Andrada Mining reported a 33% increase in revenue to N$571 million (£24 million) for the year ended 28 February 2025, driven by higher tin production, stronger prices and operational improvements across its Namibian portfolio.
Chief Executive Officer Anthony Viljoen said tin output rose 4.1% to 921 tonnes, with recoveries improving from 69% to 72% and throughput reaching 141 tonnes per hour in the fourth quarter, up from 134 at the start of the year.
Ore processed increased 5.4% to one million tonnes.
“We are particularly pleased by the 33% increase in revenue to approximately £24 million supported by the increase in tin output and rise in the realised tin price,” he said.
Viljoen added that the year saw progress at Uis, where a new jig plant was commissioned in August 2025 to expand tin processing capacity and reduce costs.
An ore supply deal with Goantagab in Kunene will deliver 240,000 tonnes of ore annually at an average grade of 1.5% tin.
“At Uis, an updated resource estimate contained lithium oxide to more than 610,000 tonnes, the measured resource tonnage rose by 30% to 27.3 million tonnes and the indicated resource increased to approximately 17.5 million tonnes,” he said.
A major milestone was the partnership with Chilean lithium producer SQM, which will fund up to N$706 million (US$40 million) in staged investment at the Lithium Ridge project.
The agreement, approved by the Namibia Competition Commission, could lead to a 50/50 joint venture. Exploration at the site has already begun.
Exploration also advanced at Brandberg West, where drilling confirmed high-grade intersections of tin, tungsten and copper.
At Uis, widespread mineralisation was confirmed, with intersections including 1.13% tin, 1.76% lithium oxide and 281 ppm tantalum.
“Our exploration teams continued to deliver value during the year, with notable successes across our portfolio,” Viljoen said.
The company strengthened its financial base by shifting its primary lending to Bank Windhoek, retiring higher-cost debt and securing shareholder funding through convertible loan notes.
In June 2025, South African investment group Talent10 invested N$107 million (£4.5 million) at a premium to the share price.
Viljoen said the company also improved its ESG performance, raising alignment with International Council on Mining and Metals principles from 41% to 54% through new policies on water stewardship, tailings, emissions and community development. More than 95% of the workforce is Namibian.
“The operational actions will be anchored on capital discipline; effective cost management measures and we will continue to leverage strategic partnerships to achieve growth. We will continue embedding a safety-first culture through enhanced training and robust reporting systems,” Viljoen said.
