Interim Results for Six Months Ended 31 Aug 2025

27 November 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")

UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an emerging African critical minerals miner with a portfolio of exploration, development and early-stage production assets in Namibia, is pleased to announce its unaudited interim financial results for the six-months ended 31 August 2025 ("H1 FY2026"). The results reflect the benefits of sustained capital investments and processing improvements across the Company's asset base.

HIGHLIGHTS

Operational: sustained production growth

· Ore processed: increased by 10% Year-on-Year ("YoY") to 527 583 tonnes (H1 FY2025: 481 504 tonnes).

· Tin concentrate: increased 14% YoY to 858 tonnes (H1 FY2025: 752 tonnes).

· Tantalum concentrate: increased by 12% to 27 tonnes (H1 FY2025: 24 tonnes).

Financial: improved margins

· Revenue: increased by 12% to £12.2 million (H1 FY2025: £10.8 million).

· Operating loss improvement: decreased by 35% YoY to £0.9 million (H1 FY2025: loss of £1.5 million).

· Average tin price: increased by 6% to US$33 154 per tonne (H1 FY2025: £31 397).

· Corporate restructure: administrative expenses decreased by 26% to £3.7 million (H1 FY2025: £5.0 million).

Projects & Partnerships: primed for rapid expansion

· Growth platform: engineering investment over last 12 months provides a foundation for accelerated growth.

· Uis Mine Ore Sorter project: reengineered the pre-concentration circuit for tin and tantalum ready for final construction phase.

· Uis Mine lithium expansion project: projected to enter Definitive Feasibility Study ("DFS") phase during 2026.

· Uis Mine exploration upside: multiple notable drilling results for targets proximal to the current mining pit with high-grade intersections of up to 1.13% tin and 1.76% lithium oxide.

· Jig Plant: construction of processing plant for treatment of third-party high-grade ore and Uis ore completed in August 2025.

· Lithium Ridge: lithium exploration programme commenced at Lithium Ridge for potential mineral resource development, in partnership with SQM Australia (Pty) Ltd.

· Talent10: a new strategic shareholder at 8% interest aligning with Andrada's strategy to secure long-term institutional support.

CHIEF EXECUTIVE OFFICER'S STATEMENT

I am pleased to update stakeholders on our performance for the six months ended 31 August 2025. Following a period of engineering investment and corporate restructuring, we are now transitioning from capacity build-up into a scaling phase. Our growth potential far surpasses our current operational footprint. The results for the period demonstrate meaningful improvements in cost performance, cash discipline, and operating leverage, which collectively support the delivery of our growth strategy. The combination of developmental and operational assets featuring a suite of critical minerals including tin, tantalum, lithium, tungsten and copper, located in an investment-friendly jurisdiction, position the group as a strategic source of future supply.

Safety Performance

Our safety performance continues to improve meaningfully, supported by several targeted initiatives including quarterly safety audits, Visible Felt Leadership engagements, and our Elimination of Fatalities programme. These efforts, combined with the commitment of our operational teams, have enhanced our safety culture. During the period, no fatalities were recorded, the LTIFR improved from 1.74 in H1 FY2025 to 0.00 and the TRIFR reduced from 6.50 to 4.53. Ongoing employee training sessions and capacity building have also been central in strengthening our safety culture and enhancing overall workplace safety. As we approach the traditionally high-risk festive season, we are implementing enhanced safety measures with added vigilance to ensure that the strong performance achieved to date is maintained. The wellbeing of our employees remains paramount, and we are committed to embedding world-class safety standards across all operations.

Uis Mine Operational Performance

The Uis Mine, located on Uis mining license (ML134), is our main initial producing asset and has maintained its long-term production growth trajectory during the period under review. The ore processed increased by 10% YoY to 527 583 tonnes (H1 FY2025: 481 504 tonnes) reflecting continued plant stability. The plant processing rate increased by 8% to 143tph, (H1 FY2025: 132tph), demonstrating the results of ongoing optimisation initiatives. Tin concentrate production increased by 14% to 858 tonnes (H1 FY2025: 752 tonnes) resulting in the 11% increase in contained tin tonnage to 511 tonnes (H1 FY2025: 462 tonnes).

Tantalum concentrate production increased by 12% to 27.1 tonnes (H1 FY2025:24.3 tonnes), fully in line with targeted production levels. Revenue from tantalum increased to £0.3 million (H1 FY2025: £0.06 million), representing 3% of Group revenue. Importantly, tantalum carries a low incremental cost of production, meaning a substantial portion of this revenue flows directly to gross profit strengthening margins and supporting diversification.

Key production metrics 

All the numbers are unaudited

1 C1 operating cash costs refers to operating cash costs per unit of production excluding selling expenses and sustaining capital expenditure associated with Uis Mine.

2 C2 operating cash costs are equivalent to the C1 costs plus selling expenses including logistics, smelting and royalties excluding Orion royalty.

3 All-in sustaining cost (AISC) incorporates all costs are related to sustaining production, capital expenditure associated with developing and maintaining the Uis operation as well as pre-stripping waste mining costs excluding the Orion royalty.

The following graphs illustrate the consistent production growth achieved over the past five years.

Graphs illustrating 5-year mining and production growth trajectory

Uis Mine Development Projects

While management is pleased with the consistent incremental production growth of the Uis Mine, we believe that the asset presents potential for exponential growth as part of a larger Andrada project portfolio. Our development projects for the mine are aimed at rapidly expanding existing tin and tantalum production and establishing a new lithium concentrate product, all from the same run-of-mine ore feed. We believe that our development projects will improve the Company's financial performance by decreasing the overall unit cost of production resulting in positive group cash flows and improved margins through planned substantial increases in production volumes.

