Uis drives Andrada turnaround

Exemplary Andrada
Multi-metal mining makes progress, building on strong tin foundation.
Augetto Graig
  • 1 Hour Ago

Andrada Mining Limited has reported a significant financial turnaround, improved operational performance and a fully funded growth strategy across its Namibian critical minerals portfolio in its unaudited interim results for the six months ended 31 August 2026.

“Things are really going to get pretty exciting from here,” said chief executive Anthony Viljoen.

“Andrada is profitable and generating operating cash today. We have a funded plan to grow tin production and improve Uis economics through by-product credits. We have meaningful additional portfolio opportunities supported by strategic partners and a refreshed board. We have built the foundations and are now focused on converting them into sustainable earnings, cash generation and shareholder value,” he said.

According to chief financial officer Hiten Ooka, the results mark a significant improvement in the company's financial performance compared with previous periods.

“These results mark a clear change in Andrada’s financial performance compared with the prior periods,” he said.

Revenue increased by 80% to £20.6 million, driven by higher tin production and stronger pricing. Gross profit more than quadrupled to £8.3 million, with gross margins exceeding 40%. The company reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £4.5 million, profit after tax of £2.5 million (more than N$55 million) and operating cash generation of £4.9 million, supported by higher tin production and stronger commodity prices.

“A key takeaway is that Uis is now showing real operational leverage,” Ooka said.

Viljoen said Uis was already profitable, with the company's focus now shifting towards expanding production, improving operational efficiency and increasing cash generation.

“Uis is already profitable, our job now is to make it bigger, more efficient and a more cash-generative operation,” he said.

He pointed to investments in plant upgrades and operational efficiencies that were beginning to yield results. Bulk mining operations, increased plant throughput and balance sheet optimisation have also helped the mine benefit from economies of scale.

Contained tin production at the Uis mine increased by 13% to 576 tonnes, while ongoing expansion projects are targeting annual production of between 1,500 and 1,900 tonnes. Management outlined plans to improve operational efficiencies, reduce unit costs and strengthen margins through ore-sorting technology, increased throughput and tantalum by-product credits.

Beyond tin production, Andrada continues to advance its Lithium Ridge and Brandberg West projects through strategic partnerships with SQM and BWCAM. These partnerships provide exposure to lithium, tungsten, copper and tantalum while allowing the company to maintain capital discipline.

The investor update also highlighted encouraging exploration results, ongoing lithium feasibility studies and a supportive long-term outlook for the tin market, underpinned by growing demand from electronics, artificial intelligence infrastructure and renewable energy technologies.

The company's key targets include completing ore-sorting upgrades in the second half of the 2027 financial year, finalising the open-pit push-back by the end of the same financial year and ramping up production in the first quarter of 2028.

Viljoen also highlighted changes to the company's board as it prepares for its next phase of growth.

“As we enter the next phase, we have also recently renewed the board,” he said.

Gida Nakazibwe Sekandi has been appointed non-executive chairperson, bringing more than 28 years of experience in financial services and governance leadership. Neil Gawthorpe and Lili Nupen have also joined the board as non-executive directors.

“Neil and Lili bring expertise and deep knowledge in mining, capital markets, governance and transaction experience to support the next stage of the business,” Viljoen said.

With its expansion programmes funded, a strengthened board in place and several development milestones expected over the next 12 to 18 months, Andrada Mining said it remained focused on sustainable earnings growth, improved cash flow and long-term shareholder value creation.