Andrada Mining (ATM) H2 2026 earnings summary

Executive summary

• FY2026 marked a transition from strategic positioning to disciplined execution, with operational improvements at Uis, progress at Lithium Ridge with SQM, and BWCAM partnership at Brandberg West, reinforcing a diversified critical minerals portfolio.

• Governance frameworks were strengthened, with Board renewal and enhanced risk management, focusing on operational performance, capital allocation, and sustainability.

• Strategic partnerships with SQM, BWCAM, and Thaisarco provided technical validation, funding, and market access, supporting accelerated project development.

Financial highlights

• Revenue increased by 34% to £30.1m year-over-year, driven by a 13% rise in contained tin sales volume.

• Gross profit more than doubled to £7.7m, with gross margin improving to 25.7% from 13.2%.

• EBITDA rose to £3.3m from £0.5m, while adjusted EBITDA (excluding unrealised swap losses and impairment) reached £8.4m.

• Operating loss improved to £2.6m from £3.9m, but net loss increased to £10.7m due to higher finance expenses and administrative costs.

• Cash and cash equivalents at year-end rose to £8.9m from £2.7m, with net cash from operating activities of £4.7m.

Outlook and guidance

• FY2027 priorities include converting operational improvements at Uis into stronger cash generation, advancing ore sorting and lithium integration, and progressing Brandberg West.

• Management will focus on plant stability, throughput improvement, disciplined capital allocation, and balance sheet resilience.

• No material uncertainty identified regarding going concern; funding secured for key projects.