Uis Mine Ore Sorter Project

The Ore Sorter Project is projected to boost production of tin and tantalum concentrate by approximately 60% and reduce the unit cost of production. The circuit will be installed at the front end of the existing concentrator plant and will pre-concentrate the run-of-mine ore from the mining pit, resulting in an enriched ore feed to the existing concentrator. Pre-concentration will be achieved by employing proven ore sorting technology.

Project implementation has been delayed due to corporate restructuring and reprioritisation of capital. In addition, the project was the subject of a reengineering initiative resulting in a saving of more than 20% of the outstanding capital. The Ore Sorter Project has been established as a key deliverable for 2026. Long lead items have been procured and are being stored on site. Fabrication of the remaining parts of the circuit is set to commence during first half of 2026, with commissioning scheduled for the second half 2026.

Uis Mine Lithium Expansion

The run-of-mine ore processed for tin and tantalum also contains notable grades of lithium as confirmed in the JORC-compliant mineral resource estimate for Uis. (See announcements dated 6 February 2023, 20 March 2023 and 10 Aprill 2025). It is our aim to monetise the lithium by producing a high purity concentrate by means of a beneficiation circuit integrated with our current processing plant. A techno-economic assessment, based on extensive metallurgical test work, has confirmed the technical and financial potential of the project. The Company intends to progress the project towards the DFS phase. Andrada management believes that the project has the potential to positively transform the cash generating ability of the Uis Mine and is engaging both potential offtake and development partners with a view of fast-tracking progress towards implementation.

Uis Mine Exploration

In April 2025, we released the initial drill results from our exploration programme targeting 13 proximal pegmatites located within previously mined areas of the Uis mining licence (ML134). These pegmatites lie within a 3 km radius of the existing Uis processing plant and form part of a much larger swarm of approximately 180 mineralised pegmatites identified to date across the licence area. The programme comprises 44 diamond drill holes and 177 reverse circulation holes, forming part of a broader strategy to validate historical datasets and assess the by-product potential of the extensive pegmatite system. The results from this initial phase were highly encouraging, including high-grade intersections of up to 1.13% tin, 1.76% lithium oxide, and 281ppm tantalum. The results validate our strategy to pursue a targeted expansion of the Uis resource base toward 200 million tonnes, strengthening the foundation for sustainable growth and positioning the operation to support both existing tin and tantalum output and future lithium opportunities. (See announcement dated 10 April 2025).

Partnerships

Jig Plant and Third-Party High-Grade Ore Supply

The Jig Plant represents an operational partnership with Birca Mining (Pty) Ltd. The plant is located at the site of the Uis Mine processing facility with the primary purpose of processing third-party high-grade ore from the region. Construction was completed in August 2025 on time and on budget, but commissioning was hampered by material flow issues and is still in progress. (See announcement dated 17 June 2025). Management however believes that these commissioning challenges are temporary and will be resolved.

Uis Tin Mining Company (Pty) Ltd, a wholly owned subsidiary of Andrada, entered into an ore supply and profit-sharing agreement (the "Agreement") with Goantagab Mining in June 2025. (See announcement dated 17 June 2025). The supply of the high-grade ore under the Agreement, however, has been delayed following a recent, new court judgement affecting the Goantagab mining claims. As set out in the announcement dated 17 June 2025, certain legislative environmental concerns had been raised in connection with a portion of the Goantagab mining claims. The new judgement means that all major mining activity on all the Goantagab mining claims has now been halted, pending a final court decision. At this stage there can be no certainty as to when the ore supply under Agreement will commence. Andrada continues to engage constructively with Goantagab Mining and all affected parties to reach an amicable resolution for the co-existence of conservation, mining and job creation.

The Company believes in the long-term economic potential of external ore supply partnerships and will continue to actively seek similar opportunities. In the absence of a third-party ore supply, Andrada intends to supply the Jig Plant with ore from the Uis Mine.

Lithium Ridge

Andrada has partnered with SQM Australia (Pty) Ltd ("SQM") for the development of the Lithium Ridge mineral license. Prior to the period under review, Andrada received deal approval from the Namibian Competition Commission which paved the way for the implementation of a mineral exploration programme funded by SQM as part of an earn-in agreement. The programme is designed to unlock the full potential of the mineralised ridge and to extend exploration across the wider licence area where new spodumene-bearing pegmatites have been identified. The 14 000 metre DD programme commenced in August 2025 comprising approximately 120 orientated holes, to determine the depth of the extensions and continuity of the mineralisation already identified at surface.

Talent10

During June 2025, Andrada welcomed Talent10 Resources (Pty) Ltd ("Talent10") as a new strategic institutional shareholder through an equity subscription for £4.5 million which resulted in an 8% interest in the Company. Talent10 has a highly respected southern African mining pedigree, backed by a network of some of the top names in the industry. The partnership supports the capital projects at Uis and places Andrada at the heart of an ecosystem primed to accelerate our future growth.

Consolidated Financial Performance

Profit and Loss Statement

Revenue increased by 12% to £12.2 million (H1 FY2025: £10.8 million) driven by increased sales volume and strong tin pricing. As the Company executes its tin expansion strategy that includes the additional processing capacity provided by the Jig Plant, revenue is expected to continue to increase in line with higher production.

Gross profit decreased by 27% to £1.9 million (H1 FY2025: £2.6 million) because of a 25% increase in the cost of sales, driven by inflationary increases in production costs including mining and processing. These cost movements are consistent with an asset undergoing expansion and optimisation, and they are expected to improve as the Jig Plant and Uis Mine operational improvements contribute incremental efficiency gains.

Cash operating costs per tonne of contained tin analysis.

Unit cash operating costs include tantalum credits, exclude the Orion royalty charge and reflect operational half-year adjustments. These figures are not directly comparable to International Financial Reporting Standards ("IFRS") cost of sales, which incorporates depreciation, stock movements, accruals and other non-cash adjustments under IFRS accounting definitions.

