Andrada Mining Limited, the Namibian tin producer quoted on AIM, reported interim results on 21 October 2026 for the six months ended 31 August 2026. According to a summary of the announcement, Revenue rose about 80% to £20.6 million, Gross Profit was £8.3 million at a Margin of 40.3%, EBITDA was £4.5 million and profit after tax was £2.5 million, against a £3.0 million loss in the comparable period. Cash stood at £15.6 million. Tin production rose about 13% to 576 tonnes, at an effective tin price of US$52,131 per tonne. The figures should be checked against the original release.

The company said its ore-sorting expansion project is fully funded and on track, and expects it to increase tin output significantly. Debt figures were not available in the summary.

What the company does

Andrada is a tin producer with other Assets in Namibia, including Uis, the Lithium Ridge project and Brandberg West. It is AIM-quoted and a constituent of the FTSE AIM All Share Index.

Lithium Ridge drilling

On 6 October 2026 the company released a fifth batch of drill results from Lithium Ridge, advanced under a Stage 1 earn-in agreement with SQM International. Assays came from 23 diamond holes that intersected mineralisation to depths of up to 275 metres. Reported widths are apparent and not true thicknesses.

Key lithium oxide intercepts included 34.90 metres at 1.02% in hole LRD045, including 6.22 metres at 1.67%, 10.66 metres at 1.13% in LRD060, 9.03 metres at 1.64% in LRD042 and 11.35 metres at 1.16% in LRD066. Tin and tantalum were also present across the pegmatites. Three holes, LRD064, LRD066 and LRD072, intersected consistent high-grade mineralisation in a newly identified pegmatite outside the main trend, while six holes missed significant pegmatite or fell below reporting cut-offs. Chief executive Anthony Viljoen said the company was still uncovering the full potential of the licence. Further metallurgical testwork and economic evaluation are needed before polymetallic potential can be confirmed.

Funding and corporate events

On 17 August 2026 the company announced financial close and execution of strategic funding, and on 5 August it received NaCC approval for the Brandberg West earn-in agreement. A Loan note conversion and Equity issue followed on 20 October. Full-year results for the year to 28 February 2026 and board changes were published on 28 August, operational performance to 31 August on 28 September, and the AGM results on 1 October. A sustainability report for FY2026 was published on 2 November.

Sector and index context

Tin is used mainly in solder for electronics, and Supply is concentrated in a few countries, so prices can move sharply on supply disruptions. Lithium exploration alongside an operating tin mine gives a company a revenue base to support exploration, though battery metals prices have been volatile. The FTSE AIM All Share Index features many natural resource names, and no information on Andrada's weighting or movement was found.

Key risks

Commodity price swings, operational performance at Uis, delivery of the ore-sorting expansion, dilution from loan note conversions, the early stage of the lithium work and dependence on a partner for earn-in funding are the main risks.

What to watch next

Shareholders will want to see whether the interim profit is sustained in the second half, given that tin prices and production can move from period to period. Watch for ore-sorting commissioning progress, the next production update, sixth-batch Lithium Ridge results and any further news on the SQM earn-in.