Andrada Mining (ATM) H1 2027 earnings summary

Executive summary

• H1 FY2027 returned to profitability, with £2.5m profit after tax, £4.9m operating cash generation and higher tin production and prices.

• Uis expansion and Lithium Ridge and Brandberg West development advanced with strategic partners SQM and BWCAM.

Financial highlights

• Revenue rose 80% YoY to £20.6m; cost of sales increased 28% to £12.3m, and gross profit rose to £8.3m from £1.9m.

• Operating profit was £4.7m versus a £0.9m loss; profit after tax was £2.5m versus a £3.0m loss.

• Adjusted EBITDA increased to £4.5m from £1.7m; gross margin was 40.3% versus 16.4%.

• Cash generated from operations was £4.9m versus £0.03m; period-end cash was £15.6m versus £8.9m at 28 February 2026.

• A £1.72m net commodity-swap gain boosted reported results; excluding it, operating profit would still have been ~£3.0m.

Outlook and guidance

• Funded Uis ore-sorting expansion targets annual concentrate production of 2,500–3,000 tonnes, equivalent to 1,500–1,900 tonnes of contained tin.

• Milestones include completing crushing and ore-sorting circuits in H2 FY2027, pushback completion by FY2027-end and production ramp-up in Q1 FY2028.

• H2 priorities include maintaining production improvements, advancing Lithium Ridge resource-definition work and evaluating Brandberg West.

• Forecasts indicate no additional funding required within 12 months for envisaged capital and exploration projects, subject to stated assumptions.