By: OrePulse

Namibia-focused tin producer Andrada Mining swung to an after-tax profit of £2.5 million for the six months ended August 31, 2026, reversing a £3 million loss in the same period a year earlier, as a sharp rise in tin prices pushed revenue up about 80 percent to £20.6 million.

Andrada is a London AIM-listed company that produces tin at its flagship Uis mine, an opencast polymetallic operation in Namibia's Erongo region that also yields lithium and tantalum. The mine has been the centerpiece of Andrada's strategy as it works to diversify beyond tin into lithium and tungsten. The company said the first-half turnaround was driven by a 13 percent increase in tin production and a 57 percent jump in the effective tin price, which climbed to $52,131 a metric ton over the period.

Gross profit rose more than fourfold, exceeding £8.3 million, as the margin climbed to 40.3 percent, Andrada said in its half-year results. Earnings before interest, tax, depreciation and amortization rose to £4.5 million over the same six months.

Cash generated from operations totaled £4.9 million for the half, surpassing the £4.7 million the company generated across the whole of financial year 2026. Andrada ended the period with £15.6 million in cash on hand, strengthening its balance sheet heading into the second half of the year. The company reported the tin output and price changes in percentage terms only, without disclosing tonnage figures.

Andrada framed the results as evidence that its turnaround is gaining traction, pointing to the combination of higher output, stronger pricing and improved cash generation. The company pointed to planned plant upgrades at Uis as the next driver of growth; those upgrades, which Andrada says are fully funded, include an ore-sorting circuit installation that remains on schedule.

Beyond Uis, Andrada is pursuing two partnership-backed growth projects. Its Lithium Ridge project is being advanced under a strategic earn-in partnership with SQM International, the lithium-producing arm of Chilean miner SQM. Separately, Andrada is working with BWCAM — a unit of private investment firm ACAM LP — to advance Brandberg West, a tin and tungsten project; ACAM LP has agreed to fund Andrada's work there, which also covers copper resources at the site.

CEO Anthony Viljoen described the results as "a significant turning point for Andrada, with strong operational performance at Uis translating into a step-change in profitability and cash generation."

"We enter the second half of the financial year from a considerably stronger position with a critical minerals platform of three assets or value creators," Viljoen said. He added that the company has "demonstrated the earnings and cash-generation potential of the business," and that its priority now is "to convert our funded investment programme and strategic partnerships into higher production, measurable project progress and sustainable shareholder value."

"Together with our renewed board, this gives Andrada a clear platform to execute on growth across all three assets," Viljoen said.