Andrada Mining Limited · LSE:ATM
Andrada Mining — H1 FY2027 Earnings Presentation
14 slides from Andrada Mining's earnings presentation, Oct 29, 2026
Slide 1: H1 FY2027 Interim Results
H1 FY2027 INTERIM RESULTS BUSINESS UPDATE · INVESTOR MEET COMPANY A profitable, cash-generating producer with funded growth and partner-backed upside 29 OCTOBER 2026 | AIM: ATM · NSX: ATM · OTCQB: ATMTF
Slide 2: Disclaimer
DISCLAIMER • This presentation contains summary information about Andrada Group and its subsidiaries • To the maximum extent permitted by law, Andrada and any of its related bodies corporate and (Andrada or Company) and their activities. The information in this presentation is a general affiliates a
Slide 3: Why Andrada, Why Now
WHY ANDRADA, WHY NOW Three assets • Three value creators • Single critical metals platform Andrada is now a profitable, cash-generating tin producer, with funded production growth at Uis and strategic partners funding portfolio development. PROFITABLE CASH GENERATIVE FUNDED EXPANSION PARTNER-FUNDED
Slide 4: H1 FY2027: Financial Transformation
H1 FY2027: FINANCIAL TRANSFORMATION A step • Change in profitability and cash generation REVENUE GROSS MARGIN ADJUSTED EBITDA OPERATING CASH FLOW £20.6m 40.3% £4.5m £4.9m +80% (H1 FY2026: £11.4m) H1 FY2026: 16.4% H1 FY2026: £1.7m H1 FY2026: £0.03m £20.6m £11.4m £8.3m H1 FY2026 £4.7m H1 FY2027 £1.9m
Slide 5: Operational Performance and Unit Economics
OPERATIONAL PERFORMANCE AND UNIT ECONOMICS Higher output from the existing plant • Margins widened CONTAINED TIN FEED GRADE THROUGHPUT RECOVERY Revenue bridge: price vs operations (£m) 576t 0.149% Sn 153 tph 73% +2.7 20.6 +13% +9% +7% +2 pp +6.5 11.4 US$ per tonne contained tin H1 FY2026 Tin price V
Slide 6: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET Stronger cash position • Two separate funding pools Cash bridge, H1 FY2027 (£m) CORPORATE & UIS FUNDING (BALANCE SHEET) • Cash £15.6m vs February 2026: £8.9m +3.9 −1.3 • Net assets of £36m vs February 2026: £25m • N$98m (c.£4.4m) bank debt 15.6 • £7.4m net equity proceeds
Slide 7: Uis: The Next Earnings Inflection
UIS: THE NEXT EARNINGS INFLECTION Production growth • Operating leverage • Potential royalty reduction ORE-SORTING PROJECT PRODUCTION FOUR MARGIN DELIVERY GROWTH LEVERS MILESTONES Ore Ore sorter product Transfer Dump truck sorters conveyor tower feed hopper 1 152t → 1 500 – 1 900t ↑ Higher volume •
Slide 8: Tin Market: A Structural Opportunity
TIN MARKET: A STRUCTURAL OPPORTUNITY Demand growth outpacing refined supply • Full spot exposure from December MARKET SIGNALS (OCTOBER 2026) ANDRADA LEVERAGE TO TIN Tin demand forecast (Refined Tin Use, ’000 tonnes) 3-month LME tin price, Demand outpacing supply 26 October 2026 ITA: demand +22% vs r
Slide 9: Lithium Ridge: Spodumene Growth Option
LITHIUM RIDGE: SPODUMENE GROWTH OPTION Stage 1 drilling completed with SQM funding MILESTONES ACHIEVED STAGE 1 DRILLING MINERALISED MULTIPLE HIGH-GRADE COMPLETED TRENDLINE INTERCEPTS 16 500 m 6 → 9 km >2% Li₂O 143 holes Multiple mineralised Polymetallic upside pegmatites discovered Sn ↑ 1.3% Ta ↑ 74
Slide 10: Brandberg West: Tungsten, Tin and Copper Option
BRANDBERG WEST: TUNGSTEN, TIN AND COPPER OPTION A strategic metals opportunity MILESTONES ACHIEVED CURRENT WORKSTREAMS UPCOMING MILESTONES • Exploration & tailings drilling • Analysis of exploration & • Geological model update , completed tailings • Metallurgical testwork to generate • Bulk metallur
Slide 11: A Refreshed Board for Andrada's Next Phase of Growth
A REFRESHED BOARD FOR ANDRADA’S NEXT PHASE OF GROWTH Strengthened governance • Operational expertise • Capital markets experience GIDA NAKAZIBWE NEIL GAWTHORPE LILI NUPEN ANTHONY VILJOEN HITEN OOKA SEKANDI Non-executive Director Non-executive Director Chief Executive Officer & Chief Financial Office
Slide 12: Value-Accretive Portfolio and Shareholder Opportunity
VALUE-ACCRETIVE PORTFOLIO AND SHAREHOLDER OPPORTUNITY VALUE-ACCRETIVE EXPANSION & TRANSACTIONS BROKER RESEARCH (THIRD-PARTY) 1 Uis – producing Broker Target Uis share of NAV Cash flows from current output (576t in H1) 24.0p Valued on operating cash flow / DCF Hannam & Partners 80% 22 October 2026 16
Slide 13: Catalysts and Investment Case
CATALYSTS AND INVESTMENT CASE A clear 18-month roadmap 3 MONTHS 6 MONTHS 12 MONTHS 18 MONTHS • Hedge expires • Uis expansion commissioning • Uis production growth • Uis at higher run-rate • Lithium Ridge assay • Pushback complete • Lower Orion royalty at Uis • Lithium Ridge resource results complete
Slide 14: Contact
CONTACT Andrada Mining Limited: investorrelations@andradamining.com Tavistock: +44 (0) 207 920 3150 andrada@tavistock.co.uk andradamining.com