Andrada Mining

Andrada offers a compelling investment opportunity anchored by its position as the sole AIM-listed tin producer amid a structurally favorable market where prices surged 40% year-to-date in 2025, exceeding US$40,000 per tonne in December. The company's diversified critical minerals portfolio provides multiple revenue streams and risk mitigation, with established tin and tantalum production complemented by lithium development partnerships and copper-tungsten exploration upside. 

The strategic earn-in agreement with SQM, the world's largest lithium producer, validates Lithium Ridge's potential, where SQM can acquire 50% ownership through US$40 million investment, demonstrating third-party confidence in Andrada's asset quality. Operational excellence is evidenced by consistent 73% tin recovery rates exceeding the 70% internal target for three consecutive quarters, while Q3 FY2026 contained tin production increased 10% year-on-year to 255 tonnes. 

Namibia's Tier-1 mining jurisdiction status, characterized by democratic governance, independent legal systems, and 4.2% GDP growth, provides exceptional operating conditions. The company's ESG commitment aligns with international standards, creating sustainable value for stakeholders while positioning Andrada at the forefront of Africa's critical minerals supply chain.

Andrada Mining Limited is led by an experienced management team with deep expertise in mining operations, resource development, finance, and sustainability. The leadership team brings a proven track record in executing large-scale mining projects, ensuring operational excellence, and driving strategic growth in the critical minerals sector.

• Anthony Viljoen – Chief Executive Officer
  A seasoned mining entrepreneur with over 20 years of experience operating across Africa, Anthony Viljoen has been instrumental in the development of multiple resource projects. As a co-founder of Bushveld Minerals and former CEO of Lemur Resources, he brings a wealth of expertise in mining strategy, project execution, and capital markets.
• Hiten Ooka – Chief Financial Officer
  A qualified chartered accountant, Hiten Ooka has over 15 years of experience in financial management within the mining sector. He has held key positions at Bushveld Minerals, Rand Uranium, Trafigura, and Eurasian Resource Group, overseeing financial planning, risk management, and corporate finance initiatives.
• Frans van Daalen – Chief Strategy Officer
  A qualified mining engineer with over 20 years of experience, Frans van Daalen specializes in strategic planning and operational efficiencies. As a co-founder and former director of VBKom, a leading mining consultancy, he brings valuable expertise in mine optimization and project development.
• Chris Smith – Chief Operating Officer
  With over 36 years of experience in mining operations and chemistry, Chris Smith has a strong background in process optimization, team leadership, and sustainable resource extraction. His expertise ensures that Andrada’s operations run efficiently while maintaining the highest environmental and safety standards.

This executive team is supported by a seasoned Board of Directors with extensive experience in mining, corporate governance, and capital markets. Together, they are driving Andrada Mining’s growth strategy, positioning the company as a leading supplier of critical raw materials for the global economy.

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Andrada is executing a multi-phase growth strategy focused on maximizing value from its existing operations while advancing development projects across its Namibian portfolio. The company is commissioning a new jig plant in H2 2025 to increase tin recovery and processing flexibility, with ore sorter installation planned to enhance pre-concentration efficiency and support lithium integration. 

The Continuous Improvement 2 programme targets increasing tin production from current 1,200tpa nameplate capacity to 1,500tpa through operational optimization, having already delivered 12% year-on-year processing rate improvements to 146 tonnes per hour. Lithium development follows a dual-track approach: advancing petalite production from Uis through metallurgical testwork and offtake discussions, while accelerating spodumene exploration at Lithium Ridge through the SQM partnership, which has deployed a third drill rig to fast-track resource definition. 

Brandberg West exploration is investigating high-grade tungsten and copper potential, with maiden drilling returning intersections up to 10.55% tin, 3.53% tungsten, and 2% copper. Third-party ore supply agreements, including the high-grade Goantagab agreement at 1.5% tin, complement organic growth and unlock regional expansion opportunities. This staged development approach, supported by strong market fundamentals and strategic partnerships, positions Andrada to deliver transformational growth across multiple critical minerals within achievable timelines.

Andrada maintains a solid financial structure with 1.67 billion shares issued as of May 2025, supported by a diverse institutional shareholder base including The Orange Trust (15.57%), Naminco Limited (6.82%), and JLE Limited, which recently increased its stake to 7.7% from 5.0%. The June 2025 accelerated bookbuild raised USD 8 million at 3.00 pence per share, with USD 6 million allocated to ore sorter installation and jig plant ramp-up, demonstrating focused capital deployment toward growth initiatives. 

The company benefits from a strong tin pricing environment, with prices up 40% year-to-date, while Q3 FY2026 operational performance showed 10% year-on-year growth in contained tin production to 255 tonnes and 25% quarter-on-quarter increase in shipments to 15. Recovery rates consistently exceed 70% targets at 73%, while plant availability and utilization maintain 90%+ levels, ensuring efficient asset deployment. 

The SQM partnership provides non-dilutive development funding for Lithium Ridge, with USD 40 million potential investment for 50% ownership, validating asset value while preserving Andrada's balance sheet. With zero lost-time injuries since October 2024 and 99% Namibian workforce composition, the company demonstrates operational excellence and social license, creating a sustainable platform for long-term value creation as it advances toward 200 million tonne resource target and expanded production capacity.

Andrada Mining Limited stands at the forefront of Africa's critical minerals revolution, uniquely positioned as the only tin producer on AIM with a diversified portfolio spanning tin, lithium, tantalum, tungsten, and copper in Namibia's premier mining jurisdiction. The company's operational momentum is demonstrated by Q3 FY2026 performance, delivering 10% year-on-year production growth, consistent recovery rates exceeding targets, and 25% quarter-on-quarter shipment increases amid a structurally favorable pricing environment. 

Strategic partnerships, including the SQM earn-in agreement validating Lithium Ridge's potential, provide non-dilutive development capital and third-party endorsement of asset quality. With a clear path to 1,500tpa tin production, 200 million tonne resource target, and integrated lithium development, Andrada offers investors leveraged exposure to critical minerals essential for global energy transition. The combination of proven operational excellence, experienced leadership, strong ESG credentials, and multiple near-term catalysts positions Andrada to deliver sustained value creation as it advances from emerging producer to globally significant critical minerals supplier.