· C1 cash cost: decreased by 6% YoY to US$17 468 (H1 FY2025: US$18 640).

· C2 cash costs: decreased by 6% YoY to US$19 594 (H1 FY2025: US$20 887).

· All - In - Sustaining Cost: decreased by 4% YoY to US$24 808 (H1 FY2025: US$25 236). The decrease in AISC is due to the increase in production.

· The decrease in all costs is primarily due to higher production tonnage.

· Orion royalty: increased to US$3 054 (H1 FY2025: US$1 611) due to the increased rate in relation to the scaling mechanism of the royalty rate based on concentrate tonnage sold. The royalty rate is anticipated to decrease as the production of tin concentrate increases.

The operating loss decreased by 35% to £0.9 million (H1 FY2025: loss £1.5 million) mainly due to a 26% decrease in administrative expenses driven by a reduction in employee costs, professional fees, travelling costs and Uis mine expenses. These categories collectively constitute 69% of administrative expenditure. This was further supported by the restructuring of the Johannesburg head office headcount at the beginning of the reporting period.

Net loss improved by 6% to £3.0 million (H1 FY2025: net loss of £3.2 million) primarily despite a £0.2 million tax expense arising from changes in the Namibian tax legislation requiring a tax charge on subsidiary profits. No comparable tax charge was required in the comparative period. Excluding this unique tax impact, the underlying net loss improved by 13% to £2.8 million.

Financial Position Statement

Total assets increased by 3% YoY to £69.0 million (H1 FY2025: £66.9 million) due to the continued investment into property, plant and equipment ("PPE") mainly related to Continuous Improvement 2 programme equipment including the new filter press and shaking tables at Uis Mine. Trade and other receivables increased to £7.9 million (H1 FY2025: £4.4 million) largely due to tin prepayments. Total assets, however, during the interim period decreased marginally by 1% from £69.6 million at the end of February 2025 primarily due to a reduction of £1.1 million in cash and cash equivalents in the six months reflecting ongoing investment activity and debt-service requirements.

Total liabilities grew 15% year-on-year to £43.2 million, driven by increases in trade payables and borrowings totalling £5.4 million over 12 months. The borrowings include the £2.0 million funding from The Orange Trust for the procurement of the Jig Plant. (See announcement dated 12 February 2025). The proceeds have also been instrumental in accelerating the Company's exploration initiatives, enhancing production capabilities, and creating new job opportunities for Namibians. The liabilities however during the interim period from March 2025 decreased by 6% representing a £2.7 million reduction including approximately £1 million decrease in total borrowings, £0.9 million reduction in financial liabilities and £0.6 million decrease in trade payables. These actions collectively demonstrate prudent capital deployment and enhanced operational capacity.

Andrada continues to manage price volatility proactively through a structured hedging strategy. The Company entered a series of fixed-for-floating commodity swap arrangements, initially with Standard Bank Namibia and subsequently with Bank Windhoek to stabilise cashflows in line with prevailing tin market conditions.

· The Standard Bank hedge was effective from June 2024 to May 2025, locking in a fixed tin price of US$33 000 per tonne for 20 tonnes per month.

· The current Bank Windhoek contract runs from June 2025 to May 2026, securing a fixed price of US$34 400 per tonne for the same 20-tonne monthly volume.

Settlements on these swaps was paid out monthly and recognised in the Statement of Comprehensive Income. A derivative financial liability was recognised at period-end to account for open contracts, reflecting the difference between the hedged fixed price and the prevailing LME three-month tin price.

Cashflow Statement

The Company started the interim period with approximately £1.8 million cash and cash equivalents closing the six months period with £0.7 million. This closing position reflects the £2.8 million in net funding secured during the period, largely through the strategic investment made by Talent10. The net outflows of £1.7 million were constituted of approximately £1 million in interest and lease payments and bank debt repayments of £0.7 million. Cashflows for the period were predominantly driven by investing and financing activities, consistent with Andrada's growth phase. PPE continued to dominate investing cashflows at approximately £3 million constituting the bulk of the of the £3.2 million net cash utilised in investing in activities. Andrada closely monitors and manages its liquidity risk as well as daily working capital requirements. Cashflow forecasts are updated regularly, considering potential logistical delays in global concentrate shipments, to ensure the Group maintains sufficient liquidity to meet its obligations.

Evolving our cost and quarterly reporting framework

As Andrada's operational footprint expands, we continue to refine the way we report performance to ensure stakeholders receive information that is accurate, reliable, and useful for valuation. Quarterly cost and pricing estimates, while previously included, have proven increasingly misleading due to short reporting cycles and normal fluctuations in grade, recoveries, shipment timing, inventory movements, and foreign-exchange rates. These factors can distort the underlying progress we are making on efficiency and margin improvement. To address this, we will no longer publish quarterly cost and pricing estimates in operational updates. These metrics will continue to be reported in full at interim and year-end results, where the necessary context can be provided. Quarterly updates will remain substantive and transparent, focusing on production, project execution, and development progress, which together offer a more accurate reflection of the Company's progress.

POST-PERIOD

Directorate changes

On 30 September 2025, Mr. Michael Rawlinson and Mr. Terence Goodlace stepped down from the Board to pursue other professional commitments. Terence Goodlace, who joined the Board in 2018 and chaired the ESG Committee, played a pivotal role in building a strong ESG foundation for the Group. His guidance helped establish the policies, systems and governance structures that underpin our sustainability approach today. Michael Rawlinson, who joined the Board in 2021 and chaired the Remuneration and Nomination Committee, made a significant contribution to strengthening Andrada's governance framework and ensuring alignment between remuneration, performance and long-term strategic goals. We express our sincere gratitude to both Terence and Michael for their leadership, insight and service. We wish them every success in their future endeavours. (See announcements dated 29 August 2025 and 29 September 2025).

