Andrada Mining has reported its strongest financial performance to date, with higher tin production, stronger prices and improved efficiency at its Uis mine pushing revenue up by 34% during the 2026 financial year.
The mining company, which operates the Uis tin mine in the Erongo region and is developing lithium and tungsten projects in Namibia, announced that revenue rose to about N$751 million, up from N$559 million the previous financial year.
Gross profit more than doubled to about N$192 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose to about N$82 million, compared with about N$12 million the previous year. The results cover the financial year ended 28 February 2026.
The company also generated cash from operations for the first time in recent years. Operating cash flow improved to about N$117 million, compared with a cash outflow of about N$100 million a year earlier.
Follow us on WhatsApp | LinkedIn for the latest headlines
Chief executive officer Anthony Viljoen said the company has reached an important stage in its development.
"The 2026 financial year represented an important step in Andrada's evolution from a single-asset tin producer into a diversified critical minerals company," he said.
Operational performance also improved during the year.
The company processed more than 1.04 million tonnes of ore, an 8% increase on the previous year. Tin concentrate production rose 15% to 1 740 tonnes, while contained tin production increased 13% to 1 036 tonnes. Tin recovery remained steady at 72%.
Higher production, together with a 20% increase in the average realised tin price, helped lift revenue and profits.
The company said its focus is no longer solely on producing more tonnes of ore but also on improving profit margins by enhancing plant efficiency and reducing production costs.
Several upgrades were completed at the Uis mine during the year as part of its Continuous Improvement Programme. The company has also secured funding for an ore-sorting circuit, which it believes will improve the quality of ore fed into the processing plant and increase production.
Another major milestone during the year was the strengthening of Andrada's financial position.
The company secured up to US$91 million in staged funding from strategic partners to develop its various mining projects.
Lithium Ridge will be funded through a partnership with SQM, one of the world's largest lithium producers, while Brandberg West will be developed with funding from BWCAM.
The Uis operation will continue to fund its own expansion through cash generated by mining operations, supported by a £4.4 million (about N$110 million) bank facility secured after the financial year.
Management said that separating funding for the three projects reduces pressure on the company's balance sheet, as each now has its own source of capital.
The company also confirmed that its long-term tin customer, Thailand Smelting and Refining Company (Thaisarco), has secured exclusive rights to purchase all tin concentrate produced at Uis. As part of the agreement, Thaisarco made an unsecured US$3 million payment to support the operation.
Andrada said these partnerships have strengthened investor confidence and provided sufficient funding to complete its current projects without raising additional external capital.
The stronger financial position also enabled the company's auditors to issue an unmodified going concern opinion for the first time in more than three years. This indicates the auditors believe the business has sufficient resources to continue operating and meet its obligations, based on current forecasts.
Chairperson Glen Parsons said the company has laid the foundation for long-term growth.
He said production at Uis continued to improve, while exploration at Lithium Ridge and Brandberg West confirmed the potential for lithium, tin, tungsten and copper resources.
For Namibia, the results also highlight the mining sector's growing contribution to employment and local business development.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
According to the company, 98% of its workforce is Namibian, and more than 80% of the goods and services it uses are sourced from local suppliers.
The company said this supports jobs, creates business opportunities for local contractors and suppliers, and helps spread the economic benefits of mining beyond the mine itself.
Looking ahead, Andrada plans to expand production at Uis while advancing the Lithium Ridge and Brandberg West projects. The company believes demand for tin, lithium, tungsten, tantalum and copper will continue to grow as countries invest in renewable energy, electric vehicles and new technologies.
Viljoen said the company has completed the difficult work of securing assets, improving operations and attracting investment.
"The focus now is on delivery by increasing production, generating stronger cash flow and creating long-term value for shareholders and Namibia," he said.
