Andrada Mining (ATM) H1 2025 earnings summary

Executive summary

• Achieved 100% ownership of Uis and Lithium Ridge through UTMC restructuring, simplifying operations and enabling faster asset development.

• Increased production and sales of tantalum, with 25 tonnes produced and 15 tonnes sold in H1 2025.

• Launched tin expansion and lithium pilot plant initiatives, including first commercial petalite sale and SQM partnership for Lithium Ridge.

• Brandberg West maiden drilling confirmed high-grade tin, tungsten, and copper mineralisation, expanding the critical metals portfolio.

• Released FY2024 Sustainability Report, highlighting ESG progress and local economic contributions.

Financial highlights

• Revenue rose 22% year-over-year to £10.8 million; gross profit up 70% to £2.6 million.

• Operating loss improved 42% to £1.5 million; total comprehensive loss improved 60% to £1.9 million.

• Net loss increased to £3.2 million (H1 2024: £2.8 million) due to higher finance expenses, mainly from convertible note interest.

• Cash balance at 31 August 2024 was £6.1 million, excluding £2.1 million undrawn facility.

• Secured NAD175 million (£7.5 million) funding from Bank Windhoek for growth and working capital.

Outlook and guidance

• Management expects further performance improvements in FY2026 from capital projects and tin expansion.

• Ongoing SQM partnership and lithium development expected to drive future growth.

• Sufficient liquidity for 12 months, with additional funding options being pursued for further expansion.