Publication of the 2025 Sustainability Report

On 7 November 2025, Andrada released its FY2025 Sustainability Report, outlining the Company's significant achievements in health and safety, socio-economic development, governance and environmental stewardship. The report was prepared in accordance with the Global Reporting Initiative ("GRI") Universal Standards 2021, with early adoption of GRI 14: Mining Sector 2024.

Highlights of the reporting period include:

· A substantial increase in local procurement and supplier development, reinforcing our commitment to Namibia's economic progress.

· Advancement of the Nature Roadmap, including biodiversity assessments and nature-related risk planning.

· Continued alignment with the Global Industry Standard on Tailings Management.

These achievements reflect the strategic investments we have made in people, systems and partnerships, which are strengthening our long-term sustainability foundations. (See announcement dated 7 November 2025).

The full FY2025 Sustainability Report is available for download on the Company's website at https://andradamining.com/investors/corporate-publications/

Glossary of abbreviations

About Andrada Mining Limited

Andrada Mining Limited, listed on the London Stock Exchange's AIM market, holds exploration, development, and early stage producing assets in Namibia, a premier investment destination in Africa. The Company's strategy focuses on unlocking Namibia's abundant mineral resources via best-in-class strategic partnerships across its resource base, enhancing the country's reputation as a leading global hub for African critical mineral investment. Andrada is actively scaling up tin production alongside lithium and tantalum, steadily broadening its operational footprint and output. The Company aims to supply critical raw materials from its extensive resource portfolio to support a sustainable future, improve quality of life, and uplift communities near its operations. These critical metals play a crucial role in the green energy transition, serving as essential components for electric vehicles, solar panels, and wind turbines.

ANDRADA MINING LIMITED

INTERIM REPORT AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 31 AUGUST 2025

1. CORPORATE INFORMATION AND PRINCIPAL ACTIVITIES

Andrada Mining Limited ("Andrada") was incorporated and domiciled in Guernsey on 1 September 2017 and admitted to the AIM market in London on 9 November 2017. The Company's registered office is at PO Box 142, Suite 2, Block 2, Hirzel Court, St Peter Port, Guernsey GY1 3HT and it operates from Illovo Edge Office Park, Ground Floor, Building 3, 5 Harries Road, Illovo, Johannesburg, 2116, South Africa. This financial information is for the period ended 31 August 2025 and comparative figures for the six-month period ended 31 August 2024 and for the year ended 28 February 2025 are shown.

As at 31 August 2025, the Andrada Group comprised:

This financial information is presented in Pound Sterling (£) because that is the currency in which the Group has raised funding on the AIM market in the United Kingdom. Furthermore, Pound Sterling (£) is the functional currency of the ultimate holding company, Andrada Mining Limited. The Group's key subsidiaries, Andrada Namibia and Uis Tin Mining Company Pty Limited ("UTMC"), use the Namibian Dollar ("NAD") as their functional currency. The period-end spot rate used to translate all Namibian Dollar balances was £1 = NAD23.89 and the average rate for the period was £1 = NAD24.10.

2. MATERIAL ACCOUNTING POLICIES

a. Basis of accounting

The consolidated interim financial information has been prepared in accordance with UK-adopted international accounting standards. The consolidated interim financial information also complies with the AIM Rules for Companies, NSX Listing Requirements, OTCQB Listing Requirements and the Companies (Guernsey) Law, 2008 and shows a true and fair view.

The material accounting policies applied in preparing these consolidated financial statements are set out below. These policies have been consistently applied throughout the period. The consolidated financial statements have been prepared under the historical cost convention except as where stated.

The interim financial information for the six months to 31 August 2025 is unaudited and does not constitute statutory financial information. The statutory accounts for the year ended 28 February 2025 are available on the Company's website.

b. Going concern

The Group closely monitors and manages its liquidity risk and day-to-day working capital requirements. Cash forecasts are regularly prepared, considering the global logistical challenges around sales, to ensure there is sufficient cash within the Group to meet its obligations. The Group runs sensitivities for different scenarios, including but not limited to changes in commodity prices and exchange rates. The Group also routinely monitors the covenants associated with the borrowing facilities and proactively engages with Bank Windhoek and the Development Bank of Namibia, the lenders, whenever there is any risk. All covenants were met as at 28 February 2025 and at 31 August 2025. Based on the year-to date production profile and latest forecast, the Group is expected to meet its covenant obligations for the testing period through February 2026. For the purpose of assessing going concern, the directors have prepared forecasts through February 2027.

The main estimates considered in management's going concern assessment include production profiles, commodity price assumptions for tin, lithium and tantalum, exchange rate forecasts and committed capital. The production output is based on the Group's current production performance following the completion of the expansion project, as well as additional production expected from the successful completion of the continuous improvement (two) capital project. In addition, the Group successfully secured £5 million (before placing fees) through a strategic subscription and placing in June 2025. £4.5 million was raised through an equity subscription by Talent10 Resources, a new strategic investor, with the balance of £500 000 being raised through institutional investors. These funds will be used to expedite the production expansion at the Uis mine. These developments support management's view that the Group has the capacity to raise the funding required to meet its operational and financing obligations in the normal course of business until February 2027. The Group also retains the flexibility to adjust the pace of its exploration and metallurgical capital expenditure.

Based on the forecasts, additional funding will be required within the next 12 months. As the Group is also currently expanding its tin operations, which are close to near-term production, the cash flow forecast assumes the successful completion of the jig plant to deliver the business strategy. Further funding will be required for additional exploration and capital projects as well as feasibility studies related to future growth phases. These forecasts are sensitive to fluctuations in the quoted tin price.

The Group believes it has several options available to it, including but not limited to, use of the overdraft facility, restructuring of the current debt, acquiring additional debt or equity, cost reduction strategies as well as potential offtake arrangements.

