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(Sharecast News) - Andrada Mining reported a sharp improvement in annual results on Friday, as higher tin production, rising prices and operational gains helped narrow losses and lift revenue to record levels.
For the year ended 28 February, revenue jumped 33% to 23.8m, with gross profit up 72% to 3.0m.
EBITDA turned positive at 0.5m, compared with a 4.8m loss a year earlier, while the operating loss was cut by more than half to 3.9m.
The AIM-traded company cited stronger tin prices, averaging $31,081 per tonne, and improved plant utilisation of 89%, alongside higher tin recoveries and a sevenfold increase in tantalum concentrate output.
Operational milestones included processing 965,058 tonnes of ore and shipping 59 consignments of tin, both up on the prior year.
Financing secured during the period included a NAD 175m (7.5m) package from Bank Windhoek and $2.5m in shareholder funding for a new jig plant at Uis, which was completed post-year-end and is expected to double tin output once ramped up.
Strategically, Andrada advanced its partnership with SQM on the Lithium Ridge project, consolidated licences at UTMC, and reported exploration successes at Brandberg West and Uis.
Post-period developments included a 4.5m equity investment by Talent10 and a high-grade ore supply agreement with Goantagab.
Chairman Glen Parsons said the 2025 financial year was "a year of delivery and strategic progress," highlighting the SQM partnership, licence consolidation and improved governance.
"We are proud to have delivered record revenues, higher tin recoveries, and a sevenfold increase in tantalum output," commented chief executive Anthony Viljoen.
"We enter 2026 with momentum, a clear plan, and the right partnerships to transform Andrada into a leading African supplier of critical minerals for the energy transition."
The company confirmed its annual general meeting would be held on 30 September, when non-executive director Terence Goodlace would step down after seven years on the board.
The board said it would not appoint a replacement at this time.
At 1057 BST, shares in Andrada Mining were up 5.67% at 3.17p.
Reporting by Josh White for Sharecast.com.