Andrada Mining (ATM) H1 2027 earnings summary

Executive summary

• H1 FY2027 marked a step-change in profitability and cash generation, with higher tin production and prices ahead of the next Uis expansion phase.

• Uis generated £4.9m of operating cash; Lithium Ridge and Brandberg West advanced through strategic partnerships with SQM and BWCAM.

Financial highlights

• Revenue rose 80% YoY to £20.6m; cost of sales increased 28% to £12.3m, while gross profit more than quadrupled to £8.3m.

• Operating profit was £4.7m versus a £0.9m loss; profit after tax was £2.5m versus a £3.0m loss, and EPS was 0.12p versus a 0.19p loss.

• Adjusted EBITDA increased to £4.5m from £1.7m, excluding unrealised swap gains of £3.5m in H1 FY2027 and unrealised losses of £0.1m in H1 FY2026.

• 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 approximately £3.0m.

Outlook and guidance

• The 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.

• H2 FY2027 priorities are completing the crushing and ore-sorting circuits, maintaining production improvements, advancing Lithium Ridge resource-definition work and evaluating Brandberg West.

• Management expects no additional funding within 12 months for envisaged capital and exploration projects, based on forecasts and stated assumptions.