Andrada Mining (LSE:ATM) reported higher production and revenue for the year ended 28 February 2026, alongside a shift to positive operating cash flow.

Ore processed increased 8% year on year, while tin concentrate production rose 15% to 1,740 tonnes. Contained tin production increased 13% to 1,036 tonnes, with tin recovery remaining at 72%.

The figures reflect operations at the company’s Uis mine in Namibia, which forms the producing asset within Andrada’s wider critical minerals portfolio.

Revenue increases 34% to £30.1 million

Revenue for the year rose 34% to £30.1 million, supported by a 20% increase in realised tin prices.

Gross profit reached £7.7 million, while EBITDA was £3.3 million. The company’s operating loss narrowed to £2.6 million.

Operating cash flow moved to an inflow of £4.7 million, compared with an outflow of £4.0 million in the previous year.

Andrada extends Thaisarco offtake arrangement

During the period, Andrada expanded its long-term tin offtake relationship with Thaisarco.

Under the arrangement, Thaisarco secured exclusive rights to all tin concentrate produced at Uis and provided Andrada with an unsecured advance payment of US$3 million.

The company is also progressing exploration at Lithium Ridge with its partner SQM. According to Andrada, exploration has confirmed high-grade lithium alongside tin and tantalum mineralisation.

At Brandberg West, Andrada entered into a staged earn-in agreement with BWCAM covering development of the project, including its tailings recovery potential.

EIB agreement provides up to €2 million in technical assistance

Andrada also secured a cooperation agreement with the European Investment Bank providing for up to €2 million in non-dilutive technical assistance.

The support is intended to help advance the planned Uis lithium expansion towards a bankable feasibility stage.

The company’s financing activities during the year included the conversion of US$3.1 million of shareholder debt into equity.

Andrada also raised £5 million, including a £4.5 million strategic equity subscription from Talent10 Resources as an anchor investor.

Andrada develops wider critical minerals portfolio

Management described FY2026 as a period in which Andrada continued its transition from a single-asset tin producer towards a broader critical minerals business.

Alongside producing tin at Uis, the company is advancing Lithium Ridge and Brandberg West as part of a portfolio that includes exposure to lithium, tantalum, tungsten and copper.

Andrada’s strategy includes developing mining assets within Namibia, conducting further geological and processing work and using partnerships, offtake arrangements and external financing to support individual projects.

AGM scheduled for 30 September

Andrada has published its Annual Report and notice of Annual General Meeting on its website.

The AGM is scheduled to take place in Guernsey on 30 September 2026.

The company said its board governance arrangements continue to follow the latest QCA Corporate Governance Code, including changes to committee leadership.

Andrada Mining maintains listings on AIM and the OTCQB.