Q3 Operational Update For Period End 30 Nov 2025

Andrada Mining Limited

17 December 2025

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information will be in the public domain.

Andrada Mining LimiteD

("Andrada" or the "Company")

Operational update for the QUARTER ended 30 November 2025

Robust operational platform enhancing future growth

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an emerging African critical minerals miner with a portfolio of exploration, development and early-stage production assets in Namibia provides the following operational performance update for the third quarter ended 30 November 2025 ("Q3 FY2026" or the "Quarter").

Highlights

Strategic

§ The Lithium Ridge JV with SQM: Encouragingly a third drill rig has been deployed to complement the existing drilling program:

§ Drill result releases targeted for first half of 2026 calendar year.

§ Notable institutional investment: JLE Limited increased equity ownership to 7.7% from 5.0%.

Operational

§ Continuous Improvement programme ("CI2") continues to deliver improved throughput and recovery performance:

§ Processing rate: increased by 12% Year-on-Year ("YoY") to 146 tonnes per hour ("tph") (Q3 FY2025: 130tph) delivering stable and predictable plant performance.

§ Tin recovery rate: stable at 73% compared to 74% in Q3 FY2025 exceeding the Company's targeted 70% level for a third consecutive quarter.

§ Tin concentrate produced: increased by 14% YoY to 429 tonnes (Q3 FY2025: 376 tonnes) supported by higher throughput.

§ Contained tin produced: increased by 10% YoY to 255 tonnes (Q3 FY2025: 232 tonnes).

§ Jig plant phased commissioning progressing steadily.

Tin market

§ Strong market defined by 40% tin price increase Year-to-Date CY2025 ("YTD").

§ Tin shipments: 25% increase to 15 shipments ensuring enhanced concentrate production into a tightening global tin market.

Anthony Viljoen, Chief Executive Officer, commented:

"The Quarter reflected continued progress at Uis, with improved throughput, consistent recoveries, and strong tin production all underpinned by a favourable pricing environment. The benefits of our continuous improvement programme and development initiatives are beginning to materialise, creating visible momentum across the business. These initial results provide a positive indication of the latent value within our operations that we aim to unlock as we progress further in the new year, another demonstration to the phenomenal geology we have at Uis. With tin prices exceeding US$40 000 per tonne in early December, the commodity has emerged as one of 2025's top performers.

As the only tin producer listed on AIM, Andrada is uniquely positioned to capitalise on this bull market. In parallel, our exploration and development activities across the broader Erongo region in Namibia continue to validate the Company's strategy to develop a hub for tin and associated critical minerals, namely lithium, tantalum, copper and tungsten. Andrada is at the forefront of critical mineral development in Africa, with existing production providing the foundation for transformational growth through exploration and development across our expanding portfolio within achievable defined timeline."

Operations

Uis Mine production

Unaudited figures for the period ended 30 November 2025.

PARAMETER	UNIT	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q3 FY2025
TIN
Feed grade	% Sn	0.136	0.139	0.140	0.133
Plant processing rate	tph	142	144	146	130
Ore processed	tonnes	254 745	272 838	259 396	239 240
Concentrate produced	tonnes	405	453	429	376
Contained tin produced	tonnes	238	273	255	232
Recovery	%	69	73	73	74
Plant availability	%	89	90	91	91
Plant utilisation	%	93	96	90	93
Number of shipments	#	16	12	15	14
TANTALUM
Concentrate produced	tonnes	12.0	15.0	7.7	15.7
Contained tantalum produced	kg	1 385	1 583	789	1 710
Concentrate grade	%	11.4	10.6	10.3	10.9
Recovery	%	5.3	5.2	3.7	5.7

Cost and pricing figures to be reported bi-annually as stated in the Interim Financial results. (See announcement released 27 November 2025).

The Company delivered another quarter of solid year-on-year growth, demonstrating the impact of the CI2 efficiency programme:

·    Ore processed increased by 8% YoY to 259 396 tonnes.

·    Tin concentrate production increased by 14% YoY to 429 tonnes, with contained tin up 10% to 255 tonnes.

·    Recovery rates held steady at 73%, exceeding the 70% internal target for the third consecutive quarter.

·    Tin shipments totalled 15 for the period, representing a 7% YoY and 25% QoQ increase, aligning with the Company's strategy to optimise sales during a period of elevated pricing.

Quarterly tin production was marginally lower than Q2FY2026, reflecting scheduled maintenance and CI2 implementation downtime on the tin crushing circuit, both essential to support long-term throughput stability. Despite this, the processing plant remains on track to achieve and sustain targeted performance levels. The operational focus remains firmly on maximising value through optimal product mix, guided by prevailing market conditions and production flexibility. Management continues to assess production allocation across tin and tantalum to ensure delivery against both commercial and strategic priorities.

UIS MINE Development projects

Jig processing plant

Commissioning of the new jig plant progressed steadily during the quarter. A phased commissioning approach is being implemented to support progressive operational throughput during ramp-up, while initial start-up issues, relating to fines build-up and shaking table configuration are being addressed in collaboration with the equipment manufacturers. Until third-party ore becomes available, the Jig plant will use Uis ore to maintain operations and optimise performance.

