Andrada Mining (ATM) H2 2024 earnings summary

Executive summary

• Achieved 83% revenue growth to £17.9m year-over-year, driven by a 51% increase in tin metal production and expansion into tantalum and lithium concentrates.

• Gross profit improved to £1.7m from a loss of £0.7m, reflecting operational efficiencies and higher volumes.

• Expanded plant capacity and commenced commercial tantalum production, establishing multi-mineral revenue streams.

• Secured new funding partnerships and completed a strategic restructuring to gain 100% ownership of key Namibian mining assets.

Financial highlights

• Revenue rose 83% to £17.9m (FY2023: £9.8m); gross profit reached £1.7m (FY2023: loss £0.7m).

• EBITDA loss narrowed to £4.8m (FY2023: loss £5.9m); loss before tax stable at £8.9m.

• Cash and cash equivalents at year-end were £14.5m; unaudited cash at 27 August 2024 was £10.1m.

• C1 operating costs fell 11% to US$17,870/t tin; C2 costs down 9% to US$20,796/t tin.

• All-in sustaining cost (AISC) was US$26,223/t tin, within guidance.

Outlook and guidance

• Targeting annualised tin production of 1,650 tonnes and progressing towards 2,600 tonnes of tin concentrate.

• Focus on expanding lithium production, with maiden resource estimate for Lithium Ridge planned.

• Additional funding required within 12 months for capital and exploration projects if no strategic partner is secured.