Andrada Mining Quarterly Update - 30 November 2025

• Tin concentrate production increased 14% year-on-year to 429 tonnes, with contained tin up 10% to 255 tonnes, supported by improved processing rates
• Plant processing rate rose 12% year-on-year to 146 tonnes per hour, demonstrating steady operational improvements through continuous enhancement programmes
• Tin recovery rates maintained at 73%, exceeding the company's 70% target for three consecutive quarters
• Tin prices surged approximately 40% year-to-date, exceeding US$40,000 per tonne in early December 2025, creating favourable market conditions
• Lithium Ridge joint venture with SQM accelerated with deployment of third drill rig, targeting first drill results in first half of 2026

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF) is a London-listed mining company with production and exploration assets in Namibia focused on critical minerals. The company operates the Uis Mine, formerly one of the world's largest hard-rock open cast tin operations, which is being developed to produce tin, tantalum and lithium. The company has set a mineral resource target of 200 million tonnes for delineation. Andrada operates under an environmental, social and governance framework aligned with international standards.

Quarterly Production Performance and Continuous Improvement Results

Andrada's third quarter for financial year 2026 showed operational progress at its Uis Mine in Namibia. The company processed 259,396 tonnes of ore during the quarter, an 8% increase compared to the same period last year. The processing plant achieved a rate of 146 tonnes per hour, a 12% improvement from 130 tonnes per hour in the prior year quarter. These results reflect the company's Continuous Improvement programme (CI2), which focuses on throughput efficiency and recovery rates.

Tin concentrate production reached 429 tonnes for the quarter, a 14% increase year-on-year, whilst contained tin production rose 10% to 255 tonnes. Recovery rates were 73%, above the company's 70% target for the third consecutive quarter.

Chief Executive Officer Anthony Viljoen commented:

"The Quarter reflected continued progress at Uis, with improved throughput, consistent recoveries, and strong tin production all underpinned by a favourable pricing environment."

Production in the third quarter was lower than the second quarter due to scheduled maintenance and implementation downtime on the tin crushing circuit. Plant availability was 91%, matching the prior year, whilst utilisation reached 90%. Management continues to allocate production between tin and tantalum based on market conditions.

Development Projects and Strategic Partnerships

The company's newly constructed jig processing plant entered commissioning during the quarter, with management implementing a staged approach to increase operational throughput. Initial start-up issues related to fine particle accumulation and shaking table configuration are being addressed with equipment manufacturers. Until third-party ore supply arrangements are finalised, the plant will process Uis ore. The jig plant is intended to enhance tin recovery rates and provide additional processing flexibility once operational.

Andrada's lithium development includes two projects. At the Uis Mine, the company is in discussions with potential offtake partners for its petalite product, targeting technical and industrial market applications. Metallurgical testing work is ongoing, with findings expected during the second half of calendar year 2026. At the Lithium Ridge joint venture with SQM, a third drill rig has been deployed to accelerate exploration work targeting spodumene-bearing pegmatites. Initial assay results are anticipated in the first half of 2026.

The company continues discussions regarding ore supply arrangements with Goantagab for high-grade material. Exploration work at Brandberg West has identified copper mineralisation with grades up to 2% and tungsten intersections at 2%. Management views these activities as part of its strategy to establish operations across multiple critical minerals within Namibia's Erongo region.

Commodities Market Position and Growth Outlook

Tin prices have increased approximately 40% year-to-date, reaching over US$40,000 per tonne in December 2025. The company reported that global tin shortages are contributing to price strength. Chief Executive Anthony Viljoen stated: "As the only tin producer listed on AIM, Andrada is uniquely positioned to capitalise on this bull market." Andrada is currently the sole tin producer listed on the London Stock Exchange's AIM market.

Market forecasts for the company's commodity portfolio show growth across multiple sectors. Tantalum demand is forecast to grow at 7% annually through 2030. Global lithium demand is projected to increase from 1.3 million tonnes in 2022 to 5.2 million tonnes of lithium carbonate equivalent by 2040. Copper prices have risen approximately 30% year-to-date to US$11,600 per tonne, with supply deficits of up to 6 million tonnes expected by 2035. The tungsten market has grown to US$6.12 billion in 2025 and is projected to reach US$8.7 billion by 2029, driven in part by Chinese export restrictions affecting approximately 80% of global supply.

The company's operations at Uis provide production of tin and tantalum, with lithium development underway. Exploration activities at Brandberg West have identified copper and tungsten mineralisation. Andrada operates in Namibia, which has established mining infrastructure and regulatory frameworks.

Looking Ahead

Andrada's priorities for the next quarter include completing jig plant commissioning, continuing plant optimisation at Uis, progressing ore-sorter studies for feed pre-concentration, advancing the lithium integration framework for future petalite production, and continuing geological mapping at Brandberg West targeting copper and tungsten systems. Management also plans to evaluate and execute third-party ore supply agreements to expand feedstock options.

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