As a result of their review, the Directors have confidence in the Group's forecasts and have a reasonable expectation that the Group will continue in operational existence for the going concern assessment period and have therefore used the going concern basis in preparing these consolidated financial statements.

Therefore, the Group is reliant on additional funding, which is not guaranteed. This indicates that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern and that the Group may be unable to realise its assets or settle its liabilities in the normal course of business.

The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Basis of consolidation

i. Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains/losses on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.

ii. Non-controlling interests

Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that present ownership interests entitling their holders to a proportionate share of the net assets upon liquidation are initially measured at fair value. After acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The Group does not have any non-controlling interests.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in the equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. The Group has elected to recognize this effect in retained earnings.

Critical accounting estimates and judgements

In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. Information about significant areas of estimation uncertainty considered by management in preparing the interim financial information is provided below.

Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of revision and in future periods if the revision affects both current and future periods.

iii. Going concern and liquidity

Significant estimates were required in forecasting cash flows used in the assessment of going concern, including tin, tantalum and lithium prices, levels of production, operating costs, and capital expenditure requirements. For further details, refer to the going concern considerations laid out earlier in Note 2(b).

iv. Decommissioning and rehabilitation obligations

Estimating the future costs of environmental and rehabilitation obligations is complex and requires management to make estimates and judgements. Actual costs incurred in future periods could differ materially from the estimates, and changes to environmental laws and regulations, life of mine estimates, inflation rates, and discount rates could affect the carrying amount of the provision. The resulting provisions are further influenced by advances in technology and by political, environmental, safety, business, and statutory considerations.

The Group's rehabilitation provision is based on the net present value of management's best estimates of future rehabilitation costs. Judgement is required in determining the disturbance and associated rehabilitation costs at period end, timing of costs, discount rates, and inflation. In forming estimates of the cost of rehabilitation which are risk-adjusted, the Group assessed the Environmental Management Plan and reports provided by internal and external experts.

In determining the amount attributable to the rehabilitation liability, management used a risk-free discount rate of 12.31% (August 2024: 11.02% and February 2025: 12.31%), an inflation rate of 4.0% (August 2024: 4.8% and February 2025: 4.0%) and an estimated mining period of 11.15 years (August 2024: 12.1 years and February 2025: 11.65 years), being the 15.6 million tonnes of ore as per the independent mineral reserve estimate. The rates used are in line with the Namibian market rates.

v. Impairment indicator assessment for exploration and evaluation assets

Determining whether an exploration and evaluation asset is impaired requires an assessment of whether there are any indicators of impairment, including specific impairment indicators prescribed in IFRS 6 "Exploration for and Evaluation of Mineral Resources". If there is any indication of potential impairment, an impairment test is required based on the asset's value-in-use.

The valuation of intangible exploration assets is dependent upon the discovery of economically recoverable deposits which, in turn, is dependent on future tin prices, projected capital expenditures, environmental and regulatory restrictions, and the successful renewal of licences.

The Directors have concluded that there are no indications of impairment in respect of the carrying value of Namibian intangible assets at 31 August 2025 based on planned future development of the Namibian projects and current and forecast tin prices.

vi. Impairment assessment for property, plant and equipment

Management assessed the Uis mine for indicators of impairment by considering several factors including, the operational performance to date at the Uis Tin Mine, forecasts on commodity prices, production profile, inflation rate, post-tax discount rate and market capitalisation of the Group. The Management have also reviewed the underlying Life of Mine ("LoM") valuation model for the JORC compliant resource declared to date at the Uis mine. The LoM valuation model represents a value in use model and includes assessments of different scenarios associated with capital improvements and expansion opportunities. The assessment did not result in an impairment.

The forecasts require estimates regarding tin, tantalum and lithium prices, ore resources, production, operating and capital costs. Under the base case scenario, management used a tin price of US$32 000 per tonne, tantalum price of US$175 000 per tonne, lithium price of US$1 120 per tonne, discount (real), post-tax rate of 11.5% (23.2% pre-tax real rate). The forecast indicates sufficient headroom as at 31 August 2025.

IAS 36 outlines both external and internal indicators that may suggest an asset is impaired. As part of this review, management has considered these indicators in relation to the Uis mining asset. Based on IAS 36, no immediate indicators of impairment have been identified. However, management acknowledges that the recoverability of the mining asset is sensitive to the following key assumptions:

· Volatility in tin prices, which directly impacts revenue projections. The estimation of future tin price is subject to uncertainty considering the volatility of the market. Management has therefore compared the forecast tin price with the economic consensus estimates.

· Ramp-up of tin production anticipated from FY2027 onwards, following the completion of the jig plant and followed by the ore sorters expansion project in FY2028. Management's forecasts are dependent on tin production increasing by 45% to 2 600 tonnes of tin concentrate within the next 3 years; therefore, the Group's upcoming focus will be to deliver on its expansion projects

Management has considered these indicators and tested the recoverability of the net book value of the mining asset against the estimated discounted future cash flows based on expectations of future commodity prices and future costs.

As an additional test, management has performed the following sensitivity analyses:

· decreasing the forecast tin prices by 10%,

· increasing the discount rate to 13% post tax real rate,

· decreasing plant recovery by 10% and

· increasing operating costs by 10%.