Goantagab ore supply

Andrada remains strongly encouraged by the long-term potential of the Goantagab high-grade ore supply and is optimistic that the parties will reach an outcome that enables implementation of the existing supply agreement. In parallel, the Company remains committed to building a pipeline of value-accretive third-party ore partnerships to complement its production strategy and unlock additional regional growth opportunities.

LITHIUM DEVELOPMENT

Uis

The Company continues to advance discussions with potential offtake partners for its petalite product, in both the technical and industrial markets. Metallurgical testwork is ongoing, alongside a comprehensive evaluation of potential production pathways. Findings from this study are expected to be released during the second half of calendar year 2026 ("CY2026") and will inform Andrada's broader lithium integration strategy.

Lithium Ridge

Drilling activity at Lithium Ridge has accelerated in partnership with SQM, with a third rig deployed to fast-track the exploration programme. Initial assay results are expected during the first half of CY2026. This programme is targeting spodumene-bearing pegmatites across the licence area and forms part of Andrada's strategy to establish a second lithium asset alongside Uis.

Commodities marketS OVERVIEW

Tin¹

Prices have surged by approximately 40% YTD, breaching US$40 000 per tonne in December 2025, are expected to remain strong amid global shortages. Andrada's established Uis production and extensive tin resources position it to benefit from this structurally favourable market.

Tantalum²

Demand is forecast to grow up to 7.0% CAGR through 2030, creating a tightening market. Tantalum production at Uis enhances project economics, while mineralisation at Lithium Ridge supports future scale and value.

Lithium³

Global demand is forecast to rise from 1.3Mt (2022) to 5.2Mt LCE by 2040. Andrada is positioned to supply both technical-grade petalite from Uis and battery-grade spodumene from Lithium Ridge.

Copper⁴

A supply shortfall of up to 6Mt is expected by 2035. Drilling at Brandberg West confirmed copper grades up to 2%, with prices up approximately 30% YTD to US$11 600/t, highlighting Andrada's diversification potential. (See announcements dated 12 Sep & 16 Oct 2024.)

Tungsten⁵

The tungsten market has grown to US$6.12 billion in 2025 (CAGR 8.1%), driven by price increases and Chinese export restrictions (c.80% of supply). The market is projected to reach US$8.7 billion by 2029. The notable mineralisation intersections of tungsten grades at 2% recorded from the exploration drilling programme at Brandberg West, position the Company favourably to capture value from this potential upside. (See announcement released on 12 September 2024 & 16 October 2024).

¹ https://www.internationaltin.org/tin2030-a-vision-for-tin/

  Investment Case for Tin - Investing in Tin Seminar 2024 by Tom Langston - International Tin Association

  https://www.lme.com/en/metals/non-ferrous/lme-tin#Summary

² https://www.nextmsc.com/report/tantalum-market

³ International Lithium Association (Project Blue): Lithium 2040 - The element shaping our future - May 2025.

⁴ Shanghai Metal Market: https://www.metal.com/en/markets/2

⁵ Researchandmarkets - Tungsten Global Market Report 2025: https://www.metal.com/en/markets/2

OUTLOOK

Looking ahead, the Company is focused on consolidating this year's operational progress while delivering several near-term strategic milestones. Key growth priorities for the next quarter include:

§ Completion of Jig plant commissioning to unlock additional tin recovery and processing flexibility.

§ Continued plant optimisation at Uis to drive operational efficiency.

§ Progression of ore-sorter optimisation studies to enhance feed pre-concentration.

§ Advancement of the lithium integration framework, supporting future petalite production.

§ Ongoing geological mapping at Brandberg West, targeting copper and tungsten systems.

§ Evaluation and execution of third-party ore supply agreements to expand feedstock options.

Management remains confident that the operational platform established at Uis together with strong market fundamentals, strategic partnerships, and a diversified critical minerals portfolio, positions the Company to deliver sustained value and long-term growth across multiple commodities within a defined achievable timeline.

CONTACTS Andrada Mining Limited Anthony Viljoen, CEO Sakhile Ndlovu, Head of Investor Relations	[phone]
NOMINATED ADVISOR & BROKER
Zeus Capital Katy Mitchell Andrew de Andrade Harry Ansell	[phone]
CORPORATE BROKER & ADVISOR
H&P Advisory Limited Andrew Chubb Jay Ashfield Matt Hasson	[phone]
Berenberg Jennifer Lee	[phone]
FINANCIAL PUBLIC RELATIONS
Tavistock Emily Moss Josephine Clerkin	[phone] [e-mail]

About Andrada Mining Limited

Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. The Company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine and currently being re-developed as a major tin-tantalum-lithium producer. The Company has set a mineral resource target of 200 Mt to be delineated within the next few years. The existing mine, together with its substantial mineral resource potential, allows the Company to consider economies of scale.  Andrada is managed by a board of directors with broad industry knowledge and a management team with extensive commercial and technical skills. Furthermore, the Company is committed to the sustainable development of its operations and the growth of its business. This is demonstrated by the way the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system that has been implemented at all levels of the Company and aligns with international standards.

 

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