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Totally agree with you HarChris, but that's been my thinking for the last several years - "look where we'll be in 4/5/6 months time" - and to date, that future just hasn't arrived, certainly regarding the share price anyway.

All those catalysts are likely to happen, but now I'm at the point where the only thing that I think will move the share price is the tin expansion work - it's the only thing out of the list that puts the company on a secure footing going forward (especially if the tin price falls, as it could at any time) as it's the only revenue generator, and will be for years yet (barring some unexpected SQM buyout or something).

It is starting to concern me that the company won't put out some clear communication around the new crushing circuit, ore-sorters, use of Uis ore for the 2nd jig etc. It would be very simple for them to clarify some of these things and put out some timelines - so why aren't they ?

Everything I hear from people who are supposedly "in the know" says that there are no issues and everything is going well . If that is the case, putting out some clear updates and timelines on these critical expansion projects would allow new investors to see what the future looks like for Andrada, and might just tempt them in. Currently they only have the past record of delays to go on, with no real roadmap for how it'll get better.

There’s the beginning of the end announced today, on a Friday afternoon.

They’re still at the same nonsense.

I don’t understand what the game is here, but the clock is ticking now anyway.

Whilst the new jig looks to be doing "something" as a pre-concentrator (we don't know what exactly), it can only be seen as a major, major, disappointment so far. Remember, it was only at the end of last August that an RNS said : Anthony Viljoen, Chief Executive Officer, commented: "The completion of the Jig Plant on time and within budget is a smart, low-cost upgrade that will immediately boost Uis tin production on the completion of commissioning.".

So in August 2025, AV was expecting an "immediate boost to Uis tin production".

In December 2025, an RNS said : "Until third-party ore becomes available, the Jig plant will use Uis ore to maintain operations and optimise performance."

So, no need to wait for Goantagab - the jig is ready, and it'll process Uis ore.

Here we are in July 2026, and we've seen very minor increases of a few percentage points in tin output - the sort of improvements we've seen over previous quarters from tinkering with the existing plant - nothing like the sort of volumes we were expecting and had been led to believe we would be seeing, and nothing you could really call an "immediate boost to Uis tin production".

It is concerning that they don't feel any need to explain just what is going on, but it's not surprising. It was the same with the ore-sorters. The old saying is turned on its head with Andrada - No news is bad news.

Yes, the company is in fine shape with the tin prices as they are, no disputing that, but they've got into a bad cycle of AV hyping up projects, then having them not deliver, and then they just stop mentioning them rather than give any explanation. In my mind, it's this cycle that needs to be broken in order for the share price to get any type of rerate.

Given the tin prices over the last 6 months, and the good news on BW and LR, it can only be lack of faith in management execution on tin expansion projects that is holding this back.

@TR2 - Sorry but you’re just not correct on Tantalum revenue.

It’s there in the accounts.

H1 2026 they produced 27.1 tonnes of Tantalum concentrate and it brought in revenue of £300,000.

@TD2 - Regarding the Tantalum, according to the company, your understanding isn't correct - shutting down the Tantalum recovery does have a benefit to tin production.

The exact words from the company are :-

"Tantalum production: the operational focus was on maximising near-term revenue through exclusive tin production. This approach shortened the overall processing cycle by removing the additional time required for magnetic separation of tantalum, thereby enabling faster throughput and delivery of tin concentrate."

And of course, it's probably totally the right decision to prioritise tin and drop the small tantalum production at these tin price levels - but like with everything else, why do they have such a problem with explaining that clearly ?

@TD2 - In the previous quarterly update in March they said they were "prioritising tin" - which doesn't really mean anything.

I emailed the company to ask them what they were trying to communicate by saying that, and they explained that they had removed the magnetic Tantalum extraction circuit from the plant flow, as when it's in-line, it slows down the tin production. So, therefore, they didn't produce any Tantalum for the previous quarter.

At the InvestorMeet recently, I asked AV if they had now put the Tantalum circuit back into the plant workflow, and he said that yes, they had.

Then, in this quarterly update, they've said "Tin concentrate production continued to be prioritised", and once again there is no mention of Tantalum, even though AV said a few weeks ago they were producing it again.

As you said - what he says and what actually happens are not always the same...........and it's a real credibility problem.

@HarChris - the current ACAM arrangement takes them as far as a JORC report and a plan for a processing plant.

Any funding of ore-sorters or other plant equipment is outside of the current agreement.

@Gibdog101 - They're very positive soundbites, but there are a number of factors to take into account.

Firstly, BW is still only a Exploration Prospecting Licence. I'm sure the government would support them getting a full Mining Licence, but they'd still need to jump through all the hoops, and who knows, Ultimate Safaris might find another rhino in the area - it's not that far from Goantagab !!!

Secondly, the BW tin feed grades were very similar to Uis, and they don't have any shortage of ore at Uis, so I'm not sure what the benefit would be of transporting BW ore to Uis, at the moment, just to get extra tin. They've already proven the Uis ore benefits from ore-sorting as well, and as we all know, they bought the TOMRA ore-sorters in 2024 for this purpose.

