RE: Armchair28 Jun 2023 09:45
Exploration pipeline
The company has definitively caught the lithium bug, and is continuing its Namibian exploration programme in search for further commercially-exploitable deposit of lithium-bearing rocks in its tenements. Seventeen holes were drilled on ‘Spodumene Hill’ – Andrada’s ML129 licence – with the programme completing in April this year. The company was also sampling ‘Lithium Ridge’ its ML133 licence.
As well as being in production, keeping construction to schedule and energetically completing an exploration project, management at Andrada have been keeping a check on the pocketbook. The average operating cash costs have weighed in below management expectations with all-in-sustaining-costs being USD21,377/tonne of tin, below guidance of USD25,000 to USD30,000/tonne of tin.
The company also availed itself of some cheap money, securing a USD5.5m facility from the Development Bank of Namibia earlier this month, which will be ready to draw-down in July. Becoming a player in the global lithium game has raised the profile of Andrada,
and the mining company secured Barclays Bank [LON:BARC] as its strategic advisor on its lithium project in May
and started to trade on the OTCQB Market, an American financial market, eartlier this month, triple-listing the company on AIM, the Namibian Stock Exchange and OTC.
All-in-all it’s been a good year so far for Andrada, with Anthony Viljoen, chief executive officer, saying in a statement to the market: “The milestones achieved during the quarter have laid the necessary foundation for the accelerated growth we expect for the balance of the financial year. We have demonstrated the ability to produce saleable lithium concentrate. The completion of our on-site bulk-sampling plant remains on track for completion this month and will expedite the metallurgical testwork required to bring lithium revenues onstream.”
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