Q2 Operational Update For Period Ended 31 Aug 2025

The 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.

Andrada Mining LimiteD

("Andrada" or the "Company")

Operational update for the period ended 31 AUGUST 2025

Record Quarterly Tin Production Delivers Strong Year-on-Year Growth

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the critical minerals producer with mining and exploration assets in Namibia, provides the following operational performance update for the second quarter ended 31 August 2025 ("Q2 FY2026" or the "Quarter").

Highlights

§ Tin concentrate produced: increased 17% Year-on-Year ("YoY") to 453 tonnes (Q2 FY2025: 388 tonnes), marking record quarterly production.

§ Contained tin: increased 14% YoY to 273 tonnes (Q2 FY2025: 239 tonnes), reflecting enhanced operational efficiency.

§ Tin recovery rate: improved to 73% in the Quarter (Q1 FY2026: 69%).

§ Realised average tin price: increased 4% YoY to USD 33 308 per tonne (Q2 FY2025: USD 31 937 per tonne) benefiting from strong global tin market fundamentals.

§ Tantalum concentrate record breaking six-month production at 27 tonnes with 10 tonnes concentrate shipped during the Quarter.

§ Jig Plant: successfully completed on schedule and on budget - commissioning commenced end-August 2025, positioning Andrada for further production acceleration.

§ Lithium Ridge: Stage 1 exploration drilling with SQM Australia (Pty) Ltd ("SQM"), progressing well, advancing the Company's strategic minerals diversification.

§ First-half ("H1 FY2026") performance: Tin concentrate production up 14% YoY to 858 tonnes, contained tin increased 11% to 511 tonnes.

Anthony Viljoen, Chief Executive Officer, commented:

"This Quarter reflects another period of robust operational performance underscoring Andrada's emergence as one of the pre-eminent producers in the international tin market. Increased tin concentrate production was supported by higher recoveries and improved plant utilisation, demonstrating the resilience of our operations and the technical expertise of our team. The higher concentrate tonnage also enabled us to continue benefitting from the prevailing strong tin price environment.

The on-time, on-budget commissioning of the Jig Plant is another pivotal milestone for Andrada. The plant is expected to boost recoveries, raise output and lower unit costs, a combination that will drive further value creation for shareholders as we scale up production.

Looking forward, we are well-positioned for continued growth in the second half of the financial year. Our operational improvements provide a robust foundation for increased production which alongside the progress at Lithium Ridge, positions Andrada well to build a diversified, high-value portfolio of critical minerals to benefit from long-term structural demand growth."

Operational performance

Tin Production

Ore processed during the Quarter increased 12% YoY to 272 838 tonnes (Q2 FY2025: 243 528 tonnes) and 7% Quarter - on - Quarter ("QoQ") (Q1 FY2026: 254 745 tonnes). First-half throughput was 527 583 tonnes, a 10% increase YoY (H1 FY2025: 481 504 tonnes). Feed grade for the Quarter was steady YoY at 0.139% Sn (Q2 FY2025: 0.141% Sn) and improved 2% QoQ from 0.136%.

The Quarter processing rate increased 11% YoY to 144 tph (Q2 FY2025: 130 tph), whilst plant utilisation improved to 96% (Q2 FY2025: 93%), reflecting operational efficiency gains from the continuous improvement programme at the Uis Mine. Tin recovery for the Quarter increased to 73% (Q1 FY2026: 69%), up 4% QoQ. The higher throughput combined with improved recoveries resulted in a 17% YoY and 12% QoQ increase in tin concentrate production to 453 tonnes.

Contained tin production increased 14% YoY to 273 tonnes (Q2 FY2025: 239 tonnes) and reached 511 tonnes for H1 FY2026, up 11% YoY (H1 FY2025: 462 tonnes). Tin concentrate production for the first half increased 14% to 858 tonnes (H1 FY2025: 752 tonnes) demonstrating the sustainability of the Company's growth trajectory. While only eight shipments were finalised at Quarter-end due to timing, ten additional shipments are expected to be recognised in Q3 FY2026, underpinning strong sales momentum and revenue visibility for the second half.

Table 1: Unaudited Uis Mine Tin Concentrate Production and Cost Figures

* Tin recovery includes stockpiles.

1       C1 refers to the operating cash cost per tonne of contained tin excluding selling expenses and sustaining capital expenditure.