Thirdly, the Uis plant is operating at capacity, hence the expansions currently underway, so they can't just start processing BW ore without further expansions, or a new plant.

They have mentioned wanting to use Uis as the regional processing hub though, so likely they would do something like you suggest - smallish ore-sorting plant at BW to reduce volumes, and then transport to Uis with new plant circuits built to cater for the tungsten and copper as well. The value in BW is getting the three metals out, not just the tin.

I think the low capex comment might relate to them being able to process the historic tailings/waste, which is what they've been testing. So they won't have blasting and extraction costs, and they'll have reduced transport costs. The stuff is already there waiting to be processed.

@CCC. - I agree, a solid update, with the real increases at Uis still to come later this year.

There's a lot of good news contained in the RNS, but it's on the topic of the Uis expansions that I am a little disappointed. There is not one mention of any progress on the build work for the expansion projects.

No mention of the status of the ore-sorters (which even the delayed timeline had them meant to be finishing construction by end-June and ready to start commissioning). No mention of the crushing circuit equipment. No mention of what the 2nd jig is actually doing (previously mentioned it was being used as a "pre-concentrator", but this was never really explained).

So overall I'm happy enough, I wasn't expecting much of an output increase in this RNS and there's no actual bad news, but why are they so reluctant to give even the shortest of details about what the future looks like ?

I'm still watching CRTM with some bizarre fascination - what is the point of the company ?

The mining licence still hasn't been renewed. It's been around 18-24 months since there was any news related to mining or critical metals. All news since then has been financial engineering or shuffling the board positions.

Bizarre.

Watching with interest to see how this ends up.

I wonder what RF is up to these days ?

@Gibdog101 - Andrada have ALWAYS released quarterly operational updates (for some reason it was titled "Business Update" last quarter). They also release financial accounts every 6 months - interims and finals.

This isn't a dig a you, and I understand many holders here are frustrated, but around half the complaints about the company on this site are based on things that just aren't true.

Whether it be misrepresenting something AV has said, complaints about not reporting things that actually have been reported, misrepresenting things that have happened in the past, etc. etc.

The information and discussions on this site would be a lot clearer (and more useful) if everyone just took a small amount of time to check their facts before posting something they "believe" to be right.

Agree. Also, after the last drilling results, SQM International Lithium posted the following on LinkedIn :-

"Encouraging results from Lithium Ridge. The consistent high-grade lithium mineralisation, alongside tin and tantalum potential, reinforces the quality of the system and the potential opportunity ahead. We look forward to continued progress with Andrada Mining".

It's not like they post about everything either - they post once a month at most, so it's very encouraging to see them putting out strong comments like this.

@Copper1 - As The Eagles famously said - "You can check out any time you like, but you can never leave"

@jam2morrow - obviously neither of us know exactly what Greg Coffey is doing regarding buying and selling, but I think you're misinterpreting the SML situation.

The placing was of 134m shares and it was "led by" Greg Coffey. There's nothing stating he took the whole amount, and the phrase "led by" would lead you to assume that he just took the largest amount but that others took the rest.

He reported his holding of 94m on the very day that the new shares were listed. So it's not that he had 134m and sold down to 94m. 94m was his first reported holding, on the very first day he could report it. He received his shares on 26th March when the share price was 4.4p. It went to nearly 7p over the following month, so unlikely there was a big seller during that time. It's drifted back since 20th April.

As I said, I don't really know if he's selling or not, but the facts don't support an assumption that he is.

I find it hard to believe that Greg Coffey has sold down 1.5m of his 100m+ holding.

He bought in at 3.6p, so selling less than 1% of his holding for a few tenths of penny profit, would be an extremely strange move.

I would think a more likely explanation is that someone has messed up the shareholding figures - it wouldn't be the first time.

Well, he did cover Goantagab in the Investor Meet last month. He said the legal case is very protracted and they are following it with great interest (as obviously they are not directly involved in the case). He also said the delay in getting the ore had allowed them to "very successfully" re-purpose the jig plant - which again would lead you to believe that it's adding to output, otherwise, what is it being successful at ?

It was a little disappointing to hear him say they're producing 1,100 tonnes a year, I think we'd have all liked to have heard him say they've recently increased due to the 2nd jig. I don't think you can take comments at these interviews at 100%, but if they had seen an increase you would expect him to mention it there. We'll know for sure in the next week or so when the Ops update is out.

If the jig isn't contributing much, I hope they include an explanation of why that is, as stating in the last update that it's in use as a "pre-concentrator" certainly gave the impression that it would be adding to output.

@TDT - Simple answer is that I’ve no way of knowing.

They might have sold the last batch at near $55,000 and that’s why he used that figure.

It was a relaxed chat, not an external audit grilling. He’s not going to whip out a spreadsheet in the middle of a chat like that and start discussing numbers of shipments, timing of shipments, and selling prices of each individual batch.

I accept his comment on AISC is open to interpretation but his words were “AISC is sitting around 30-odd thousand dollars a tonne and we’re selling at 55,000 dollars a tonne”.

I might be too optimistic but I hear that as it’s near to $30,000, not near to $40,000.

By saying “30-odd” he could well have meant that it’s $30,XXX, I.e. below $31,000.