Andrada Mining (AIM: ATM) is targeting production at its Lithium Ridge Project in Namibia by 2028–2029, with the company accelerating exploration, resource and reserve definition ahead of a Definitive Feasibility Study (DFS).
CEO Anthony Viljoen says the company is ramping up its drilling programme as it positions the project to capitalise on an anticipated recovery in the lithium market.
“There’s a lot of work that we want to accelerate and we do see that the lithium market is on its way up,” Viljoen says.
“I think that we’re going to hit another peak again between 2028–2029, so we want to make sure that by the time that peak comes, we will be in full production.”
At the time of writing, lithium prices had risen above ¥153,000 ($31,759) per tonne, reaching their highest level of the year as improving demand helped offset recent supply pressures. Over the past month, lithium prices increased 8.56% and were up 99% year-on-year, according to Trading Economics.
Covering approximately 3,300 hectares, the Lithium Ridge Project hosts pegmatites containing lithium, tin and tantalum mineralisation. Viljoen describes the project as an “incredible discovery”, noting that the area was historically mined for tin.
“Our strategy was about consolidating all these historical mines; they were all old tin mines and we found that associated with the tin were all these other minerals, with lithium being the most prolific,” he says.
The project includes a 6km ridge containing high-grade spodumene. Sampling and geological work have confirmed the potential of the mineralised system.
“In my view, it’s probably the most significant lithium discovery in Southern Africa in the last five years,” Viljoen says.
Recent diamond drilling results have further highlighted the project’s potential, with high-grade lithium mineralisation continuing along strike and at depth. Notable intersections include 35.59m at 1.52% lithium oxide (Li₂O), including 24.08m at 2% Li₂O; 30.24m at 1.23% Li₂O, including 9.65m at 1.83% Li₂O; and 10.93m at 0.67% Li₂O, including 2.03m at 1.93% Li₂O.
The ongoing diamond drilling programme is targeting the down-dip continuity and grade distribution of the outcropping pegmatite swarms identified through earlier channel sampling and geological mapping. Andrada Mining says the latest results confirm that the mineralised pegmatite bodies extend to depth, with zones of increased lithium enrichment.
The company also operates the nearby Uis tin mine, which covers approximately 19,700 hectares and contains numerous pegmatites hosting lithium, tin, tantalum and rubidium mineralisation.
Andrada plans to expand Uis by increasing tin production while incorporating lithium into the existing processing circuit.
“There is a lot of work underway to expand those operations,” Viljoen says.
The company has so far identified 180 pegmatites across just 5% of the licence area and has established a 138Mt resource across two pegmatites. Its medium-term objective is to define a 200Mt resource across the wider Uis pegmatite field.
During FY2026, annual ore processed increased 8% to 1.04Mt. Tin concentrate production rose 15% to 1,740 tonnes, while contained tin production increased 13% to 1,036 tonnes. Tin recovery remained at 72%, with shipments increasing 7% to 63 during the year.
Financial performance also strengthened, with revenue rising 34% to £30.1 million ($56.9 million). Gross profit reached £7.7 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £3.3 million, compared with £500,000 in the previous financial year.
Andrada’s third Namibian asset is Brandberg West, a historically producing polymetallic project that Viljoen describes as one of his favourite deposits.
“We’ve just completed a drilling program there and we’ve got a strong joint venture partner,” he says.
The project could have significant additional potential, with the historical pit extending another 4km.
“What is quite exciting is that the historical pit extends for another 4km. So, this could be another huge tungsten deposit,” Viljoen says.
Following exploration and X-ray transmission ore-sorting test work, Andrada is fast-tracking Brandberg West in partnership with ACAM LP.
The partnership includes a staged US$51 million ($71.2 million) investment to fund exploration, metallurgical test work, resource definition and completion of a DFS. The two-stage earn-in agreement provides ACAM LP with the opportunity to acquire up to a 49% interest while funding the project through DFS completion.
With Lithium Ridge, Uis and Brandberg West, Andrada Mining has consolidated three critical mineral assets in Namibia, a country with extensive but relatively underexplored geological potential.
“I think people are only just realising what it is we’ve put together and how we’ve gone about developing it systematically,” Viljoen says.
“We’re in a very good place, in a very good country, and we’re definitely a company to watch in the coming months and years.”
Andrada Mining is a tin and tantalum producer with a diversified and expanding polymetallic portfolio focused on Namibia.
