Andrada Mining is expected to benefit from a significant earnings uplift as global tin prices climbed to a one-month high of about N$800,000 (US$50,000) per tonne, driven by supply disruptions in Myanmar and Indonesia and rising demand from AI-driven data centres.
According to research by UK-based investment bank Hannam & Partners, Andrada’s earnings are highly sensitive to movements in tin prices. The bank estimates that for every 10% change in the tin price, Andrada’s calendar year 2026 EBITDA could move by 31%, while earnings per share could shift by 49%.
“Andrada Mining stands out as the only tin miner listed in the UK, benefiting from near-term leverage to a 20% spike in tin prices over the past month, reaching US$50,000 per tonne,” the report said.
The improved price environment comes as Andrada’s flagship Uis mine in Namibia reported strong operational performance. For the three months ended November 2025, ore throughput increased 8% year on year to 259,000 tonnes, while contained tin production rose 10% to 255 tonnes.
Tin shipments climbed 25% compared with the previous quarter, reflecting firm global demand. Tantalum output declined during the period as the mine prioritised tin production amid favourable market conditions.
Andrada is continuing to advance its expansion strategy at Uis. The commissioning of a new jig plant and the integration of XRT ore sorters are expected to lift tin processing capacity and improve recovery rates.
Beyond Uis, the company plans further growth at Lithium Ridge, funded by strategic partner SQM, with assay results expected in the first half of 2026. Development is also under way at Brandberg West, which provides exposure to tungsten, a metal whose price has reportedly tripled over the past year.
Despite trading on a spot EV/EBITDA multiple of about 5 times for CY26E, Hannam & Partners said Andrada’s updated valuation stands at 19 pence per share. This implies a potential upside of 387% from the current share price of around 3.9 pence.
“We have updated our model to reflect the most recent financial and operational results and a stronger tin price environment,” the analysts said. “Third-quarter production performance has been incorporated into our near-term throughput, grade and recovery assumptions at Uis, alongside updated pricing assumptions reflecting the materially stronger tin price environment.”
