Andrada Mining (ATM) H2 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in FY2025, with significant increases in ore processed, tin and tantalum output, and revenue.

• Advanced strategic partnerships, notably a staged earn-in agreement with SQM for Lithium Ridge and a major restructuring of UTMC to consolidate licence ownership.

• Completed construction of a new jig plant, secured new financing, and signed a high-grade tin ore supply agreement.

• Strengthened governance, sustainability credentials, and maintained a zero lost-time injury rate.

Financial highlights

• Revenue rose 33% year-over-year to £23.8m, driven by higher tin prices and increased production.

• Gross profit increased 72% to £3.0m; EBITDA improved to £0.5m from a £4.8m loss in FY2024.

• Operating loss reduced by 52% to £3.9m; net loss increased to £9.8m due to a new tax liability.

• Total assets grew 5% to £69.6m; cash balance declined 81% to £2.7m due to sustained capital expenditure.

• Borrowings rose to £21.7m, reflecting new debt facilities and convertible loan notes.

Outlook and guidance

• Commissioning of the jig plant expected to double contained tin output in FY2026.

• Continued exploration at Lithium Ridge and Brandberg West, with a focus on resource expansion.

• Emphasis on cost discipline, balance sheet strengthening, and leveraging strategic partnerships.