Andrada Mining Limited’s revenue increased by 80% to approximately N$453.2 million (£20.6 million) in the six months ended 31 August 2026, as higher tin production and prices helped the Namibian-focused miner return to profitability.
Andrada Chief Executive Officer Anthony Viljoen said the company reported a profit after tax of N$55 million (£2.5 million), compared with a loss of N$66 million (£3.0 million) in the corresponding period last year.
Gross profit more than quadrupled to N$182.6 million (£8.3 million), while earnings before interest, tax, depreciation and amortisation (EBITDA) reached N$99 million (£4.5 million).
“These results mark a significant turning point for Andrada, with strong operational performance at Uis translating into a step-change in profitability and cash generation. Revenue increased by 80% to approximately £21 million, gross profit more than quadrupled and we delivered a maiden Group interim profit after tax of £2.5 million. Importantly, cash generated from operations reached £4.9 million, exceeding the amount generated during the whole of the previous financial year,” he said.
Contained tin production at the Uis mine increased by 13% to 576 tonnes, while the average realised tin price rose by 57% to US$52,131 per tonne.
Cash and cash equivalents increased to N$343.2 million (£15.6 million) at the end of the period, from N$35.1 million (£1.6 million) a year earlier.
Viljoen said the company’s fully funded ore-sorting expansion at Uis was progressing on schedule, with the new crushing circuit en route to the mine and the ore sorters being prepared for installation.
The expansion is expected to increase annual tin concentrate production by approximately 50% to 70%, reaching between 2,500 and 3,000 tonnes. This is equivalent to between 1,500 and 1,900 tonnes of contained tin annually.
Meanwhile, exploration at Lithium Ridge has expanded the identified mineralised ridge strike by 50% to nine kilometres, with further drilling results expected.
At Brandberg West, the company is advancing a tungsten, copper and tin project following regulatory approval of its earn-in agreement with BWCAM Limited.
“This performance has been achieved ahead of our next phase of production increase due to the fully funded plant upgrades including the installation of the ore-sorting circuit at Uis that is progressing on schedule. At the same time, our strategic partnerships with SQM at Lithium Ridge and BWCAM at Brandberg West are advancing two significant growth opportunities across tin, lithium, tungsten, copper and tantalum. Together with our renewed Board, this gives Andrada a clear platform to execute on growth across all three assets,” he said.
