Business
Audited Financial Results
Audited Financial Results.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n\n \n24 August 2023\n \nThe 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.\nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\nAUDITED FINANCIAL RESULTS FOR THE 12 MONTHS ENDED 28 FEBRUARY 2023\nSuccessful Uis Mine expansion results in a 34% increase in concentrate production\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia is pleased to announce the release of its audited financial results for the 2023 financial year ended 28 February 2023 (FY2023).\nFINANCIAL HIGHLIGHTS\n· Revenue of £9.8m (FY 2022: £13.6m) impacted by the decrease in tin prices.\n· Cash costs (C1) decreased to US$19 762 per tonne of contained tin (FY 2022: US$21 839) due to higher tonnage.\n· All-in sustaining cost decreased to US$24 939 per tonne of contained tin (FY 2022: US$27 515) due to higher tonnage.\n· EBITDA at £5.9m loss (FY2022: £2.6m loss) mainly due to a 34% decrease in the tin price.\n· Average tin price at US$25k per tonne (FY2022: US$39k per tonne).\n· Cash and cash equivalents at year end at £8.2m.\n· Cash balance at 23 August 2023 is £8.6m (unaudited).\nOPERATIONAL HIGHLIGHTS\n· Annual tin concentrate production increased 34% to 960 tonnes (FY2022:780 tonnes).\n· Exports increased to 33 shipments compared to 29 shipments in FY 2022.\n· Processing plant production capacity increased by 70%.\nLITHIUM HIGHLIGHTS\n· Infill drilling at ML 133 mining licence area (\"Lithium Ridge\") commenced in January 2023.\n· Off-site lithium pilot testing commenced during the fourth quarter.\n· Construction of the on-site lithium pilot plant commenced at the end of the financial year.\n· Exploration drilling programme completed on the ML129 mining licence...