Q3 operational update for the period ended 30 November 2024

15% increase in contained tin production year-on-year

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a critical raw materials producer with a portfolio of mining and exploration assets in Namibia, is pleased to provide an operational update for the third quarter of the 2025 financial year (“Q3 FY2025” or the “Quarter”) ended 30 November 2024.

HIGHLIGHTS
Operations

•  5% Year-on-Year (“YoY”) increase in ore processed
  • Q3 FY2025 to 239 240 tonnes (Q3 FY2024: 228 234 tonnes).
• 15% YoY increase in contained tin production
  • Q3 FY2025 to 232 tonnes (Q3 FY2024 : 202 tonnes).
• 8% YoY increase in plant utilisation
  • Q3 FY2025 at 93% (Q3 FY2024: 86%).
• 12% YoY increase in tin recovery
  • Q3 FY2025 to 74% (Q3 FY2024: 66%).
• 26% YoY increase in realised tin price
  • Q3 FY2025 to USD31 266 (Q2 FY2024: USD24 749).
• Production of approximately 16 tonnes of saleable tantalum concentrate at a grade of 10.9% Ta₂O₅ during the Quarter.

Financial

• Average C1 operating cash cost relative to management guidance of between USD17 000 and USD20 000 per tonne of contained tin was:
  • USD22 008 for Q3 FY2025.
  • USD19 727 for the nine months ended 30 November 2024.
• Average C2 operating cash cost relative to management guidance of between USD20 000 and USD25 000 per tonne of contained tin was:
  • USD25 486 for Q3 FY2025.
  • USD23 457 for the nine months ended 30 November 2024.
• All-in sustaining cost (“AISC”) relative to management guidance of between USD25 000 and USD30 000 per tonne of contained tin was:
  • USD30 779 for Q3 FY2025.
  • USD28 575 for the nine months ended 30 November 2024.

Anthony Viljoen, Chief Executive Officer, commented:
“The improved operational performance YoY in terms of production output, increased recovery rate and plant utilisation are the great achievements for the Company and can be directly attributed to the ongoing continuous improvement programme (“CI2″). This underscores the value-accretive nature of CI2 and its potential to transform Andrada’s operations. We remain strategically focused on improving operational efficiencies, and expanding tin concentrate production, with clear objectives to reduce operational costs and strengthen the economic fundamentals of our tin operations. Despite anomalous high costs figures recorded during this Quarter, impacted by improvements in Uis’s engineering protocols, we have remained within cost guidance for the year to date, and are confident we will meet full year guidance. We remain optimistic about the global tin and lithium markets that seem posed for further price increases as supply continues to be constrained. Andrada will be well-positioned to benefit significantly from any upside as we increase production in the upcoming year.”

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