Andrada Mining (ATM) H1 2026 earnings summary

Executive summary

• Achieved 12% YoY revenue growth to £12.2 million for H1 FY2026, driven by higher tin and tantalum production and improved tin prices.

• Operating loss reduced by 35% YoY to £0.9 million, reflecting cost discipline and restructuring benefits.

• Net loss improved by 6% YoY to £3.0 million, despite a new tax expense; underlying net loss improved by 13% excluding tax impact.

• Significant capital investments and partnerships (e.g., Talent10, SQM Australia) support expansion and future growth.

Financial highlights

• Revenue up 12% YoY to £12.2 million; gross profit down 27% to £1.9 million due to higher cost of sales.

• Administrative expenses decreased by 26% YoY to £3.7 million.

• C1 cash cost per tonne of tin down 6% YoY to US$17,468; AISC down 4% YoY to US$24,808.

• Total assets up 3% YoY to £69.0 million; equity down 13% YoY to £25.5 million due to accumulated losses.

• Cash and cash equivalents at period end: £0.7 million, reflecting ongoing investment and debt service.

Outlook and guidance

• Uis Mine Ore Sorter project and lithium expansion expected to drive substantial production and margin improvements from 2026.

• Additional funding required within 12 months to support expansion and capital projects; multiple funding options under consideration.

• Management confident in meeting covenant obligations through February 2026, but material uncertainty exists regarding going concern if funding is not secured.