Namibia-focused Andrada Mining has reported a 34% year-on-year revenue increase to £30.1-million for the financial year ended February 28, as the London-listed company transitions from a single-asset tin producer into a diversified critical minerals company.

The company processed 1.04-million tonnes of ore during the period, an 8% increase from the prior year, while tin concentrate production rose 15% to 1,740 tonnes. Contained tin produced increased 13% to 1,036 tonnes, with recovery rates maintained at 72%. Gross profit more than doubled to £7.7-million from £3-million in the previous financial year.

Operating cash flow improved by £8.7-million to £4.7-million, moving the company from cash consumption to cash generation.

"The strategy has been deliberate. Andrada has assembled a portfolio of historically significant mining assets across one of Namibia's most prospective mineral districts and systematically worked to understand, consolidate and derisk them," said chief executive officer Anthony Viljoen.

"These assets were not unknown. Uis, Lithium Ridge and Brandberg West all have histories extending back decades. What has changed is the geological understanding, processing technology, commodity environment and, increasingly, the strategic importance of the minerals they contain," Viljoen added.

The company's long-term tin offtaker, Thailand Smelting & Refining Co, strengthened its supply agreement with Andrada's wholly-owned subsidiary Uis Tin Mining Company by securing exclusivity over all concentrate produced from the Uis operations. Thaisarco also provided an unsecured $3-million exclusivity payment to be repaid at UTMC's discretion.

Exploration drilling at Lithium Ridge with Sociedad Química y Minera de Chile through its subsidiary SQM Australia confirmed high-grade lithium mineralisation alongside substantial tin and tantalum mineralisation. Andrada also secured a staged earn-in partnership with ACAM subsidiary BWCAM to develop the Brandberg West project and a cooperation agreement with the European Investment Bank for up to €2-million in non-dilutive technical assistance to advance the Uis lithium expansion project.

In a separate announcement, the company confirmed board changes effective September 30, with independent non-executive chairperson Glen Parsons and independent non-executive director Laurence Robb retiring after approximately nine years of service. Gida Nakazibwe Sekandi will assume the role of chairperson following the annual general meeting.

"Neil and Lili bring skills and extensive experience that will further strengthen the board and support the execution of Andrada's strategic objectives," Parsons said, referring to new appointments Neil Gawthorpe and Lili Alexandra Nupen-Staude. "Their combined expertise spans mining operations, project development, strategic transactions, governance, regulatory matters and stakeholder engagement, all of which will be valuable as Andrada continues to advance its portfolio of critical minerals assets."