Business
Q1 Ops Update for the Period ended 31 May 2024
Q1 Ops Update for the Period ended 31 May 2024.
About this update from Andrada Mining Limited
[{"type":"text","content":"\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.\n21 June 2024\nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\nOperational update for the quarter ended 31 May 2024\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia, hereby provides an unaudited operational update for the quarter ended 31 May 2024 (\"Q1 FY2025\").\nHIGHLIGHTS\nOperations\n§ Year-on-year (\"YoY\") increase in ore processed to 237 976 tonnes (Q1 FY2024: 217 189 tonnes).\n§ YoY increase in tin concentrate production to 364 tonnes (Q1 FY2024: 359 tonnes).\n§ YoY increase in contained tin production to 223 tonnes (Q1 FY2024: 216 tonnes).\n§ Plant availability increased to 93% (Q1 FY2024: 91%).\n§ Production of nine tonnes of saleable tantalum concentrate, constituting a 14% increase quarter-on-quarter (\"QoQ\"). Of this, five tonnes were shipped to AfriMet during the quarter per the offtake agreement\n§ YoY increase in realised tin price from USD 25 149 to USD30 839 per tonne of contained tin.\nFinancial\nAs set out below, management has maintained its guidance on costs despite the introduction of the Orion royalty charges and ongoing mining cost increases. The mine and plant performance are expected to remain stable during the financial year as the pre-concentration circuit and Continuous Improvement 2 (\"CI2\") initiatives are implemented. The enhanced plant performance, following the completion of the expansion programme, is expected to reduce operational costs.\n§ Management guidance on quarterly average C11 costs is maintained at between USD17 000 and USD20 000 per tonne of contained tin. USD18 899 recorded in Q1 FY2025, which is within the guidance range.\n§ Management guidance on quarterly average C22 costs is maintained between USD20 000 and USD25 000 per tonne of contained tin. USD23 452 recorded in Q1 FY2025, which is within the guidance range.\n§ Management guidance o...