2       C2 refers to C1 plus selling expenses such as logistics, smelting, royalties and includes tantalum credits.

3       All-in sustaining cost (AISC) incorporates all costs and expenses related to sustaining production per tonne of contained tin; mining, processing, engineering, overheads, stockpile movements, selling tantalum credits.

Tin Expansion: Jig Plant Commissioning

Construction of the Jig Plant was completed during the Quarter on time and on budget, with commissioning initiated at the end of August 2025. (See announcement dated 21 August 2025). The facility is expected to enhance overall recoveries and tin concentrate output. This marks a significant milestone in the Company's strategy to optimise plant efficiency and increase metal output with a corresponding reduction in unit mining costs. The CI2 programme continued to deliver good results during the Quarter with the filter press completion and commissioning scheduled for the end of the third quarter, further enhancing our operational efficiency and production capabilities.

Tantalum Contribution

Tantalum concentrate production was 15 tonnes in Q2 FY2026, broadly in line with the prior period (Q2 FY2025: 16 tonnes). H1 FY2026 output rose 12% YoY to 27 tonnes (H1 FY2025: 24 tonnes), equivalent to approximately 3 tonnes of contained tantalum. Approximately, 10 tonnes of concentrate were shipped to customers during the Quarter. Tantalum provides valuable diversification and premium pricing opportunities.

Table 2 : Unaudited Uis Mine Tantalum Production Figures

Lithium Growth Strategy

Andrada, together with world-class lithium producer SQM, has commenced comprehensive exploration drilling, geological mapping and sampling programmes at the spodumene-dominant Lithium Ridge mining licence. Exploration is progressing well and is expected to provide valuable insights into the scale and continuity of spodumene-bearing pegmatites across the licence area. (See announcement dated 3 September 2025). The collaboration with SQM provides access to world-class expertise and technology while maintaining our operational focus.

Engagements with prospective lithium offtakers remain active, with constructive commercial discussions ongoing. Whilst lithium market prices remain subdued short-term, long-term fundamentals remain exceptionally strong driven by electric vehicle adoption and energy storage requirements.

Financial performance

The realised tin price averaged USD 33 308 per tonne for the Quarter, a 4% increase YoY (Q2 FY2025: USD 31 937 per tonne), and USD 33 154 per tonne for H1 FY2026, up 6% from the prior period (H1 FY2025: USD 31 397 per tonne). Pricing strength was supported by reduced global inventories and resilient industrial demand.

Unit costs increased modestly during the period but remained within target parameters. Excluding the Orion royalty, underlying costs more accurately reflect the operational cost base. For H1 FY2026, C1 costs were USD 19 606 per tonne (H1 FY2025: USD 19 400 per tonne), C2 costs were USD 21 732 per tonne (H1 FY2025: USD 20 887 per tonne), and the AISC was USD 26 947 per tonne (H1 FY2025: USD 25 932 per tonne). The increases reflected mining cost inflation in line with broader sector trends. The Orion royalty charge was introduced in Q4 FY2024 at a fixed rate of 5.13% until Q4 FY2025 after which a variable royalty rate based on contained tin tonnage produced commenced in Q1 FY2026.

The Company is implementing cost-reduction initiatives across the Group to strengthen margins and enhance cash flow resilience. Additional efficiencies and lower unit costs are expected as production volumes from the newly commissioned Jig Plant ramp up and stabilise at steady state.

OUTLOOK

Andrada is poised for continued growth and value creation:

§ Production Acceleration: The Jig Plant commissioning provides a clear pathway to increased tin concentrate production and improved recovery rates.

§ Market: Strong tin fundamentals supported by supply constraints and industrial demand growth.

§ Operational Excellence: Enhanced recovery rates and plant utilisation provide competitive advantages.

§ Cost Optimisation: Higher production volumes expected to drive unit cost reductions.

§ Diversification Strategy: Lithium Ridge development with SQM, creates exposure to high-growth battery metals market.

About Andrada Mining Limited

Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. The Company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine and currently being re-developed as a major tin-tantalum-lithium producer. The Company has set a mineral resource target of 200 Mt to be delineated within the next few years. The existing mine, together with its substantial mineral resource potential, allows the Company to consider economies of scale.  Andrada is managed by a board of directors with broad industry knowledge and a management team with extensive commercial and technical skills. Furthermore, the Company is committed to the sustainable development of its operations and the growth of its business. This is demonstrated by the way the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system that has been implemented at all levels of the Company and aligns with international standards.