In each of these circumstances, the result indicated sufficient headroom as at 31 August 2025.

vii. Depreciation

Judgement is applied in making assumptions about the depreciation charge for mining assets when using the unit-of-production method in estimating the ore tonnes held in reserves. The relevant reserves are those included in the current approved LoM plan, which relates to the Phase 1 expansion. Judgement is also applied when assessing the estimated useful life of individual assets and residual values. Management reviews these assumptions annually, applying judgement based on the LoM plan and the nature and condition of the underlying assets. The reserve assumptions included in the LoM plan are evaluated by management.

viii. Capitalisation and depreciation of waste stripping

The Group has elected to capitalise the costs of waste stripping activities because they are necessary to enable improved access to the ore resulting in future economic benefits. The costs for drilling, blasting, as well as load and haul of waste material are capitalised until when the underlying ore is used in production. These costs are capitalised within the mining asset in property, plant and equipment in the statement of final position and subsequently expensed back into the statement of comprehensive income as depreciation on a proportional basis. Capitalisation of waste stripping requires the Group to make judgements and estimates in determining the amounts to be capitalised. These judgements and estimates include, among others, the expected life of mine stripping ratio for each separate open pit, the determination of what defines separate pits, and the expected volumes to be extracted from each component of a pit for which the stripping asset is depreciated.

ix. Determination of ore reserves

The estimation of ore reserves primarily impacts the depreciation charge of evaluated mining assets, which are depreciated based on the quantity of ore reserves. Reserve volumes are also used in calculating whether an impairment charge should be recorded where an impairment indicator exists. The Group estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to geological and technical data on the size, depth, shape, and grade of the ore body and related to suitable production techniques and recovery rates. The estimate of recoverable reserves is based on factors such as tin prices, future capital requirements and production costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body. There are numerous uncertainties inherent in estimating ore reserves and mineral resources. Consequently, assumptions that are valid at the time of estimation may change significantly if or when new information becomes available.

x. Valuation of inventories

Judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including tin prices, plant recoveries and processing costs, to determine the extent to which the Group values inventory and inventory stockpiles. The Group uses tin price forecasts to determine the net realisable value of the Run-Of-Mine ("ROM") stockpile and the tin concentrate inventory at period end. Inventory stockpiles are measured using actual mining and processing costs.

xi. Determining the fair value of royalty debt

The measurement of the royalty obligation factors in numerous key inputs, and Management makes use of a technical expert. These inputs include the forecast of the tin production and price over a period of 30 years, the risk-free rate and the credit spread. The tin price forecast was based on estimates provided as of 31 August 2024. The risk-free rate was based on the United States Constant Maturity Treasury rates commensurate with the terms on the valuation date, reported on the Federal Reserve website. The Group used a credit spread of 10.58% computed by valuing the convertible notes at par and decreased by 3.5% to account for the lower risk factor because of the ongoing operations at Uis Tin Mining Company ("UTMC"). UTMC operating subsidiary attracts a lower risk factor because it is closely aligned to the underlying tin mining operation and its performance since commissioned, compared to the holding company, which is implicitly subordinated. The royalty obligation is measured at fair value through profit and loss.

xii. Fair value estimation on the consideration paid during the acquisition of mining rights

When the fair values of assets recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. In accounting for the acquisition of the non-controlling interest in UTMC, part of the consideration was settled using the ML129 license. Due to the nature of the assets, certain exploration activities were undertaken, but the information gathered was insufficient to delineate a Mineral Resource as defined by the JORC 2012 (Joint Ore Reserves Committee) Mineral Reporting Code, or any other broadly accepted mineral reporting standard. As a result, management estimated the fair value to be equivalent to the exploration costs, which will serve as the base amount for the transaction.

xiii. Assessment of Control and Classification of Investment in Grace Simba Investments (Pty) Ltd ("GSI") as an Associate

The Group exercises judgement in assessing whether it has control, joint control, or significant influence over another entity. In accordance with the requirements of IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures, the determination of control involves evaluating whether the Group has:

· Power over the investee,

· Exposure or rights to variable returns from its involvement with the investee, and

· The ability to use its power to affect the amount of the investor's returns.

In the current reporting period, the Group holds 100% of the equity interest in GSI, along with representation on the board of directors and participation in key operating decisions. However, after evaluating the relevant facts and circumstances, including decision-making rights, and contractual arrangements, management concluded that the Group does not have control over GSI, but has significant influence over its financial and operating policies.

Accordingly, the investment in GSI has been accounted for using the equity method, in accordance with IAS 28. This assessment required significant judgement, because despite having majority shareholding, Andrada cannot unilaterally direct relevant activities. The other party is GSI has substantive governance rights and holds the casting vote on Board decisions. Management will review such relationships periodically to assess whether any changes in facts or circumstances require a reassessment of control or influence.

3. ADOPTION OF NEW AND REVISED STANDARDS

The following amendments standards and interpretations were adopted by the group from 1 March 2024:

· Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7);

· Lease Liability in a Sale and Leaseback (Amendments to IFRS16);

· Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and

· Non-current Liabilities with Covenants (Amendments to IAS 1).

These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods beginning on or after 1 March 2024. These amendments had no effect on the consolidated financial statements of the Group.

Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7)

On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments also provide guidance on characteristics of supplier finance arrangements.

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

On 22 September 2022, the IASB issued amendments to IFRS 16 - Lease Liability in a Sale and Leaseback (the Amendments). Prior to the Amendments, IFRS 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the Amendments require a seller-lessee to determine 'lease payments' or 'revised lease payments' in a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee.

Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants (Amendments to IAS 1)

The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants.

The amendments clarify the following:

· An entity's right to defer settlement of a liability for at least twelve months after the reporting period must have substance and must exist at the end of the reporting period.

· If an entity's right to defer settlement of a liability is subject to covenants, such covenants affect whether that right exists at the end of the reporting period only if the entity is required to comply with the covenant on or before the end of the reporting period.

· The classification of a liability as current or non-current is unaffected by the likelihood that the entity will exercise its right to defer settlement.

· In case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity's own equity instruments, such settlement terms do not affect the classification of the liability as current or non-current only if the option is classified as an equity instrument.

ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET APPLIED

The following standards, interpretations and amendments are effective for the period beginning 1 March 2025:

· Lack of Exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates). Effective 1 January 2025.

· Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures). Effective 1 January 2026.

· Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures). Effective 1 January 2026.

· IFRS 18 Presentation and Disclosure in Financial Statements. Effective 1 January 2027.

· IFRS 19 Subsidiaries without Public Accountability: Disclosures. Effective 1 January 2027.

Management is in the process of assessing the impact of the updated standards, interpretations and amendments. The most significant impact is expected due to the updates of IFRS 9, IFRS 7 and IFRS 18.

4. REVENUE

5. COST OF SALES

6. ADMINISTRATIVE EXPENSES

The loss for the period has been arrived at after charging:

Other costs mainly consist of corporate overheads necessary to run the South African head office.

7. OTHER INCOME

8. FINANCE INCOME AND EXPENSES

9. LOSS PER SHARE FROM CONTINUING OPERATIONS

The calculation of a basic loss per share of 0.19 pence (August 2024: loss per share of 0.21 pence and February 2025: loss per share of 0.63 pence) is calculated using the total loss for the period attributable to the owners of the Company of £3 009 205 (August 2024: loss of £3 215 983 and February 2025: loss of £9 789 123) and the weighted average number of shares in issue during the period of 1 729 713 674 (August 2024: 1 591 793 522 and February 2025: 1 622 728 373). Due to the loss for the period, the diluted loss per share is the same as the basic loss per share. The number of potentially dilutive ordinary shares in respect of share options, warrants and shares to be issued as at 31 August 2025 is 147 235 043 (August 2024: 165 830 346 and February 2025: 147 490 478). These potentially dilutive ordinary shares may have a dilutive effect on future earnings per share.

10. INTANGIBLE ASSETS

Additions to exploration and evaluation assets represents costs incurred on active exploration projects, day to day costs of running the lithium pilot plant, staff costs and share based payments charges.

Ownership of ML 129 was transferred to the Small Miners of Uis as part of the consideration for the purchase of their 15% minority interest in UTMC and ownership of ML 133 was transferred to Grace Simba Investments.

11. PROPERTY, PLANT AND EQUIPMENT

Additions to the mining asset under construction consisted of the costs incurred to date on the procuring of the XRT ore sorters as well as the replacement of the filter press, thickener and shaking tables as part of the Continuous Improvement project.

Additions to the mining asset consist of costs incurred as part of the continuous improvement project as well as capitalised labour and travel costs.

Additions to explorations and evaluation assets represents costs incurred to construct the lithium pilot plant which is treated as a tangible asset. The lithium pilot plant is accounted for in accordance with IFRS 6.

The Group has elected to capitalise the costs of waste stripping activities as these are necessary to allow improved access to the ore and, therefore, will result in future economic benefits. The costs of drilling, blasting and load and haul of waste material is capitalised until such time that the underlying ore is used in production.

12. INVENTORIES

13. TRADE AND OTHER RECEIVABLES

14. CASH AND CASH EQUIVALENTS

15. BORROWINGS

The following is the split between the current and the non-current portion of the liability:

During 2022, a vehicle asset financing facility to the value of N$15 000 000 (c. £628 000) was provided by Standard Bank Namibia. Interest accrues on this facility at the Namibian prime rate plus 0.5%.

On 21 July 2023, the Group issued 77 unsecured convertible loan notes of £100 000 each to new and existing investors. The notes have a term of 3 years, bear interest at a rate of 12% per annum and can be redeemed at the option of the Group or converted into ordinary shares at a fixed price of 9.45 by mutual agreement between the Group and the note holders. As per IAS 32 and IFRS 9, the fair value of the proceeds of the notes consisted of a liability and an equity component. Refer to the Statement of Changes in Equity for the equity portion of this instrument.

On 5 September 2023, the Development Bank of Namibia ("DBN") served notice confirming that all conditions had been fulfilled or waived and that financial close had occurred. Accordingly, the Group received the 1st drawdown of N$50 000 000 (c. £2 093 000) in September 2023 and the 2nd drawdown of the same amount in March 2024, totalling an amount of N$100 000 000 (c. £4 186 000). This loan has a term of 10 years, bears interest at the Namibian prime rate + 2.5% and is repayable in quarterly instalments. These funds have been used to expedite the implementation of the Uis Mine Stage II Continuous Improvement Programme.

On 22 November 2023, a US$25 000 000 (c. £19 800 000) funding packing was concluded with Orion Resource Partners. This included US$2 500 000 (c. £2 000 000) equity, a US$10 000 000 (c. £7 900 000) Convertible Loan Note and a US$12 500 000 (c. £9 900 000) unsecured tin royalty. The equity and loan note have been used to accelerate Andrada's overall strategy of achieving commercial production of its lithium, tin and tantalum revenue streams. The royalty funds will be used for the sole purpose of increasing Andrada's tin production.

On 6 August 2024, Uis Tin Mining Company agreed a N$100 000 000 (c. £4 186 000) term loan with Bank Windhoek. The loan has a term of 6 years and will incur interest at the Namibian prime rate plus a variable margin which is dependent on the prime rate and is repayable in quarterly instalments. Bank Windhoek has provided short-term loan facilities of up to N$15 000 000 (c. £628 000) for use as cash flow against future VAT payments. The initial term of the loan was 12 months and in August 2025 the facility was renewed for a further 12 months. The short-term loan incurs interest at the Namibian prime rate. The short-term loan will be repaid to the bank upon receipt of refunds from the Namibia Revenue Agency. In addition to the lending facilities, Bank Windhoek has provided Andrada Mining (Namibia) with a N$10 000 000 (c. £419 000) guarantee to the Namibia Power Corporation in relation to a deposit against the right to a supply of electrical power. This guarantee will incur a small fee payable at six-month intervals.

