Andrada Mining Reports Strong Q3 Performance at Uis Mine Amid Elevated Tin Prices

Andrada Mining Delivers Operational Gains at Uis Mine as Tin Prices Surge Above $40,000/t

Aim-listed Andrada Mining has reported continued operational improvements at its Uis mine in Namibia during the third quarter ended November 30, supported by higher throughput, consistent recoveries, and robust tin production in a favourable pricing environment.

The company said performance during the quarter underscored the benefits of its continuous improvement programme (CI2), with sustained progress recorded across key plant throughput and production metrics.

Processing rates at Uis increased by 12% year-on-year to 146 tonnes an hour (t/h), delivering stable and predictable plant performance. Tin recovery remained consistent at 73%, compared with 74% in the same period last year, exceeding the company’s 70% target for the third consecutive quarter.

Tin concentrate production rose by 14% year-on-year to 429 tonnes, driven by higher throughput, while contained tin production increased by 10% year-on-year to 255 tonnes. Ore processed during the quarter increased by 8% year-on-year to 259,396 tonnes.

Andrada reported that tin shipments totalled 15 for the period, representing a 7% increase year-on-year and a 25% increase quarter-on-quarter. The uplift aligns with the company’s strategy to optimise sales volumes during a period of elevated tin pricing.

Quarterly tin production was marginally lower than in the second quarter of the 2026 financial year, reflecting scheduled maintenance and CI2-related downtime on the tin crushing circuit.

The company said both activities were essential to support long-term throughput stability. Despite the temporary impact, the processing plant remains on track to achieve and sustain targeted performance levels.

Operational focus remains firmly on maximising value through an optimal product mix, guided by prevailing market conditions and production flexibility. Management continues to assess production allocation across tin and tantalum to ensure delivery against both commercial and strategic objectives.

“These initial results provide a positive indication of the latent value within our operations that we aim to unlock as we progress further into the new year, another demonstration of the phenomenal geology at Uis,” said Andrada CEO Anthony Viljoen.

With tin prices exceeding $40,000/t in early December, Viljoen said the metal had emerged as one of the year’s strongest-performing commodities. As the only tin producer listed on AIM, he said Andrada is uniquely positioned to benefit from the current bull market.

In parallel, exploration and development activities across the broader Erongo region in Namibia continue to validate Andrada’s strategy to develop a regional hub for tin and associated critical minerals, including lithium, tantalum, copper, and tungsten.

“Andrada is at the forefront of critical mineral development in Africa, with existing production providing the foundation for transformational growth through exploration and development across our expanding portfolio within achievable and defined timelines,” Viljoen said.

Uis Development Projects

Andrada reported steady progress during the quarter on commissioning the new jig plant, with a phased commissioning approach implemented to support progressive throughput during ramp-up.

Initial start-up challenges related to fines build-up and shaking table configuration are being addressed in collaboration with equipment manufacturers. Until third-party ore becomes available, the jig plant will process Uis ore to maintain operations and optimise performance.

The company said it remains encouraged by the long-term potential of high-grade ore supply from Goantagab and is optimistic that an outcome enabling implementation of the existing supply agreement will be reached.

In parallel, Andrada continues to pursue a pipeline of value-accretive third-party ore partnerships to complement its production strategy and unlock additional regional growth opportunities.

Lithium Development

Andrada continues to advance discussions with potential offtake partners for its petalite product in both technical and industrial markets. Metallurgical testwork is ongoing, alongside a comprehensive evaluation of potential production pathways. Results from this work are expected in the second half of calendar year 2026 and will inform the company’s broader lithium integration strategy.

Drilling activity at the Lithium Ridge joint venture in Namibia has accelerated in partnership with Chilean miner SQM, with a third drill rig deployed to fast-track the exploration programme. Initial assay results are expected in the first half of calendar year 2026.

The programme is targeting spodumene-bearing pegmatites across the licence area and forms part of Andrada’s strategy to establish a second lithium asset alongside Uis.

Commodities Markets Overview

Andrada noted that tin prices have surged by approximately 40% year-to-date, breaching $40,000/t in December, and are expected to remain strong amid global supply constraints. The company said its established Uis production and extensive tin resources position it well to benefit from this structurally favourable market.

Tantalum demand is forecast to grow at a compound annual growth rate of up to 7% through 2030, tightening market conditions. Tantalum production at Uis enhances project economics, while mineralisation at Lithium Ridge supports future scale and value creation.

Global lithium demand is forecast to increase from 1.3-million tonnes in 2022 to 5.2-million tonnes of lithium carbonate equivalent by 2040. Andrada said it is positioned to supply both technical-grade petalite from Uis and battery-grade spodumene from Lithium Ridge.

In copper, a global supply shortfall of up to six-million tonnes is expected by 2035. Drilling at Brandberg West has confirmed copper grades of up to 2%, with prices up approximately 30% year-to-date to $11,600/t, highlighting the company’s diversification potential.

The tungsten market has grown to an estimated $6.12-billion this year, with a compound annual growth rate of 8.1%, driven by price increases and Chinese export restrictions, which account for about 80% of global supply. The market is projected to reach $8.7-billion by 2029.

Andrada said notable tungsten intersections grading up to 2% at Brandberg West position the company favourably to capture value from this potential upside.