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@rgbuk - the implementation of the ore-sorters (or the pre-concentration circuit as Andrada refer to it) has been delayed due to the strategic decision to integrate the lithium circuit into the main plant.

This was in the last update.

I’m hoping that they have a very good reason for doing this integration now (I.e. a lithium offtake agreement in the works).

Unfortunately, this being Andrada, they haven’t given any revised timelines for this new work (just like we have no timelines for the 2nd jig plant). I’ve had communications with them directly and they won’t give away anything, so we’re all in the dark in this.

I really dislike the delay, especially as it was announced so late. I’m hoping it’s for a good reason, but even so, it’s just another example of the extremely poor communication style of Andrada.

Agree Richy. There 's a lot that could change very quickly and very favourably for Andrada later this year.

It feels like it's been a slow build up, but it now looks like at least the following will happen over the next 6-9 months :-

- Completion of pre-concentration circuit, including ore-sorters, taking tin output up around 60%.

- 2nd jig plant in operation - taking tin output up a further 70%.

- Integration of Uis lithium circuit to the main plant. I can only think the reason they are doing this now, and delaying the ore-sorter implementation, is because a lithium off take is really imminent now. Remember the 4 tonnes of lithium sent to Japan recently and the visit of the Japanese Ambassador to Uis last year ?

- Progress on Lithium Ridge with SQM. Hopefully lots of new drilling to increase the resource estimate and trigger the extra payments from SQM.

We've all been waiting a while for really transformational news, but it does feel like it's all aligning to happen now. Andrada could be a very different looking company by year end.

@1Pincher - Go find a few stocks that aren’t sliding today.

Do you ever look up from the keyboard to see what’s actually happening in the world ?

@CCC - I agree with you 100%, I hope I don't come across as too negative in my other posts on here as I have a strong belief that ATM are building something major here and will be successful.

i think their operations are superb, and their CI2 programme is really showing benefits. To pick one small example, they ended 2022 recovering 61% of the tin from the concentrate, and they ended 2024 recovering 74% - that's a major improvement to the bottom line. Those sort of things, coupled with processing rate improvements, less maintenance time etc. all show how hard, and how effectively, the operations team at Andrada work.

I get frustrated that their communications don't take full advantage of what they have and what they do. They need to present themselves better.

They should be all over the Mining Journal and Engineering News talking about their two coming expansions, not just last quarters numbers.

"Yes, not one expansion folks, but two !! Ore-sorters and a second jig plant, and we've timed this just as the tin price is flying high. By August this year we'll be producing twice the amount of tin we are now".

Why aren't they saying that ? They almost seem embarrassed to talk about it.

The expansions will happen, of course they will, but they should get over this communications thing they do where they announce something and then go totally silent on it - as if they think no-one is interested. Strategic Process anyone ?

I've had concerns about the ore-sorter implementation for some time, given the lack of updates.

In late Aug 24 I was on an investor call with AV and asked him if he had any concerns about the expansion being late and running into the 9.63% Orion royalty (that starts this month) if the increased production wasn't hit. He said he wasn't concerned and that the increases come at a sliding scale anyway (that's not what the initial RNS said, but I take his word for it).

I then emailed the company in December as the updates had stopped, they replied "Andrada is targeting commissioning of the pre-concentration circuit commencing in April 2025. As subsequently noted in the recent interim results and in our below correspondence, the Company has received all the long-lead machinery for the circuit and completed the detailed engineering plant design. The Company will update the market as and when there are further updates."

After still seeing no further updates, I asked them again in late February, and received back - "Please be assured the Company has provided all the material updates that have occurred and is committed to keeping its shareholders informed......We look forward to updating the market on progress in due course."

To be honest I don't know what to think. It feels like it's running late and they don't want to say that. The reference in this quarterly update to "re-engineering the pre-concentration circuit", seems to be saying that they've changed their mind on the ore-sorter design so it's going to take longer. But of course, it doesn't say that directly, so we're left guessing.

Surely though, being late on such a fundamental project, and incurring the higher Orion royalty, is a material update, and they should be informing shareholders ?

It's just very unfortunate that they don't feel the need to be clear on such an important project. It might all be fine, but it doesn't look that way.

I emailed again yesterday to ask for clarification.

Leaving the tin expansion aside, I do think perhaps we are very close to the lihtium petalite offtake deal now - for 4 reasons.

(1) The fact they are now re-engineering the pre-concentration circuit in order to integrate the lithium pilot plant.

(2) The wording of "Engagement with offtakers continued unabated in the Quarter". That's fairly strong language, and goes on to reference the recent lithium shipment to Japan.

(3) The jump in lithium output. 128 tonnes for the whole year, with 46 tonnes just in the last quarter.

(4) The recent ACAM / JLE buying. What have they been told ?

Fingers crossed that we get a lithium petalite offtake announcement shortly.

Agree 100%. For over a year now we've been told that the implementation of the ore-sorting circuit to increase tin production concentrate from 1,500 tpa to 2,600 tpa would be happening right around now.

