Operational update for the period ended 31 August 2024

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia, hereby provides an unaudited operational update for the second quarter (“Q2 FY2025” or the “Quarter”) and the first six months of the 2025 financial year (“H1 FY2025”), both ended 31 August 2024.

HIGHLIGHTS
Operations

• Year-on-year (“YoY”) increase in ore processed
  • Q2 FY2025 to 243 528 tonnes (Q2 FY2024: 232 154 tonnes).
• YoY increase in contained tin production
  • Q2 FY2025 to 239 tonnes (Q2 FY2024: 238 tonnes).
• YoY increase in plant utilisation
  • Q2 FY2025 at 93% (Q2 FY2024: 83%).
• YoY increase in tin recovery
  • Q2 FY2025 to 75% (Q2 FY2024: 67%).
• YoY increase in realised tin price
  • Q2 FY2025 to USD31 937 (Q2 FY2024: USD25 183).
• Approximately 15 tonnes of saleable tantalum concentrate at a grade of 10.8% Ta₂O₅ was shipped to AfriMet during the Quarter.
• Approximately five tonnes of petalite at a grade of over 4% Li₂O supplied to a ceramic producer during the Quarter.

Financial

• Average C1 operating cash cost for Q2 FY2025 (USD19 927) and H1 FY2025 (USD19 400) was within management guidance of between USD17 000 and USD20 000 per tonne of contained tin.
• Average C2 operating cash cost for Q2 FY2025 (USD24 662) and H1 FY2025 (USD24 043) was within management guidance of between USD20 000 and USD25 000 per tonne of contained tin.
• All-in sustaining cost (“AISC”) for Q2 FY2025 (USD27 931) and H1 FY2025 (USD28 328) was within management guidance of between USD25 000 and USD30 000 per tonne of contained tin.
• 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 £8.2 million (USD 10.8 million).

Anthony Viljoen, Chief Executive Officer, commented:
“We continue to improve operational performance as we optimise processes, indicated by the higher plant utilisation rates and contained tin tonnage. The exposure of the higher-grade ore at Uis has enabled us to expedite the lithium bulk-sampling campaigns. We are extremely pleased with the initial commercial sale of petalite concentrate that validates the value of Uis’s lithium mineralisation. Furthermore, the ongoing testwork will inform the lithium integration circuit studies whilst securing the off-take agreements for the petalite concentrate. Importantly, the steady-state production and sale of tantalum concentrate has firmly established Andrada as a critical metals’ global supplier.

The continued support from our lenders as demonstrated by the finalisation of the Bank Windhoek funding agreement is an endorsement of our ability to implement and achieve our strategic objectives. Finally, the high-profile partnership announced earlier this month with SQM on Lithium Ridge alongside the recent drilling results at Brandberg West truly confirm the high-quality nature of our resource portfolio and the exciting opportunity at Andrada.”

News in full