Operational Performance for Period Ended 31 Aug 26

Higher feed grade and enhanced plant performance increase half year contained tin production by 13% ahead of funded plant upgrades

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia, is pleased to provide an unaudited operational performance update for the quarter ended 31 August 2026 (“Q2 FY2027” or the “Quarter”) and the first six months of the 2027 financial year (“H1 FY2027”).

Highlights

Uis Mine: continued year-on-year (“YoY”) tin production growth

Higher tin production

H1 FY2027 contained tin production increased 13% to 576 tonnes (H1 FY2026: 511 tonnes), with Q2 production increasing 6% to 290 tonnes (Q2 FY2026: 273 tonnes).

H1 FY2027 tin concentrate production increased 11% to 955 tonnes (H1 FY2026: 858 tonnes), with Q2 production increasing 6% to 482 tonnes (Q2 FY2026: 453 tonnes).

Improved processing performance

H1 FY2027 average plant processing rate increased 7% to 153 tonnes per hour ("tph") (H1 FY2026: 143 tph).

H1 FY2027 ore processed increased 2% to 538,810 tonnes (H1 FY2026: 527,583 tonnes).

Higher grade

H1 FY2027 feed grade increased 9% to 0.149% Sn (H1 FY2026: 0.137% Sn).

Funded production growth programme moving into execution

As announced on 17 August 2026, NAD98 million funding secured from Bank Windhoek Limited and the Development Bank of Namibia for the planned Uis operational upgrades, including ore-sorting.

The ore-sorting circuit is projected to increase annual tin concentrate production by 50%-70% to approximately 2,500-3,000 tonnes, equivalent to approximately 1,500-1,900 tonnes of contained tin. Long-lead equipment has been ordered for the crushing component of the ore-sorting as project implementation advances.

Higher concentrate production is expected to reduce the applicable royalty rate, supporting improved operating margins and cash generation. (See announcement dated 15 August 2023).

Anthony Viljoen, Chief Executive Officer, commented:

“The strong performance in the first half of FY2027 resulted in contained tin production increasing by 13% year-on-year to 576 tonnes and tin concentrate production increasing by 11% to 955 tonnes. This performance demonstrates the benefit of the operational improvements we have made at Uis and provides a stronger base from which to deliver the next phase of growth. The higher feed grades and processing rate supported the increased tin production and the recently secured NAD98 million bank funding package from Bank Windhoek and Development Bank of Namibia will enable us to implement the installation of the ore sorting circuit.”

OPERATIONAL overview

Uis Mine production

Unaudited figures for the period ended 31 August 2026.

*Figures are estimates and final reconciliation may vary due to the timing of shipments.

Second Quarter Operational Performance (Q2 FY2027)

The Company achieved another strong operational performance during the Quarter, building on the gains achieved in Q1 FY2027. The feed grade increased 9% year-on-year to 0.152% Sn (Q2 FY2026: 0.139% Sn), while the plant processing rate increased 6% to 153 tph (Q2 FY2026: 144 tph) and availability increased to 91%. Collectively, these improvements translated into the 6% increase in tin concentrate and contained tin production to 482 tonnes and 290 tonnes, respectively. The result demonstrates the continuing benefit of improved plant throughput and feed grade at Uis Mine.

Interim Operational Performance (H1 FY2027)

The first half delivered double-digit growth in both tin concentrate and contained tin production. Tin concentrate increased by 11% to 955 tonnes and contained tin increased by 13% to 576 tonnes. The increased output translated into a 44% increase in the number of shipments in the interim period to 36 (H1 FY2026: 25). The improvement in production was supported by a 9% increase in the tin feed grade to 0.149%Sn and a 7% increase in the plant processing rate to 153tph. This production growth provides a stronger operating base as the Company progresses the next phase of efficiency and plant upgrades at Uis.

Strategic Funding Secured for Uis Growth Programme

The Company’s wholly owned subsidiary Uis Tin Mining Company (Pty) Ltd (“UTMC”) concluded funding of NAD98 million (c. £4.4 million) (“Loan Facilities”), from Bank Windhoek Limited and the Development Bank of Namibia. The Loan Facilities complete UTMC's funding requirements for the planned operational upgrades at the Uis Mine. Following financial close, implementation has commenced, with long-lead equipment ordered for the new crushing circuit. The ore-sorting circuit will reject lower-grade material before downstream processing, increasing the grade of material presented to the plant. (See announcement dated 17 August 2026).

OUTLOOK

Uis enters H2 FY2027 from a stronger production base, with H1 FY2027 contained tin production 13% above the corresponding period last year and the planned production growth programme fully funded. During the second half of the financial year, Andrada will continue implementation of the crushing and ore-sorting circuits alongside ongoing operational improvements at Uis. The ore-sorting circuit is projected to increase tin concentrate output by 50% - 70% to approximately 2,500 to 3,000 tonnes per annum (“tpa”) resulting in between 1,500 – 1,900 tpa contained tin. (See announcement dated 17 August 2026). As output increases, the lower royalty rate and improving margins should strengthen cash generation from Uis. See announcement dated 15 August 2023). Andrada will provide a broader update on its financial performance, portfolio development and outlook with the publication of its interim results.