This update tells us that a totally different expansion is "12% complete" (whatever that means), but has no mention of the long awaited increase from the ore-sorters.

I'm waiting for one simple bit of news - when will the company finances be transformed by the tin output increase from the ore-sorters ? It doesn't look likely within the next quarter now, given that a "re-engineering" is mentioned. Unfortunately, we have no forecast date at all now.

I continue to believe great things will happen with ATM, but by god, they seem to mess up every one of these quarterly updates lately - every one is followed by a SP drop.

Interim results out - CRTM is still alive.

Incredible first revenues reported of £3,575,000 from ore sales.

Oh no, hang on, that's meant to be £3,575 of revenue.

Wow. So all that talk about OM Metals, 5 truckloads, loads of buyers etc - and it leads to £3,575 of revenue. Just about to enough to buy Fryer a lunch somewhere.

Meanwhile the loss for the 6 month period is £1,179,412, against the £3,575 revenue.

Anyone else spot the problem here ?

Andrada follow a schedule of quarterly operational updates - next one will be out towards the end of March - probably w/c 24th

ATM produce a tiny, tiny, amount of Tantalum.

1.7 tonnes of contained Tantalum last quarter.

I’m not knocking it, it’s nice to have, as its produced nearly for free, but ATM are miles away from being one of the worlds biggest producers.

It’s a by-product of the tin, and it’s unlikely to ever be anything more than that for ATM. They have never forecast it to be more than an almost unnoticeable percentage of revenue.

No Llamafarmer, I didn’t work out that issuing 17m shares as part of a bonus entitlement, on top of the 1.6bn shares in issue, was the “placing” that you said they’d need to offer warrants with in order to get away.

Good summary CCC - nice to see someone sticking to facts here instead of making stuff up about placings.

A reminder - less than 18 months ago Orion Mining Finance put in $2.5m at 6.39p, and took warrants at 9.45p.

It's only my opinion of course, but I think OMF know more about Andradas business than MunnieTorx does.

It's one hell of a tax bill as well.

For a guy on a £250k salary to have a £147k "taxation obligation" - you'd have to wonder how much strategic thinking he's putting into his financial affairs.

Well, it's not a first time here either is it ? Andrada have placed in the past, of course they have, or they wouldn't have the operation that they have today.

That wasn't the point though was it, as you well know.

You were implying they have another placing coming soon, but you don't seem to want to back that up by anything.

@LlamaFarmer - What "next placing" do you mean ?

Despite the company repeatedly saying they have no plans for a placing, despite them being on the verge of a major uplift in revenue, and despite them having long term, secure, funding partners who have repeatedly showed interest in providing bank finance - for some reason you're still talking about a placing.

Do you even know when the last placing was ?

@pekingduck - I agree 100%, and I've been saying similar in the ATM Telegram group today.

How can you announce a second tin plant, and not even give a vague indication of when you might build it ? Next month, next quarter, next year ?

To headline the RNS "Orange Trust Funding", and for the interview to be announced with "Anthony Viljoen elaborates on the USD2.5 million Orange Trust funding" is just weird - it has the focus on the funding rather than the business outcome.

Why wasn't the RNS and interview given the title of "Andrada to build second tin plant" ? That might have got some better attention.

Why do we know how much the loan will cost and when it has to be repaid, but we've no idea when the plant will be built and start contributing to revenue ?

AV should be shouting about this new plant from the rooftops, and this interview was the ideal opportunity to do that - and yet, he didn't really get into it much at all. He didn't mention the timeline or when it might start increasing revenue. Why not also take the opportunity to say that the other expansion, the CI2 ore-sorting, is fully on track and ready to start commissioning in April as planned and that this new plant will start alongside that ? It's all just so bland and lacking in specifics.

I've sent all these comments and questions to Tavistock.

And don't misunderstand me - I'm not saying any of these announcements or interviews are bad news, but they just don't seem to hit the mark for me.

A new, short, AV interview is out, discussing the recent new plant announcement, the funding, and some other topics.

All very bullish.

https://t.co/YFHK89HxZ3

Just keep in mind that oak bloke analysis isn’t complete.

He hasn’t included the coming CI2 expansion in his forecasts, so he’s missing a big part of the expected production expansion this year.

He’s confirmed this in an X post.

Https://x.com/og_tinbaron/status/1890303600460710268?s=46

SHFE stocks

Might be wishful thinking, but I'm hoping that the important part of this RNS isn't the MRE upgrade itself, but rather the two statements :

"Critically, this updated resource also allows us to better quantify the potential lithium concentrate credits we can generate alongside our tin production, optimising the overall project economics."

"Furthermore, the updated MRE further enhances the project economics of the Uis mine operations and will enable the determination of a lithium mineral reserve."

Both could point to something finally being worked up for a partner on the Uis side of things, and might explain why they've only now announced drill results from 2022........