Business
UNAUDITED INTERIM RESULTS 6 MONTHS ENDED 31/08/23
UNAUDITED INTERIM RESULTS 6 MONTHS ENDED 31/08/23.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n \n\n \n \n\n\n\n29 November 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\")\nUnaudited Interim Financial Results for the six months ended 31 August 2023\n \nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the metals and mining company with a portfolio of technology metals mining and exploration assets in Namibia, announces its unaudited interim financial results for the six-months ended 31 August 2023 (\"H1 2024\").\nThe company will be hosting an investor presentation at 9am UK time (11am SAST) on Thursday 30 November 2023. Please register for the event at: https://www.investormeetcompany.com/afritin-mining-limited/register-investor.\n \nHIGHLIGHTS\nFINANCIAL PERFORMANCE\n§ 87% increase in revenue to GBP8.7 million (H1 2023: GBP4.7 million).\n§ 19% decrease in cost of sales per tonne of contained tin to GBP17 276 (H1 2023: GBP21 903).\n§ > 100% increase in gross profit to GBP1.5 million (H1 2023: loss of GBP1 million).\n§ 30% reduction in operating loss to GBP2.5 million (H1 2023: loss of GBP3.5 million).\n§ 25% reduction in loss before tax to GBP2.8 million (H1 2023: loss of GBP3.7 million).\n§ Average C1¹ operating cash cost per tonne of contained tin produced was USD18 161 (GBP14 324), which is within management guidance.\n§ Average C2² operating cost per tonne of contained tin produced was USD20 796 (GBP16 403), which is within management guidance.\n§ All-in sustaining cost (\"AISC\") ³ per tonne of contained tin produced was USD24 662 (GBP19 452) which is below management guidance.\n§ GBP7.7 million (c. USD10 million) raised through issuance of unsecured convertible loan notes.\n§ Unaudited cash balance on 31 August 2023 was GBP6.7 million (USD8.5 million).\n\nOPERATIONAL PEFORMANCE\n§ Successful plant expansion in 2023 resulted in significant improvements in the H1 2024 performance.\n§ 67% increase in tin concentrate to 758 t...