The bank overdraft facility held with Bank Windhoek can be drawn down to a maximum of N$50 000 000 (c. £2 145 000). This facility is for 12 months from the date of drawdown and incurs interest at the Namibian prime rate minus 0.5%. This facility was renewed in June 2025 for another 12-month period.

As a result of the new facilities offered by Bank Windhoek, the Group settled the balance of the term loan and the VAT facility owed to Standard Bank Namibia.

On 12 February 2025, Andrada Mining Ltd entered into a US$2 500 000 (c. £2 000 000) secured funding facility from the Orange Trust. The loan term is six months, and it will attract a facility fee of US$50 000 (c. £40 000) per month. The Loan will fund the construction of a tin processing jig plant at the Uis mine.

16. OTHER FINANCIAL LIABILITIES

The following is the split between the current and the non-current portion of the liability:

On 22 November 2023, the Group entered into an agreement with Orion Resource Partners (royalty holder) whereby the holder purchased a gross revenue royalty for US$12 500 000 (c. £9 251 000) from the Group. In exchange for the gross revenue royalty, the Group is required to make quarterly royalty payments to the holder based on the tin mined and sold by the Group. At initial recognition, the royalty transaction was measured at fair value of US$12 560 000 (c. £9 296 000). In determining the fair value, management used a credit spread rate of 10.58% and a risk-free rate of between 3.82% and 5.42%. As at 31 August 2025, the fair value of the royalty debt was £12 536 152 (August 2024: £10 339 736 and February 2025: £13 449 521).

The transaction also included the issue of one hundred unsecured convertible loan notes of $100 000 (c. £74 000) each. The loan notes are redeemable in 4 years from the issue date. Written consent from the note holders is required if the loan notes are redeemed prior to the maturity date. The interest accrues quarterly at 12% per annum. The noteholders may, at any time before the redemption date, convert the loan notes into Andrada ordinary shares in tranches of a minimum of US$100 000 at a conversion price of 9.45 pence per share. At initial recognition date, a derivative liability was recognised at a fair value of £2 155 674. The derivative liability was subsequently valued at £104 164 (August 2024: £1 411 709 and February 2025: £104 164). In determining the fair value of the derivative, management used a credit spread of 16.12%.

The deferred consideration refers to the present value of 240 monthly cash payments of N$75 000 (c. £3 200) to be paid by Andrada Namibia to the Small Miners of Uis ("SMU") as part of the purchase price for their minority interest in UTMC. This liability was initially recognised at fair value and subsequently at amortised cost. Please refer to Note 21 for further information on this transaction.

The Group has entered a series of fixed-for-floating commodity swap transactions initially with Standard Bank Namibia and subsequently with Bank Windhoek to hedge against the variability in cash flows related to tin price fluctuations. The Standard Bank contract was in place from June 2024 to May 2025 during which the Group received a fixed price of US$33 000 per tonne of tin concentrate for 20 tonnes of material per month.

The Bank Windhoek contract is from June 2025 to May 2026, and the Group has since received a fixed price of US$34 400 per tonne of tin concentrate for 20 tonnes of material per month. The gain or loss made monthly is settled in cash. This swap contract is classified as a fair value instrument as the Group is protecting against the risk of changes in the fair value of its forecasted sales due to the tin price volatility. The Group uses both prospective and retrospective methods to measure the relationship between changes in the tin price and the commodity swap contract and in all cases the instrument is effective. The gains or losses made on the instrument during the period are recognised in Profit or Loss. A derivative financial liability was raised on all open contracts at the end of the period based on the difference between the LME 3-month tin price and the fixed price as per the agreement.

17. TRADE AND OTHER PAYABLES

18. ENVIRONMENTAL REHABILITATION LIABILITY

Provisions for future environmental rehabilitation and decommissioning costs are made on a progressive basis. Estimates are based on costs that are regularly reviewed and adjusted appropriately the reflect new circumstances. The environmental rehabilitation liability is based on disturbances and the required rehabilitation as at 31 August 2025.

The rehabilitation provision represents the present value of decommissioning costs relating to; the dismantling and sale of mechanical equipment and steel structures related to the Phase 1 plant, the tantalum circuit, the bulk sampling processing facility and; the demolishing of civil platforms and reshaping of earthworks. This provision requires estimates and assumptions to be made around the relevant regulatory framework, the magnitude and timing of the possible disturbance, extent and costs of the required closure and rehabilitation activities.

In calculating the appropriate provision, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof are prepared. These forecasts are then discounted to their present value using a risk-free rate appropriate for the liability. In determining the amount attributable to the rehabilitation liability, management used a discount rate of 11.02%, an inflation rate of 4.0% and an estimated mining period of 11.2 years. Actual rehabilitation and decommissioning costs will ultimately depend upon future market prices for the necessary rehabilitation works and timing of the mine closure.

19. LEASE LIABILITY

The Group assessed all rental agreements and concluded that the following rentals are within the scope of IFRS 16 "Leases" and, therefore, raised a lease liability: 

The following is the split between the current and the non-current portion of the liability:

20. ACQUISITION OF MINORITY INTEREST

On 2 August 2024, the Group acquired an additional 15% interest in the voting shares of its subsidiary, UTMC, from the Small Miners of Uis ("SMU") and Sinco Investments Five (Pty) Ltd ("Sinco"). This increased the Group's ownership interest from 85% to 100%. The net asset value of UTMC on the transaction date was £3.86 million.

The consideration for the acquisition consists of:

· The issue of Ordinary Shares in Andrada Mining Ltd

- 13 651 560 Ordinary Shares issued to SMU

- 31 148 782 Ordinary Shares issued to Sinco

· 240 monthly cash payments of N$75 000 to be paid by Andrada Namibia to SMU, resulting in a present value of the deferred consideration of £415 640 as at the transaction date

· Transfer of Andrada Namibia's 85% interest in ML 129 to SMU

21. SHARE CAPITAL