Andrada Mining Ramps Up Tin Output with New Jig Plant and Stronger FY2026 Outlook
Andrada Mining Boosts Tin Production at Uis, Commissions New Jig Plant to Double Output
Andrada Mining has reported higher tin shipments and steady operational progress in FY2025, positioning its Uis operation in Namibia for stronger growth as new capacity comes online.
The company shipped 59 tin consignments, up from 53 in FY2024, supported by increased throughput and plant efficiency.
Construction of a modular jig plant was completed on time and on budget, with commissioning beginning in August 2025.
The facility is expected to create a pathway for a near-term doubling of contained tin production.
Operational Performance
Ore processed: 965,058 tonnes (+5.4% YoY)
Contained tin: 921 tonnes
Plant utilisation: 89% (up from 2024)
Tin recovery: 72% (vs. 69% in 2024)
Tantalum concentrate: 50.6 tonnes (vs. 6.5 tonnes in 2024)
Safety: Zero lost-time injuries
Financial Highlights
Revenue rose to £23.8 million (N$566m), with a gross profit of £3.0m (N$71m) and EBITDA of £0.5m (N$12m). However, higher finance costs—driven by royalty revaluation and interest charges—led to an operating loss of £3.9m (N$93m) and a net loss of £9.8m (N$233m).
To strengthen liquidity, Andrada secured a N$175m multi-facility package from Bank Windhoek, including a six-year term loan, working capital, VAT facilities, and a NamPower guarantee. Shareholder funding of US$2.5m supported the jig plant acquisition.
After year-end, the company raised an additional £5.0m (N$119m) through Talent10 and a share placing.
To mitigate market volatility during the ramp-up, Andrada entered a 12-month fixed-for-floating tin price swap with Bank Windhoek at US$34,400/t for 240 tonnes, effective June 2025 to May 2026.
The jig plant will process proximal pegmatites, stockpiles, and regional high-grade ore. An agreement with Goantagab provides for up to 240,000 tpa of 1.5% Sn feed, supporting higher utilisation and stronger grades alongside the main concentrator.
Unit costs were reported at US$20,735/t (C1), US$24,472/t (C2), and US$29,429/t (AISC), with expectations that ramp-up and debottlenecking will reduce costs.
Strategically, Andrada consolidated licence ownership across Uis and Lithium Ridge via the UTMC restructuring, issuing equity to Namibian partners.
At Lithium Ridge, the SQM earn-in—approved in February 2025—provides for up to US$40m in staged investment toward a potential 50/50 joint venture, with field activities launched in May.
Exploration also advanced at Brandberg West, where drilling confirmed high-grade tin, tungsten, and copper, and at Uis, where an updated resource outlined over 610,000 tonnes of contained lithium oxide.
April drilling further confirmed widespread tin, lithium, and tantalum mineralisation in proximal pegmatites.
As of year-end, Andrada reported £69.6m (N$1.66bn) in assets against £45.9m (N$1.09bn) in liabilities, including £21.7m (N$516m) in borrowings and year-end cash of £2.7m (N$64m).
The company’s near-term priorities include ramping up the new jig plant, advancing the Lithium Ridge partnership with SQM, continued drilling at Brandberg West and Uis, tighter cost controls, supply-chain efficiency, and balance sheet strengthening.
