational performance

• Successful restructuring of Uis Tin Mining Company (“UTMC”), resulting in 100% ownership of Uis and Lithium Ridge.
• Production of 25 tonnes of tantalum at a grade of approximately 11% with 15 tonnes sold to Afrimet by the end of the interim period.
• Continuous Improvement Programme (“CI2”) results in an increased recovery rate of 72% (H1 2024: 65%)
• 14% increase in plant utilisation to 92% (H1 2024: 81%).
• Increase in contained tin metal to 462 tonnes (H1 2024: 454 tonnes).

Financial performance

• 22% increase in revenue to £10.8 million (H1 2024: £8.9 million).
• 70% increase in gross profit to £2.6 million (H1 2024: profit of £1.5 million).
• 42% improvement in operating loss to £1.5 million (H1 2024: loss of £2.5 million).
• 60% improvement in total comprehensive loss to £1.9 million (H1 2024: loss of £4.9 million).
• Average C1 operating cash cost per tonne of contained tin produced was US$18 690 (within management guidance).
• Average C2 operating cost per tonne of contained tin produced was US$22 671 (within management guidance).
• All-in sustaining cost (“AISC”) per tonne of contained tin produced was US$27 730 (within management guidance).
• Annual tin hedge agreement for 30% quarterly concentration production at US$33 000 per tonne expires in May 2025 subject to renewal.
• Conclusion of the Bank Windhoek Limited (“BWL”) NAD175 million (c£7.5 million) funding agreement.
• Unaudited available cash balance, including undrawn facility on 31 August 2024, of £6.1 million (US$7.2 million) excluding £2.1 million undrawn facility.

POST-PERIOD

• Earn-in agreement executed with Sociedad Química y Minera de Chile SA through its subsidiary SQM Australia (Pty) Ltd (“SQM”) for the development of Lithium Ridge (ML133).
• Brandberg West maiden exploration drill results indicated notable intersections of high-grade mineralisation.
• Released FY2024 Sustainability Report.

Chief Executive Officer’s Statement

Overview

As the year has progressed, the Company has made significant progress. The value-accretive restructuring of UTMC simplified Andrada’s ownership and operational structure in the underlying licences while empowering our local partners through equity ownership participation at Group level. The restructuring has also created opportunities for more rapid asset development through project-specific financing solutions. We believe that our continued investment in exploration, metallurgy and asset development has earned us the social licence to operate and established strategic worldclass partnerships. During the interim period, we secured debt funding arrangements with established lenders, including Standard Bank of Namibia (tin hedge) and Bank Windhoek, for the implementation of our exciting growth projects.

The Company ramped up tantalum concentrate production, producing 25 tonnes and shipping 15 tonnes to our off-taker, AfriMet, by the end of the period. Despite an unforeseen mechanical breakdown at the processing plant, which marginally increased costs, our ongoing CI2 Programme has improved overall recovery rates. We expect significant performance improvements in FY 2026 as we begin to reap the benefits of various capital projects.

Our lithium pilot plant continues to provide critical information for potential off-take agreements and for the integration of the lithium production circuit into the current plant. Although much of the material produced at the pilot plant has been sent to potential off-take partners for testing, we also achieved the first commercial petalite sale during the period, demonstrating the suitability of Uis’s ore for the global technical grade market. We are also advancing our metallurgical test work programme to unlock the petalite production project.

Recent results from the maiden drilling programme at Brandberg West confirmed significant mineralisation within the historical pit, and the extensions to the north. The exceptionally high-grade veins have added tungsten and copper to our portfolio of critical minerals. Ongoing drilling at Uis will enhance our understanding of various pegmatites and enable us to increase the resource. We plan to expand our mineralisation exploration programme across the Erongo region to identify potential assets for future expansion. Our goal is to position Andrada as a platform for production growth in critical raw materials within Namibia.

In addition to these operational advances, we have improved our operational safety culture and strengthened relationships with our communities. In H2 2025, we look forward to achieving key milestones regarding the SQM deal, petalite development and tin expansion. We also look forward to providing further material updates on the various ongoing initiatives.

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